A Royal Palm BeachShort Sale May Be Your

Best Option

Nestor Gasset and Katerina GassetInternational Properties and Investments LLC

In some of our previous articles, you have learned why foreclosure is your worst possible option – even if it

means being able to live in your own home without “rent”.

In today’s article, however, you are going to learn why short sales – on the other hand – are likely to be the best solution

all around to your dilemma.

No Loose Ends

First and foremost, short sales for Royal Palm

Beach homes have a way of tying all loose ends and

keeping everything in their proper place.

Let’s say your home is worth $300,000 today but you also have a $400,000 mortgage taken out on it.

If your home is subjected to foreclosure, you won’t have to pay the remaining balance of $100,000 (400,000 – 300,000) of your

debt, but you will have to pay taxes for it.

As far as the law’s concerned, the amount of forgiven debt is taxable income. So in the end, you will still

owe money – this time to the government instead of a private creditor.

It’s up to you to figure out how to pay it and immediately at that.

Things work a lot differently with short sales, though. Everything is first and foremost discussed within your short

sale package.

If the creditor approves of your short sale package, then it goes without saying that he also approves of the suggested selling or

short sale price of your home.

The proceeds would be used to pay all resulting taxes and fees because of the sale and what

remains of it would be given to your creditor as payment of your debt.

So if you short sell your Royal Palm Beach home once again for $300,000 and you owe $400,000, you will be left

with $100,000.

In most cases, however, this amount can be settled with an unsecured promissory note and you are not usually

expected to pay it immediately.

Employment Prospects

Foreclosure records never look pretty on credit reports, and they can cause employers to turn you down

even if you are perfect for the job.

As far as most people are concerned, foreclosures are a sign of irresponsibility – regardless of the circumstances –

and no employer would want to hire someone irresponsible.

Short sales, however, are not seen in the same light.

In many ways, they’re simply considered a strategic counter move to foreclosure and as such most employers would have no problem hiring you even if your home in

Royal Palm Beach has been subjected to a short sale.

Need help with your Royal Palm Beach short sale? Call Nestor Gasset and Katerina Gasset at 561-

753-0135 today!

Nestor Gasset & Katerina GassetRealtors®, REOS, CIPS, SFR, GRI, ABR

1021 Cherry Lane,Wellington, Fl, 33414

561-753-0135brokernestorg@gmail.com

www.floridaipi.com