Great news from a letter I just received…
As we anticipated, C.A.R. today received a letter from the California Franchise Tax Board (FTB), obtained by the State Board of Equalization, clarifying that California families who have lost their home in a short sale are not subject to state income tax liability on debt forgiveness “phantom income” they never received in a short sale.
Tag: Danville Short Sale Agent
Should I List My Home With an Agent or Sell it Myself as a For Sale By Owner (FSBO)?
Should I List My Home With an Agent or Sell it Myself as a For Sale By Owner (FSBO)?
Attention: For Sale By Owners! People Are Afraid To Buy From You!
Many homeowners believe that to maximize their profit on a home sale they should sell it themselves. They may even think that they have to sell the home themselves in order to avoid losing their home to foreclosure or short sale (if the latter is you, you may have options you are not aware of–contact me and I would be happy to discuss them with you). At first glance, they feel selling a home is simple and why should they pay a broker fees for something they could do themselves?
Before you decide to sell FSBO, consider these questions and weigh the answers of assuming the responsibility versus employing a professional. A little time spent investigating up front will pay off tenfold in the end. This article discusses some Questions To Consider. By: Robin Watson-Bird, Broker/Owner Realty World-No Pressure Realty, 925-577-8692
It is Now Legal to Short Sale Your Home, Lease it Back, and then Buy it Later at Today’s Low Price!!
People can now short sale their homes, lease them back and purchase them at today’s prices later!
Until recently, many banks would not allow a seller to remain in a property as a renter after they completed a short sale and none would allow an agreement that would arrange up front for the seller to potentially buy back the home at the cheaper price.
Now, becase of Supplemental Directive 11-02 March 30, 2011, those two things are legally possible if the seller/borrower qualifies and their bank agrees!
You have to work with a specially certified agent in order to have a chance of taking advantage of this program. Robin Watson-Bird is a Fresh Start Certified Agent and can assist you with the HAFA Leaseback Program! Call her today at 925-577-8692 for a free consultation.
It is Now Legal to Short Sale Your Home, Lease it Back, and then Buy it Later at Today's Low Price!!
People can now short sale their homes, lease them back and purchase them at today’s prices later!
Until recently, many banks would not allow a seller to remain in a property as a renter after they completed a short sale and none would allow an agreement that would arrange up front for the seller to potentially buy back the home at the cheaper price.
Now, becase of Supplemental Directive 11-02 March 30, 2011, those two things are legally possible if the seller/borrower qualifies and their bank agrees!
You have to work with a specially certified agent in order to have a chance of taking advantage of this program. Robin Watson-Bird is a Fresh Start Certified Agent and can assist you with the HAFA Leaseback Program! Call her today at 925-577-8692 for a free consultation.
Should I Short Sale My Underwater Home in the East Bay Area or Tri-Valley of California Now? Most Likely Yes. Do I have to Pay Taxes if I Short Sale My Home? Maybe.
Should I Short Sale My Underwater Home in the East Bay Area or Tri-Valley of California Now or Wait and Short Sale Later?
Do I have to Pay Taxes if I Short Sale My Home?
What is THE PRINCIPAL RESIDENCE EXCLUSION?
What is THE INSOLVENCY EXCLUSION?
The Principal Residence Cancellation of Debt Exclusion Extended through 2013!!!!
It it important to know how the different federal and state laws may apply to you and how you can use them in your benefit to avoid paying taxes of the cancelled debt of your under water property. This document goes into detail of that by sharing notes on the subject from the 2012/2013 Fall Federal andCaliforniaTax Update Seminar Real Estate Spidell Publishing, Inc.® 7-16-7-19 ©2013
Should I Short Sale My House in Livermore, Danville, Pleasanton or the Tri-Valley Bay Area Now or Wait?
Now is the time to short sale your Livermore, Danville, San Ramon, Pleasanton, Dublin, Tri-Valley or Bay Area California home. Do not wait! The Mortgage Forgiveness Debt Relief Act and Debt Cancellation ends at the end of 2012! “The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence.” This means that if you short sale your primary residence, then you should not have to pay taxes on the forgiven debt! If you wait, you may end up owing taxes on $100,000 or more of forgiven debt if your home forelcoses or closes escrow in 2013 or later! Robin Watson-Bird is a very experienced short sale agent who has closed so many short sale transactions that she has earned the designation of Short Sale Genius Elite Master! Contact Robin today for a free consultation: 925-289-1432.
Experienced Short Sale Agent in Livermore, Dublin, San Ramon, Danville, Alamo, Walnut Creek, Martinez, Antioch, Brentwood, San Jose, Fremont, Tracy, Milpitis and beyond!
California Short Sales Have to Be Non-Deficient
Homeowners in Livermore, Pleasanton, Danville, Dublin, the Bay Area and California no longer have to worry about the banks coming after them for more money after they complete a short sale in California. There are now California two laws in place regarding short sales and how they have to be non-deficient in California now: SB 931 (has to do with the first liens having to be non-deficient) and SB 458 (as of July 15 of this year, second lien holders cannot pursue a deficiency after short sale either).
Some Active Military & Veterans Can Buy a New Home with a VA Loan Even if Their Current Home is Upside Down and Even if They Have Done a Short Sale on a Property in the Past!
The biggest challenge for people whose homes are upside down (that is, they owe more money on it than it is worth) is buying a new home. Typically, they will one of two alternatives:
1) They will have to short sale their property and wait 2-4 years before a lender will loan them money to purchase another home.
2) Buy another property when their current one is upside down and be able to afford both properties
Active Military and Veterans have a third option because the VA will loan money to buyers who have an upside down property as long as they meet certain criteria. This blog article details this scenario.
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Some Active Military & Veterans Can Buy a New Home with a VA Loan Even if Their Current Home is Upside Down and Even if They Have Done a Short Sale on a Property in the Past!
The biggest challenge for people whose homes are upside down (that is, they owe more money on it than it is worth) is buying a new home. Typically, they will one of two alternatives:
1) They will have to short sale their property and wait 2-4 years before a lender will loan them money to purchase another home.
2) Buy another property when their current one is upside down and be able to afford both properties
Active Military and Veterans have a third option because the VA will loan money to buyers who have an upside down property as long as they meet certain criteria. This blog article details this scenario.
Keywords: Buy home after short sale, VA Loan, VA Loan Limits, Buying a Home with a VA loan, Buying a home while owning an under water/upside down property, Alternative for Veterans,VA Loans, VA short sale, Livermore Short Sale Agent, Livermore Short Sale, Pleasanton Short Sale Agent, Pleasanton Short Sale, Dublin Short Sale Agent, Dublin Short Sale, San Ramon Short Sale Agent, San Ramon Short Sale, Danville Short Sale Agent, Danville Short Sale, Alamo Short Sale Agent, Alamo Short Sale, Buy home after short sale, military buyer, buy home with house under water, rent under water house,VA Loan Limit, Veteran, VA, buy new home while owning underwater home