Potential Short Sale vs. Approved Short Sale
Yes, we are in the age of short sales. What does that mean for the average buyer? Well for starters, when a seller does a short sale they are asking their mortgage company to take less tham they owe and thus take a hit on the sale. Banks and mortage companies are wiling to look at taking these short sales since they don’t want to have to foreclose on these properties and cost them a lot more money. So that brings us to ask what’s the difference between a short sale and an approved short sale. Well a short sale can be in it’s begining stage. The home may have just beem put on the market and the short sale process has just begun. The seller may be gathering information to tell their bank of their hardship and gathering financial documents. In this time the short sale may not have had an offer submitted so the seller doesn’t know if the bank will accept the offer. It is in this time that you will have to have patience and wait on the bank to give you their answer of whether or not they will accept your offer.The approved short sale is just that. The bank has reviewed all of the seller’s financial documents, assessed the seller’s hardship and approved the sale for a set amount. That sale amount typically includes a net payoff amount due to the bank, the real estate commission acceptable amd a time period for the transaction. The approved short sale saves time and stress because the time saving for the deal!
Just Sold! Mirror Lake Executive Home
Just Listed a beautiful 6 bedroom, 5 bath home with fully finished basement in Mirror Lake’s South Harbor! This home has what you are looking for. A on oversized kithchen with all the bells and whistles like, maple cabinets, granite tops, double oven, tile back splash, hardwoods and lots of bar space. The great room has a fireplace and coffered ceiling, doorway to the deck and unparrelled views of the golf course. An oversized dining room sits off of the kitchen. Up stairs features a master fit for a king with a sitting area with fireplace and wetbar, morning deck and trey ceiling. The master bath features tile floors, double vanities, separate whirlpool tub and shower and fantastic closet system. The upstars features 3 additional oversized bedrooms. The lower level features a entertainment room, wet bar, recreation room and full bath entirely finished. The garage area is impressive too with large 3 car garage. This home is in the Mirror Lake neighborhood in Villa Rica, Ga and sits beautifully on a golf course lot with massive views . Call Chip for a viewing.
Update, Just Sold! Mirror Lake Short Sale $281353, Sold August 23, 2011!
For Information Call Chip At 770-294-9976 Mirror Lake Short Sale $299,900
West Atlanta short sales prepare for tax forgiveness deadline – Douglasville Short Sales
Many facing short sales in the West Atlanta Real Estate market and the rest of the country will have to face the expiration of the Mortgage Forgiveness deadline on December 31, 2012. NEW YORK (CNNMoney) — The clock is ticking on a tax break that saves struggling homeowners from paying thousands of dollars to the IRS. If the Mortgage Forgiveness Debt Relief Act of 2007 does not get extended by Congress by the end of the year, homeowners will have to start paying income taxes on the portion of their mortgage that is forgiven in a foreclosure, short sale or principal reduction. So if you owe $150,000 on your home and it sells for $100,000 in a foreclosure auction, the IRS could tax you on the remaining $50,000. For someone in the 25% tax bracket, that would mean paying $12,500 in taxes on the foreclosure. Similar taxes would apply for forgiven amounts in short sales and principal reductions. “People trying to do short sales are freaked out about it,” said Elizabeth Weintraub, a real estate agent in Sacramento, Calif. “They’re telling me they’ll do whatever it takes to close by the end of the year. Full story Click Here Feel free to contact us here at West Atlanta Real Estate for a no cost consultation about your situation. We are experienced in Short Sale Process Dealing with first and second lien holders Short sale documentation Finalizing the short sale and closing the sale