http://www.ChrisBuysHousesVA.com

How can you sell your house fast even if you have no equity in the property?

It can be done, however a Realtor may not help you.

What you need is a company that can specialize in such situations to help you unload your property quickly.

Let me share a scenario to sell your house with zero equity to a company like us.

We are professional home buyers in Virginia but our reach via the Internet extends nationwide.

Zero Equity Short Sale

Short sales are one option.

This can only happen if you have fallen Behind on Payments and is a means to avoid Foreclosure

This short sale process is not fast, but it something that you can explore if you are tying to consider all your options.

Read our section on Short Sales to get an idea as to all the work involved.

If you have two mortgages, we may only have to short the second particularly if the second mortgage is with a different mortgage lender.

But they will only negotiate if the first mortgage lender is behind.  That is how we create the equity needed to complete the sale of your house.

Disclaimer: This information is for educational purposes and may not be applicable in all states, nor may it be all the options available to help you sell your house fast with zero equity.

What now?

We can help. Start with this form, or call us at 804/915-9475.  In a 10 minute confidential phone interview, we might be able to discuss other options that can help you in your situation.

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©2010 Chris Buys Houses Fast VA. All Rights Reserved.

Here are your options as I see it.

1. Don’t move.  Forget about it until the market recovers.
2. Lease Option — sell it on a rent to own situation to cover your holding costs.
3. Contract for Deed — sell it with owner financing
4. Sell it and bring money to the table (we did that once already).
5. Persuade the lenders to accept a short sale.

Unfortunately, none of these can help you sell your house fast when you have no equity.

The fast way to sell your house is to drop your price and make up the difference from your reserves.

That hurts.  We know.

We’ve done it when one of our investments turned out wrong.

#5 is an option if the payments are falling behind (and I am not telling you to make your payments get behind).

Short Sale when you have no equity.

Options 2 and 3 are beyond the scope of this article.

We don’t know exactly what your situation is.

If your payments are already following behind, then a short sale is a potential option.

We have ways of helping you negotiate with your lender on a short sale and working with your real estate agent if you have one to help get it done.

If you are thinking about pursuing a short sale, we’d like to help you with it.

Simply give us a call at 804/915-9475 or fill out our contact form and we can at least talk about your situation.

Calls are confidential.  We can talk, no matter where in the nation you are.

Though we are based in Virginia we can handle calls from anywhere in the US.

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http://www.ChrisBuysHousesVA.com

Richmond’s Short Sale & Foreclosure Experts

• Are you having trouble making your mortgage payments?
• Is the foreclosure date approaching?
• Is the stress making it hard to sleep at night?
• Is your home worth less that you owe on it?

These are all problems that many people are faced with today & we can help.

We are foreclosure and short sale specialists that assist families in your same situation.

Contact us today for a no obligation review of your situation and the options that are available to you.

Visit our short sale section for more information about your options and for answers to many of the questions you may have.

There are no fees to you for talking with us, and we don’t charge upfront fees to work your case.

Or you can fill out the form below or call us today to speak with a member of our team.
Chris Walker 804/915-9475

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©2010 Chris Buys Houses Fast VA. All Rights Reserved.

Below are some different articles that discuss the possible tax implications of a short sale.  Each article has examples. 

I provide these simply for informational purposes, not as tax advice or any other reason.

ARTICLE 1

The following is from an article entitled Tax Consequences of a "Short Sale" of Real Estate vs. Foreclosure dated 8/2/08

Congress has passed and President Bush has approved H.R. 3648, the "Mortgage Forgiveness Debt Relief Act of 2007." The legislation is effective for discharges of indebtedness on or after January 1, 2007 and before January 1, 2010. The Federal Bailout Legislation H.R. 1424, passed on October 3, 2008, extended this relief through December 31, 2012.

Under the new law, a discharge of "qualified principal residence indebtedness" is excluded from taxable income.

Short sales are taxed under the same rules as foreclosures.

Recourse debt cancellation is not satisfied with the surrender of the property, so any debt not satisfied with the sale proceeds would be taxable as cancellation of debt income, except for certain "qualified principal residence indebtedness." See section on "tax relief" above. (Rev. Rul. 92-99, 1992-2 CB 518. Also see Treasury Regulations Section 1.1001-2(a)(2).)

There are additional rules as to how this debt is treated in the tax code, so I recommend reading the complete article and talking with your accountant.

Article 2

From Tax Consequences of Foreclosure, Short Sale and Deed in Lieu of Foreclosure

The tax results of a distressed property disposition depend on whether the loan is a “recourse” loan or a “non-recourse” loan.

