Don’t Sell Yourself Short
A few months ago, I got the dreaded notice in the mail. Jury duty. Nooooooooo. I had somehow evaded it for 40 years, but my luck had run out. I suddenly had visions of being sequestered at the Motel 6 and eating takeout from Denny’s, all because eleven of us couldn’t convince Rhonda that the perp did in fact set fire to his mother’s house. Don’t worry, no one was hurt. . But suddenly, I had an epiphany. I was newly pregnant! I emailed the court, and tried to conjure up visions of a spewing pregnant lady, running to the bathroom every 2 minutes. Needless to say, it worked. Therefore, it is possible to be released from jury duty, if you have a true hardship
In real estate, a short sale is when the lender accepts less than what is owed on a property as payment in full. However, the owner of the property must display some type of hardship. Generally speaking, there are five situations in which the lender will almost always approve a short sale. These are referred to as the “5 Ds”: divorce, death, disability/disease, decreased income, and distance. Distance refers to someone having to move a significant amount of miles for an employment opportunity. In most short sale situations, the lender will grant a full deficiency waiver, meaning the lender will never pursue the seller for the difference. The downside to a short sale is you will receive a hit on your credit report, and you may have to pay taxes on the forgiven portion of the debt.
Short sales are a great opportunity not only for the seller, but for the buyer as well. Short sale properties are sold at a discount, and the buyer is able to realize instant equity in the property. Since 2009, the creative realtors at the Henry Group have closed nearly 500 short sales. To date, there are still many property owners who are underwater. If you are a seller or a buyer who could benefit from a short sale, call the Henry Group. One of our fantastic realtors will be ecstatic to help you!
Written by: Helen Henry