Short Sales And Taxes
Hi and welcome. We are Kevin Kauffman and Fred Weaver, the founders of Group 4610. We are the best short sale specialists in the Mesa vicinity. We wanted to chat to you about short sales and the tax ramifications that appear with a short sale.
One of the largely misunderstood parts of the short sale and foreclosure procedure is taxes. We have many house owners who say to us that they have been advised not to do a short sale because of taxes. Or several people believe that they do not have to pay taxes on a foreclosure. Some of that misinformation comes from tax lawyers and a little of that comes from agents.
Firstly, let us inform you that neither one of us is a licensed CPA or accountant. We are simply sharing what our understanding has been. When you owe money on a property, whether that home goes to foreclosure or whether that house is a short sale the lender will have a loss. When their balance sheet shows a loss, it has to show up on somebody else’s balance sheet as income. So, the lender sends you tax form called a 1099. You receive one of these tax forms whether you do a short sale or a foreclosure.
Lots of home owners we work with do not have to pay taxes on these 1099 forms. Each property owner that has a debt forgiven will get a 1099. Nonetheless, there are multiple ways to keep yourself from having to pay that tax, legally and ethically. Both the Mortgage Debt Relief Act and a procedure referred to as insolvency can help you avoid paying taxes on this forgiven debt.
Fill out the form on our blog to contact us and we can answer any further questions that you may have regarding short sales. Thank you for watching and we will talk with you again shortly!
Get more information on selling your home from Kevin and Fred at My First Short Sale by the Short Sale Specialists of Arizona
Unanticipated Expenses That Impact A Short Sale
Hello, we are Derick and Andrea with the Capstone Team, your Bay Area short sale realtors. Today we are going to elaborate on unanticipated expenses that can derail your Bay Area short sale. We have touched on it in a previous video, but we really want to inform the public about what they have to know in order to have a successful short sale.
The most essential thing is to tell your realtor. If you haven’t been paying your taxes or your HOA dues you ought to inform your realtor. The easiest way to confirm whether your taxes have been paid is to go to the county and pull up the county tax report. Another thing that we are seeing recently are violations. For instance, in the city of Oakland you must have garbage services even if you are no longer living in the home. Also, people are dumping their garbage on their land. If the city sees that, it is a violation. So you want to keep an eye on the land.
Also, HOA fees are a dilemma. Every so often you can negotiate with the HOA companies for a smaller amount. The way to prove if there are any violations is to pull the preliminary title report or go to the county recorders bureau.
Another piece that comes up in certain cities are permit issues. Sometimes the city will not even let you close on a home if there are permit concerns. Any code breach can be a predicament. If you are concerned about this, you can go to the county recorders office and they should have these problems on file.
The key is to learn if any of these problems exist on the house. You, as the seller, will run the risk of your Bay Area short sale deal falling apart. Hopefully this gives you some ideas as to what you should think about ahead of time.
If you have any questions please feel free to contact us. We are the best Bay Area short sale realtors. We look forward to chatting with you soon.
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Foreclosure Alternatives
Hi and welcome. We are Kevin Kauffman and Fred Weaver, Arizona’s best short sale realtors. We’ve closed greater than 300 short sales in the Tempe vicinity. Nonetheless, this blog is not about us. It’s about you, the property owner. This website is designed to give you a little information and clarity regarding short sales.
We wanted to chat concerning alternatives to foreclosure. A lot of people like to know what their choices are. Some of the alternatives sincerely work. Nevertheless, there are a few that you will not qualify for or basically will not be a good choice for you.
Property owners often call the bank and ask if they can refinance. The plain reply is ‘yes’ you can refinance. However, the bank doesn’t give loans for more than the home is worth. This is the problem that a lot of people are running into.
Another option for house owners is to bring funds to the bank to pay down your mortgage in order to refinance. We have got an entire list of alternatives to foreclosure in Arizona and specifically in the Ahwatukee area. Future videos will discuss some of the other options to foreclosure. So, please continue to view our property owner help videos.
Please fill out the form on our blog or contact us today. We can help you through this complicated process. Whether your mortgage is currently held with Wells Fargo, Bank of America, Chase, and any other lender, we have worked with all of them successfully completing 90% of the short sales that we work with. Because the national average for successfully closing short sales is only 30-50%, you have to hire someone with a track record of achievement. Please contact us today for higher help.
Get more information on selling your home from Kevin and Fred at My First Short Sale by the Short Sale Specialists of Arizona
Difficulty Selling Your Short Sale
Welcome to Short Sale Shift. We are Sarah Willman and Josh Pomerleau, Minneapolis Short Sale Realtors. Let’s talk about what we did yesterday. We have been seeing lots of short sales expiring in the Minneapolis vicinity. We checked into this and found 133 in the Minneapolis metro region that terminate within five days.
The national average in closing short sales is between 25% and 40%. Evidently, some agents are not getting their job done because there are realtors like us that close greater than 90% of their short sales. So, we thought that we would reveal this to you today. We get lots of clients from people who have had their short sale terminate. If you are in that state of affairs we may be able to help you out. So, if you are in that position and your realtor could not complete the short sale, we would like to help you out. Even if you do not believe that you have a suitable hardship, we would like to look at your package. There could be something that the agent missed or that agent may not have much experience working lots of short sales.