If a lender’s sole option for recovering on the loan is to take back the property, it is a non-recourse loan. The non-recourse aspect of a loan may be spelled out in the loan documents, or it may be a matter of state law, as it often is in the case of purchase-money loans and seller-financed loans for owner-occupied residential property.

If the lender can pursue the borrower personally for any shortfall, it is a recourse loan. In situations where there is a shortfall on a recourse loan, the lender is supposed to send the IRS and the borrower a form 1099-C reporting the borrower’s COD income.

The above website includes examples.

Article 3

The actual IRS Website on Home Foreclosure and Debt Cancellation.  Specifically, they write:

Update Dec. 11, 2008 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.

Article 4

Smart Money released an article on April 22, 2009 called the taxing consequences of short sales which gives a review of short sale tax basics

The important thing to understand is that a real estate short sale can potentially result in a taxable gain and/or taxable DDI. Thankfully, you can probably exclude the gain from taxation under the federal home sale gain exclusion deal, and you might be able to exclude some or all of the DDI, too, under the favorable exceptions explained in this article.

©2010 Chris Buys Houses Fast VA. All Rights Reserved.

Are you seeking to avoid foreclosure in the state of Virginia?  You’ve got a couple of options

Steps to Avoid Foreclosure in Virginia

HUD has put out a document for homeowners entitled, Tips for Avoiding Foreclosure – HUD.

The steps to avoiding foreclosure are really are pretty simple

1. Don’t ignore the problem
2. Contact the lender as soon as possible and work with them
3. Open and respond to mail from your lender.
4. Know your mortgage rights.
5. Understand foreclosure prevention options. (Selling in one of them)
6. Contact a HUD approved housing counselor.
7. Prioritize your spending.
8. Use your assets to recover the debt.
9. Avoid foreclosure prevention companies that charge fees up front.
10. Don’t loose your house to foreclosure recovery or prepay loan mod Scams.

Should I sell my house to Avoid Foreclosure in Virginia?

Here is a simple test:

1. Are your mortgage payments falling behind?
2. Can you bring your mortgage payments back to current in lump sum as they demand?
3. Has the lender refused to approve my loan modification?

If you have answered yes to any of these questions, then one option is to sell your house to a home buying professional like us.

If you decide to sell your home to avoid foreclosure in Virginia, you can rest assured that we will treat you fairly and with respect.  You are not alone in this, and we have solved foreclosure problems for homeowners before.

There are no fees to you and we will tell you quickly if we are able to help you.  Give us a call, at 804/915-9475 or use the form here to start

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I’m going to guess that you have ignoring the impending foreclosure on your house.  Or perhaps the IRS is after your house?

I can’t read your mind.  There may be plenty of reasons why you are wanting to save your house.

• Avoid Foreclosure
• Stop Foreclosure
• Tax judgment
• Impending flood
• Take over from toxic mold.
• Avoid bankruptcy
• Behind on Payments
• Stop the sheriff sale.
• Upside down and no equity.
• Loan modification.

There may be plenty of reasons.  These are some of the common reasons that sellers like you tell me over the phone or by email when we communicate about selling your house.

Your solution depends on your situation.

If it is debt related (foreclosure, liens, judgments) are some but not all options

Loan modification

One option (and not your only one) is to work with your lender to modify your loan.  Many lenders are work with distressed sellers to try and work out a solution.

Bankruptcy

Some people have delayed the inevitable by filing bankruptcy.  That is not my line of business, so talk with a bankruptcy attorney.

Short sales

A third option is a Short Sales.  I have written plenty here in the Short Sale category and I invite to to read through some of it.  Start with this page on Short Sales.  I can do a short sale, but it takes a few months.

Sell your house

Another option is to sell you house to an investor like me.  In this market cash is hard to find but with some creativity on your part and mine, we might find a solution that works.

Simply fill out this form or give me a call at 804/915-9475.  A phone call is free and confidental.

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That means you owe more than your house is worth in the present market.   For various reasons, you likely have seen the prices of houses falling (nationwide about 15%) in your neighborhood, and the number of bank owned foreclosures listed with realtors.  As homebuyers buy these foreclosed REOs (real estate owned), it drives the value of your house down.

For example, in 2005, you paid $215, 000 for your house.  You took out two mortgages for 100% financing.

That same house today, might only be worth $175, but you still owe $215.

The ARM rate has reset and you find yourself falling behind on payments.

What to do when you are upside down?

