short sale: You Get the House in the Divorce, But It's in Trouble...Now What? - 07/30/10 01:05 PM
Short Sale or Foreclosure After Divorce Will Severely Hurt Your Credit Dividing up debts, keepsakes and housing can be the hardest part of a divorce, but a short sale or foreclosure is not an easy solution. While a short sale or foreclosure after divorce can severely hurt your credit, you might be better off with a short sale or foreclosure rather than a bankruptcy. A good real estate attorney can help you make that financial decision and lessen the impact of a short sale or foreclosure on your credit after a divorce.
Q: My daughter is getting a divorce. She is … (1 comments)
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short sale: Short Sale Nightmares - 07/19/10 11:56 AM
If your house is worth less than the mortgage amount, you're underwater with your loan. And that means you could be facing a short sale nightmare.
If you want to sell your house, unless you plan to come to the table with enough cash to make up the difference between what you owe and the sales price you'll have to ask your lender to approve a short sale.
Short sales have been all over the news lately. Sellers like them because they are better for your credit history than a foreclosure on the loan. Buyers like them because they can … (2 comments)
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short sale: Short Sale and Real Estate - 02/10/10 05:13 PM
When it comes to buying any piece of real estate, you should always make sure to surround yourself with a competent real estate agent, real estate attorney and mortgage lender. Know the basics of real estate buying, especially if you're thinking of buying a short sale or foreclosed home.
The buyer of a short sale property might not only be responsible for unpaid real estate taxes, but might be required to pay off other liens that are attached to the property.
Take the time to dig through terms regarding liens with your real estate attorney and be sure everything is paid … (0 comments)
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short sale: Short Sale Process Halted Due To Tax Lien - 12/08/09 02:29 PM
Q: I hope you can help us. We received written approvals from both lenders for the short sale of a home we are trying to purchase. We opened escrow and we signed our loan documents earlier in the week.
Yesterday, however, the short sale agent told our agent that a government lien was placed on the home. He is going to try to discharge it, but as of right now, everything's on hold.
I didn't receive much more information after that, so I did my own research. I discovered that the seller pleaded guilty to a conspiracy charge and received three … (2 comments)
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short sale: Short Sale vs Foreclosure: Which One Can You Get To Close Faster - 11/16/09 10:14 AM
Q: I went under contract to buy a house on six months ago. This is a short sale, and I understand that multiple lenders are involved. But I have been more than patient. What can I do? I can’t seem to get anyone to listen to me. Don’t the banks want this to work out?
A: I’m sure that someone besides you wants this sale to work out – the seller! The problem is that each lender has to agree to the short sale and lenders are drowning with the numbers of short sales, foreclosures, and loan modifications that are stacked … (0 comments)
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short sale: Phantom Income - 11/15/09 09:04 PM
When an investment property is sold as a short sale, it generates what is known as "phantom income."
When an owner sells a property through a short sale, the lender will send a 1099 for the difference between what was owed and the amount accepted on the loan.
The release of indebtedness by that lender – what you should have paid back the lender – is considered a “gift” from the lender to you. The IRS considers that amount to be taxable income. That’s why the amount that is forgiven is taxed.
Some people refer to the release of … (3 comments)
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short sale: Short Sale Process Problems Arise When Contractor Liens Home - 11/05/09 02:53 PM
Short sales, foreclosures and other purchases of real estate can always lead to problems. One risk in buying a home in foreclosure or from a seller in a short sale is that the seller or the bank owner had work done on the property and the contractor never gets paid. The contractor, in this case a painter, then files a contractor lien on the home and the subsequent buyer may get stuck with the bill.
Q: I purchased a house that was a short sale at the end of August and have since received a claim of lien letter from a … (1 comments)
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short sale: What's Considered The Difference Between A Short Sale Or A Full Price Offer? - 11/04/09 01:43 PM
If you receive a full price offer for the sale of your home, can the lender still consider the sale a short sale? What if the full price offer covers all expenses and covers the entire amount owed to the lender, would the sale still be a short sale?
Q: My house payments are six months behind and a sheriff's sale is scheduled. My home is also currently on the market. Out of the blue, a full price offer for my home came in. The mortgage company is telling me that although I have a full price offer on my home, … (6 comments)
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short sale: Foreclosure or Short Sale: Which is Better for the Borrower and the Lender? - 09/14/09 04:18 PM
Q: I refinanced my California home in 2006, rented it out, and bought a home in Arizona. Now the mortgage balance on my California home is higher than what my house is worth and my renter is leaving.
I simply can’t afford the payments, which seem to increase each year. Is my Arizona home in jeopardy if I walk away from the California home?
A: You’re in a tough spot, one shared by hundreds of thousands of other homeowners.
The good news is that in many states, lenders can’t go after you for the deficiency - that is, the difference between … (4 comments)
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short sale: Seller Disclosure Problems May Not Be Worth Time, Money & Effort to Fix - 08/27/09 11:56 AM
In most states, sellers are required to deliver a written disclosure to a buyer identifying all known major defects in a home. Some states have lengthy seller dislcosure forms for sellers to fill out while others may have a one page seller disclosure form.
Some states provide that if a buyer can prove that the seller lied on a seller disclosure form, the buyer not only can get damages from the seller to correct the item but can also recover any attorneys fees spent in going after the seller.
