Category: Short Sale and Foreclosure
Short Sale Legal Issues Affecting Real Estate Agents – Part #1 by: Drew Sygit April 27, 2010 Short Sale Legal Issues Affecting Real Estate Agents Part #2 The previous post in this series was on 05/03/10, click here to read it. MORTGAGE, EXPERT, MICHIGAN, BIRMINGHAM, BLOOMFIELD, DETROIT, ROCHESTER, ROYAL OAK, TROY This series of posts is meant [...]
Short Sale Legal Issues Affecting Real Estate Agents – Part #1 by: Drew Sygit April 23, 2010 This series of posts is meant to assist real estate agents in recognizing: Legal & Tax Issues their clients are exposed to through ashort sale. The legal liabilities agents may expose themselves to when representing short sale sellers. How [...]
It’s no surprise that buyers are looking for a bargain, with todays foreclosure rate more people are turning to the growing foreclosure market. A recent survey shows that 55 percent of U.S. adults are somewhat likely to consider a foreclosed home when buying real estate. Many buyers are a bit leery of foreclosures, approximately 85 [...]
New reports from RealtyTrac.com show that foreclosures jumped 16 percent from the first quarter of 2009 to the first quarter of 2010. Bank seizures hit a record high as banks work through the slow foreclosure process and as some borrowers whose loans were modified fall back into foreclosure. RealtyTrac predicts that there will be 1 million bank seizures and 4 million [...]
Good news for Californians who have lost their homes to foreclosure or were forced to sell their homes via a short sale. The Legislature passed a bill Thursday, April 9, 2010, that may help many homeowners who were hurt by the housing crisis save thousands of dollars in taxes. The bill provides relief for homeowners [...]
Participating in and waiting for an answer on a short sale can be a frustrating experience. A short sale happens when a seller’s lender agrees to accept less than the unpaid mortgage balance. The wait for an approval of a short sale can stretch out six months or more. Based on my experience, half the [...]
Few things are as devastating as losing your home. Sadly, it’s not always inevitable. In many cases the foreclosure could’ve been avoided with some outside help. You are in a unique position to advise your clients in financial matters. If you know that a client is on the path toward foreclosure, take the time to [...]
Mortgage default notices in California have risen to nearly their highest level in eight years, but the adjusting market may not reveal the degree of seriousness of rising foreclosures until the summer. According to DataQuick Information Systems, the 37,273 default notices sent to homeowners during the fourth quarter represent a 145.3 percent increase from a [...]
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Average Home Prices Slip in Coachella Valley
I’ve been reading a lot of information lately about our current market conditions from other REALTORS® who are claiming an increase is sales price and number of homes sold. I would scratch my head and ask where they were getting their numbers. Turns out their numbers are coming from national statistics. Real estate sales are [...]
Mortgage Debt Tax Relief Program Ending Soon
The Mortgage Debt Relief Act of 2007 the IRS would not come after you for your taxable amount if you had an upside-down unpaid principle as a result of loan modification, short sale or foreclosure depending on your tax bracket, let’s say you were $100,000 short on your mortgage you could be responsible for as [...]
Is your REALTOR® connected? No, I don’t mean in the MobWives fashion, if that’s what you thought, you’re watching too much reality TV. As an active Palm Springs REALTOR® I believe it’s important to take advantage of the technology available to today’s real estate professional. Everything that required an agent to go back to the [...]
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