…LOL…come on…as parents to 6 children…this is pretty funny…
This question was posted to a blog dedicated to So Cal real estate. I won’t present the notable agents in the Rancho Cucamonga, CA market…some I used to work with at the same RE broker. The crap they’re spewing make us Real Estate agents look pretty stupid.
The responses from the agents and brokers made my heart skip a beat. First of all, we have to show empathy to people in this situation. Second, don’t give a b.s. answer…cause you make all R.E. agents look like liars, besides, giving out mis-information is worse than no answer at all. We have to deliver the right message correctly.
Homeowners concerns:
Will I get slapped with a 1099 gain on the Short Sale of my home…possibly…however read below.
Will I be able to buy again?…Possibly…read below
Is a Short Sale better than a Foreclosure?…ABSOLUTELY! read below
As far as the “gain” from a short sale, as long s the property is your sole and primary residence and you’re in a negative to modest financial position with your monthly obligations, you’ll qualify for the IRS Mortgage Relief. At the end of the year you must submit IRS form 982 Reduction of Tax Attributes due to Discharge of Indebtedness. Simple 1 page form. Email me and I’ll send it to you
Short sales are mainstream in the banking and real estate world. In 2007, President Bush signed The Mortgage Relief Act of 2007. The IRS has adopted the measure in the following link:
http://www.irs.gov/irs/article/0,,id=179073,00.html
Short Sales represent 20% of the current sales in the US according to the Wall Street Journal. They are now considered mainstream. Many Attorney’s, Real Estate Brokers and Real Estate agents are mis-informed as to what a Short Sale is and it’s process.
Our So Cal brokerage handles many Short Sale transactions and our clients are thanking us for saving them from the burden of their overwhelming payment.
If you are to Foreclose or accept a Deed in Lieu of Foreclosure, you are facing up to 10 years negative reflection on your credit. And will have to wait up to 5 years to purchase again. With a Short Sale you can consider buying again in 18 to 24 months.
The thought of buying again is probably far from your mind, however, in 2 years the prices will be at early 1990’s prices and a mortgage payment of $1800 per month will get you a beautiful home in Rancho Cucamonga with a pool above Hillside or in Deer Creek. Mark my words…we’re already seeing homes selling for $499,000 there today and the prices are just starting to drop.
you need a Short Sale professional to assist you…Let us know if we can be of assistance.
If you’re in need of good RE agents that are straight shooters…call us…714-615-7605…we serve the IE and specialize in Rancho Cucamonga, Ontario and Upland, California.
Now…Just sell it before you have a coronary…
Kris & Kim
