Will this year be your last chance at a short sale in Cape Coral?
Are you considering a short sale on your Cape Coral property? We have helped over 100 families with a successful short sale over the past couple of years in Cape Coral and Fort Myers. Every seller’s situation has been unique to another but in nearly every short sale case the seller has not had to come with much, if any, money out of pocket; quite a few actually got paid to complete the short sale. A few investors that owned investments here in Cape Coral and Fort Myers had to contribute money towards the deficiency and/or sign a promissory note. They were happy to do so though to relieve themselves from their mortgage they could no longer afford.
Often I hear people think that they qualify for a short sale in Cape Coral just because they are upside down on their mortgage. This does not qualify as a hardship. We, however, are not here to judge nor are we here to make a decision for your lender. What we do is help you sell your house short. This means that we list, market & negotiate a contract on your house and take that, along with all of the information that YOU provide to us on your hardship, financials, etc and submit it to your lender. Your lender (and/or the investor(s) that hold your mortgage) is/are the one(s) that makes the final decision on your short sale. Be very leery of a real estate agent who claims to be able to help you go through your financials and/or tell you upfront if you qualify or not. We are not licensed to help you with that. An attorney can probably give you that legal advice, but again they may not know either until said package is submitted to your lender. Some lenders require a substantial hardship while other lenders are more lenient in their criteria to approve a short sale.
That being said, this year the The Mortgage Forgiveness Debt Relief Act and Debt Cancellation is set to expire. If you are not familiar it was the tax law that allowed for those who complete a short sale (on their primary residence) to avoid paying taxes on the forgiven debt. If this expires you may end up in with a huge tax liability when short selling your house. But so long as you meet the requirements we still have plenty of time to work with you to successfully negotiate a short sale for you this year. (read more about this on the irs.gov website or speak with your cpa/accountant)
Our office has handled numerous short sales in Cape Coral and Fort Myers with all of the major lending institutions along with many smaller lenders as well. While each transaction is different than the others having the experience helps us greatly reduce the amount of time the process takes as well as getting the deal closed.
If you’d like more information on a possible short sale on your SW Florida home, please contact us for more details. We are here to help.
Yours in Success,
The Florida Future Realty Team
804 Nicholas Pkwy E, Suite 3, Cape Coral, FL 33990
(239) 542-8521 Local
If you would like to speak with Susan after hours her personal cell phone# is 239-218-2229 or email her at Mail@susanmilner.com, she is never too busy to help you.
*~ Before you decide to sell your house as a short sale we recommend you contact BOTH a CPA/tax professional & an experienced Attorney to discuss YOUR specific situation. Laws & guidelines change frequently and you want to be sure a short sale is in YOUR best interest! ~