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11510 : Real Estate Advice

  • All12
  • Local Info0
  • Home Buying7
  • Home Selling1
  • Market Conditions0

Activity 9
Fri Oct 28, 2016
Ian Lozada answered:
If the short sale closes before the end of this calendar year (2016), there should be no implications tax-wise, but at the end of the year, the latest extension of the Mortgage Debt Forgiveness Act expires, and unless it is renewed again, the difference between your debt owed and the amount the home sells for would be reportable income on a 1099-C form.

I would speak to both a certified public accountant as well as a short sale attorney for more information.
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Tue Feb 24, 2015
Anna M Brocco answered:
If you recently purchased the property more than likely a survey was ordered, so you can ask your attorney for a copy, or check with your local buildings department, a copy may be on file. ... more
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Sun Jul 20, 2014
Denise answered:
I'm interested in buying a home there my question is how was it there during the and snow storms ?
0 votes 9 answers Share Flag
Thu Jun 19, 2014
Oleg Volfman answered:
Hello Anthony.

Closing on a property in Elmont, NY with a VA loan. The buyers are not putting anything down, and in fact getting a seller's concession. VA loans have restrictions, but it's up to you if you want to put anything down or not. I would keep the down payment, put a "security deposit" at contract signing, and you will get it back at closing.

If my response was helpful, consider clicking BEST ANSWER!

Thank you for your valuable time!

Oleg Volfman, CBR, RSSP
Lic. RE Agent, Office Manager
Quick Deal Realty, Inc
Office 516-599-5559
Mobile 917-685-0489
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Thu Jul 25, 2013
Donald Stevens answered:
You will want to look for an independant agent. They have access to specialty companies that look for customers like you. Go to and contact them for a referral.
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Wed Sep 26, 2012
Bisendra Melaram answered:
There is no time frame set by geographical location.
The easy answer is: Each institution has their own guidelines and protocols that must be followed- not to mention specific requirements that must be satisfied before a successful short sale takes place.
There is absolutely no way of gauging a timeline for a short sale- use an experienced agent to guide you thru the process.

I'm in Baldwin as well if you'd like to meet up, I'll gladly answer any short sale questions over coffee.

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Fri Feb 26, 2010
Anna M Brocco answered:
Your agent can provide additional information--you can file an assessment appeal on do keep in mind that by filing an appeal does not necessarily mean you'll get a reduction. ... more
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Mon Jan 18, 2010
Kathleen A. Scanlon answered:
Purchasing a distressed property whether a short sale or an REO (bank owned property) presents its own set of difficulties but can also provide the reward of purchasing a home substantially under market value.

Most Lenders will not consider a short sale without a full package submittal, which typically includes the seller's financial documents, a fully executed contract of sale, proof of funds or a mortgage pre-approval, a preliminary HUD-1 Settlement Statement, among other documents.

As a seller's attorney, my firm normally includes contractual language that makes the contract contingent upon the short sale approval. Further, if there are violations and open liens, I want the short sale bank to approve their payment as well. There are times that the lender will deny payment and I try to avoid having the Seller on the hook for such a payment. The reason they are short selling their home is because they lack assets. I also make the contract "as-is" and vacant at closing because, of course, there is often no money to be put in escrow for repairs or post-closing possession.

As a purchaser's attorney, I want my client to put as little as possible down on contract. That down payment can be tied up for months waiting for short sale approval. I also want a time frame where, if there is no approval, my client can cancel and get her money back - the problem being - you don't know how experienced the person negotiating the short sale really is. I have seen some egregious mistakes on preliminary HUD-1 settlement statements that grossly understate what the true cost to Seller (and ultimately the bank) is going to be to close and give clear title.

As you can see, it is essential to choose representation that is experienced in distressed asset transfers. Short sales are not for neophytes whether realtors or attorneys.

Good luck!
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Wed Apr 1, 2009
Saltyanna answered:

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