short sale: Good News for Real Estate - 10/23/09 04:04 AM
There has been $400,000,000,000 (billion) in real estate foreclosed or sold short (loan not paid in full) since the market turned down.  Another wave of foreclosures will be hitting early next year.  It is estimated there are $300+ billion in mortgage loans still in trouble.  
SO WHAT?
That's actually good news.  We are more than half way through this melt down!  The real estate market has stabilized and some areas are experiencing appreciation.  Yet, there is still opportunity to buy a home at the discounted price...and 5% interest!
FORECAST:
Real estate prices will continue to increase from the low reached last winter.Affordability … (2 comments)

short sale: Is Forgiven Debt Taxable? - 09/11/09 05:09 AM
QUESTION:  (Brett)  On a short sale, (where a bank is not fully paid) is the forgiven debt taxable income?
ANSWER:  (John)  Technically yes, but most people get an exception and do not have to pay tax on the forgiven debt.   I forwarded this question to my accountant for a more complete and accurate answer.  
 
John,
 Generally, if a taxpayer owes a debt that is canceled or forgiven, the canceled amount is taxable income.  There are exceptions:
 
Bankruptcy - Canceled debt is not included in gross income if the debt is canceled in a bankruptcy case under the … (2 comments)

short sale: 6045 Paris Blvd. Westerville, OH $129,900 - 06/08/09 05:08 AM
Cute 3 level split style home in Westerville.  This home has 3 bedrooms and 1 full and 1 half bathrooms.  The interior is neutral, exterior is brick and vinyl with a one car attached garage.  Deck, fenced in yard, shed.  immediate possession.  This is not a short sale but it is priced like one!
… (0 comments)

short sale: 1717 Sandhurst Rd Columbus, OH $142,500 - 06/08/09 05:04 AM
Brick ranch style home with 3 bedrooms and 2 full bathrooms.  This well built home is nicely maintained by the original owner.  This home has almost 1700 square feet, gas log fireplace, 2 car attached garage.  There have been many mechanical updates such as heating and air conditioning, roof, windows, etc.  This home is not a short sale or foreclosure but it is priced like one!
… (0 comments)

short sale: HELP FOR THOSE BEHIND ON HOUSE PAYMENTS - 04/08/09 06:24 AM
I just received the brand new CDPE designation (certified distressed property expert).  A distressed property refers to the condition of the property or the financial condition of the owner.  Did you know that 9.1% of all mortgages are technically in default, that is 30 or more days late on a payment?  Did you know there are multiple options for stressed homeowners...such as mortgage renegotiation, recasting the loan, forbearance, short sale, etc?  I will consult with you or your friends about their options at no charge.  I have helped people avoid foreclosure by renegotiating their loans, getting refinancing and other times I … (0 comments)

short sale: Foreclosures/Short Sales in your Neighborhood - 03/11/09 07:01 AM
 Alison Mausser asks "How do you deal with Foreclosures in your neighborhood.  (Good question, thank you Alison)
All real estate has been affected by the present situation. Values are down from 10% in the best areas to over 60% here in Ohio, as much as 90% elsewhere.   
If there is a vacant house in your neighborhood, notify the police and your favorite Realtor.  The police can keep an eye on it and the Realtor can try to research the lender and notify them.  Too often, a family will move out in the middle of the night to avoid the embarrassment … (0 comments)

short sale: What are Short Sales? - 11/14/08 01:21 AM
SHORT SALE.  You thought it meant how long it took me to sell you house, right?  Not so.  It means a house is selling for an amount not sufficient to pay off the mortgage...therefore it is selling "short".  Lenders are inundated with houses they have foreclosed or have taken a "deed in lieu" (of foreclosure).  More about those in next week's tip.  Lenders don't want to own any more houses.  Most lenders would rather have the owner list the property for sale with a Realtor.  When a buyer submits an offer the lender has to "approve" it before the owner can … (0 comments)