The words “Highest and Best Use” don’t seem to create a lot of flurry or excitement. I see any sellers and even agents marketing property for what it is, without really exploring other potential uses. As a result, it costs them in the long run when it comes time to sell or lease.
Continue reading “Highest & Best Use. Well.. that’s not exactly a buzzword, is it?”
Real Estate is all about supply and demand. In my area, almost all short sales and foreclosures are listed through our multiple listing service. These homes are available on the market, just like all the other homes in the area. Good investors do not like to get caught in bidding wars. That defeats the purpose and the good deal usually goes right out the window.
If that property has not sold under the normal market conditions, what makes you think you are getting a good deal at the auction? Continue reading “Understanding Foreclosures: supply & demand (Part 1)”
There is a misconception out there. Many beginning investors and homebuyers automatically think foreclosures are a good deal. Unfortunately, I’m here to tell you they rarely live up to the “hype” and they are certainly not easy.
Sellers who go into foreclosure will stop making payments for a variety of reasons. Continue reading “Understanding Foreclosures: Buying Foreclosure (Part 2)”
If you are considering buying a property at a tax foreclosure auction, there are many RISKS you should be aware of. Remember, auctions are BUYER BEWARE sales. I can’t stress that enough. The County will make no representation about anything regarding that property, so it’s up to you to deal with the issues and do your homework.
There are different types of foreclosures. The type I’ll address here are tax foreclosure sales in Washington State, specifically Snohomish County. Continue reading “Understanding Foreclosures: How Long? (Part 3)”
So, what are some of the issues that you need to address before finding a suitable investment? Continue reading “Understanding Foreclosures: Do Your Research! (Part 4)”
If your mortgage debt is partly or entirely forgiven during tax years 2007 – 2013, you may be able to claim special tax relief and exclude the debt forgiveness income.
Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence. The limit is $1 million for a married person filing a separate return. Continue reading “Mortgage Debt Forgiveness”
| Here’s one of the more recent questions from the Washington Association of REALTORS® legal hotline. The deficiency judgment seems to be a hot topic again lately.. and another reason why you should seek an experienced agent for your short sale situation. QUESTION: |
| When can a lender take a deficiency judgment against a seller and, conversely, when is a lender prohibited from taking a deficiency judgment? Continue reading “Deficiency Judgments, Foreclosures & Short Sales” |
Here’s a great tidbit from the Washington Association of REALTORS® legal hotline regarding federal laws, tenants & foreclosures….
Question:
Are there state and/or federal laws affecting tenant occupancy of rental property after a foreclosure sale? Continue reading “Federal Laws, Tenant Occupancy & Foreclosures”
Filing Bankruptcy & Selling your Home?
Below is today’s opinion from Annie Fitzsimmons, the attorney who answers questions for the Washington Association of REALTORS® Legal Hotline. If you or someone you know is facing a hardship with their property, please talk to an expert to determine the best way to proceed forward. For additional questions or information, please contact Jen at (206) 293-1005 or send me an email to jen@hudsoncreg.com.
Question:
Property is listed and the owner just filed for bankruptcy. Can listing agents continue to list the property and try to find a buyer? Continue reading “Filing Bankruptcy & Selling your Home?”
Foreclosures, Mortgages & Boundary Line Adjustments.. oh my!
Here is a perfect example of why you should ensure all parties are on board for any legal or real estate transaction. If you have any questions about what you’re trying to accomplish, talk to an expert.
Question:
Property owner owned two adjoining lots. Each lot was separately mortgaged. Owner completed a boundary line adjustment through the county, effecting an equal land trade between the two lots, but never notified either mortgage holder of the BLA. Subsequently, one mortgage holder foreclosed and took title to one of the lots. What was the effect of that foreclosure on the BLA? Continue reading “Foreclosures, Mortgages & Boundary Line Adjustments.. oh my!”