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Real Estate Short Sale Questions and Answers |
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Question: After an appraisal on a short sale property is done, how long until the bank gives an answer?
I made an offer on a short sale property (N.Nevada) on 12/31, there was an appraisal completed on Monday 1-14, on average, how much longer will I have to wait to hear from the bank?
There is atleast 1 other offer on this house and the seller has been issued a NOD. The listing agent will not give my realtor any info so she can call the bank (lender) herself, so my realtor has to call the listing agent everyday. I have read and heard of time lines ranging from 30 days to 8 months, worse case scenario of course.
I can back out of the offer if I want to now, I would like to wait a bit longer, just wondering about the normal time line for this type of sale.
Thank You : )Answer: In short sales and REO properties, banks respond when they ...
In short sales and REO properties, banks respond when they are ready to respond. Many times six weeks to two months is the time frame involved. It's useless for your realtor to call the listing agent daily, since the listing realtor has no more control over this situation than does anyone else. When the loss mitigation department of the lender makes any sort of decision, the listing agent will be informed.Answer: This is one of the frustrations with dealing with REO ...
This is one of the frustrations with dealing with REO properties. The lender works on their time line, and there is no average or range, they answer when the loss mitigation department gets around to it. The lenders routinely ignore deadlines written into offers.
It is useless for your Realtor to have the contact information, the lender won't tell her anything. And I'm sure the listing agent is as anxious as you to hear something from the lender.
Don't feel special, this is just the way it works. =)Question: How to get out of an investment home, short sale? foreclosure?
So I bought a home in the Detroit area as an investment. First someone decided to steal nearly $2000 worth of plumbing and heating/cooling. Then now have a tenant in there who has been served a 7 day notice by my property manager because she just made her December rent payment and has yet to make January. I have done nothing but lose money on this home. Is there any way to get out of it? I owe ALOT more than what the market has this home going for and not sure how or what would happen if I sold it for less than I owe. Would I be liable for the balance? Is there something I can do?
Thanks for the helpAnswer: Don't know who your leneder is but I would contact them ...
Don't know who your leneder is but I would contact them and ask to speak to the loss mitigation department to work something out....Lenders are dealing these days and they might cut you a good deal.
Good Luck!Answer: Wow, it sound like you are going through a rough time. As ...
Wow, it sound like you are going through a rough time. As far as getting out. Yes you will more than likely be responsible for the balance if you sell it for less than the mortgage and you will have to have that worked out prior to the closing because you would not be able to transfer a clear title with a balance on the mortgage. The lose will help you tax wise, but you might want to stick it out and hope things get better. Owning rental property is not always easy but most of the time things work out. Talk to your mortgage company as soon as you see you may be getting in trouble and try to work something out with them. Good Luck!Question: Waiting for a counter offer on a short sale.?
I made a full cash offer of $173,000 on a home listed at $189,000. It is a short sale and I have been waiting for the bank's counter offer but my realtor just informed me that the bank may counter back at $205,000. Is this normal countering for more than they were originally asking? The house is a year old and there are surrounding brand new homes starting at $184,000 - $199,000. Does this make sense? Do banks look at current home prices and comps?Answer: Sounds like the bank is not eager to move the property in ...
Sounds like the bank is not eager to move the property in question, or that the bank officer responsible is smoking some funny stuff. In all the real estate transactions I have completed (MANY!), I have never had anyone counter at a price higher than the asking price except once when I was in a bidding conflict with another potential buyer.Answer: That's odd, inexperience banks do not counter offer ...
That's odd, inexperience banks do not counter offer in a short sale, they flat out deny you. That is assuming they ever answer you at all. I could be wrong, but am interested in seeing what others say.
Although that would be consistent with them thumbing their nose at your offer, just in a much more creative way.Answer: These days that the home values have dropped so much, if you ...
