Are You Worried About Tax Ramifications With Your Short Sale?

Posted by webmaster on Jan 25, 2012 in Uncategorized | 0 comments

Hello, I'm Kevin Kauffman. I am part of Group 46:10, one of the nation's top short sale and real estate groups based right here in Chandler. Are you having trouble making your mortgage payments or are tired of being underwater on your mortgage? We at Group 46:10 can offer you various alternatives to alleviate some of these problems. As one of the leading short sale teams in the country, we have closed more than 500 short sales in the past 4 years and have a completion rate of over 90%.

I'm here today to discuss short sales and tax ramifications. One of the concerns that we hear quite often from potential customers is that they want to short sell their home, but are concerned about the taxes they'll have to pay after the sale. Maybe you've heard from others that have done short sales that there were some tax liabilities and want to find out more.

The Mortgage Debt Relief Forgiveness Act, which ends at the end of 2012, permits homeowners, such as yourself, to not pay taxes on the forgiven amount if the house is their primary residence and the selling price is less than $2.5million. If you're thinking about short selling your home, you need to act quickly because the transaction has to be finalized by the end of the year in order to qualify for The Mortgage Debt Relief Forgiveness Act.

Please give us a call or fill out the form on our website, group4610shortsale.com, to find out more about this act or if you have questions about your specific situation. If you don't qualify for this act, don't let that stop you from short selling your home. We have a couple of other ways to avoid paying taxes as well. A qualified short sale expert, such as myself and my business partner Fred, can discuss those different options with you.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.

For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.

Knowledge and Action – Avoiding Foreclosure

Posted by webmaster on Jan 24, 2012 in Foreclosure | 0 comments

There are two main components to the average home going into foreclosure: uncertainty and inaction. More times than not when you speak with someone who has lost their home, the most common statements are "I didn't know what to do" and "I just kept hoping that it would all go away."

It doesn't have to be this way.

The first thing to do when facing the possibility of foreclosure is to take an unbiased look at the current financial situation. Is it going to change...really change? Hoping that the problems will go away doesn't usually help. If you were sick, would you hope you got better or would you see a doctor? If hanging onto a hope is all there is, then it's time to take some definite actions.

If you need to sell your home, there are two steps to take.

The first is gain knowledge. The homes value and mortgage owed is the first part. Then a plan must be developed whereby the home can be sold fast, days not months. This means an untraditional sale. Lease Options fill that ticket. They are the best method to sell a home fast in a declining economy. They are safe, legal, and done on a daily basis. The only thing to consider is that they must be understood and executed properly. A poorly executed plan of any sort is not advised. So the first thing to do is to go out and learn the proper way to execute a lease option.

The second step is to take action. This is where you put the knowledge gained in the first step to work. Get the word out, market, and let prospective buyers that there is a home on the market and ready to sell. Despite what the banks will tell you, this will work. As a side note, the only reason the banks won't tell you about lease options, is that you keep the money.

Are you willing to put some effort into learning the proper way to conduct a lease option? Are you willing to put in some minor work? If so, and if you need to sell your home, then please do yourself a favor. Take action today. That home is one of the single most important investments many of us will ever make. Don't let it be taken away when you stand to make not just money upfront, but a genuine monthly cash flow as well. You can do it!

As a Lease Option expert, Steven Morse is the co-founder of SelfBailout.com where he is the resident real estate expert and the driving force behind the Home Selling Advantage Course. This invaluable course shows how homeowner's can sell their homes quickly, safely, and profitably...even in today's tough economy. http://www.selfbailout.com

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Watch Kevin and Fred, Short Sale Specialists, on the Short Sale Power Hour. Video for Short Sale Specialists.

10 Steps to a Successful Short Sale Transaction

Posted by webmaster on Jan 24, 2012 in Short Sale Arizona - Phoenix - Queen Creek | 0 comments

1. Find a licensed real estate agent that specializes in short sales. Be sure they not only have experience in dealing with them but also that they are up-to-date on the newest laws in your state regarding these types of transactions.

