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short sales: Short Sale Myths - 03/15/11 06:11 PM
We talk to people everyday who have lost the equity on their home. We believe many of the reasons people continue to struggle instead of opting for a chance to rebuild their dream are based in some common myths. Now I realize you may not agree with our perspective, and that's okay. It's just our opinion.
1. Myth: My loss is only on paper.
Fact: Negative equity is REAL. You are weighed down by a debt that may take 15 - 20 years to recoup. Your mortgage payments may be double that of your neighbor for 30 more years.
2. Myth: I … (5 comments)
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short sales: How to buy a short sale - 03/15/10 03:51 PM
Have you been looking at homes and avoiding short sales? Or perhaps, you've pursued a short sale, only to get beat out by another buyer's offer? Or maybe, your offer was submitted and for some reason the short sale did not get approved or the seller backed out? We had a seller declare bankruptcy a day before we were supposed to close last year and stop the short sale. That may have been a good decision for the seller, but I'm sure you can imagine the frustration and monetary loss to the buyer.
Any way you dice it, the current process … (0 comments)
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short sales: Short Sale Approach - 01/16/10 10:15 AM
For the patient buyer who wants to find the right home, a short sale can be the answer. We have partnered with a professional short sale negotiation team who have successfully completed 94% of our short sale transactions in the last year.
One unique approach we take with our short sales is to submit only one offer to the bank that we can support based on recent comparables. This way, the buyer knows that they cannot be outbid after months of waiting. Of course, we continue to collect "back up" offers in case the buyer does not stay with us.
If you … (3 comments)
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short sales: Short Sale Reform – A Better Way - 04/25/09 03:20 PM
Short Sale Reform - A Better Way
2009 and 2010 will certainly be the year of the short sale. A short sale makes sense for the lender who will incur less expense and will never have to take ownership and responsibility for the property. A short sale can also make sense to the property owner who wants to sell their home for no cost, eliminate their mortgage and avoid foreclosure. Yes, it's more complicated, but this article is more about the process.
Here's the problem. The short sale process is the most inefficient, ineffective sales process in real estate. While there are exceptions, a … (1 comments)
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short sales: Short sale agents ... please stop - 11/17/07 08:14 PM
I was reading Ken Dixon's blog today (http://www.dixonteamoc.com/) about how agents UNDERprice their short sale lisitings in the hopes of implementing a "bait and switch" ... please give me an offer I can present to the bank before I lose this listing ... plea.
Please stop!
You are confusing buyers, frustrating your associates and driving the banks crazy trying to understand why "comparative listings" are priced so LOW.
Like any other listing, PLEASE work with the bank to determine FMV and set the price at some figure the bank is actually agreeable to accept,
Have an amazing weekend correctly pricing your listings ...
Nancy Moeller, CPA, … (5 comments)
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short sales: Short Sales - Is the forgiven debt taxable? - 09/23/07 10:29 AM
There is a lot of misunderstanding about the taxability of forgiven debt from a short sale or foreclosure. Naturally, you want to check with your CPA or tax advisor. But for a quick education, here's what the IRS has to say on the matter:
If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. Here's a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect … (3 comments)
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Nancy Moeller
Anaheim Hills,
CA
More about me…
Seven Gables Real Estate
Address: 5481 E Santa Ana Cyn. Rd , Anaheim Hills, CA, 92807
Office Phone: (714) 276-7006
Cell Phone: (714) 276-7006
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