|
Short Sale Tax: What you need to know |
 |
 |
 |
|
Written by Moureen Hardy
|
|
Friday, 01 July 2011 20:33 |
|
Short Sale Tax: What you need to know As long time California Realtors who have done quite a few successful short sales over the current Real Estate market downturn as well as the last downturn over a decade ago, one of the things I like to make sure of when I meet a potential client that is looking to do a short sale is to give them a thorough understanding of how short sales work.
Real Estate short sales can be very complicated transactions. Anyone who actively and regularly participates in short sales knows that almost every single transaction is invariably different. Each lender has their own set of rules as well as their process on how they go about the short sale process.
Short sale tax is one of the areas in particular that I feel is extremely important to educate a seller on when he or she is considering doing a short sale. Different rules apply for short sales of primary residences and investment properties.
If you are short selling your primary residence, The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of the debt. The debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a short sale or foreclosure, qualifies for the relief granted under The Act. |
|
Last Updated on Friday, 01 July 2011 20:49 |
|
Read more...
|
|
|
Written by G.M. Filisko
|
|
Wednesday, 26 January 2011 22:21 |
6 Tips for Choosing the Best Offer for Your HomeOriginally Published: February 10, 2010 Have a plan for reviewing purchase offers so you don't let the best slip through your fingers. 1. Understand the processAll offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer. 2. Set baselinesDecide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won’t fall apart because the buyer can’t get a mortgage, require a prequalified or cash buyer. 3. Create an offer review process |
|
Last Updated on Monday, 04 April 2011 19:52 |
|
Read more...
|
|
Staging your home to sell |
|
|
|
|
Written by Administrator
|
|
Monday, 12 October 2009 00:00 |
|
Home Staging can help you get the highest price when selling your home. Home Staging is nothing but a means of packaging your home to impress prospective buyers. All commercial goods undergo extensive packaging phases before they are exposed to the consumers and produced to the end-users. An attractive packaging material can make an impact on consumers easily. Similarly, Home Staging can help you create a positive impact on your perspective buyers thus getting maximum return on your investment. Whatever circumstances led you to decide to sell your home; whether the family is shrinking, you need to relocate to a new place due to employment reasons or move up to a bigger home; you will always want to get the highest and best possible price for your property. With that said, Home Staging can help achieve the desired goal. Everything is subject to the effects of time, wear and tear; so is your home. |
|
Last Updated on Monday, 04 April 2011 19:49 |
|
Read more...
|
|
|
“Consumers Agree-It’s A Good Time To Buy Real Estate” |
|
|
|
|
Written by Moureen Hardy
|
|
Saturday, 02 April 2011 09:33 |
According to an article with this title published by rismedia.com on March 25th, Americans believe it's a great time to buy a home, and the window of opportunity is short. Even though recent data indicate a slight drop in buying activity, 1.4% drop in Feb 2011 compared to Jan 2011, the general consensus of over 40% of Americans who were recently surveyed is they agree that it is a good time to buy Real Estate. Worthy of notice is Data Quick’s recent article which reveals keen interest from investors in the great values offered by Southland Real Estate. The following quote tells a lot: “Buyers who paid cash accounted for a record 31.7 percent of February home sales, paying a median $200,000. That was up from 30.4 in January and 30.1 percent a year earlier. The February cash level was the highest for any month in DataQuick’s statistics back to 1988.” If investors, and it’s also important to note these are NOT speculators operating on high leverage, are coming in to put their cash where their mouth is.. that is a significant vote of confidence from people who have managed to amass considerable cash in the past. Apparently they have been doing something right. Looking over the past thirty years of historical data, no one can argue with the fact that Real Estate is a cyclical market. Two phenomena have proven to be present in every cycle.. |
|
Last Updated on Friday, 01 July 2011 20:52 |
|
Read more...
|
|
Written by Administrator
|
|
Monday, 13 April 2009 19:43 |
The Federal Housing Administration (FHA) runs several programs to promote home ownership. In most cases, FHA loans are mortgages obtained with the help of the FHA. With a small down payment, buyers can purchase a home. FHA loans make it easier for people to qualify for a mortgage, but they’re not for everybody. What is an FHA Loan? An FHA loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay. Because of this guarantee, lenders are willing to make large mortgage loans. Who Can Get an FHA Loan? Almost anybody can get an FHA loan. |
|
Last Updated on Monday, 04 April 2011 20:05 |
|
Read more...
|
|
|
