Short Sale And 1099 All Locations : Nationwide Real Estate Advice

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Anna M Brocco, Real Estate Pro in Williston Park, NY
Anna M Brocco answered:
Are there tax penalities if my wife forecloses on a property she owns & we file jointly (she's a stay at home & works p.t.). Should we?
When it comes to any tax related issues, it's really in your best interest to consult with your tax professional, and or, tax attorney.
0 votes Share Flag Sat Dec 17, 2011 Foreclosure in 48847
Ted Canto, Real Estate Pro in Scottsdale, AZ
Ted Canto answered:
I am looking for stated income loan, 60% LTV, subject property IRVINE, CA FICO OVER 700, BEING IN BUSINESS OVER 16 YEARS SELF-EMPLOYED
Hi Maggie.. I may have a program. I recommend sending me a private message and I will forward the information to you.
0 votes Share Flag Thu Jul 25, 2013 Financing in Irvine
Ron Thomas, Real Estate Pro in Fresno, CA
Ron Thomas answered:
is there an advantage to a short sale and what exactly is involved?
The Shortsale FORESTALLS and replaces the Foreclosure:
There isn't too much difference to your Credit Score, but there is a little.

You will have to LIST your house, with a Rea ... more
0 votes Share Flag Fri May 24, 2013 Home Buying in Staten Island
Paul Marchi, Real Estate Pro in LAGUNA BEACH, CA
Paul Marchi answered:
We are concidering a short sale on our home, my husband has a 401k and can we lose this, or should we file f ...
Please contact a bankruptcy attorney ASAP, they are the ones qualified to answer your question best! Good luck and blessings for a soft landing. Sincerely, Paul
0 votes Share Flag Sun Dec 18, 2011 Foreclosure
Suzanne MacD…, Real Estate Pro in Morristown, NJ
Suzanne MacDowell answered:
If a house is listed as short sale-can the listed price be negotiated and by how much percentage?
Yes, the offer price can definitely be negotiated. You would be wise to work with a realtor in your area who can guide you as to how much. You will need an estimate of market value an ... more
0 votes Share Flag Fri Nov 25, 2011 Home Buying in 08043
Jeff Smith, Real Estate Pro in Poway, CA
Jeff Smith answered:
Im in san diego california I am currently in escrow to buy a house. It is a short sale so inspectio ...
Hi Allen -
I am assuming you have an agent? What does he or she say about the situation? The next question is if you are in escrow, have you removed all of your contingencies? I am ass ... more
0 votes Share Flag Fri Dec 23, 2011 Home Buying in San Diego
Michael Tess…, Real Estate Pro in Fremont, CA
Michael Tessaro answered:
We're buying a short sale. There have been differing points of view from the selling and buying ag ...
Based on the information you have provided in my professional opinion and being a REALTOR for 27the years your dates did not start until you received the sellers signature on the accept ... more
0 votes Share Flag Sat Nov 19, 2011 Home Buying in Pleasanton
Alex Kushnir, Real Estate Pro in Monmouth, IL
Alex Kushnir answered:
Who is typically responsible for getting the deed, affidavit of title and 1099 tax form for a house sale in C ...
The buyer's attorney is doing these things
0 votes Share Flag Wed Nov 23, 2011 Home Selling in Mercer County
Tai Savet, Real Estate Pro in West Hollywood, CA
Tai Savet answered:
Is there any more stated income loans for 20% down?
I think Ive seen Hard money at 35% down
0 votes Share Flag Thu Mar 20, 2014 Financing in Westlake Village
Shanna Rogers, Real Estate Pro in Murrieta, CA
Shanna Rogers answered:
if i sell my house, that i owe about 230k on, how much do i have to pay to the government or state?
Hi Bigeating,

Why would you have to pay the state/government? If you're talking about capital gains, it would be best to consult an accountant.

