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I am purchasing a “Short Sale” house, owner has signed my offer contract, waiting on Title & Bank decision?

Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 25-12-2010-05-2008

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Question by downshiftmagazine: I am purchasing a “Short Sale” house, owner has signed my offer contract, waiting on Title & Bank decision?
We put in an offer (1 of 5) for a home in Tampa, FL and it is in the early stages of Lis Pendens. It is a Short Sale, but the current owner signed off on our offer contract, and were informed that the Title Company has said we have the best offer, but the owner’s lender has to approve this. Our Realtor says that this may take up as much as 45 days. Should we keep looking, or are we almost there? Can someone else still make a better offer, even though we have a signed offer contract? I have my apartment lease until July 31st.
We did put a time limit, and it was last Sunday. We have that signed..but it probably does not hold much water anymore.

Wish there was a way to convince the bank to make a decision.

Thanks for the input, I’ll have to either do some legal sluthing or hire a real estate lawyer myself.

Best answer:

Answer by Wango138
If you have made an offer, you need to stop making offers on other properties. Otherwise, you could have two accepted offers, and you would be in trouble.

Short sales take a LONG time to get approved. Your agent should have prepared you for this. From everything you have said, you are in good shape. Relax.

You may want to see about extending your current apartment lease if need be.

Give your answer to this question below!

Q&A: “Short Sale” or Foreclsoure?

Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 16-12-2010-05-2008

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Question by sarah k: “Short Sale” or Foreclsoure?
‘ve been trying to work with my mortgage company for months now while getting no where, it’s always “call back in two weeks”, etc. I had hoped the new March 4th programs would help but I have been calling weekly and my bank still says they haven’t received the info yet with all the details on the program so call back in two weeks.

In the meantime I did list my house for sale just in case I need to do a quick short sale to avoid foreclosure. From everything I heard you don’t want to foreclose, short sale is a little bit better. However I haven’t gotten any offers and have been hesitant to drop the price too low and sell before I found out if any of these new government programs would work to keep me in the house (yes, I still have that pesky whole emotional attachment stuff)…

So this morning I have been thinking maybe enough is enough, let’s get this over with. I love my house but am getting really tired of waiting to see whats going on, should I drop the price to where I think it would sell or do I sit it out and ride the foreclosure process wave as long as I can? Then about an hour ago I find out the builder in my neighborhood has just reduced new construction pricing down into the 0′s, I cringe to think about what I paid 2 years ago (5K), not that I am concerned about value, I’m happy with the house and it totally serves my need.

So…Should I ride the foreclosure wave as long as possible? Or try to sell this baby as fast as possible as a short sale? Thanks

Best answer:

Answer by chatsplas
WAIT. Be patient and persistent. Keep calling your lender.
Foreclosure will RUIN your credit. The new programs could help you save your house once your lender figures it out. Maybe you need to go to a HUD approved housing counseling agency for help with lender. Don’t pay a Loan Modification scammer!!!!
These low loan rates are perking up the housing market a little, and lenders are starting to lend to do the loan modifications, to do refis.

Add your own answer in the comments!

Q&A: Can I “short sale” my house and purchase another home mortgage?

Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 13-12-2010-05-2008

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Question by sparksXT: Can I “short sale” my house and purchase another home mortgage?
We currently owe 4k, on our current home loan and it’s currently worth 0-300k and can hardly make the payments month-to-month.
We want to purchase another home in the ballpark of how much our current home is currently worth.
Is this possible?

Best answer:

Answer by v b
Insanely, the answer may be yes.

Bank #2 may be dumb enough to loan you money to buy another house while you stiff bank #1.

If there is any justice in the world, bank #1 will sue you for the shortage. You borrowed MONEY, not a house from them. You can’t just expect to give them a depreicated asset and be off the hook.

What do you think? Answer below!

Short Sale and Tax Relief (good Real Estate News)

Posted by | Posted in Buy My Home Fast - Articles | Posted on 27-11-2010-05-2008

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Short Sale and Tax Relief (good Real Estate News)

Short Sale and Tax Relief (good Real Estate News)

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Home Page > Finance > Real Estate > Short Sale and Tax Relief (good Real Estate News)

Short Sale and Tax Relief (good Real Estate News)

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Posted: Dec 26, 2007 |Comments: 0

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Short Sale and Tax Relief (good Real Estate News)

By: Troy Marsh

About the Author

(ArticlesBase SC #290696)

Article Source: http://www.articlesbase.com/ – Short Sale and Tax Relief (good Real Estate News)

Last Friday, December 21, 2007, President Bush signed into law a bill that will temporarily (for 3 years) keep households that negotiate a short sale on their home from having to pay income tax on the difference between the sales price and the owed mortgage amount. This is a great relief for many homeowners who are stuck in adjustable rate mortgages (ARMs) that they can’t afford and anyone else who simply can’t pay their mortgage because of job loss, etc.

