Owe more on your Jacksonville home than what it’s truly worth?
Then, you might be considering selling your house via “Short Sale.”
But before we begin, I’d like to tell you that if you decide to sell your home without any real estate professional by your side and via the traditional home-selling process, then you’d be putting a world full of burden on your shoulders.
Selling your home should be easy. You are already going through a lot and you wouldn’t want to add more problems to your list, which is why we have prepared a list of top tips you should consider while selling your Jacksonville home via short sale.
Let’s have a look.
5 Tips to Consider While Selling
Your Jacksonville Home via Short Sale
Here’s the list of tips we’ll be looking at:
- Discuss it With Your Lender
- Choose Your Short Sale Term
- Prepare Your Documents
- Be Ready for Delays
- Know the Tax Implications
Discuss this Thing with Your Lender & Other Parties Involved
The first thing you need to do, I’d ask you to do this immediately after you are done reading this article, is prepare a list of the people/organizations you should be discussing this thing with and getting it approved.
It’s not just the lender you need to get it approved from.
A short sale needs to be approved by:
- First Mortgage Lender
- Second Mortgage Lender (if any)
- Third Mortgage Lender (if any)
- Home Equity Line Lender
- Condominium or Homeowners Association
- Contractors Who Placed a Lien on Your Home
Hence, the first thing you should do is prepare a list. And once you are done with it, it’s time to take a trip to their chambers or dial in their numbers and ask for approval.
Choose Your Short Sale Term
Here, you will need a team of short sale experts, including real estate attorney, real estate agent, accountant by your side.
That’s because it’s a super-complicated process.
Hence, you should get in touch with these folks, I’d say contact the experts who deal with such kinds of situations frequently.
However, if you want to go through the hassle of getting in touch with these folks and making the process more complicated than it really is right now, my advice -> contact us at BuyingJaxHomes. We are the only short sale experts you’ll ever need by your side in Jacksonville.
Prepare Your Documents
Okay, now the mortgage lenders or other people/organizations you owe will be asking you to keep your documents ready.
They’ll need to see the paperwork.
So, prepare a list of all the documents they asked you for.
You’d, most probably need listing agreement plus a hardship letter for explaining your situation.
You’ll even have to share your income documents and what you owe.
And yes! Don’t forget the federal income tax returns. Those are super-important.
Be Ready for Delays
According to government’s Making Home Affordable Loan Modification Program, banks are supposed to respond to short-sale offers within a period of 10 days.
But that’s just on paper.
Reality -> it may end up taking weeks or in some cases, even months.
And you may have to deal with various people all by yourself.
But upon hiring us, we will help you get out of it within a period of few days.
Another thing -> Your lenders or lienholders don’t necessarily have to accept your proposed short sale offer. They may end up rejecting it or will even make a counteroffer, causing further delays.
Know the Tax Implications
The unpaid amount that your lenders forgive as a result of short sale will be, according to federal tax rules, considered as income.
Hence, to know about the tax implications, you should get in touch with your attorney and/or accountant.
Ask them, “Do I qualify for excluding this unpaid amount as income on my tax returns under the Mortgage Forgiveness Debt Relief Act & Debt Cancellation Act?”
Selling your home via short sale is a pretty complicated process.
And we, at BuyingJaxHomes have helped our clients get through it for more times than we can count.
That’s what makes us the professionals.
If you are planning to sell your house via short sale, you’ll need a real estate professional by your side, throughout the process.
We know you are in trouble.
And we would like to take all the pain away.
Get in touch with us to sell our home to BuyingJaxHomes.