Short Sale Toolbox
Welcome to your Homeowner Toolbox!
The first step is to complete the form below, which will generate your personalized Market Snapshot and arrive in your email within 15-30 minutes.
Complete the web form on the left.
Your Market Snapshot will give you the information you need to estimate the current value of your home.
To see a sample click on the "View Sample Analysis" link at the bottom of the form.
Where do you think house prices are headed from this point forward?
Do you think prices have stopped dropping?
What do you think the annual appreciation rate will be in the future?
While you are waiting for your Market Snapshot, you'll need to gather the following information in order to be able to use the calculator. Estimates will work fine if you don't have exact numbers readily available.
• Current Mortgage Balance(s)
• Current Mortgage Interest Rate(s)
Once you have received your Market Snapshot, and collected the information above, click on the Calculator to take the next step!
The calculator will open in a new window, so be sure to keep the instructions below the Calculator handy.
Instructions for using the Calculator
1. Enter the current value of your property based on the information in the Market Snapshot regarding recent sales and active listings of properties similar to yours.
2. Enter your "best guess" as to what property values are likely to do moving forward.
3. Enter the balance of your mortgage. If you have more than one mortgage add the balances and enter the total.
4. If you have one mortgage enter the interest rate. If you have more than one mortgage click on the "blended interest rate" and a new calculator will open and help you calculate the correct blended interest rate.
5. Enter the Term of your mortgage.
6. Click the "Calculate Future Real Estate Equity" button.
You'll see a table of results appear. Here is a sample:
Scroll down until the value in the right hand column "Gross Equity" changes from a negative number - example: ($148,802) - to a positive number - example: $1,589.
Look over to the far left column "Mortgage Payment" and note the number - example: 105
Divide that number by 12 - example: 105 / 12 = 8.75
That number is how many YEARS it will be (based on the information you entered into the calculator) BEFORE your property will be back to "Break Even"!
If you need to sell your property sooner than that it will either be a Short Sale or you will need to write a check at the closing table for the difference!
After 12/31/2012 you may face significant income tax consequences as a result of a Short Sale - click on the link below to the details on the IRS website:
Link to Mortgage Debt Relief Act and Debt Cancellation
If you predict you won't be at break even by the end of 2012, and you have to sell anytime after that before you are at break even, you could be on the hook for a huge tax consequence!
Find out what your options are by clicking on the button below and scheduling your FREE Confidential Short Sale Consultation. These consultations last up to an hour, and are conducted by conference call for your convenience, comfort and privacy.
Why Leave the Future to Chance???Learn Your Options today!
