Short Sales

How do you get a Short Sale going once you have identified properties in default?

Silent Tiger asked:


Usually when I find a property that is in default it is vacant. In order to start a short sale do I have to contact the borrower or can I contact the lender directly? I only ask because it seems the only way I can contact the borrower is to send a letter and hope it gets to them and then hope that they answer it. Is there a better way?

Thanks in advance.

How do I write a 30 days notice for my tenant in order to short sale?

cman@VA asked:


I am planning to short sale my home in order to avoid foreclosure. I need to inform my tenants and perfer them move out during the sale.

I have to pay taxes on a short sale. Does it help if I start contributing to my 401k to reduce taxable income?

Martin O asked:


I short-sale my property in 2008. I’ll receive a 1099 from lender with “gains” for $60,000. I don’t know what to do to minimize my tax exposure. I was thinking about start contributing as much as possible to my 401k plan during this year to reduce my taxable income. Is this a good idea? What else can I do?

if i short sale an investment property, can i make the buyers offer subject to bank relieving me of the 1099?

bergler asked:


I want to short sale an investment property. the difference between what is owed, and actual value is signifigent, and will lead to bankruptcy.

if we recieve an offer from a potential buyer, can i counter it back to say “subject to: bank not issuing 1099 for the difference”?

FYI – the bank is WAMU.

If my house will be on short-sale, can I still stay at my house or do i have to move out?

amy asked:


I purchased our house last 2006, 100 % financing. Due to financial difficulty we cant keep up with the mortgage payments for almost 2 months. We are planning to put our house on short sale and i was just wandering if we can still stay at the house during the short-sale process or do we have to move out? Please advise.

How hard is it to get into a police department with a short sale or foreclosure on your credit?

JC77 asked:


My husband and I are owners of a home with my parents that is currently trying to be short saled (in California). We have heard from several different people that if the house goes through a short sale or even worse a foreclosure that he will have no chance of getting into a police department. Does anyone have any experience with this? We have really good credit otherwise. He is looking at departments in California and Colorado.

What is the process of buying a short sale home?

Tetsu asked:


I am eyeing a house, but does that mean the short sale is owned by the bank? The adverisement in front of the house said the bank owns the house. Currently, no one is living in the house.

How to report short sale stock in schedule D if it’s not closed by the end of 2006?

luke asked:


The 1099-B form from my brokerage firm shows a short sale as a sale proceeds amount and therefore IRS is going to treat it as a gain. But I didn’t buy to cover the short sale of stock.

How long should I expect to wait for bank approval for a short sale?

flydoctor asked:


My husband and I just put in an offer for a house that is a short sale. The seller approved, and today the realtor sent the paperwork to Countrywide for them to approve it. I heard it can take months for them to respond, but the house already has an appraisal on file at Countrywide and I was told that Countrywide just recently got a short sale “department” to speed up the process. Anyone have any idea or estimate of how long we will be waiting for a response?

What happens if your home doesn’t sell in a short sale?

Peanut asked:


There are a few home in the pre-foreclosure stage in my neighborhood. 2 are short sales. I’m just interested in timeframes.

What happens if a home doesn’t sell in a short sale? How long does the lender give the borrower? Does the borrower need to vacate the property during a short sale?

Thanks!

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