Why Consider A Short Sale For Your Home

If you’re underwater and facing financial challenges that have left you with a distressed property, there are many options out there and you may not know which is best for you. A short sale of a home can be a way to deal with such financial stress, and as experienced real estate agents, we at the Batchelor Group can help you successfully complete a short sale and find a way to extinguish your debt with your lender. We know the ins and outs of short sales, how to manage the sometimes complex situations that can arise, and help get your life back on the path to financial well-being and stability.

What is a Short Sale?
A short sale is when you owe more on your property than what the property is worth, its appraised value. In this case the bank or mortgage lender becomes a third party in the sale in deciding whether the short sale can take place and what is an acceptable price for the sale. At the Batchelor Group we know how to deal with your lender, and help you get a key aspect of the short sale known as the “deficiency waiver.” The deficiency waiver is a document that states, “with the short sale price beneath the owed price, you are not liable for the difference to your bank” which essentially means that once the property is sold, you will owe the bank nothing! You are able to sell your home and become debt-free!!! Selling your home in this way also limits how much you will owe in taxes to the IRS who can technically collect from you in ways such as garnishing your wages, seizing your bank account, and/or keeping your tax returns after a short sale. As an experienced Agency we will work to ensure that your short sale process goes as smoothly as possible. And that you are covered in relations to the deficiency waiver and limit your tax liabilities to the IRS.

Mortgage Debt Relief Available to You
The next consideration in your short sale is the Mortgage Debt Relief Act. This is legislation that terminates at the end of 2013 that provides relief from home owners in distress such as limiting IRS tax liabilities and also helping to limit the damage to your credit. When you short sale a home, sometimes depending on how your lender chooses to report on your credit report, you may very well take no credit hit at all. Worst case scenario you may see a 100 point hit on your credit. This is a much better situation than foreclosure that would do a lot more damage to your credit profile, which is another reason to let a qualified Agent help guide you through this process. Also, to be considered, in a short sale you never have to pay any commission to realtors like we normally do when selling a home. Another way we help manage your current stressed financial situation at the Batchelor Group is that we also have attorneys on our staff that will answer any legal questions you may have, so you don’t have to pay for a realtor and an attorney simultaneously. All of these factors will help you get the maximum debt relief towards getting you back on a solid financial track.

Advantages of a Short Sale
There are several reasons why you would consider a short sale over foreclosure on a distressed property. First, you can still live in your home until sold. If you’re not paying your mortgage payment, you can live there rent free. If you are paying your mortgage payment, you can live there up until the time it sells. You also shouldn’t be fearful that the bank is going to collect on the short sale difference years later because as was mentioned before, you have a deficiency waiver that protects you from the bank collecting on the debt. You will then be able to walk away, and be able to get on with your life and relieve yourself of that financial crisis that you’re currently facing. As you can see, our #1 objective is to get you back on your feet financially with as little effect on your future as possible.

The Batchelor Group Can Help
Lastly, if your home is in a distressed situation, we can help you in short selling it in the most efficient and stress-free manner possible. We can also help your family in securing a new residence. If you are looking to buy again, we can coach you on what the options are for you to buy in the future. So if you have any questions or we can help you in any way feel free to contact our office to speak with a qualified Real Estate representative. We look forward to working with you, and we do empathize in your situation, as we’re here to help relieve your stress.

Key Points
* A short sale can be a better way to deal with a distressed property than foreclosure.
* A short sale gets rid of any financial obligation you have with your lender.
* The Batchelor group has expertise in short sales and can help you through the process.
* We can get you a deficiency waiver, help manage your tax liability, and can help you with any legal issues.
* The Batchelor Group has expert agents who can make the short sale process as stress free for you as possible.

About

Jillian Batchelor, and The Batchelor Group, consistently rank in the top 250 Realtors in the Las Vegas Valley. With 11+ years in the Real Estate industry, with thousands of pleased home owners and home sellers over the years. Jillian is one of the strongest working Real Estate professionals out there.