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.
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 […]
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 […]
Today I received a great email from a reader. They were concerned about the listing price of their neighbors home and thought they may need to short sale because they owed over twice what the neighbors home is currently listed on the MLS for. I know that when you see a home listed ridiculously low […]
One of the most commonly asked questions about short sales is; How long will it take to buy a short sale? A short sale can and most of the time does take longer to close escrow than a standard sale does. There are several factors that will effect the timing of the time it takes […]
Listing your home as a short sale is a very easy task, but when you do make sure your agent knows how to negotiate a short sale. As a CDPE (Certified Distressed Property Expert) I have had additional training in dealing with Short Sales, helping direct you the home owner to loan modification programs, deed in lieu of foreclosure and many options you may not be aware of.
One of the most confusing things to a buyer on a short sale is the price. A property will be put on the MLS with a great price, the buyer will write an offer and the process begins. The offer is first submitted to the Seller, once the seller and buyer come to an agreed to transaction the offer is submitted to the bank. The bank has the opportunity to accept, reject or sometimes suggest a different price.
Just because you feel you are upside down in your home does not qualify you for a short sale. I do not know how many times I have been told by a seller their home is not worth what they owe so they are going to walk away or quit making payments, then try and sell (short sale) or let the bank take the house. The sooner you talk with an agent the quicker your stress will go down. Many agents do not let these people know that there are specific guidelines to a smooth and successful short sale.