Deed in Lieu is an exchange of the Deed for the Debt: The Bank is agreeing to disolve and forgive the Debt in exchange for a quick resolution: Be sure to get a letter from them saying that the Debt is paid in full, and that they will not come after you for the Deficiency!
If you do it right, they will not sue for the Deficiency.
It hurts your credit a little but not nearly as bad as a Foreclosure.
No, according to the Debt Forgiveness Act of 2009, the IRS will not seek taxes on the paper gain.
You probably should involve a professional in this process, either a Realtor or an Attorney; it is too important.
Nationally, a record 2.9 million properties â€” a 2 percent jump from 2009 â€” were flagged with foreclosure filings in 2010. Statewide, the numbers dropped more than 6 percent to 485,286 from 516,711 last year, according to a RealtyTrac report
From Foreclosures.com, here is current information on Florida.
Updated: 02/19/11 6:31 PM
Short Sales: 72,920
Sheriff Sales: 7,328
Hope this information is what your were looking for. Please call me if you need additional information.
Prudential Palms Realty... more
Phyllis, Are you asking the people at Trulia for this, or do you need a REALTOR to help you? I could be wrong, but I don't think Trulia sends information, as you're asking. That's a REALTOR's job.... more
You asked a very good question. A Realtor has more leeway in his or her choices of comps for a market analysis or broker price opinion than an appriaser does.
The new condos could have closed at a higher value than todays market value because the buyer had a non-refundable deposit. For example if the buyer had a sunk cost (non -refundable deposit of $50,000; the contract and closing price was $300,000. --- It would made economic sense for the buyer to accept delivery of the condo even if the market value had dropped all the way down to $260,000.
So while that transaction made sense for that particular buyer, the sale recorded at $300,000 does not justify a valuation of another unit at the $300,000 price.
A proper valuation estimate would explain in the narrative and in the valuation columns the higher price due to the buyers sunk costs... more