short sales: California Eliminates "Short Sale Tax"
- 04/13/10 08:52 AM
California has brought its tax code up to match the federal standards when dealing with short sales, foreclosures and loan modifications. Under Senate Bill 401, homeowners who have or will experience one of these potentially-taxable situations can rest assured that government finally believes that if you can't afford to pay on the loan, there is certainly no way you can afford to pay taxes on $200,000 that you never made in the first place. In order to qualify for the tax relief, the home must be a qualified principle residence (no rental properties). Aslo, the debts must be discharged from … (2 comments)
short sales: HAFA Vs. Hoffa - Any Chance of Finding a Body?
- 04/09/10 10:47 AM
Since cynicism runs deep in my blood, I thought I would ask the ever-present question on every skeptic's mind- is this new foreclosure avoidance program REALLY going to help anybody? I ask this because, not only did the last government-authored homeowner-assistance program not help anyone (I exaggerate, it did help ONE person), but there are so many loopholes in the wording of the new HAFA program, that it is easy for anyone to smell what's fertilizing the lawn on the other side. Don't get me wrong, I WANT this program to work. I WANT to see the housing crisis that was brought … (3 comments)
short sales: What's so Distressing About Distressed Properties...
- 04/13/09 08:44 AM
Every real estate market, no matter the time or place, is bound to be influenced in some way or another by "distressed" properties. In a "healthy" market, anywhere from 1-3% of the homes are generally distressed sales. So what qualifies as a distressed sale? A distressed property will fit into at least one of these four categories: Property that is in poor condition Property that is or will soon be in the foreclosure process Property owned by someone who is experiencing financial problems Property on which the mortgage and lien amounts exceed the value of the property AND … (0 comments)
short sales: Chula Vista Distressed Sales Update- October 2, 2008
- 10/02/08 11:39 AM
Distressed sales account for nearly 85% of the active inventory in Chula Vista! I consider distressed sales to be either foreclosures or short sale (pre-foreclosure) properties. As of October 2, 2008, short sales accounted for about 63% of the listing inventory in Chula Vista, but only account for 33% of the pending sales and only 17% of closed sales since April 1, 2008. Keep in mind, the percentage of short sales actually closing is increasing as lenders get more pressure to keep foreclosures off their books. Also since January 1, 2008, there have been approximately 2,250 short sale listings taken … (2 comments)
short sales: 10 TOP Alternatives to Short Sales
- 10/02/08 11:20 AM
Are There Any Alternatives To a Short Sale? Always. Only one or two of these may apply, but at least there are alternatives. In fact, here are ten. Keep in mind, anything other than full, on-time payment to the lender can have credit, legal and/or tax consequences. Bankruptcy. Always get legal, credit and tax advice from a licensed professional! Foreclosure. Refer to the comments above. Stay in your home and rub anything lucky in hopes that the market will turn around soon (I'm rubbing the rabbit's foot right there with you!). Stay away from breakable mirrors. Deed in Lieu of … (1 comments)
short sales: The Long & Skinny on Short Sales- Part 2
- 09/25/08 10:18 AM
I Am Ready To Short Sale My Home, Now What? Well, get prepared for a lot of paperwork, a lot of waiting, and a lot of paperwork. Then you will need to wait some more. Get the right agent Have a legitimate reason to short sale Be prepared to give a lot of documentation Be ready to take back a note and pay back the balance due to the bank- everyone is easier to work with when they get their money back. What Do I Look For In A "Short Sale Specialist?" Well, it seems today like every … (0 comments)
short sales: The Long and Skinny on Short Sales- Part 1
- 09/24/08 11:41 AM
First of all, whoever came up with the term "short sale" should be cited for false advertising. The only thing "short" about a short sale tends to be the patience of everyone involved. As any buyer or agent that has been involved in any number of short sales can attest to, the process is usually long and arduous, and the rationale of the banks involved hardly rivals that of a two year-old trying to pontificate on the mysteries of the universe.
What is a "Short Sale?" A short sale occurs when a property is sold for less … (2 comments)
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