Shanna Rogers
SR Realty
www ... more
0 votes Share Flag Sat Jun 22, 2013 Home Selling in Mid City
Jeff Haeger, Real Estate Pro in Maitland, FL
Jeff Haeger answered:
Where is a nice place to buy a home in the Orlando area?
Where do you work? My first question is how did you end up in BVL?
0 votes Share Flag Mon Nov 7, 2011 Home Buying in Orlando
Tim Moore, Real Estate Pro in Kitty Hawk, NC
Tim Moore answered:
Question about short selling. Please see first post.
Don't you still need to fill out IRS returns? Missing 4 years sounds bad. Even though you have a cash buyer, at what amount do you plan to sell? If less than what is owed the lende ... more
0 votes Share Flag Wed Nov 2, 2011 Home Selling in Arizona
Dan Tabit, Real Estate Pro in Issaquah, WA
Dan Tabit answered:
Whatever you do, get it in writing. Debt collectors may promise one thing over the phone and later not live up to it. If you do get something in writing consider making a count ... more
0 votes Share Flag Tue Nov 15, 2011 Foreclosure in 89121
Walter 'Skip'…, Real Estate Pro in Brea, CA
Walter 'Skip' Kersten answered:
If i do a short sale on my rental property-has a 1st & 2nd mortgage & is underwater - will i be taxe ...
Hi Ruby,
For tax questions it is best to consult a tax professional. For general tax in formation concerning this, google the Mortgage Debt Relief Act. It is fairly easy to understan ... more
0 votes Share Flag Thu Nov 3, 2011 Foreclosure in 55407
Phil Rotondo, Real Estate Pro in Melbourne, FL
Phil Rotondo answered:
I'm buying a short sale with 1st and 2nd mortgages, my offer has been accepted by the 1st, but they say ...
The 2nd, even though they may not be entitled to any funds if the property forecloses, can ask/demand that a certain amount be paid to them for their approval. They'll first ask t ... more
0 votes Share Flag Sun Oct 23, 2011 Home Buying in 97470
Tim Moore, Real Estate Pro in Kitty Hawk, NC
Tim Moore answered:
Would I owe taxes on a short sale? In other words I owe 125,000 and if the bank gets 100,000 I would owe ...
You would still owe the bank $25,000 but not as taxes. If I understand what you are asking, you owe the bank $125,000 but if it gets $100,000 in a short sale you still owe the bank $25, ... more
0 votes Share Flag Fri Oct 21, 2011 Home Selling
Bill Parker,…,  in Scottsdale, AZ
Bill Parker, CPA* answered:
in a current foreclosure, do I have to pay IRS income if the debt is not released by the bank before 2012 deadline>
Hi Lynn:

This is really a question for a practicing tax CPA or tax attorney. There are too many nuances (when did certain events happen; are you solvent or not; etc.) for anyone else ... more
0 votes Share Flag Fri Oct 21, 2011 Foreclosure in Gold Canyon
Dana K. S. L…, Real Estate Pro in San Francisco, CA
Dana K. S. Lee (Pacific Union) answered:
Are there any realtors who charge less then 7 percent? We need help. I assume if ... sale your credit is crashed is this right? ...
Here in San Francisco it's negotiable but the norm is 6% and sometime you might be able to negotiate for 5%

0 votes Share Flag Mon Apr 9, 2012 Home Selling in San Francisco
Scott Pagano, Real Estate Pro in Orlando, FL
Scott Pagano answered:
Orlando, FL-How does the cash for keys program work for renters? Any way to get something in writing before signing the lease?
Hello Lwilliams,
The CFK program is a good program. Yes the agreement comes in writing. You would receive your check via Federal Express or UPS delivery. The normal time to vacate is 1 ... more
0 votes Share Flag Sat Oct 8, 2011 Foreclosure in Orlando
Annie Torres,  in Suffolk County, NY
Annie Torres answered:
If a bank forcloses on us, will we be liable for the balance, since we are retired
The right thing to do is to consult with an attorney to see what your options are. When a bank forecloses they send out a 1099 at the end of the year, it is strongly recommended for th ... more
0 votes Share Flag Sun Sep 25, 2011 Foreclosure
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