This is just a very quick little note. On May 26, 2013 we listed a condo, as a short sale, with two mortgages. Both mortgages were with Chase Bank.
Today, August 21, 2013, the short sale was closed sucessfully. Chase Bank is wonderful to work with!
Our seller is happy, our buyer is happy, and the Realtors who dealt with Chase Bank are happy.
Thank you Chase Bank. A closed short sale in less than 90 days. Woo Hoo!!
Now that the good news is out, here is the kicker. The Mortgage Debt Relief Act will expire at midnight on December 31, 2013. Congress has no intention of extending it. If you are in the position of having, or wanting, to sell your home and it is worth less today than your mortgage balance, you might be in a short sale situation. You still have time to list your house and get it sold and NOT have the forgiven balance count as income. The difference between the amount owed and the market value is why it is called a short sale.
A short sale does not have to be a big scary monster. Talk to us and we can provide you with expert information, including finding an attorney who specializes in distressed property if that is necessary.
To learn more about what this might mean to you, contact us at Sun Bay Associates. If you are not sure of the current market value of your home, click on our home valuation link and get an estimate of your current market value.