Like 2012, 2013 may just continue to be the perfect storm for doing a Short Sale:
- Sonoma County’s available inventory of homes for sale continues to be the lowest in years.
- Competition for what inventory does exist has pushed up prices and turned the tables, making it a Sellers Market.
- Bank and Government programs are getting more and more favorable for the Distressed Homeowner who needs to sell.
- Lenders have too many foreclosures on their books, making Short Sales a better alternative for them.
- Short Sales are getting, well, shorter because of improved operating standards by the banks and programs by the government.
- The option to Short Sale is easier on your credit than a foreclosure, making it possible to buy another home sooner.
And the Number One Reason: The Forgiveness of Debt Tax Relief Act has been extended to the end of 2013 saving you literally tens of thousands of dollars you would otherwise owe the IRS in Federal Income Tax after a Short Sale.