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short sale: Short Sale vs Bankruptcy
- 01/06/10 01:50 AM
As a short sale coach and trainer, here's a question I've been getting more and more lately:
Question: My clients want to file a Chapter 7 Bankruptcy, but they also want to sell their house in a short sale. What's your advice?The homeowners want to sell their house via a short sale, but their bankruptcy attorney squashed that idea without explanation. I have my own thoughts on this, but would like to hear what your experience has been in this arena. The existing loans are 80/20; both conventional. Thanks."
Answer: An active bankruptcy will KILL a short sale (as … (8 comments)
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short sale: Short Sale: Removing an IRS Tax Lien from a property
- 10/10/09 10:38 AM
If you have a short sale property with an IRS tax lien, the IRS will remove thier lien and allow you to sell the home. It takes WORK but it can be done!
In cases where the homeowner has not paid their income taxes, the IRS may place a federal tax lien on the property. Actually, the lien covers all of the person's property including the home. Typically, you can convince the IRS to remove the tax lien (from the house) by requesting a Certificate of Discharge of Property from Federal Tax Lien (Publication 783) with the IRS.
The reason the … (82 comments)
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short sale: Short Sales: 8 Common Questions
- 09/18/08 05:50 PM
I have successfully processed short sales on behalf of my clients for many years. Here are some of the top questions my clients have asked about short sales.
What is a Short Sale?In the world of Real Estate, a short sale refers to the sale of real property for an amount less than the amount owed on the property. In the short sale scenario, the bank agrees to accept less than the full balance due on the debt, and usually ‘forgives' all or a large portion of the difference.
Who benefits from the Short Sale?Short sales are a win-win situation. Lenders, … (3 comments)
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short sale: Short Sales: 8 Common Questions
- 04/17/08 02:26 PM
I have processed short sales on behalf of my clients for many years. You should strongly consider adding short sales to your repertoire. This FAQ post is meant to help you understand the basics of a short sale and help you answer some of your client's questions about them.
Here are some of the top questions my clients have asked about short sales.
1. What is a Short Sale? In the world of Real Estate, a short sale refers to the sale of real property for an amount less than the amount owed on the property. In the short sale scenario, the bank … (3 comments)
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As a short sale coach and trainer, here's a question I've been getting more and more lately:
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