Hope for Short Sales in 2013 – Congress is Working to Extend COD Income Tax Exemption

US-GreatSeal-Obverse.svg

This is not legal advice.  For legal advice, consult an attorney, not a blog.  Furthermore, the post below addresses some BUT NOT ALL issues relating to foreclosure, short sale, etc., and the following analysis is cursory and not complete.  If you face a foreclosure or are considering some alternative, you should obtain legal advice. The Senate Finance Committee […]

Some Short Sale Statistics in West Bellevue

I had occasion last week to do some digging for short sale listings in West Bellevue – the NWMLS area 520, west of I-405 and north of I-90 including  Beaux Arts, Enatai, Medina, Clyde Hill, plus Hunts Point, and Yarrow Point on the north side of Hwy 520. I wondered whether the new NWMLS listing fields […]

What do you do with a Zillow Zestimate?

In the post below, I have shown comparisons of Sold price vs. Zillow Zestimate and Cyberhomes valution of the most recent recorded sales.  Why do we need to know this, and how do we use this information? 1) Short Sale vs. Zestimate – Was buying a short sale worth the extra hassle? SS#1 – the […]

Is a "short sale" a bargain?

Actual info from recently closed short sales: 1) The owner bought it in September of 2005.  They did so many cashout refinances since time of purchase, that I can’t see what the downpayment was at time of purchase.  They tried to sell it for 30% more than they paid for it exactly two years after they bought […]

Killer Views and Dog Poop – Short Sale

Given prices in the Seattle Area have not dropped to the extent of  most of the Country, people wonder why there are some deep discount short sales here.  Mostly those that have a deep discount are in worse shape than when the current owner purchased them. Remodels gone bad…very, very bad.  If you know the […]

Homeowners in Foreclosure Should Hire an Attorney

When I teach the Short Sale class, I say many times during the class that homeowners selling short and homeowners in default should always be directed more than one time to seek legal counsel. Sometimes homeowners in financial distress don’t hear you the first time. Just handing them the agency pamphlet isn’t enough. Attorneys can […]

An Early Holiday Present

Yesterday, The Mortgage Foregiveness Act of 2007 was passed effectively getting rid of the question, “will I be taxed on a short sale?” Prior to this action, the forgiven mortgage debt due to foreclosure, short sale, or deed in lieu of foreclosure was potentially taxable to the borrower. As agents we always have had to warn our […]

Should You Buy a Short Sale Property?

short sale

The current market is making me feel older than dirt.  Mostly because there are fewer and fewer agents around who have s

From 'A&E's Flip This House' to You!

[photopress:REIA__Image_Download__flip_this_house_logo_jpeg_from_mhv_reia_1_.jpg,thumb,alignright]Have you been watching the current real estate market and wondering how  to find the pot of gold in it? Fix and Flip guru Than Merrill from A&E’s Flip this House will show you how right here in Seattle on October 11. Than, like many other saavy investors, is building his business taking advantage of sellers in trouble.  […]

Short sales and foreclosures in the MLS

Over at the Estately Blog (formerly the ShackBlog) we did a little digging into how easy it is to find publicly advertised Short sales and foreclosures in the MLS and we found a few. “Short Sale