I see this as a very big step in the right direction for the struggling real estate markets across the nation and here in the Midwest in particular. In Ohio we have a large problem with foreclosures and the media has been so kind as to point this out on an almost daily basis. This bill has the potential to have a very positive effect on this problem and there are a couple of big reasons why.

Traditionally, foreclosures are often homes that are beat up and abused by their former owners. This is not a surprising outcome of the process, but it makes the re-sale of the home much harder and usually causes a larger reduction in price. With this bill being signed into law it will make the pre-foreclosure sale (otherwise known as a short sale) an even more attractive option than before. This bill will truly allow the homeowner to put this whole thing behind them and allow them to have the credit benefits as well.

In my experience short sale properties, although not perfect, tend to be in much better condition than many foreclosures because the seller has an interest and benefit in selling the property. A short sale allowing the seller to wash their hands of the matter completely also makes the likelihood and length of vacancy much shorter than a foreclosure, which in Franklin county can take up to 18 months to complete. This also helps the resale value of the neighborhood and helps to keep the homes from bringing down the whole area by adding to crime and becoming an eyesore.

Although short sales are not the type of sales we would like to see in the real estate market for overall prices, they pale in comparison to the effects of the same number of vacant foreclosures taking up to 18 months to sell at auction before they are even marketed to the public.

Troy Marsh

Lead Buyer’s Specialist & Listing Partner

TroyRE@gmail.com – Email

www.TheGoldKeyExperts.com

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Source: http://www.articlesbase.com/real-estate-articles/short-sale-and-tax-relief-good-real-estate-news-290696.html

Article Tags:
real estate, tax relief, foreclosure

Need to “short sell” on my house what are my tax issues if any?

Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 23-10-2010-05-2008

1

Question by Jon W: Need to “short sell” on my house what are my tax issues if any?
I am in a forclosure situation:
Purchase Price: 275,000 (2004)
Refinanced in 2005 and took out a Heloc
Heloc: 100,000

My estimated price for selling is going to be 330,000. Will I have to pay any taxes on the potential sell of my house. If so are there any ways out ie: proving financial hardship.

Best answer:

Answer by bostonianinmo
You will have a gain on the sale of about ,000 (0,000 – 5,000). Whether this will be taxable or not will depend upon the facts however you should qualify for the exclusion if you lived in the home for at least 2 years.

On the short sale you may have a debt forgiveness. How much that will be will depend upon the wording of your mortgage and the HELOC and the total debt oustanding. If the mortgage and the HELOC are without recourse, there will be no debt fogiveness and therefore no taxable gain. If they are with recourse, the total debt less the sale proceeds will determine the forgiven debt and the taxable gain.

The gain on Cancellation of Debt is not subject to the capital gain exclusion. You can avoid the tax bite on it if you were insolvent at the time of the COD. You are insolvent if your liabilities exceed the value of your assets. File Form 982 with your tax return along with a statement of your assets and liabilities immediately prior to the COD to claim exemption from tax on the COD. If the amount of your insolvency exceeds the COD there will be no taxable gain. If it’s less, the difference is taxable to you as ordinary income.

Know better? Leave your own answer in the comments!

Short Sales Insider Guide – Big Profits in a Chaotic Housing Market

Posted by | Posted in Buy My Home Fast - Articles | Posted on 14-10-2010-05-2008

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Short Sales Insider Guide – Big Profits in a Chaotic Housing Market
This guide covers everything needed to successfully execute a Short Sale with a bank. Set up in a simple step-by-step format and includes all the forms and contracts needed. For: Business Opportunity Seekers, Distressed Sellers, & Buyers. 128 Pages
Short Sales Insider Guide – Big Profits in a Chaotic Housing Market

Buying a “short sale” house?

Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 29-09-2010-05-2008

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Question by ******: Buying a “short sale” house?
My wife and I made an offer on a property that’s a short sale. The seller agreed to the price, but b/c of the “short sale” we must get third-party approval (bank that owns his house). How long does it take for that to happen? Any experience out there for this type of situation?

Thanks
I appreciate the feedback. The seller’s agent said it was a crap-shoot as the the length. We’ve got the offer written as such, where they have 12 days to decide. I’m not going to sit on my thumb any longer…

As far as ‘staying the course’ on this property for the next 12 days, my wife loves the house and I like the fact that it’s a bit over 30% below FMV.

