Over the past 10 years when the go-go markets of real estate were flying high and lots of people were jumping into the real property investment pool, not too many people worried about the consequences of losses. It was an easy game where everyone was making what they thought was easy money - who cared if the property didn’t cash-flow for a few years, you’d just hold onto it for 2-3 years and then flip it for a much higher appreciated value. Or, if you’d owned the property longer than since 2000 you could pull out equity and utilize it for more investment purchases, buying expensive personal toys like boats, flat-screen TV’s, and more. Well, in mid-2007 those days came to an end.
What we’ve been seeing since then are a lot of investment properties (1-4 units, small multi-family, small and large commercial) coming on market that are in distressed condition, meaning, the owners are in default or they’ve lost so much money over time paying out to subsidize the monthly losses of negative cash-flow that the individual(s) is in their own financial distress having burned through their other assets to maintain this one. In many cases the properties are coming back on market at prices below what the seller purchased them for so usually there is a short sale involved. In these cases, if there is forgiven debt then there are typically tax consequences involved. Some folks who are familiar with what are called tax deferred exchanges may wonder if perhaps using one of these programs might help avert the tax consequence of an investment short sale.
Read this link from OREXCO 1031 Exchange to get the info on whether or not foreclosures, deed-in-lieu, and/or short sales qualify.

Here is a link to my “August Real Estate Update“:
This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.
This month’s issue includes topics such as:
“Five Keys To Successful Negotiations”;
“How to Recognize a Sellers Market”;
“Most Neighbors Still Connect The Old Fashioned Way”;
“Making Your Home Appealing On A Budget”;
“Final Walk-Through Tips”;
Plus a roundup of July real estate activity as well as much more advice and information.
I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in future months, let me know that too!
Found on Yahoo Real Estate pages online is this great article by Amy Fontinelle of www.Investopedia.com. For anyone who is considering purchasing a home for the first time, it’s worth the time to read.
I’d have to say that in addition to what she wrote here, it’s important for first time buyers to set realistic expectations for themselves. Today’s younger generations have grown up in much bigger homes than was common in generations past. The concept of a “starter home” is a little foreign to many.
The other big benefit of working with an agent is that it’s a great way to use their experience to get an overall view of the process and walking through it so you know what to expect in addition to a professional viewpoint of what’s going on in the market for housing and with pricing trends. Plus, there is the added advantage of them being a personal resource for referrals to lenders, inspectors, escrow and more as you go through the purchase process.
The folks at Inman released the news that the House has approved an extension of the closing timeline for 1st time buyers and move-up buyers to get the tax credits offered for purchasing during the specified time limit. However, we’re still waiting for final news that the Senate has also approved it. Keep your eyes and ears peeled for it, but in the meantime all of the escrow offices I know are working full-tilt to get as many contracts closed today as they humanely can do.
Some of the frustrations that home buyers have experienced are that a large amount of the sales going on today involve either bank owned or short sale transactions - both of which aren’t always following the deadlines put to them in real estate contracts. With short sales taking, on average, around 6 months or more to close these types of transactions have really strangled the buyers who are trying to purchase them, if they were going for the tax credit.
At Team Reba we’ve seen the reality of the concerns that buyers have had with at least one listing having had a contract cancelled due to concerns that the buyer wouldn’t be able to close in time for the tax credit. Now it’s too bad that they did so since the extension is likely here. We also had another contract where we had to push hard on behalf of our buyer because the family was purchasing a bank owned home where the Trustee and the bank were slow to respond on every deadline and request for documentation, taking upwards of 3.5 months to close the deal. We just closed that transaction last week, much to the relief of our clients.
For the rest of you out there waiting to get your closing done today, you might cross your fingers, toes and legs and knock on wood - let’s hope the Senate gets moving on this bill.
The REALTOR.org site has links to stories that cover these items. For different types of Fannie Mae backed loans there are new underwriting guidelines to help mitigate risk on these loans which means that for the public they’ll be harder to get. Not impossible, but more documentation and stricter guidelines for qualify.
Specifically, Adjustable Rate Mortgage (ARM) loans are addressed with regard to qualifying standards (ie, customers must qualify at the adjusted rate, not the teaser/start rate) and interest only loans (yes, they still exist)now require a minimum 720 FICO credit mid-score.
Happy reading!
Comments Off
Several of the members of Team Reba are Certified Distressed Property Expert (CDPE) designation holders and with our membership in this group of specially trained real estate agents we get regular updates on changes within the TARP, HAMP and HAFA programs. Most recently a new program for unemployed persons has become available. Check out this link to read the terms of eligibility and pass it on if you know of anyone who may benefit from the information.
