From CAR: After receiving comments from California tax practitioners and its own review of California law, the IRS has issued a clarification to its September 19, 2013 letter to Senator Barbara Boxer concerning short sales and taxes on the forgiven debt. The new IRS...
The elimination of short sales has had several benefits - one is a cheerier outlook on life by one easy-going realtor:
Here is investigative reporting for you. Jason Hidalgo from the Reno Gazette-Journal found that dual-agency short sales with a prearranged cash buyer accounted for more than 10 percent of Northern Nevada’s 2,096 single-family home short sales last year. He looked me...
From RealtyTrac: http://www.realtytrac.com/content/foreclosure-market-report/q1-2014-home-equity-and-underwater-report-8037 “The relatively high percentage of foreclosures with equity is surprising to many because it would seem homeowners with equity could easily...
Hat tip to Booty Juice! From calcoastnews.com: Timothy William Barnes, 37, pleaded guilty Monday to committing bank fraud. Barnes, a San Francisco resident, owned and operated Apex Properties Real Estate Brokerage in San Luis Obispo. Barnes is accused of...
After seeing Bernanke holding the smoking gun on Monday (where he said that he told banks to not disrupt the economy with their REOs), did you give up hope getting a deal on a distressed sale? If not, this might push you closer to believing. Here is the mix of NSDCC...
Can we make the case that short sales are the precursor to foreclosures? Those underwater probably won't sell unless pressure is being applied through the foreclsoure process. The 'waterfall' of banker events starts with a loan-mod attempt, and if that doesn't work,...
Buyers hoping for a deal will have to look high and low these days - because sellers are typically the most optimistic early in the selling season. Maybe a bank-owned REO? Don't get your hopes up, there have only been seven REOs listed in San Diego's North County...
Housing foreclosure authorities LoanSafe.org and YouWalkAway.com have created a new website to help people re-enter the housing market after having been through a previous foreclosure. The website is called AfterForeclosure.com and helps those most affected by the...
The California Association of Realtors' political action committee gave $500,000 to the state Democratic Party the day before the Democrat-dominated Franchise Tax Board effectively resolved a months-long legislative fight over the state's tax treatment of short...