Best answer:

Answer by zeuz
Personal experience:

1. Sometimes it happens.
2. Sometimes it doesn’t.

Absolute worst thing that I ever experienced (in the early 1990s) was a short-sale where the bank “agreed” until the day before closing.

The funny part of that transaction was as follows:

Bank was owed 9,000
Short sale was at 8,000
Bank backs out of the deal, and the property goes to foreclosure sale for 9,000

Dummies.

Add your own answer in the comments!

Real Estate Agent for Short Sale “Led us on”. Any recourse?

Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 11-09-2010-05-2008

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Question by nickh186: Real Estate Agent for Short Sale “Led us on”. Any recourse?
The situation I’m talking about is a short sale in Fl. We made an offer that was accepted about nine months ago (5/1/09). We had no place to move into, so we made a deal with the woman who “owned” the house at the time. We made a lease that would terminate once the house was closed on. Then, we were told her husband went into bankruptcy and we had to wait for the house to be released.

So we canceled the offer 6 months later with no progress, and revised it to reflect the decline in property value. The Seller’s real estate agent assured our agent that she could turn the deal around pretty quick, and now it turns out they haven’t even sent the papers in. So we’re moving out and canceling the offer. It has been a very frustrating situation in which our trust was abused (in my opinion anyways).

So my question is is there any recourse against any of the parties involved? Since the listing agent told us one thing and did another, it would seem like something unethical took place (but unethical doesn’t always = illegal). How about some kind of report I can file to have this follow the listing agent around? I would hate for this to happen to anyone else.

Best answer:

Answer by realtor.sailor
Google Code of Ethics and Standards of Practice of the National Association of Realtors. The listing Realtor may have violated Article 2;”…..misrepresentation …..of pertinent facts…” If this is true you can file a complaint with the local Board of Realtors.

realtor.sailor

Give your answer to this question below!

What should I know about buying a “short sale” house?

Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 30-08-2010-05-2008

1

Question by Radman: What should I know about buying a “short sale” house?
I understand there is no warranty and the buyer has to pay all the closing costs. Can I offer lower than the short sale listing price?

Best answer:

Answer by patrick
You can always offer less than asking. in addition, if you are using a real estate agent, you need to make sure the commission costs are included in the purchase price.
Be prepared for a long process. Bank owned property sales move at a snail’s pace. Often, the bank cant find the deed, because the mortgage has been sold so many times, so it would be prudent to ask if the bank has possession of the deed early in the process.

Add your own answer in the comments!

I Love Estate Agents – Ladies Short Sleeve Gildan g640l Rhinestone Shirt

Posted by | Posted in Buy My Home Fast - Books | Posted on 13-07-2010-05-2008

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I Love Estate Agents – Ladies Short Sleeve Gildan g640l Rhinestone Shirt

100% ringspun preshrunk cotton; seamless double-needle stitched collar; tapered neck and shoulders; double-needle stitched sleeves and bottom hem; quarter-turned to eliminate center crease; set-in sleeves; sport grey is 99% cotton, 1% polyester; 1/2″

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Buy My Home FastFast Solutions for Selling Your Home

I am purchasing a “Short Sale” house, owner has signed my offer contract, waiting on Title & Bank decision?

Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 25-12-2010-05-2008

4

Q&A: “Short Sale” or Foreclsoure?

Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 16-12-2010-05-2008

4

Q&A: Can I “short sale” my house and purchase another home mortgage?

Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 13-12-2010-05-2008

8

Short Sale and Tax Relief (good Real Estate News)

Posted by | Posted in Buy My Home Fast - Articles | Posted on 27-11-2010-05-2008

0

Need to “short sell” on my house what are my tax issues if any?

Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 23-10-2010-05-2008

1

Short Sales Insider Guide – Big Profits in a Chaotic Housing Market

Posted by | Posted in Buy My Home Fast - Articles | Posted on 14-10-2010-05-2008

0

Buying a “short sale” house?

Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 29-09-2010-05-2008

3

Real Estate Agent for Short Sale “Led us on”. Any recourse?

Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 11-09-2010-05-2008

3

What should I know about buying a “short sale” house?

Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 30-08-2010-05-2008

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I Love Estate Agents – Ladies Short Sleeve Gildan g640l Rhinestone Shirt

Posted by | Posted in Buy My Home Fast - Books | Posted on 13-07-2010-05-2008

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I Love Estate Agents – Ladies Short Sleeve Gildan g640l Rhinestone Shirt

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