Maybe you rescinded your own short sale because you felt your realtor was insufficient. If you have any short sale questions, please give us a call.
If you are in the Minneapolis area check with us to find out additional information on our short sale seminar. This seminar if for both short sale realtors and house owners. The aim is basically to inform both specialists and home owners about short sales and how to productively complete a short sale. We can answer any of the questions you may have.
Thank you for checking out our website this morning. Give us a phone call to assist with your short sale. We are the leading Minneapolis short sale specialists.
Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota
Short Sale Method In Philadelphia, Step 2
Hi, This is Matt Fetick with Soldbyshortsale.com. Thank you for joining me today. We are the Philadelphia area’s leading short sale realtors. We have put together this video series to help you better understand how to escape foreclosure or how to do a short sale on your home. This is step 2 in our distinctive route on how to get the best outcome possible if you are facing foreclosure or have to short sale your property today. If you have not reviewed step one, you can go back and do that at this time.
Step 2 is the paperwork stage. This stage is possibly the most tedious for the customer. Even though our objective is to get your house sold and negotiate with the lender, this procedure is a partnership between us and you. We have to clearly recognize your state of affairs and put the best argument together to get the bank to agree to the loss. So, we need a lucid and exact understanding of what has happened.
This is true with all Philadelphia short sales. Experience tells us that when go to the bank with a clear image and explain your circumstances, we get excellent results. So, before we put your house on the market, we ask for several documents that paint a picture of what it will take for the lender to appreciate the circumstances.
We will have to show copies of anyone on the mortage. We have to show what your present income is. We will need copies of your last two tax returns. Also, we need a hardship letter that tells the bank what happened that has caused you to fall behind on your payments or make a short sale on your property. This letter helps the decision maker at the bank recognize what truly happened.
Extra documentation are also required, but we will make available a list of those additional documents. All of these documents are kept very private. They are scanned in electronically and then shredded. We only give these documents to your lender.
The last piece of this procedure is a document signed by you that provides us the power to negotiate with the bank on your behalf. When you have collected all of these documents, we can put your greatest case together.
Our Philadelphia short sale team has a 90% success rate. When all of the paperwork is completed, we can get started.
Get more help from Philadelphia short sale Realtor, Matt Fetick, at Sold By Short Sale presented by the Premier Short Sale Realtor in Philadelphia and Wilmington
Completing A Short Sale Takes A Specialist
Hi and welcome to our blog. We are Kevin Kauffman and Fred Weaver of Group 46:10. We are the most successful short sale realtors in Arizona and the Paradise valley locale. This blog is dedicated to giving home owners information regarding short sales so they can make an informed judgment regarding what to do to steer clear of foreclosure.
Today, we would like to chat about a conversation that we had with a potential client the other day. We explained what a short sale was and how we get banks to agree to short sales. It is very straightforward. The short sale makes more money for the lender than a foreclosure. So, this client noted that this straightforward principle could be completed by anybody.
Truthfully, anybody ought to be able to close a short sale because it is in the lenders best interest. So, in theory, an agent simply has to get the lender to agree to something that is in their best interest.
Nonetheless, it doesn’t quite work like this. The proof is in national averages. Less than 40% of short sales are closed successfully when you look at the nationwide average. Group 46:10, led by Kevin and Fred, complete higher than 90% of their short sales. Thus, if you decide to do a short sale, it is imperative that you find somebody who is successful at closing short sales. Otherwise, your property will go to foreclosure.
There are many possible reasons why agents do not successfully close a high percentage of short sales. Lenders don’t necessarily trust agents and homeowners. So, they are very conservative in this practice. That is why it takes an insistent, unrelenting person to close a short sale. Most realtors don’t know how to get through this conservative procedure to get your short sale closed.
In summary, what really matters when you are finding a short sale specialist is results. Find a real estate specialist that has been successfully completing short sales. Without an experienced agent, your conclusion could be a disaster.
Get more information on selling your home from Kevin and Fred at My First Short Sale by the Short Sale Specialists of Arizona
Choices To Steer Clear Of Foreclosure - Short Sale
Hi and welcome. We are Kevin Kauffman and Fred Weaver of Group 46:10. We are Arizona’s top short sale realtors. We wanted to spend a few minutes speaking to you concerning some of our preceding blog posts. A lot of people that view our blog and contact us need to know what their choices are to evade foreclosure. The alternative that we concentrate in is short sales. We’ve closed greater than 300 short sales over the past couple years at a 90% success rate. Nevertheless, we want to make you conscious of all of the choices that you have to sidestep foreclosure.
One of the other choices that comes up is referred to as a deed in lieu of foreclosure. A deed in lieu of foreclosure is typically a tool that can be utilized if you have one loan on your property but not two. Essentially, you give ownership of your home back to the lender. In return, they do not foreclose on the home.
