Home Sellers, are you ready to start packing up so you can move on to the next adventure life has in-store for you?  Before you do I would like to make a few suggestions.  First of all consider where you are planning to move to and when you want or need to be settled in there.  This will help you to set a time line for the things you need to complete here in-order to realize the largest “Net Proceeds” from your home sale.  
Plan sale of your home early whenever possible there is a lot to do and consider!  Are you moving across town or across the Country?  Both have their own set of challenges to overcome. 
You can get a ballpark idea of what you home is worth from the internet at a variety of websites.  However you may be more concerned with how to realize the largest net proceeds from your home sale, not just what your home is worth.  This is where I come in, a Professional Realestate Consultant. 
First off choose the Realtor who you will use to sell your home before you decide on a Realtor to help you buy the next home.  I am a service oriented realestate consultant that puts your needs above my own.  If I can see the whole picture, I may be able to reduce some of the fees you traditionally pay when selling your home.  This may be true even if you are moving across the country! 
As a Professional Realtor I have access to other top notch Professional Realtors across the Country and around the world.  We often refer our realestate clients to each other when our client’s interests are outside our geographic area or our specific area of realestate expertise.  We traditionally compensate each other with a portion of the realestate commissions we receive from the purchase or sale at no additional expense to the clients.  You see just knowing this helps you see the value in choosing me, here before you choose someone else, there.  Of course if you are moving across town instead I am happy to help with that as well.  
Even if there is no referral fee between agents there are critical transactional details that require both realestate agents to work together and be on the same page with all the same information.  This communication can include things like are we selling your home before you buy your next home and can you afford to do that?  Is one home sale transaction contingent on the other, in other words if you don’t find a new home are you obligated to sell your current home?   When are we scheduling the inspections on the homes and do you want to be there for them all, I hope you do, I will be there for all those that are local.  When your home sells are you moving out or staying in possession a day or two so you can finish buying your new home?  If so this takes some planning and negotiating from the beginning. 
   One big consideration is; are you considering moving your CA property tax base from your old home to your new home under Proposition 60 or 90?  Do you even know if you are eligible to do that?  As you can see there are lots of good reasons to decide to work with me first.  However the best reason is I will deliver true limousine style realestate service that is second to none along with incredible technical knowledge and negotiating skills that will seal the deal for you!  Don’t delay call me at (805) 216-7902 or e-mail me at Jared@CamarilloQualityHomes.com for a free no obligation consultation today!

   There are lots of different home sellers in the world of Realestate.  These tough economic times have brought back a term that most of us hoped was gone forever, “distressed sellers”.   Home sellers become distressed for a variety of reasons and often due to circumstances beyond their control. 

     I am not an attorney and nothing I say, write, print, or post, should ever be considered as legal advice or used in place of the sound legal advice you receive from professional attorneys.  Having said that, there are many ways to approach financial difficulties.  

     I believe the most important thing is to be proactive and recognize the problem quickly and approach it head on.  I don’t recommend people ignore bills as they come in just because they are more than they can afford.  I also don’t suggest using Credit Cards to pay for other bills that are coming due.  The same is true for “Pay Day Loans”, I avoid them at all cost and hope you do as well.

     I know there a lot of organizations out there that will negotiate with your creditors for you.  I think some of these services can be a real blessing to someone in financial distress and some of them can bring more heart ache.  Just like you are checking me out right now, I think it is wise to check out these companies before you use any of them.

     One thing I and many of my friends and clients have found recently is that many large creditors are eager to work out arrangements with the debtor directly.  I have heard accounts of Credit Card companies lowering the interest to below 10%, freezing all fees and setting payments at amounts that the family can afford, with pay off in 3 years or less.  One person reported this type of situation from two different Credit Card companies and one of which suggested it to him.  When you do things on your own you may not get as flashy a result as a debt restructure service, however you have to pay for that service somehow so your  total out of pocket may be just about the same .  The people I know were able to accomplish this with two different creditors in only two phone calls to each.  That’s not much work for a lot of return.   These types of results can be achieved for secured loans like your home also however they require more work on your part.

     Another option is a short-sale of your home.  In brief a “short-sale” is when you and the lien holders agree to sell your home for less than you currently owe on it.  There are many benefits and consequences to this type of arrangement.  These have become increasingly more popular recently, but only you can decide if this is the right option for you.  Many times the IRS considers the amount of money forgiven by the lien holder as “income for tax purposes” which could cause you to pay more income taxes.  This is outside my area of expertise and I recommend you consult with your tax advisor before committing to this option.  However

Per Jim Wasserman at the Sacramento Bee,

"Typically the state and federal governments view forgiven home loan debt as additional income and tax it.  But both have backed off amid the housing crash.  The federal government has suspended takes on forgiven mortgage debt from 2007 through 2012.  California suspended it for the 2007 and 2008 tax years.  But disagreements over the business tax refunds stalled a bill extending it to 2009.   The Bill being considered this week (06 April 2010), Senate Bill 401, would cancel state tax obligations for forgiven mortgage debt through the 2012 tax year. "

     Bankruptcy is another option that carries with it many benefits and consequences.  This is a court action and is best handled with the advice of a professional attorney who specializes in this area of law.  These attorneys can often aid you in negotiating with lenders who aren’t willing to negotiate with you.  

  Which option is best for you depends on your specific situation.  I am happy to meet with you and offer my opinion on how best to proceed based your circumstances.   Should you need a referral to a different professional I am happy to help with that as well.  Give me a call at (805) 216-7902 or drop me an e-mail at Jared@CamarilloQualityHomes.com.