Question by noelle: I want to buy my DREAM house (its a short sale) and in a different state. Any recommendations?
I am renting in Hawaii and my job requires me to stay here for at least another year or two. My family and friends live in Florida, which is where I want to move. I found my DREAM home, but its a short sale. How can I buy this home without getting ripped off? Is the list price already at the discounted short sale price? Also, I have a chunk of money for a down payment, but not 25% which is what the bank is asking for an “investment property”. Any ideas, information, or noteworthy books that you can recommend? THANKS :0)

Best answer:

Answer by Landlord
You’ll need to come up with the cash are dream some more.

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Question by moham: how can a reputable source for a short sale be found ?
I’m facing foreclosure and was told that I should seek someone try and do a short sale. the last time I did this I was approached by someone after listing on Craigs list, only to find out that they prolonged the process for about 2 and a half months. complaining that the mortgage co. was not responding to him. ultimately the property went into foreclosure anyway. “an investment property. ”

since I lost half of my income I’m not able to keep up the payments on my primary residence, and desperately need to downsize. any advice would be greately appreciated. thank you………

Best answer:

Answer by DJ B
The very first thing for you to do is call your lender and ask for their help. Then second call regardless of what the lender says, is 888-995-HELP. This is a counseling service to advise you that HUD set up. It’s free. It is invaluable to you now. Don’t wait call them now.

A short sale has to be approved by the lender, and they aren’t quick at making decisions.

If you like I can make a referral for you and get an agent that knows your area , that is your decision. But make those two calls today. Please don’t wait. If I can help further, email me alterfemego@yahoo.com

Know better? Leave your own answer in the comments!

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Question by ProfessionalMom: Rental Property (Arizona), used to live in for 12+ months – Short Sale Reprocussions?
Property in Arizona that I have owned since July of 2006, purchased and occupied for 12 months before moving to the East Coast in July of 2007. I have never been late or missed a payment on my mortgage. I now own a home on the East Coast where I live and have been renting the Arizona home for 3 years. I am $ 160K upside down in the Arizona Home and come out of pocket $ 1000+ a month to finish the mortgage, hoa’s, taxes, etc. I currently have the property listed with an agent in an attempt to do a short-sale, but with so many homes on the market it is not getting any offers. My question is, if I am able to complete a short sale will I be responsible for paying taxes on the amount the mortgage company cancels, will I be liable to have the mortgage company come after me for the difference owed since this is a rental property. Please note that the loan is still the original loan from when we lived there, so it’s not a “second property” or a “investment property” loan.
To “the tax lady” –
To make sure I am on the same page and understanding you correctly.
I Purchased for $ 270,000 07/2006.
I lived in it for 12 months and in 07/2007 converted it to a rental and the FMV at that time was $ 235,000 (this would be a $ 35K depreciation that doesn’t count).
From 07/2007 to today my FMV has dropped to approx. $ 100,000 for a total depreciation while a rental of $ 135K.
If I am understanding you correctly and I short-sale for $ 100K, my mortgage company will be taking a loss of $ 170,000 total and if I minus my $ 135K depreciation while a rental, this would leave me with $ 35,000. Are you saying that I would be reporting $ 35,000 as income on my taxes? I think this is what you are trying to say. Look forward to your feedback and thank you.

P.S. Do you know if the mortgage company can come after me for the difference or do I qualify under the Arizona Anti-Deficency Act?

Best answer:

Answer by the tax lady
Hire a competent tax professional to run a mock tax return for you.

Can you document the FMV of the house when you converted it to a rental? Any losses that occurred while it was your personal residence are NOT deductible.

When you short sell (or foreclose), you will have a sale to be reported on form 4797. You can claim any losses that occurred after it was rental.

The 1099-C for cancelled debt will be income on the schedule E and will cancel out the loss on the 4797 (for all but the depreciation you have previously claimed).

While you can use form 982, it can only be used if you are insolvent or in bankruptcy. This would save you the gain from the depreciation (the first thing the 982 does is absorb the NOL).

What do you think? Answer below!

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Product Description
What is a short sale?

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