For those that don’t qualify, there may still be other options against foreclosure including a short sale or deed-in-lieu action. If you live in the greater Seattle/Bellevue/Puget Sound area (King, Pierce & Snohomish Counties), feel free to contact us if you need assistance in reviewing your options.tramadol id theoretically Martin health for to
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WR Urges Call to Action on Proposed Tax Increase
Please send a message immediately to State House members to stop taxes on real estate. The Senate’s budget increases the B&O .25% on real estate professionals, as well as shifts the real estate excise tax onto the buyer of a foreclosed home. The Senate’s budget passed the Senate and is now being considered in the House.
The message above was sent out to real estate agents who are members of the local multiple listing service along with a link to the site where we could send a message to our representatives. For the general public, I realize that you may not care if real estate professionals are hit with a higher Business & Occupation (B&O) tax, but know that we have the highest rate of such a tax in this state.
The more important issue to the home buying public is the shift of moving the excise tax payment burden from the seller to a buyer of a foreclosed home. All this does is help lessen the costs of banks when selling their foreclosed inventory and it puts a higher cost burden on the buyers, who in many cases for first time buyers are just barely qualifying for the amounts that they’re purchasing in. If excise tax, which runs 1.78% here, is now put on them as a closing cost fee, then that buyer ends up paying the tax twice because they’ll have to pay it again later when they sell the home at whatever that new value will be at that time. Also, it will lessen the amount of home purchasing power that they’ll have, at least when it comes to buying bank owned homes because that will likely be part of the qualifying factors for the lender when they do their underwriting review. If a buyer is qualified at $200k for a traditional purchase but now 1.78% ($3,560 in this case) must be considered, then a buyer may not be able to buy a $199k home because the excise tax payment requirement puts them just out of reach if they originally only needed $7,000 for down payment via FHA (3.5%), PMI payment of roughly the same amount (possibly wrapped into financing) still increasing cost of loan and impacting qualifying factors, and reducing what they might have in their “reserve” accounts which are also factored in for qualifying because most banks want 3-6 months worth of funds available at closing.
If you are in support of not having the excise tax payment shift made to buyers, please contact your State representative immediately!
This is an interesting video about former IndyMac loans that were purchased by One West Bank and how the short sale process enriches that company. I had a short sale that I negotiated for a client last summer that included a 1st lienholder as IndyMac (now One West Bank) and our understanding of how these transactions worked helped us close a great deal for our buyer - without the… seller taking on a promissory note. What frustrates me is to see the lenders who buy discounted notes and won’t negotiate in good faith on the “short”.
Watch Video
Keep in mind, that if the short sale was an investment property, there is not only the possibility of a promissory note to the seller, but there are tax implications for any forgiven debt. Currently, with the Mortgage Debt Relief Act of 2007, primary residences have had some reprieve from taxation on forgiven debt, but a lot of underwater loans belonged to people convinced of buying single family homes as investment properties who weren’t that financially stable to begin with but who had hoped to grow their assets but who are now losing nearly everything.
If you know someone who is in a position of needing to do a short sale in the King, South Snohomish or North Pierce County areas, please feel free to have them call us to learn some of the options available to them.xenical $50 cheap by
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Many of you have read various posts from me over the past few months regarding FHA and the nightmares that it has been causing when trying to sell condos or townhomes with HOA’s. Well, my longest lasting closing is just about to finish this Friday. Tonight, I was able to give the happy news to my client that we got the final sign off on FHA approval to insure the loan on this property sale.
When the newer FHA rules came in to play we got caught up in the middle of it all in November when we learned that the reserve study the HOA had in hand hadn’t been approved by the board yet and FHA now would not accept spot approvals for anything with a reserve study outside of 12 months. Because of this, we thought it was a dead deal and the contract was rescinded in early December. Then it was like Phoenix Rising as in late December we heard that a lender was willing to consider the loan by using the budget review of the HOA as the determining factor. Ok, we said! So, back into contract we went.
Then December moved slowly on by and our goal of a January 6th closing extended further into January, with our extension for closing pushed to mid-January. Mid-January came and went and the next thing we knew it was pushed to late January.
Now, during part of this time I began to learn that the buyer was also dragging his feet. It became a catch-22 as the buyer wouldn’t follow up with loan conditions as he waited for FHA to move first with their approval. This caused unnecessary delays as having the closing loan conditions cleared would have helped with moving the loan into the hands of FHA earlier.
One of the many beneficial things we did on the seller side of things (I am the listing agent in this scenario) was for me to contact other listing agents in the same complex to build support for homeowners to apply pressure to their board to accept the reserve study - even if it was with conditions for review of certain elements. This along with another agent working with yet another lender to submit a full FHA approval packet for the development (only 1 out of 5 divisions had originally held FHA approval) which was approved within a day of our spot approval. Our client had at least passed an FHA appraisal in November and I believe that helped us as well since it would have been recorded against the property in the FHA database, plus at least 3 other homes had sold via FHA loans in the 6 months prior to all these changes.
So, our last extension put us to a Friday closing of this week. My fellow agents and our friend/clients out there, please cross your fingers for us and knock on wood that this is it!!!!