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Palos Verdes Foreclosure Report for February 2012
Palos Verdes Foreclosure Report2-15-2012 Do you know what the latest trends are? Are foreclosures up or down? What are the banks doing? What are investors doing? How do you find foreclosure opportunities? Are bank owned homes a good deal anymore? If they’re not, where are the deals and how do you find them? Click on the image below to learn more.
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Palos Verdes Foreclosure Auctions
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Foreclosure auctions in Palos Verdes, South Torrance and the Beach Cities What are the opportunities for Investors, Home Buyers and Homeowners Upside Down in their Mortgages
What are the Advantages of a Short Sale to the Upside Down Homeowner?
HOWEVER the window for conducting a short sale without tax penalty is quickly drawing near! The benefits created from the 2007 Mortgage Forgiveness Debt Relief Act of 2007 EXPIRE on 12/31/2012. Homeowners upside down in their mortgages must NOT wait as if one waits too long into the 2012 year, the short sale may not close in time to satisfy the deadline!
What are the Advantages of a Short Sale to the Investor or Home Buyer? When I’m asked by my Buying Clients and Investors how best to take advantage of the “Foreclosure Market”, the preconception is that the Bank Owned homes are the properties wherein the greatest discounts can be achieved. This is not the case. There is so much scrutiny and oversight from government agencies and the banks’ investors that the banks selling an REO Property are just as motivated as any other “Mr. and Mrs. Homeowner” to extract the highest price possible. In fact, when I’m calling bank REO Asset managers, I’m getting the standard response (from all the banks), “…sorry, we can’t consider any offers until the property’s been on the MLS for at least 5 days…” The banks KNOW that the best chance to get the highest price is to have maximum exposure through the multiple listing service. So that leaves the Home Buyer or Investor two choices … either go to the auction and try to buy (you will need cash, you won’t be able to inspect the property and you may not get clear title) OR use the strategy that I’ve developed to negotiate with the Homeowner. What we’re doing is creating WIN – WIN situations for all parties and if you would like to know more, DO NOT REPLY to this email, rather send me an email to george.fotion@homeispalosverdes.com. So whether you are a homeowner upside down in your mortgage, or you’re an investor or buyer or know someone in either category that could really benefit from this, send me an email and we will set an appointment to discuss further. By the way, the map above shows just the Single Family Residences. There are a few, just a handful, but a few Multi-Family units (apartments, duplexes, triplexes and quads) As always, thank you for reading your newsletter! |
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Rancho Palos Verdes CA Bank Owned Homes
Rancho Palos Verdes CA Bank Owned Homeas of 1/25/2012
4 Bedrooms This property is NOT listed for sale For more details and availability, respond to this ad Search for other Palos Verdes homes for sale and gets lots of information on Palos Verdes real estate without having to log in or provide your information. To search for foreclosures in Palos Verdes go to this link DRE #785373 |
How to search for Palos Verdes Foreclosures and Auctions
How do you find Palos Verdes foreclosures not listed for sale?
Go to this link to use the site described below And to update your searches for Palos Verdes foreclosures go here.
For more information on homes for sale in Palos Verdes, Palos Verdes real estate, palos verdes homes for sale, palos verdes foreclosures, palos verdes real estate market information as well as quality information on homes for sale in Rancho Palos Verdes, Palos Verdes Estates homes for sale, Manhattan Beach real estate, Hermosa Beach real estate, Redondo Beach real estate, Torrance real estate, Palos Verdes real estate trends, and real estate trends throughout the Beach Cities, Palos Verdes Estates and the South Bay, visit www.homeispalosverdes.com
DRE LIC # 785373
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Palos Verdes Foreclosures and Bank Owned Home News
Palos Verdes ForeclosuresWere you aware that time is running out for distressed homeowners who are upside down in their homes?The Federal Mortgage Forgiveness Debt Relief Act of 2007 provided enormous benefits for distressed owners of Palos Verdes homes and Palos Verdes real estate. These benefits EXPIRE on December 31, 2012. Trust me on this … if you’re in a position where you need to capture the benefits of a short sale, you do NOT want to wait to the last minute. It could cost you tens of thousands of dollars with added tax liability to the federal government and state government. Before this Act was passed, when a home goes to foreclosure or short sale, the loss to the bank (or debt forgiveness) is considered income to the homeowner. The bank will report that income to the Internal Revenue Service on a 1099 form, and a taxpayer in the 28 percent tax bracket could owe as much as $28,000 on a $100,000 loss to the bank. For a homeowner, it’s like salt in the wound – not only did they lose their home to foreclosure, but they now the IRS is calling? Lawmakers enacted the Debt Relief Act to shield distressed homeowners from such a financially devastating event. The Debt Relief Act covers: TIMEFRAME: Up to $2 million of debt ($1 million if married filing separately) forgiven between Jan. 1, 2007, and Dec. 31, 2012. PRINCIPAL RESIDENCE: The forgiven debt must be on a qualified principal residence, generally considered to be a home in which you have lived full time two out of the last five years. Check with your tax preparer to determine if your home falls into this category. Debt forgiven on a second home, income property, credit cards, car loans, etc. do not qualify for the tax forgiveness, according to the legislation. PURCHASE MONEY: The debt must have been used to “buy, build or substantially improve” your principal residence and be secured by that property. If you refinanced the home and took cash out to remodel the home, it may be covered. Cash out to pay other bills or make purchases would not qualify, however. Though some property owners may not qualify for the protections of the Debt Relief Act, there are alternatives. INSOLVENCY: If a consumer’s liabilities exceed their assets, they may fall under the IRS definition of “insolvency,” and some or all of their canceled debt may not be taxable. Your tax preparer can help you determine if you are insolvent and help you complete a Form 982 as part of your tax return. BANKRUPTCY: Debts discharged through bankruptcy are not taxable income. DEFICIENCY BALANCE: Tax liability on a discharged debt differs from a deficiency. In California, the owner of a home lost through foreclosure or sold in a short sale often is not liable for the balance owed. Loan modifications and short sales can take several months or longer. Homeowners facing difficulties should not wait until the last moment to take action. The rush to complete a short sale or loan mod at the end of 2012 will keep many from taking advantage of the federal protections. If you know someone that needs to understand the benefits of short selling their home OR you want to know about what advantages there are as an investor to buying a short sale, contact me today! |
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