Short sales are sometimes a necessity, even on the Space Coast of Florida. Avery Piantedosi explains why sometimes they are needed and why they don’t have to ruin your life!

Although it’s not something a seller ever wants to hear, “you owe more than your house is worth!” is something I have had to tell sellers time and time again here on the Space Coast of Florida. Although the real estate market is rebounding, there are still people whose homes are ‘underwater’ and they need to sell, and move- NOW!

I’ve been successfully closing short sales for over eight years now and was learning about them before I even got my real estate license. Back then, the average person didn’t know what a short sale was and most realtors had no idea either. Over the past five years I’ve developed a specialization in the short sale process, along with hundreds of lender contacts, and have made short sales much easier for my clients- and much more painless!

Because of the dramatic decline in the market several people experienced years ago along with those who got into a less than desirable refinance mortgage deal, a lot of people have lost a significant amount of equity in their homes and have found they owe more than the current market will allow them to sell for. This has made the short sale an attractive option too many people seeking to sell their homes now and doesn’t have to luxury of waiting for the market to turn around.

There are a lot of misconceptions and misinformation regarding what a short sale is and some of the other issues involved. The most common questions I get are regarding deficiency judgments and the tax implications involved in a short sale.

There is a difference between a DEFICIENCY and a Deficiency JUDGEMENT. When you sell your home for less than what you owe in a short sale, that difference is a deficiency (example: you owe $200k on your home and you short sell it for $100k- your deficiency is $100k). A deficiency judgment is a court action taken by your lender against you to recover the deficiency amount. A short sale will help you avoid this action due to the fact that negotiations happen before this can occur.

Here are some links regarding the mortgage debt relief act and the tax implications of a short sale:

<a href=”http://www.irs.gov/irs/article/0,,id=179073,00.html”>http://www.irs.gov/irs/article/0,,id=179073,00.html</a>

<a href=”http://www.irs.gov/individuals/article/0,,id=179414,00.html”>http://www.irs.gov/individuals/article/0,,id=179414,00.html</a>

<a href=”http://www.irs.gov/taxtopics/tc431.html”>http://www.irs.gov/taxtopics/tc431.html</a>

Although this is great information, it is always advisable to consult with a tax professional regarding your own particular situation.

Having to sell your home via short sale may not be the most desirable situation; however, with the right broker and team behind you, it can be invaluable in releasing you from a bad situation and giving you a fresh start! SHORT SALES DO NOT HAVE TO BE HARD! At Space Coast Real Estate One, we know how to successfully and discreetly handle your short sale and let you move on to better things!

If you think this may be an option for you, as the broker of the company, I personally handle all of our short sales and I am available – always – for a private phone consultation, at no cost or obligation to you, at 321.914.4409. Or, feel free to email me at <a href=”mailto:avery@spacecoast1.com”>avery@spacecoast1.com</a> with questions or concerns.

I am here to help!

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