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Home Selling in 90025 : Real Estate Advice

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  • Local Info2
  • Home Buying41
  • Home Selling8
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Activity 194
Wed Feb 11, 2015
Rafe Gonzalez answered:
If you decide to sell I can help
call or reply back

Rafe
0 votes 16 answers Share Flag
Sat Mar 13, 2010
Raphael Guerin answered:
Hi Sarah, it's my belief that you must reside in the home to be able to get all the tax advantages as your principal residence. You should check with your CPA on this. The short-sale situation does not affect your tax status as the IRS is not concerned with that. You should be able to take the write off on a loss as the rental is not supplying you income. Hope this is of help to you. All the best on the short sale and make sure you have a good local Realtor for each Bank is different and it can be time consuming. I have an excellent CPA I can refer should you need one... ... more
0 votes 9 answers Share Flag
Sat Mar 13, 2010
Emily Knell answered:
If you purchased the home as a primary residence, you would qualify under the Mortgage Debt Forgiveness Act of 2007 to file for insolvency regarding any IRS tax implication for the difference between the short sale purchase price & what you owed.

It's called Form 982 and you can talk to your accountant about it or simply google "Mortgage Debt Forgiveness Act. 2007"

If it is not your primary residence you MAY be taxed on the difference and you'll be taxed at whatever your tax rate is depending on your income bracket. Not all banks are issuing 1099C's though.

I have closed Wells Fargo short sales, you actually don't have to be late or miss payments to do a short sale with Wells Fargo, it's not a requirement. The process with Wells Fargo takes approx. 35-45 days to get an approval.

Let me know if you'd like any other help with your short sale. Please email me directly as I don't check back with Trulia for the same posting.

emilyknell1@yahoo.com
562-40-3053 cell
... more
0 votes 5 answers Share Flag
Sat Sep 29, 2012
Jeffrey White answered:
You have a couple options. In your situation the best thing to do is keep the property and rent it if you can and get an inexpensive rental where you are moving to. If this is not possible, you can attempt to sell it for the price you need to break even before you attempt a short sale. Short sales done right will not hurt your credit as much as a foreclosure but are still something you should avoid if at all possible.

Please contact me through my website below for more information. You are not alone in this situation!
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0 votes 21 answers Share Flag
Sun Jan 8, 2017
Deborah Bremner answered:
Not allowed to give that information in a public forum for privacy issues. Ownership, not occupancy, can be found through public records.
Deborah Bremner
REALTOR, 00588885
Certified Short Sale Professional
Certified Home Retention Specialist
(D) 818.564.6591
TheBremnerGroup@gmail.com
Blogging at: http://TheBremnerGroup.com/blog
... more
0 votes 3 answers Share Flag
Fri Nov 9, 2012
Steve Roake answered:
In order to successfully short sale your home you will need to find an experienced Realtor. You will also want an experienced real estate attorney providing legal advice. That said, it is unlikely that the bank will be able to get anything except the payoff from the sale of the home. Every situation is different, but you should be able to sell the home without any money out of your pocket, as it is assumed you don't have any because you are losing the home. ... more
0 votes 16 answers Share Flag
Fri Feb 12, 2010
Ron Rovtar answered:
Hi George:

It is possible that you could lose anything of value after a short sale or foreclosure if the mortgage company asks the court for a "deficiency judgment." However, in your circumstances, I would think this is unlikely. If you decide to try for a short sale, the lender will probably be more than happy to get the bulk of its money back.

And you are not powerless in this situation. You do have some negotiating leverage with the mortgage company since it probably will get more money from a short sale than from a foreclosure. In your situation, I would find a good real estate agent who can negotiate with the mortgage company, then you should carefully read everything from the lender to make sure there are no lose ends for you.

You also should talk to a local organization that provides counselling and other support to people in your situation. I always suggest that people check with local city and county governments to find out who provides these services locally. You also can check with the department of Housing and Urban Development for information about foreclosure services. (The web page below may help.) However, do not let anyone talk you into participating in a program you must pay for unless you check the service out very carefully. There are a lot of foreclosure predators out there. If it sounds too good to be true, it probably is.

Additionally, you should talk to a lawyer who can help you with real estate issues and, perhaps bankruptcy. It sounds like you are a good candidate for bankruptcy and filing for court protection might help your put your mind at ease as you figure out a good solutions to all your financial problems. I know you probably cannot afford to pay an attorney, but a foreclosure counselling organization may have a list of lawyers who will help you without payment. The local bar association may also be a source of help.


At any rate, good luck. You will get through this bad time in your life.