These days that the home values have dropped so much, if you make an offer 1 cent less than the price the bank asks, you'll be ignored. Either offer $189K for this house, or wait for the bank to announce an auction, in which case you might get it at a lower price. But if the listed price is $189K, the bank will not counter back at $205K. These are scary tactics of the realtor!!!Answer: Your offer at 173K will probably work. Bear in mind please ...
Your offer at 173K will probably work. Bear in mind please that the realtor isn't "my realtor" unless you have paid money to retain their services. That being said, be patient, they look at current sales and comps. Have you seen the comps?Answer: The only reason I can see them countering higher would be ...
The only reason I can see them countering higher would be because they have incurred additional expenses, like for taxes.
If they were to counter above their asking price ($189), then they either received another offer (doubtful) or they are crazy and not ready to let go of the property.
If it happens walk away. Keep in mind that very few areas of the country are going to see appreciation in the next couple years (or more), more than likely prices haven't even seen bottom yet. If you are planning to stay in your house for 7-10 years than you will probably be ok, but if you would have to sell in the next 2 or 3 years, you could lose your butt.
Good luck in your huntAnswer: If this is what they do then they are trying to get all ...
If this is what they do then they are trying to get all their fees paid in full. More than likely if the other houses in the area are priced less then they will not be able to get the 205,000.00. Don't give up. Make the offer again or come up a little and see if they react. good luck!Question: I understand that a short sale is usually better than a foreclosure. What does it mean to be "1099"d?
What does it mean to be "1099"d for the difference? Is the loss added to your yearly income then taxed.... or is the difference/loss taxed...then paid off?Answer: If you are 1099'd these funds will count as income. You ...
If you are 1099'd these funds will count as income. You will be taxed based on your new income. (Your regular pay plus the 1099'd amount). This will alter your tax base. There is currently legislation that may allow you to have an exception to this rule so you are not penalized by the additional hit. You should consult a real estate attorney to determine the impact of a short sale or foreclosure to your situation and a tax professional for the tax implications.
There are also several non-profit housing agencies that can assist you with the options that are available to you. You can visit
http://www.moneymanagement.org/
to get help by phone, online or locate an office near you providing counseling.
You can also visit HOPE at
http://www.995hope.org/
I also want to advise you that there are options to help you save your home including FREE grant funds to help you get current. Check the following link for information about the President's plan to help people save their home.
http://activerain.com/blogsview/298151/Bush-s-Mortgage-BailoutAnswer: Any forgiven loan amount becomes taxable income to you. You ...
Any forgiven loan amount becomes taxable income to you. You will receive a 1099 form from the lender and have to pay tax on that amount.Answer: Being 1099'd means that you will be responsible for ...
Being 1099'd means that you will be responsible for paying the taxes on the amount of debt that the bank forgives in order for you to proceed with the short sale.
If you owe $150k and the bank accepts $100k as their final payoff, the difference of $50k is counted as "forgiven debt." The IRS sees this as if the bank gave you a gift of $50k, which was immediately used by you to pay down your mortgage.
So you would be responsible for paying taxes on the $50k, at whatever your tax bracket is. There are ways to get around this, though, such as if you are insolvent at the time of the sale (owing more than the home is worth), and it might be worth visiting the IRS website or consulting with a CPA to find out more.
Good luck.
ForeclosureFishQuestion: Dose your credit really go to crap after a short sale?
I went thought a short sale in march of 2007. And last week I applied for a apartment preparing for a huge deposit. The mgnt company pull my credit and did a back ground check, I came back good and no deposit. I was curious to see this on my credit. I pulled all three and all of them said both of my loans are paid in full. At the time of the sale I owed 200 on my first, 120 on my HELOC. The home sold for 250 and I was short to close by 70k, the bank warned me that my creidt score will be damaged. My mean score is 719. plus they told me I will be taxed on this too, nothing on that aswell. Any thoughts on thisAnswer: Why do you keep asking this same question under different ...
Why do you keep asking this same question under different accounts with the same name? Are you bored?
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