Seller disclosure cases often hinge on the buyer being able to prove … (0 comments)
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short sale: How Do You Get Earnest Money Back After A Short Sale Falls Through? - 08/26/09 02:03 PM
If you have the right to the return of your earnest money or down payment under a contract, the listing broker should have no problem sending your earnest money or down payment back.That was not the case for one ThinkGlink Reader...
I was a buyer in a short sale transaction that did not get bank approval in time, so the contract expired. I decided to not pursue this house and both the Realtor, broker and I agreed that I would get my earnest money back.
It has been well over a month and the broker is dragging their feet on sending … (5 comments)
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short sale: Home Prices Decline While Existing Home Sales Rise - 08/17/09 03:31 PM
Home Prices Decline. Thanks to low interest rates, lower home prices and the first-time home buyer tax credit, it looks like more people are discovering that now is a pretty good time to be a home buyer.
Existing home sales for the second quarter of 2009 rose 3.8 percent from the first quarter, but they remain 2.9 percent below the pace of existing home sales a year ago, according to the latest survey from the National Association of Realtors.
In the second quarter, first time home buyers accounted for one-third of all transactions. Foreclosures and short sales, which typically sell at … (1 comments)
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short sale: Declining Home Value May Spur Short Sale Instead Of Refinance - 04/27/09 11:04 PM
What can you do when you owe more on your mortgage than your home is worth?
If you owe more than 105 percent of the value of the home you can't refinance under federal programs. If you're really eager to sell your home and move on you may want to try to do a short sale with your mortgage lender. In a short sale, the mortgage lender forgives the balance of the loan that's above the amount you receive for the sale, and at the moment you can do this without paying federal income tax on the difference.
… (0 comments)
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short sale: How To Buy A Home For Less Than Listing Price - 03/26/09 01:27 PM
Since the collapse of the housing market many buyers have started to make low-ball offers when buying a home. How can you buy a home with an offer that's less than listing price?
You have to do your research -- look closely at foreclosures, short sales and comparable properties before making an offer below listing price. And be ready for the sellers and their agent to give you a strong, likely negative, reaction.
Low-Ball Offers
I got a call on my radio show last week from a very frustrated home seller. He is selling 30 acres of land in Georgia, not that far … (1 comments)
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short sale: IRS Tax Rules Change For 2008 And 2009 - 02/19/09 02:48 PM
The Obama stimulus package made some changes to IRS tax rules concerning real estate, home improvements, short sales and foreclosures. If you're a first time home buyer, you'll get either a $7,500 tax credit or a $8,000 tax credit, depending on when you bought your home. In addition, the timing of your home purchase affects whether you have to repay the home tax credit. IRS allows you to continue to take tax deductions for green home improvements and if you had a short sale or foreclosure recently, the money you lost won't be considered income thus saving you tax.
As we … (2 comments)
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short sale: Short Sale Hurts Home Buying Ability - 02/13/09 02:49 PM
In a tough real estate market, it might seem as though a short sale would make sense. A short sale is when you sell your home for less than what you owe your mortgage lender. Your mortgage lender agrees to write off the difference in a short sale. But a short sale still has a negative effect on your credit and can become an issue if you try to buy another home in the near future.
Question: My daughter in California owns a home that is worth less than her mortgage. Should she see if she can do a short … (5 comments)
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short sale: The Ins and Outs of Short Sales and Foreclosures (with videos!) - 12/22/08 05:48 PM
What is a short sale?
When you owe more on your home than it's worth you may want to do a short sale. In a short sale the bank forgives some of what you owe them. It's more cost-effective for a bank to do a short sale than foreclose on a home.
Short Sale or Foreclosure: Will You Save Money?
Many people think you save money by buying a home that's a short sale or foreclosure. That's not necessarily true. Even if you do save money on a short sale it can take longer to close on escrow. California … (10 comments)
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short sale: Buying A Short Sale Not A Sure Thing - 12/19/08 01:08 PM
By Ilyce R. Glink and Samuel J. Tamkin
Summary: In a short sale, a bank agrees to let a homeowner sell a home for less than what the homeowner owes the bank on the mortgage. But what happens when a short sale falls through -- when the home seller changes his mind at the last minute? The short sale buyer may lose money on an uncompleted short sale. The short sale buyer should contact a real estate attorney to understand his rights, advise Sam and Ilyce.
Q: We've worked for the last six months to buy a home that was a … (0 comments)
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short sale: Real Estate Market Conditions in 2008 Recap - 12/19/08 11:41 AM
What's the real estate market like at the moment? Agents from Southern California describe the real estate market. Because the 2008 real estate market is flooded with inventory, it's a buyer's market. Current real estate market conditions make financing a challenge. View this segment to learn more about the real estate market conditions from Expert Real Estate Tips.
Was it is a bad a year as you thought?
Was it better than you expected?
And what do you predict the 2009 market will bring?
… (1 comments)
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short sale: Fire Damage Jeopardizes Short Sale - 10/04/08 12:59 PM
Summary: A ThinkGlink reader writes that fire damaged a home he bought in a short sale. While the home seller had insurance, the insurer had the seller make the repairs. The home buyer worries the repairs are substandard but there's no building code for the home's location. What can the seller do to get out of the contract? Ilyce suggests contacting a real estate attorney to figure out his options.
Q: We have a contract on a short sale home. We were supposed to close on July 30th, but the upstairs of the home caught fire. Amazingly, the owners had insurance … (0 comments)
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