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Short Sale - A Happy Real Estate Story

by Doug & Gwen Campbell at Sun Bay Associates

Here is something you seldom see, a Realtor singing the praises of a bank with a short sale in the story line.  On May 26, 2013 we listed a condo, as a short sale, with two mortgages.  The two mortgages on the condo were both with Chase Bank.

Today, August 21, 2013, the short sale was completed.  Chase Bank is wonderful to work with!

Our seller is happy, our buyer is happy, and the Realtors who dealt with Chase Bank are happy.

Thank you Chase Bank.  A closed short sale in less than 90 days.  Woo Hoo!!

Now that the good news is out, here is the kicker.  Not every story has a happy ending.  The Mortgage Debt Relief Act will expire at midnight on December 31, 2013.  Congress has no intention of extending it.  If you are in the position of having, or wanting, to sell your home and it is worth less today than your mortgage balance, you might be in a short sale situation.  You still have time to list your house and get it sold and NOT have the forgiven balance count as income.  After January 1, 2014, the forgiven amount of a "short mortgage" may be counted as income.  Thus, someone who sells their home for, for example, $100,000 and the mortgage balance is $150,000, the amount the bank forgives, $50,000 could count as ordinary income.  What this could mean is that someone who earns $75,000 a year, and has a short sale after January 1, 2014, could have the $50,000 added to their taxable income.  If you're in a potential short sale situation, act now.

A short sale does not have to be a big scary monster.  Talk to us and we can provide you with expert information, including finding an attorney who specializes in distressed property if that is necessary.

To learn more about what this might mean to you, contact us at Sun Bay Associates.  If you are not sure of the current market value of your home, click on our home valuation link and get an estimate of your current market value.

Autumn Woods and Indian Trails, Palm Harbor Real Estate

by Doug & Gwen Campbell at Sun Bay Associates

We've skipped a little time with our Palm Harbor real estate updates, however we are back.  Today we'll go over Autumn Woods and Indian Trails, Palm Harbor.  In the last 30 days, there has been one houe sold: in Indian Trails, Palm Harbor.  It was bank owned real estate and had 198 days on market.  It sold for $180,000.  It is a 2,082 square foot house, 3 bedrooms and 2 baths, with a pool.

Currently, there are three houses in Indian Trails that are under contract and three houses in Autumn Woods that are under contract.  Of these, three houses are short sale real estate, all three in Indian Trails.  The houses are listed for $255,000 for a 2,796 square foot, 4 bedroom pool home with 140 days on market; $215,000 for a 2,599 square foot, 4 bedroom pool home with 724 days on market; and $199,900 for a 4 bedroom, 3 bath non-pool home.  This house went under contract after only 38 days on market.

One of the homes under contract is bank owned real estate and is in Autumn Woods, Palm Harbor.  It is a 3,213 square foot home, 4 bedrooms with a pool and is listed for $199,900.  This house had 123 days on market.

There are now five houses actively for sale in Autumn Woods and Indian Trails, Palm Harbor.  One is short sale real estate.  This one has 967 days on market and is priced at $245,000 in Indian Trails.  One home in Autumn Woods, Palm Harbor is listed for $845,000, is a 4 bedroom, 3 1/2 bath pool home with a 3 car garage and has 160 days on market.For more information on Palm Harbor real estate, visit our house 

to find Palm Harbor real estate, or anywhere else in the greater Tampa Bay area.

Happy House Hunting!!

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Photo of Gwen and  Doug Campbell - Sun Bay Realty Group Real Estate
Gwen and Doug Campbell - Sun Bay Realty Group
at Keller Williams Realty
30522 US Hwy 19N, Suite 107 S
Palm Harbor FL 34684
Doug's Cell 727-741-4189
Gwen's Cell 727-741-7260
Fax: 888-447-7908