Ron Rovtar
Prudential Real Estate of the Rockies
Boulder CO
303.473.1926
... more
0 votes 9 answers Share Flag
Sat Nov 21, 2009
The Medford Team answered:
Wingchuan:

It sounds to me as if your brother sold the home but will not provide you with a copy of the closing documents. You could contact the Realtor representing your brother to see if he’d be willing to secure you a copy of the documents or give you the contact information to the closing company used in the transaction. You could also check with the county recorder’s office to get a copy of the deed. Without knowing the details, my primary recommendation would be for you to contact the attorney that set up the trust and begin there. They can either handle this for you or make recommendations as how to best proceed. ... more
0 votes 2 answers Share Flag
Wed Mar 24, 2010
Mario Villagran answered:
You might want to consult a real estate attorney to look at your contracts before making any decisions.
In my opinion banks don't like to accept short sales because they lose money. They are likely to accept any short sale because you no longer have a hardship and can make your payments. More than likely it was disclosed to the buyer that all terms are subject to the lender's approval which in this case might not happen because of your improved situation.
Good luck to you and congratulations on your recent improvement to your financial situation.
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0 votes 9 answers Share Flag
Sun Sep 1, 2013
James Gordon ABR SFR SRS answered:
Trader you need to contact an attorney. It sounds like you entered into a transaction with no intention of compleating it from your 2 questions.

Time to lawyer up!
0 votes 8 answers Share Flag
Thu Feb 11, 2010
Sean Dawes answered:
Commissions are not suppose to be discussed like this. You will not have a realtor chime in and give you a specific % as they can get in trouble.

I would go under the find a pro feature on trulia which is located under the advice and opinions section and email some of the top agents on there and interview them and see what they would charge. Just remember all commissions are negiotable but you wouldnt go to a dollar store for legal advice so take that into consideration when hiring someone to get you most for your home.

If you need a neutral party to help you come up with questions to ask them, drop me an email at sean.dawes@lnf.com and I would happy to help out.


Sean Dawes
... more
0 votes 5 answers Share Flag
Sat Nov 14, 2009
Jenny A. Le answered:
Do you have a realtor(s) promoting your properties? Are you promoting your project on line?

What are the demographics of your buyers? Create a marketing plan to target those specific buyers.

How about collaborating with the other development to promote the improving neighborhood ... the theme would be "transitioning" into ...???

What are the current functions/purposes of those surrounding old buidings? Contact non-profit housing agencies / community development groups and partner with them to beautify the neighborhood. Convert those buildings into community facilities.
... more
0 votes 14 answers Share Flag
Tue Nov 3, 2009
Jenny A. Le answered:
The property information you've provided for Angelino Heights is very limited. However, I've queried the MLS for the Silver Lake - Echo Park area, specifically Carroll Ave...the following is what I've found:

For Victorian architecture homes on Carroll Ave with an average interior living area of 1,861 sq/ft, the average price/sqft between 1998 and 2006 is $293/sqft.

There are higher price/sqft numbers but they can not be used because the listings expired. Use the $293/sqft number with great caution and allow lots of room for +/- adjustments for other property criteria such as number of bedrooms, bath, bonus room, views, etc.

I assumed the home you're inquiring about has similar features comparable to the properties on Carroll Ave.

In general, if homes in an area are not up for sale, and their condition is overall excellent, including the value for its designated Historic Preservation Overlay Zone (HPOZ), the home prices adjust downward very minimally.

In the "next few years" (a very short term period in real estate terms), home trends in the Angelino Heights area will continue to fluctuate minimally due to the current economic status in California.

I hope the information helps. Let me know if you need more information.
... more
0 votes 4 answers Share Flag
Mon Oct 19, 2009
CCC answered:
You could resubmit your listing:

http://www.trulia.com/submit_listings/enter_details/
0 votes 2 answers Share Flag
Thu Jan 24, 2013
Keith Sorem answered:
In the city of Los Angeles you are required to have:
One smoke detector in each bedroom
Seismic shut off on gas value
Shatterproof patio doors (safety glass or a plastic film to prevent them from shattering).

I had a listing and the invoice for the smoke detectors and seismic shut off was about $400. A plumber should do the work, I can refer you if you like.
... more
0 votes 4 answers Share Flag
Sun Oct 11, 2009
Bonnie Scribner answered:
You should have your Realtor have their broker contact the other agent's broker. There is no excuse for lack of cooperation, and it's so silly because they don't get their money until they sign. Your Realtor just has to be very firm and get this negotiated for you. A grievance can be filed if the other agent does not cooperate. I am so sorry you're in this situation. Good luck. Bonnie ... more
0 votes 20 answers Share Flag
Thu Sep 1, 2016
"Carolina Joe" Idleman answered:
Ethically the answer is no. A real estate agent's obligation is do what is in the best interest of his client. If the client wants to see a property the commission splist should not be an issue. Some of the better agents do not even look at the commission split, they look to see if the property will meet their client's needs. However, in the real world I am sure some agents will not show a property beacuse of the commission split, but that practice doesn't make it right. ... more
0 votes 25 answers Share Flag
Wed Sep 9, 2009
Andrew Jones answered:
Hi Brian,

You can get in touch with me through the contact page on my website. Here is the address.
0 votes 0 Answers Share Flag
Fri Nov 20, 2009
Jesse Sierra answered:
Just Wondering,
No one knows were the market is going to be at next year. Although, it seems that we still haven't bottomed out.
You can contact me through my Trulia profile. Give me a call or email me, that way I can gather some info and give you a price trend around your neighborhood.

Best Regards,

Jes Sierra, B.Sc.
Realtor®
... more
0 votes 6 answers Share Flag
Tue Aug 25, 2009
The Medford Team answered:
Judy:

You might want to contact them directly - this format goes to everyone.
0 votes 1 answer Share Flag
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