Short Sale and Foreclosure Tax Consequences
July 29, 2008
This is one of the big questions always asked by clients in these tough situations. There is a lot of mis-information on this subject which leads to fear. Fear of the unknown, just compounds these tough situations. So, I have enclosed a link that should shed more light on the tax consequences of short sales and foreclosures. This should help clear up confusion and hopefully some of the agony with respect to this “fear of the unknown.” Hopefully this information will aid you in a most trying time.
Link to tax article: Go >>>>
Important: Always consult a licensed professional if you are not sure about your situation. Remember, a Realtor is not a CPA or an attorney. So unless they are, always direct your technical question to a licensed professional.
New Conforming Loan Limit Calculator by Zip Code.
July 12, 2008
This article is outdated.. For the NEW 2009 Conforming and Jumbo Loan limits please CLICK HERE
We are now getting a glimpse of how investors(mortgage providers) will be treating the new Fannie Mae/Freddie Mac conforming loan limits which were part of the national stimulus package. The first of many investors are coming out with general underwriting guidelines. It appears they are moving cautiously. This may speak volumes on their attitudes on the subject of increased loan amounts. Moreover it appears that they will be categorizing these loans in a different conforming product bucket. (Conforming Jumbo Loans)Below is a conforming loan limit calculator as well as some highlights of the guidelines.
Calculate your new mortgage loan limit by Zip Code. Click Here
Real Estate Auctions vs. Traditional Real Estate Sales? .1
July 10, 2008
This is a great topic for home sellers as they do not really understand the auction method of sale as it pertains to real estate. So, is selling your home at auction a better way to go rather then listing it with a traditional real estate agent?
The answer is an emphatic yes.
The auction method of sale gives consumers many more options when it comes to selling their home. But before I speak to the advantages let’s clear up some of the misconceptions. The word auction does not always mean foreclosure or short-sale. The auction method of sale is absolutely not always for distressed situations. This method of sale and the psychology behind it generates a tremendous amount of curiosity and interest for home buyers. Just seeing the word Auction on a real estate sign or in the MLS get buyer’s energized. If the auction is marketed correctly and administered ethically by an Auctioneer, the community will recognize this means of sale as a positive and not a negative. Buyers will always want to preview auction properties before traditional real estate listings.
The auction buzz
So now you have the energy and a buzz around your property that is being sold at auction. What are the advantages? The first advantage is flexibility. If you list your home with an auction firm, make sure they are also licensed to carry out traditional real estate sales, too. If the home does not sell at auction then it can immediately come on the market in the traditional sense. This will give you a competitive advantage with respect to a sales strategy. Yes a sales strategy, more tools that can bring an actual signed sales contract in less than 30 days. By coupling the auction method to traditional real estate sales you have created the perfect situation to sell your home.