Short Sale Tax Implications

October 7, 2009

A homeowner who is undergoing financial problems may consider a short sale as a way out that is better than a foreclosure. However, an important factor to consider is the tax implication of the short sale transaction.

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Short Sale vs Foreclosure Examined

October 6, 2009

There are various advantages of the short sale over foreclosure although it will take less effort to just allow the bank to take control of your home and walk away. A short sale will be more difficult but some of the advantages include the fact that you are in the driver’s seat with regards to [...]

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Short Sales and Taxes

October 5, 2009

A homeowner may have decided that a short sale is a better option than a foreclosure because his loan is upside-down, which means that the market value of his home is less than his outstanding loan balance. After going through the process of the short sale, he may be happy that he has avoided the [...]

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Short Sale and Credit Damage

October 4, 2009

When considering a short sale, the most common concern is will the short sale impact your credit.� There are varying opinions on short sale and credit damage.� Most agree that a foreclosure will result in a reduction of a homeowner�s credit score of between 200 and 300 points. This means that if your credit score [...]

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Pros and Cons of a Short Sale

October 3, 2009

There are many things to consider when deciding if a short sale is right for you.  Let’s discuss the pros and cons of short sales now.  Short sales may seem like a “win – win” for both the homeowner and the lender.  In many cases it is. Foreclosures can be long and expensive to lenders.  [...]

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What is the Short Sale Process?

October 2, 2009

The short sale process is something that must be understood in order to have any chance of success.  Short sales must start with the lender’s loss mitigation department.  They are the ones who will negotiate with the homeowner, accept a price and approve the sale. It is in the homeowner’s best interest to at all [...]

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Are you considering a short sale?

October 1, 2009

In a short sale vs. foreclosure situation there are many things to consider.  What will it do to your credit rating?  How will it impact your ability to buy another home?  How long will it take?  All of these questions are on your list of things to consider.  Then, of course there is the stress [...]

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What is a short sale?

September 30, 2009

A real estate short sale is a business transaction involving a property owner that is in financial distress and their mortgage lender.  The lender agrees to discount a loan balance as a way to avoid the expenses incurred by foreclosure.  Lenders are more willing to accept short sales as foreclosure rates increase with the current [...]

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Reasons for Short Sales and Foreclosures

September 29, 2009

There are several reasons for the short sales and foreclosures of real estate in the current economy.  The burst of the housing bubble is the most commonly discussed.  Others, however, are equally important.  For instance, the Federal Government created programs for people with low incomes or bruised credit to purchase homes.  The standards were really [...]

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Short Sale Vs. Foreclosure

September 24, 2009

You could ask a thousand different people about short sale vs foreclosure, and depending on who you ask, you’re going to get a different answer. The thing you have to take into consideration, is the current state of the housing market and the willingness of banks to utilize a short sale method to avoid foreclosure [...]

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