Treu Group Real Estate Blog - Short Sale information

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Short Sale information

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The Mortgage Debt Relief Act might have expired last December, but not to worry, it could be coming back.

Everybody was surprised when the act was allowed to expire last year due to tensions in the capital, especially considering the tremendous support for its renewal.  The good news, however, is that there is an extension that has made its way through the senate finance committee.  Although this in no way guarantees the act's resurrection, it does mean that we are on the right track.  The estimate for the act's renewal is around December 2015, and if this act happens it will be retroactive back to January 1st.

Another protocol was enacted earlier this year that altered the window for lenders to pursue deficiencies.  Lenders used to have five years to demand deficiency after forgiveness, but as of now, Florida's law states that lenders only have one year.

So what does this all mean?

If you did a short sale and thought you would have to face tax implication--in other words, taxation on the forgiven debt--you do not have to worry about that anymore.

In addition, due to the reduced window for lenders to claim deficiency, there is much less time spent worrying about whether the lender can turn around and sue for the forgiven amount.

If you are or were on the path to foreclosure, it is important to recognize your options.  Nowadays, so many people in distressed properties are not weighing all of alternatives.  We understand that the process can be exhausting and daunting, but it does not have to be when given the right tools.

One in every 469 South Florida residents have filed for foreclosure.  The reality is that there are a lot of people who need help and the right information for their situations.

The amount of foreclosures in Palm Beach County is up from last month.  The perception that foreclosures are few and far between is simply not true.  However, not all is bad, the amount of foreclosures has indeed fallen by 24% since last year.

When deciding between doing a short sale or filing for foreclosure, the decision is simpler that you think.  Foreclosure is perhaps the worst case scenario, whereas with a short sale, the costs are not as high.  In fact, the lender actually covers all professional expenses in short sale.  That means you do not have to worry about affording the right expertise to properly sell your home if you are already underwater.

The average foreclosure can take up to years; that is years of unresolved stress and uncertainty.  With a short ale, it can be completed in a few months.  That means after a few months, you have a chance at a fresh start.

Extensions on foreclosures are harder to come by, as well.  It used to be easy to get up to six months in extensions, but now, sixty days may be the most that is possible.  This reduces the time frame and induces even more stress.

Trust the Treu Group.  We combine knowledge from all corners of the real estate market.  Not all short sales are the same, nor should they be treated as so.  Have a luxury home in distress?  We utilize our luxury marketing plan with our short sale strategy.

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Boynton Beach HomeAnother Short Sale was closed in Boynton Beach and the seller was able to avoid foreclosure.  This home was located at 8443 Michael Dr, Boynton Beach.  The home was in Le Chalet.

The seller was so glad to have the short sale approved.  The loan was with Seterus and $160,000 was waived plus there was a $3,000 moving incentive.

If you are wondering what your options are to avoid foreclosure, call your short sale team.

Want to discover what the short sale process is like?  Call us to schedule a time to meet.

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Palm Beach County real estate and Martin County real estate can be challenging.  Who do you have on your side to help you during the real estate transaction?  It takes a team of experts to overcome the issues including short sales, obtaining financing, inspection issues and this is all after we have a buyer for a property.

When can we help?

If you need to avoid foreclosure, there are many reasons to hire the best short sale real estate agents.  Our most recent closed short sale of our luxury Martin County short sale was only closed because we knew what to do and we had the national connections to get a yes.  Do you have a home with IRS issues, multiple judgements and loans?  Many sellers think that they can't have the help needed.  Let me challenge this and say there can be an option to avoiding foreclosure.

Palm-Beach-County-real-estate-agents-copy-199x300The other hot topic is new construction.  In South Florida, a lot of new construction is single family homes.  Many buyers are willing to pay top price for a brand new home.  This helps our price stability.  Even the professional investor is looking at options in the single family market.  There are many great signs of new communities and tear downs all through the county.  Delray Beach and West Palm have seen this a lot.   Many feel that staying away from rental communities is a smart choice.  The single family home market has experienced a great return on their investment.  Putting your money in a property that has a unique opportunity and experience.

How does all this impact you?  We'd love to share and interpret the information.  Understanding the market trends and how our clients can benefit from the real estate market of the moment is what we do on a daily basis.

You deserve to achieve your goals and we are here to help you.

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Martin-Commons-300x225Martin County Short Sale helped luxury seller avoid foreclosure.  Treu Group Real Estate’s Short Sale Department was able to pull off another miracle short sale. Their recent Palm City short sale transaction due to the Treu Group’s excellent negotiating skills and national connections allowed the seller to avoid foreclosure, receive a full deficiency release, as well as receive $3,000!

The beautiful five acre luxury home was located in the community of Martin Commons in Martin County.  The Treu Group was able to use their expert skills to overcome two mortgages including one from Wells Fargo, two IRS tax liens, and three personal judgments.  This success culminated one of Treu Group’s most complicated short sales to date.

In addition to negotiating the short sale, the Treu Group was also able to find the perfect cash buyer for this property who is extremely pleased with their new home and all the hard work done by the Treu Group on this transaction.

The Treu Group Short Sale Department is led by Steve Treu, who shares his years of experience to lead the team to unparalleled success.  In addition, the lead negotiator, Chris Treu is dedicated to going the extra mile to ensure success for the clients on both sides of the transaction.  We will not accept a no when a yes is possible.  That's the difference between sold and foreclosed.  You deserve a team with the proven process.

If you are wondering if a short sale might be right for you, contact us today! We are here to help you so you can get you to the closing table.

Don't Hesistate. Contact The Treu Group today to see how we can help you!
(561) 352-3056

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