2. Provide your agent with a completed financial package including:

W2's for the past 2 years

2 months Bank Statements

Last 2 paystubs

Profit & Loss statements for last 2 quarters (if self-employed)

Hardship letter

Letter of authorization for your short sale agent to speak to the bank

Any specific bank paperwork. Your agent can provide this or visit your lender websites for their financial assistance package.

3. Your agent will provide you with the listing paperwork to list the property for sale. Be sure that agent puts "All commissions to be paid for by sellers' lender(s)" in the Additional Terms section. This protects you from being responsible for an agent's commission at closing.

4. Allow access to the property via lockbox. The easier the property is to show the easier it is to sell!

5. Keep your property in top showing condition. Make the beds, put dishes in the dishwasher, vacuum, use air fresheners, clean up any clutter (including those closets & garages!), keep bathrooms clean, lawn trimmed, rocks raked, etc. It's amazing the effect a clean, uncluttered house has on potential buyers!

6. Once your short sale agent receives an offer, YOU as the seller are the one responsible for accepting it, countering it, or rejecting it. NOT the bank! This can be confusing - remember, you need to accept the offer first and THEN submit it to the bank for approval.

7. Be sure that if you accept an offer that it's within fair market value or close to it. The bank will probably reject any lowball offers.

8. Your agent will then begin the short sale negotiation with the bank. A BPO (broker price opinion) will be ordered by the bank and this will probably be done by a local agent or sometimes a few local agents. This value is VERY important so make sure that your agent is on top of this one!

9. Your short sale agent will continue negotiations with the bank until approval. Banks are notorious for playing hardball and a good negotiator will be able to handle tough banking mitigators.

10. APPROVAL!!! Your agent will provide you with the approval letter stating all the conditions. Make sure to read this carefully and sign off on it that you agree. Don't let the bank try and slip something by you - if they are going to then here is where they do it! All you have to do now is sign the closing documents and be on your way to a brighter future without all that debt!

Congratulations on your short sale!

You can find more information about short sales and foreclosure avoidance options at http://www.AzHomeHelp.com

Sean Bonini is a Real Estate Agent/Broker in Scottsdale Arizona specializing in short sales. He serves as the Managing Director of AzHomeHelp.com which is a company that helps homeowners avoid foreclosure. Sean's up-to-date blog at http://www.PhoenixRealEstate247.com also covers local and national news regarding the real estate & mortgage industries with a focus on helping homeowners in distressed mortgage situations.

Article Directory: EzineArticles http://ezinearticles.com

Watch Kevin Kauffman and Fred Weaver of Group 46:10, Short Sale Specialists, on the daily Short Sale Power Hour.

What Are Your Short Sale Choices?

Posted by webmaster on Jan 24, 2012 in Uncategorized | 0 comments

Hello, are you contemplating a short sale however you're not quite positive of what your choices are? Well, my name is Kevin Kauffman and I am a part of Group 46:10, Chandler's premiere short sale group and Chandler's premiere short sale team. I am right here to tell you that you just do have choices and I would love to talk to you about them. My workforce and I've closed over 500 short sales in the last 4 years. We're here that will help you so should you need any assistance, whether you've got an FHA mortgage or maybe you have received a VA mortgage, we can help. Maybe you're unsure as a result of there are totally different guidelines around FHA and VA loans compared to loans with your typical credit union or with Bank of America or Wells Fargo.

Come to the specialists and get a free session with us. We would love to talk to you about what your options are. We have worked with every financial institution out there. We have worked with over one hundred banks. We have handled Fannie Mae and Freddie Mac, and FHA and VA, and anyone and everyone in between and we all know that we can help you.

So please give us a call today. You may reach us at 480-449-6642. It's also possible to fill out a form here on our website. Should you’re not on our website, you'll be able to go to us at Group4610shortsale.com. Here you can get your free short sale decision calculator results in addition to request an in individual meeting. We would love to talk to you about your options and if a short sale is best for you, we'd love to help you. Thanks lots and have a great day.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.