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West Seattle Real Estate Results for Short Sales and Foreclosures – 2011 Market report was very comforting compared to the previous year, 2010. Distressed properties made up 31% of all sales in West Seattle. The average market time for distressed … Continue reading
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This Covington home is currently listed for sale as a “pre-foreclosure” in sought after community Shire Hills. Home has gone through the process of applying for a short sale with the Bank and is awaiting final approval. 19980 SE 259th … Continue reading
Kirkland – Finn Hill had 32% of single family homes were short sales and foreclosures in 2011. This is a very typical amount for a town on the eastside. Short sales and foreclosures also known as “distress property” are pushing prices down compared to “traditional sales” or non-distress sales, but home Buyers are paying slightly more for traditional sales as they don’t want to wait for a short sale to get approved, typical time is 4-6months and foreclosures are in pretty bad condition.
There are great opportunities in short sales if you have the patience and stomach to wait it out… or even buying foreclosures.
Search for short sales in the Kirkland – Finn Hill area
Buying short sales in the Seattle - Eastside area
Finn Hill Real Estate Sales Comparison – 2011
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Are you searching for great real estate deals? Short sales for sale in Canyon Park- Bothell, WA. So many options and 10-15% below traditional “non-distressed” sales. Search for pre-foreclosures in Bothell
short sales
The Mortgage Forgiveness Debt Relief Act 2007 provides homeowners tax relief for mortgages between 2007-2012. The Mortgage Forgiveness Debt Relief Act allows homeowners to exclued income forgiven or discharged by their mortgage lender on their primary residence.
Here is a link on the IRS website clarifying what is acceptable when doing a successful short sale and how the Mortgage Forgiveness Debt Relief Act applies.
http://www.irs.gov/individuals/article/0,,id=179414,00.html
If you would like to know more options as to how this affects your financial obligations, please contact your CPA or we can recommend you to one that works exclusively with homeowners in these difficult situations.
What is “Waste” when doing a short sale / Pre-foreclosure?
Waste- is a big NO-NO with lenders
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What is a Home Affordable Modification Program (HAMP)? It’s a federal government program that allows you to repay the loan on newly agreed upon terms, which may include lowering the interest rate, placing past due amounts at the end of … Continue reading