If you call up the lender, they can inform you what that method looks like. A deed in lieu is normally looked at by the banks as a tool that is similar to a foreclosure. It is considered better than a foreclosure but a little bit worse than a short sale. Your best course to qualify for a new property is a short sale.
We get questions from home owners all of the time about deed in lieu of foreclosure. Nonetheless, many of these patrons call their bank and the bank asks them if they have attempted a short sale yet. A lot of times the lender will ask you to attempt a short sale before you attempt a deed in lieu of foreclosure. So, if you have not tried a short sale, the bank typically won’t allow this option.
If you have additional questions about how you can escape foreclosure, please fill out the form on our website and someone from our group will contact you.
Get more information on selling your home from Kevin and Fred at My First Short Sale by the Short Sale Specialists of Arizona
Short Sales And Foreclosure In Our Nation
Hi and welcome. Thanks for logging on today. we have something that we would like to share with you. Kevin and Fred run a company called Group 46:10. We have completed greater than 300 short sale deals over the past few years. That means we have had the pleasure of dealing with a lot of homeowners that are in a difficult situation. Nonetheless, we have been able to effectively keep their property from going to foreclosure.
One of the questions that we listen to often is concerning when the homeowner should initiate a short sale. We also see a trend that homeowners do not want to ask for assistance or speak about their situation. It is not something that people like to reveal. We want you to keep in mind that your credit doesn’t define you and your circumstances do not define you.
One of the interesting details that we heard recently from one of the major lenders is that the typical number of days that a borrower is delinquent prior to foreclosure is 448 days. This means that banks are not foreclosing on properties, on average, for longer than 15 months. With lots of states that employ a judicial foreclosure process, the foreclosure takes a minimum of 365 days. We bring this up to you today because we want you to act sooner rather than later.
There is no pressure to do anything right now. Nonetheless, you are going to have to do something about your circumstances. It is always better if you talk to experts like us. The options accessible to help you are decreased the longer you wait. The quicker you can start working with the problem, the sooner you can get your funds back in order.
Please fill out a form today on our website. We look forward to talking with you soon. Have a magnificent day!
Get more information on selling your home from Kevin and Fred at My First Short Sale by the Short Sale Specialists of Arizona
Working With Expired Broker Price Opinion’s
This is Short sale Power Hour and today is Freaky Friday. Today’s focus is one that some specialists may be seeing, but have no idea why it’s occuring. We talk a lot on this show regarding Broker price opinion’s. We have discussed how the BPO process works. We have talked about how to debate a Broker price opinion. We have chatted concerning how much significance the BPO truly holds in the deal. We have even talked concerning how a few lenders do not care about the Broker price opinion at all. However, one issue that we have not discussed is expired Broker price opinion’s.
You have a short sale transaction and are about to get it approved. Yet, if it took a extensive time to close or a buyer cancelled, the bank may have been proceeding with the transaction and comprehend that the BPO has expired.
Most realtors are not taking the time to document when the Broker price opinion was finished. agents also do not bother to ask the bank negotiator how long the Broker price opinion is valid. We have learned it the hard way. The most horrible thing in the world is when you are prepared to get an approval and the lender calls to inform you that the BPO is expired.
There are a few things that you can do to prevail over this predicament. You need to record when you got the Broker price opinion, when it was completed, when it was updated in the system. Observably, we are asking for the amount. And finally, you need to find out how long that Broker price opinion is good.
Take one further step and speak to your negotiator right before you offer your folder for approval. Especially when you have had a long short sale or a previously rescinded short sale, you should check into the Broker price opinion.
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Updates Regarding Equator And Short Sales
We thought we could present you a little update on Equator. It has been about one year since REOTrans, now known as Equator, was implemented into the short sale process by B of A. As our audience know, we were a part of a chat with Gary Haygood at Bank of America. He chatted about Equator and how B of a utilizes Equator.
GMAC uses Equator and processes files very fast. They tend to process packages faster than B of a. Equator is evidently being tested by Wells Fargo and we would expect it to be put into place by the conclusion of the year.
With regards to Bank of America and Equator, a lot of changes have been made. There are also a lot of changes arriving in the future. Now that they have seen this software work, they understand that there are a lot of things they can do better.
A few of the changes we have seen include an automated email when you present your folder for approval and a tutorial every time you open a folder. Nearly every portfolio that B of a has is in Equator now. That is a significant change.
Gary Haygood has some thoughts about how Equator should be used. One of the large concerns that we are asked about is the number of counteroffers that occur. We instituted a rule that after the third counteroffer, we are getting on the phone. Gary Haygood mentioned that after the initial counteroffer he would love to see a phone call. Basically, this is an attempt to avoid the back and forth being done through Equator. Now that they have increased their staff, they can deal with more phone calls. The other part that Gary mentioned is that outbound calls will be made to agents after your folder has been submitted but you are not negotiating yet.
In addition, making the negotiators tasks visible to the realtors is a change that is being considered. If the negotiator has five days to complete a task and just three days have passed, we don’t need to pester the negotiator.
Look for each and every one of these changes and more as Equator helps the short sale specialists of the world advance their procedure.
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