realtor: Can I Short Sale my home if I just bought another home to live in?
- 06/22/11 03:19 AM
This is a question that I have been hearing more frequently and the ANSWER IS YES! Let me share the following 2 scenarios: 1.) Sellers had their second child and needed a larger home and wanted to be in a better neighborhood to raise their family. They puchased a nice home in a great neighborhood and a few months later decided that a short sale was their best option in regards to their first home. They owed over $200,000 between 2 lenders and the house was worth less than $100,000. I listed the house for sale and submitted an offer of … (3 comments)
realtor: Renting After A Short Sale
- 01/03/11 03:25 AM
When working with people who are thinking about short selling their home, I am asked the following question quite often: Will I have any issues renting a home after I short sale my home? I am in Florida where there is a high number of short sales and I haven't had 1 client have an issue renting a property. Most of the time the new landlord doesn't have any issues as long as they have a deposit and have a way to pay the rent. My advice when renting a home is to be upfront and honest about your situation. Explain … (2 comments)
realtor: Florida Short Sales: Tax Consequences and Insolvency
- 12/14/10 02:10 PM
I am one of the leading short sale agents in my area and I get asked the following question quite often: If I short sale my home will I have to pay taxes on the debt forgiven? Now I am not an accountant and the first thing I tell people is that they need to speak with their accountant. I will also show them where to find the IRS guidelines if they want to do their own research. http://www.irs.gov/individuals/article/0,,id=179414,00.html http://www.irs.gov/pub/irs-pdf/p4681.pdf
The first link discusses The Mortgage Forgiveness Debt Relief Act and Debt Cancellation. It explains how you qualify to not … (0 comments)
realtor: Second Mortgage Standoffs Stand In the Way of Short Sales
- 11/30/10 03:06 AM
Here is a great article in the Wall Street Journal explaining the issues when there are 2 lenders involved with a short sale: http://online.wsj.com/article/SB10001424052748704526504575634950022011416.html?mod=WSJ_RealEstate_LeftTopNews
This is one of the biggest challenges when doing a short sale. The lenders need to learn to work together. No one benefits if the house goes into foreclosure instead of a successful short sale. One possible solution in this situation is for the buyer to contribute the difference if the seller is unable to. But we have also had experiences where the 1st lien holder will not allow this and then you are at a … (0 comments)
realtor: Short Sale Success of the Day in St. petersburg - Clearwater area!
- 11/04/10 08:14 AM
I just closed a short sale for a family that did not have a serious hardship. They owed 185k and the sales price was 103k. They wanted to move because they wanted a bigger home in a nicer neighborhood (which they found and the rent is equal to their mortgage payment). At closing my clients were current on their mortgage and were required to bring $3000 to closing and sign an interest free note for $5500. If you have any questions about a short sale or would like to know if you qualify please contact me at: Steve Capen 727-348-2211 / … (0 comments)
This is a question that I have been hearing more frequently and the ANSWER IS YES! Let me share the following 2 scenarios:
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