short sale house: Foreclosure and Short Sale Taxes - Home Sellers Might Owe the IRS
- 04/15/10 07:22 AM
The IRS says there is no free lunch. If you transfer title on your home, whether voluntarily through a warranty deed or grant deed, or involuntarily through foreclosure, you have sold your home. You might be subject to taxes, even if you sold your home at a loss, either on a short sale or by foreclosure. It doesn't seem fair. What's worse is you might not even find out that you owe taxes until the day you open your mail to find a 1099. I spoke with Julian Block, an attorney in Larchmont, NY, who has been cited by The New … (3 comments)
short sale house: New Rules Give Help To Homeowners Doing Short Sales
- 04/15/10 04:39 AM
New federal rules took effect Monday to speed up short sales -- the time-consuming, often-frustrating process of selling a home when the owner owes more than the house is worth. The Obama administration program offers financial incentives for homeowners to agree to a short sale. Owners will still lose their homes, but a short sale, or deed in lieu of foreclosure, doesn't hurt a borrower's credit score for as much time as a foreclosure. The new rules let lenders use an appraiser, market research and a real estate agent's opinion to determine the value of a home, and thus a minimum … (2 comments)
short sale house: The Exit Strategy: A Short Sale
- 04/15/10 04:35 AM
For all the homeowners who are upside down and can no longer make their mortgage payment (because of either a job loss, divorce, or an option ARM that's resetting higher), up to now the only option was, well, letting the bank foreclose. That's not a good option since a foreclosure sticks on your credit record for at least 10 years. But some experts are now advocating a "short sale." This is a case of a distinction with a difference: If your bank agrees to a short sale, you then hire an agent to find a buyer for the house, you sell … (0 comments)
short sale house: How To Make A Short Sale Offer
- 04/14/10 06:38 AM
In any given month, I probably review at least a 100 offers on my Sacramento short sale listings. I help my sellers decide which offer to select. So when I represent a short sale buyer, I know from experience on the listing side how that listing agent and seller will interpret the offer. This is probably why my buyers make short sale offers that get accepted. Agents who are not versed in making short sale offers often write purchase offers in such a way that they inadvertently cause their buyers to lose the deal. Following are methods that I use to … (0 comments)
short sale house: 6 Things to Know Before You Buy That Short Sale House
- 04/14/10 05:51 AM
6 Things to Know Before You Buy That Short Sale House The Wrong Short Sale House Might Not Ever Close. When you spot a short sale house that interests you, take your hand off the mouse and step away from the computer. Before you get all excited over the prospect of buying that short sale house, pick up the phone and call your real estate agent. Your agent needs to research that short sale listing first. In some real estate markets, fewer than one in 10 short sales close. Just because that home is listed as a short sale doesn't mean … (2 comments)
short sale house: Top 5 Reasons Banks Reject Short Sale Offers
- 04/14/10 05:39 AM
Unless the bank has agreed upfront to accept a short sale, which is rare, no one knows for certain -- not the buyer's agent, not the listing agent nor the seller -- if a short sale offer will be accepted or rejected by the bank. Simply because a listing is advertised as a short sale does not mean it is a short sale. It means the listing agent and seller hope it will sell as a short sale and the bank will take the offer.
Short Sale List Prices The list price of a short sale home generally has very … (4 comments)
Author Bio: Rob Alley earned a bachelors degree at Virginia Tech, in Blacksburg, VA in Biology. Rob Alley consults with homeowners regarding Real Estate transactions and speciliazes in listing and selling Charlottesville Real Estate.
A comprehensive blog about Charlottesville Real Estate including articles on short sales, foreclosures, market updates, news, resources and more.
Charlottesville Real Estate news and information. All new updates and market conditions as well as charlottesville short sale information, charlottesville foreclosure listings, avoiding foreclosure help, buying and selling information, central virginia updates, mortgage updates, charlottesville happenings, and tips and tricks in a slower market by Rob Alley, Realtor of RE/Max Realty Specialists
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