Temecula Luxury and Estate homes enter the short sale marketplace.
Many owners of luxury and estate homes here in the Temecula Valley have found that their homes are no longer a great investment. The home they purchased 5 to 8 years ago has now lost all its equity and then some.
The short sale process has now become an option to dispose of these underwater estate homes. Most lenders holding notes on luxury homes now understand that not all sellers will have a financial hardship. The loss of market value itself is now being accepted by many banks as a valid reason to short sale a Temecula Luxury home. This fact combined with new state and federal laws that prevent a lender from coming after a seller for the deficiency after a short sale, had opened up the doors to the short sale option on luxury and estate homes, here in the Temecula valley.
Another reason that has many sellers going forward now with a short sale, is the fact that the protection homeowners now also enjoy from the IRS will expire at the end of 2012.
If you are finding that it just makes no sense to continue to pay a large mortgage on an under performing asset or have any questions about a short sale,call me. A short sale may be the answer for you. I can handle a strategic short sale on your luxury or estate home with discretion.
Sidney Kutchuk – Realty Works Temecula – Broker#01156692 – 951-217-6745
Certified HAFA short sale agent – Temecula short sale specialist.