WILMINGTON NC SHORT SALE EXPERT
I’m Nilesh Jethwa. I’m a Certified Distressed Property Expert (CDPE) in Wilmington NC and Leland NC Area. I make it my duty to provide honest and accurate information about the foreclosure process and short sales. A Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales in Wilmington NC and Leland NC.The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. I believe that the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional in the Wilmington and Leland area. We have the tools needed to help you find the best solution for their situation. Often, when other options have been exhausted, CDPEs can help homeowners avoid foreclosure through the efficient execution of a short sale.
When a short sale is your best option you have to trust someone who can do the job THE RIGHT WAY.
If you have any questions please feel free to contact me and I’ll be happy to discuss your options. Remember FORECLOSURE is NOT the ONLY solution! It is important to have appropriate guidance and advice. So that’s why Nilesh Jethwa and Associates work with an outstanding local real estate attorney Jeff Porter with experience negotiating short sales on behalf of sellers. Several of our clients have used The Law Office of Jeffrey W. Porter, PC, for assistance in their short sales at no charge to the seller.
So you’ve probably heard a lot of things about “Short Sales.” You probably wouldn’t have visited my website unless you were really curious about how they work. Although “Short Sales” are quite a common practice in today’s real estate market there are lots of unanswered questions homeowners are asking.
What is a short sale?
A short sale is basically when a seller attempts to sell their property at a price that is insufficient to cover their mortgage and related selling expenses. The idea is that a seller might avoid foreclosure by finding a willing and able buyer for the bank. The bank may decide that rather than foreclosing on a client they may just grant a short sale. You might wonder why a bank would do this?
The bank’s position?
The bank realizes that the homeowner is in trouble and is not going to be able to continue making payments. Maybe the seller has already stopped making payments. The bank can choose to foreclose on the seller for nonpayment. In order to foreclose, costly legal proceedings and time must be accounted for. It is estimated that an average foreclosure costs a bank from 40-50k dollars. The bank may decide that allowing a short sale is the lesser of two evils; a way for the bank to cut its losses and move on. The problem is that banks are large entities and getting them to do anything fast is hard to do. Asking them to take a large loss on a property is not usually well received.
The Seller’s Position?
Short sales are really a no-brainer for the informed seller having financial difficulties. The main reason a seller will want to perform a short sale is to hopefully keep their credit from being hurt by the hit of a foreclosure. Foreclosures tend to stay on a credit report much longer and carry a bigger “hit” than a settled debt from a short sale. Short sales are generally forgiven and the client does not have to pay the shortage back in many instances. If a seller decides to just let the bank foreclose on them, the foreclosure banks may pursue the homeowner for the deficiency for many years.
When short sales first started to become all the rage a couple of years ago, the IRS was treating the forgiven debt as income for the sellers. Recent tax rules signed into law stipulate that the perceived “profit” from the short sale not be taxed. The tax break is for primary residences only. Most of all the work and negotiation of a short sale is done by the listing Realtor. In most cases the fees paid to the Realtors come from the bank holding the mortgage at the time of closing. Short sales cost the seller absolutely nothing, so again, it’s easy to see why a seller in trouble would try to short sale their home.
You are to be congratulated for your courage and dedication to finding the best solution for your circumstances. Now I want you to have all the information you need to confidently make decisions about your financial future. Facing the possibility of foreclosure is a challenging situation … for anyone! And today, homeowners are finding that with the right information and an informed agent in the Wilmington NC and Leland NC helping them through the process, they are able to find solutions that work for them and their families. Thats why I prepared THE SHORT SALE GUIDE absolutely FREE of charge to you, so you can act quickly to identify options that work for you. Just enter your information in the form above and click submit, and a report will be emailed to you.In your situation, the worst thing you can do is wait. Get this vital information now and begin the process of moving on to better, more certain times.