A short sale might be the solution for you.  Read my section on short sales to find out if this right for you.

If you want to procede, simply give me a call at 804/915-9475 and I’ll tell you if I can help you with your short sale.  This consultation is free.

If it is 3 in the morning, use this form and I’ll give you a call the next business day.

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©2010 Chris Buys Houses Fast VA. All Rights Reserved.

You’ve got a house that you want to sell fast in Richmond.

What can you do?

You may have tried the conventional way with an agent and failed after 90 / 120 / 180 days.

You may have an urgent cash need.

It’s hard to Sell My House Fast in Richmond Virginia

There are several investor homebuyers like in our market.

Why spend hours making phone calls that they don’t return, or talk with an intake operator who will say “I’ll pass this along” and you never hear back from them.

When you call us, you’ll likely get me on the phone.  No intermediaries.  You talk direct with the owner about selling your house fast in Richmond.

Likewise, we’ve got a network of thousands of investors that can help you if we don’t personally buy your house.  We have the expertise to help you move your house to our network.

We have been buying homes in the Richmond Virginia area since 2002, helping people unload their houses to help them out of ugly situations:

• Divorce,
• Foreclosure that is coming
• emergency relocation,
• Ugly home, or
• Way too many repairs.
• Inherited house

The situation may not be ugly, but maybe it is an estate case and the relatives are clamoring for proceeds from  the sale of the house.

How to sell my house fast in Richmond Va.

Pick up the phone and call me at 804-915-9475.

Let us talk on the phone for an initial consultation to discuss how you can sell your house fast to a professional home buyer like me.

After we talk and dicuss options to sell your house fast, we’ll setup a time to visit the property or to have the property photographed by my photographer.

Then we work to sell your house fast and unload it for you.

4 days to sell my house fast in Richmond

The fastest record we have had to unload a house was about 4 days (which turned into 8 because of surprise title issues).

The seller got their cash in record time.

Hint: price it right and you will sell your house that fast.

If you expect last year’s peak price point, you won’t sell your house fast, and it will likely sit on the market for 120 days unless it is move-in ready and you have a qualified buyer.

Next steps to sell my house fast in Richmond

During business hours, pick up the phone and call us at 804/915-9475.

If you are looking at this at night, feel free to use this form to contact us about your situation and we’ll have a confidential discussion on the telephone.

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Prevent Foreclosure

There are two main ways to lessen the likelihood of foreclosure before you’re even move in the house.

First, simply don’t put yourself in a situation where you won’t be able to afford your mortgage.   This is something that many buyers have done with creative mortgages, ARMS, pick a pay loans, and all sorts of untenable mortgages.

Just because the mortgage lender approves you for a loan at a certain amount doesn’t mean you can actually afford the payments on that loan.   On our first home we qualified to purchase a house at $495,000, but we bought one at $95,000.  That kept our mortgage payments small.

Second, have a solid grasp on the details of your loan.

Make sure you understand the payment structure of each and how it may change over the years.  Don’t simply sign the documents without reading them, simply because you need to refi or make a purchase. 

I have dealt with many homeowners who signed for loans that were “different than they thought.”  At the last minute, the lenders swapped loan products and as buyers, they felt trapped into accepting a loan with awful terms.  Don’t let that happen.

Already Behind on Mortgage Payments?

So what can you do if you are behind on payments already?  There are some options available to you.  Simply dig around the website to see them, but perhaps you simply want to talk with someone. 

Give us a call at 804-915-9475 or fill out a form to Get our offer in 24 hours.  Calls are confidential and even if we can’t help you, we can still provide you with some resources to help.

©2010 Chris Buys Houses Fast VA. All Rights Reserved.

The staggering fact is this:

The cost of a foreclosure, it turns out, is pretty staggering and we wonder why lenders and the investors they represent aren’t jumping at a solution, any solution, that would allow them to avoid going to foreclosure whenever possible.

According the Joint Economic Committee of Congress, the average foreclosure costs $77,935 while preventing a foreclosure runs $3,300.

This suggests that lenders would be more open to prevention, or even a short sale.  However, the last few short sales that I’ve work, the lender’s bureaucracy eventually caused the short sale to fail.

We were looking at a house with ARV of 350.  The problem we had was the lenders BPO contact failed to return phone calls to schedule access to the property.  We were working this short sale for 7 months . . . .

It wasn’t for lack of trying.  The house was foreclosed on, and it was listed in the MLS for 149. 

©2010 Chris Buys Houses Fast VA. All Rights Reserved.