Every single short sale, foreclosure or stressed out homeowner is a different story, with different endings but they all have a lot of similarities. Before making the decision to sell your home for less than you owe the bank (that is what a short sale is) you really need to gather some information from; attorneys, tax professionals, lenders and REALTORS®. There are a lot of consequences that come with a short sale or foreclosure, many of them you would not even dream about.
More and more short sales are closing successfully as of late. My personal opinion is that the banks have finally found ways to at least attempt to process the volume they are seeing and that sellers and real estate professionals are educating themselves on what works and what does not. A short sale is a […]
Understanding what your payment will include in home ownership, can and will make purchasing a home less frustrating and smoother in the long run. Being prepared as you start your home and loan search is the best advice anyone can give you. Give me a call, I can help prepare you for this exciting time of your life.
If you are living in the home at the time the Notice of Default is issued you may have some protection when it comes to deficiency, second mortgages and so on. However, one of the issues some people forget to ask about is the 1099C that is issued. The guidelines on the tax relief are totally different, so be certain you talk to your attorney about each of these issues, since they can impact you differently.
Although you may feel like you lost out on a bigger tax return, what would you do with that return? Most of you, if you were honest with yourselves, would spend it in less than a week. The new big screen TV, a newer car, a vacation or carpet for the new house. Am I wrong?
I have never used someone else’s work on my websites before. Today I ran across this great article about short sales and how frustrating it is to a buyer and agent when the listing agent does not knowwhat they are doing. After speaking withDebe, she gave me permission to use her article on this site. […]
Today we visit a home that needs a new owner! This is a super clean and ready to be lived in home. Located on the corner of Kokanee and Pine Drop this corner lot gives you the feel of more than an acre of land. With a covered front porch, a great back deck, fully […]
When you sell your home as a short sale or you go through a foreclosure a 1099C will be issued. As we know a 1099 is issued to show that money was received and generally there are taxes owed on these funds. However in 2007 The Mortgage Debt Relief Act was passed, originally it was […]
I am amazed at how many people are totally unaware of what the tax credit is and how helpful it can be to a home buyer. The current home buyer tax credit does not just benefit the first time home buyer but any homebuyer. Below is a quick list of qualifications for the home buyer […]
In the world of real estate today many of us are hearing terms we have not heard before and even seasoned agents have not heard them in years. Loan Modification, short sale, foreclosure and cash for keys are a few of these terms. Today we will be discussing the loan modification and short sales. Many […]