I often get a request from people buying a Los Angeles home as to what the disclosure “Short Pay” means. This is a brief overview of the process. Short Pay is actually the same as Short Sale. A short sale means that the homeowner is upside down on their mortgage,What does this mean for a […]
Buying a Los Angeles Home, What is a Short Pay? Read More »
Almost every buyer I meet asks about buying foreclosures in Los Angeles, because, like everyone, they are looking for a deal. And I always hear “I am looking for a deal.” Fortunately, or unfortunately, there are no deals in the desirable neighborhoods of Los Angeles. I use the term “no deals” loosely, because who knows, maybe
Buying Foreclosures in Los Angeles Read More »
We are back to the point about buying a Los Angeles home for a bargain. You generally get what you pay for. If you are thinking of buying a home at a foreclosure auction then beware of unknown matters that could pop up, as you will probably not be offered title insurance on the property. In
When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters Read More »
What is a short sale? If you are having a hard time paying your mortgage and owe more than the property is worth, then you may consider short selling your Los Angeles home. What this means is that you would list the house at market price and work with prospective buyers until your come to
Short Selling your Los Angeles Home – Will I Have to Pay Taxes on Debt Forgiveness? Read More »
We often talk about different short sale incentive programs—HAFA, TAP, Bank of America Cooperative. Some of these programs also offer options and incentives for borrowers who are considering a deed-in-lieu of foreclosure. I do not write about deed-in-lieu very much, but thought it an appropriate topic since I have gotten a few calls and emails
A Los Angeles Foreclosure Alternative – Deed in Lieu Read More »
If you are thinking of buying a Los Angeles foreclosure or short sale you are going to have to have a lot of patience and put a great deal of trust in your real estate agent. Buying a Los Angeles Foreclosure When you are buying a foreclosure the human touch is basically removed from the
Buying a Los Angeles Foreclosure or Short Sale, Hold on, it Could be a Bumpy Ride Read More »
I had an agent ask me today about the tax implications of a short sale. He said that his seller was concerned about both the tax implications and future liability for the debt forgiven and was in the process of investigating both issues. Caveat: I’m not an attorney or an accountant. I don’t even play
Los Angeles Short Sales and Tax Implications Read More »
Today, at the monthly NAHREP (National Association of Hispanic Real Estate Professionals) meeting in San Marcos, California, I had the pleasure of speaking about short sales. After the meeting, Ken Davis approached me and asked me about mortgage insurance. Short sale aficionados (or should I call them short sale suckers?) already know that mortgage insurance
What do Mortgage Insurance and Magic Have in Common? Read More »
Eric Wolff wrote an interesting article in the North County Times on Sunday, April 10. In the article, he states that according to local Realtors®, the short sale logjam could finally be clearing a bit. I’m quoted in the article (as are my Realtor® friends Diane Conaway of Re/Max, and Sidney Kutchuk of Realty Works).
Is the Los Angeles Short Sale Logjam Really Clearing Out? Read More »
If you are thinking of walking away from your Los Angeles home, or doing a short sale on that home don’t automatically assume that you will not have taxes to pay on the forgiven portion of your debt. There are laws in place that protect the distressed Los Angeles homeowner from having to pay taxes
