June 18, 2011,
Category: Uncategorized, Release with 18 comments
When you owe more on your home than it’s worth you may want to do a short sale. In a short sale the bank forgives some of what you owe them. It’s more cost-effective for a bank to do a short sale than foreclose on a home.
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how do people owe more on the loan than the property itself? it just doesnt seem to make sense,
What type of video software or service do you use? I like it!
Great Video, I love short sales :))))
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what they don’t tell you is that when you short sale a property. The loss will be considered income. They send you a 1099 misc income statement. Then you will owe the taxes to the federal government. Taxes can not be discharged in a bankruptcy. Meaning you will owe them those taxes for the rest of your life. It is all one more scam
hi! Just a simple question, I came upon a home in Florida that originally went on the market for $149,000.00, now its at short sale for $49,000.00 -- what is the guidelines is far as value when making an offer m- would it be smart to ffer 60,000? or more? So you make sure you get the home -- or offer lets say, 50,000? Or less?
Short sales are a headache and banks play too many games. You will wait and wait for an answer for months while you lose out on other deals. Dont expect them to follow your offer. They make their own rules. Beware.
I just watched the video that you have suggested and let me tell you it was a best and most informative tip ever. Very good suggestion. Thank you once again.
@tubeitnice thanks for watching and commenting. Don’t forget to watch the other short sale videos like “Pricing a Foreclosure or Short Sale”
I wish I could find a broker like you to go work for. Very good explanation. Keep up a good work!
FYI I totaled up ALL the money I paid over the 18 years on a mortgage! I’m not including all the money I spent on maintainance (like the roof, the water heater, the forced air system, the landscaping, the garbage disposal, the sinks, the flooring, the carpeting, the garage door opener, the new fense, paint, wallpaper etc…..). If I had put this money in savings, I believe I’d have much more money!!
I’m glad I had my 3 houses, but I didn’t MAKE any money : (
Thanks so much for the compliment, @REAHoldingsGroup1. Ilyce
Great video! Very informative. Keep up the great work in helping people in their stressful situations!
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I wish they would have used a better term than “short sale”. In the finance world “short” means that you sell something you don’t own, then buy it back (hopefully at a lower price) when you have to give it back. We short stocks all the time.
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