Licensed CA. DRE
Personal Broker # : 01102481
Corporation Broker # :01378065
Orange County, California
Service Area: California
Steve Spiro, Principal Broker
E-mail: Steve@Asset-Liquidators.net
Call (949)-212-3492
Certified Short Sale Specialist
32 years experience
As Seen in the
Orange County Register, LA times, San Diego Tribune, Sun Times, and Press Enterprise
Home Owner Bail Out
What is a Short Sale?
Short Sales are the solution for solving today’s real estate problems. The banks were bailed out now it is your turn.
When we purchased our homes we had the idea that we could sell or refinance them as needed. Since home prices have fallen, refinancing or selling may be impossible. Lenders are denying requests for modifications and not reducing balances. If you find yourself in this predicament, a “Short Sale: is the solution, and can be obtained through Steve Spiro, a Certified Short Sales Specialist and Principal Broker of Asset Liquidators.
In a “Short Sale” arranged by Asset Liquidators there is no cost to you. It will allow you to sell your home for less than you owe on it. The bank will waive the portion of your loan that does not get paid off at close of escrow. At Asset Liquidators, this procedure typically takes 9 to 12 months to complete. Steve will design a custom solution for your situation. This may include a sale and lease back so you can stay in your home and don’t have to move or cash back for relocation expenses. He can also arrange for you to qualify for and purchase or lease a new home before or after the Short Sale. The benefits for the home owner also include avoiding foreclosure and deficiency judgments. It may have little impact to your credit compared to a foreclosure or bankruptcy. It will postpone the foreclosure sale date allowing the homeowners more time to stay in their property without making payments.
With a properly handled Short Sale, your loans, secured taxes, HOA dues and all cost of sale will be paid by the lender. There are no fees to you, the bank pays for everything. Consider a Short Sale as the free solution to dispose of your upside down real estate. A Short Sale must be handled by an expert. Don’t trust your Short Sale to just anyone.
For a custom solution, call Steve Spiro a California Realtor- Broker with 32 years of real estate transactional experience and a Certified Short Sale Specialist. He can be reached at 949-212-3492. email: Steve@Asset-Liquidators.net
Steve Spiro, Principal Broker/Realtor
Certified Short Sale Specialist
E-Mail or Call Steve today at Steve@Asset-Liquidators.net
or 949 212-3492
or 949 212-3492
E-Mail or Call Steve today at Steve@Asset-Liquidators.net
or 949 212-3492
Taxes / Resources
Typically our clients do not have tax liability
as a result of a Short Sale.
Whenever you sell a property it is a tax reportable event. Foreclosures and Short Sales are are considered a home sale and therefor they must be reported as such on your State and Federal tax return. There is a lot of factors to be considered when trying to determine if your short sale or foreclosure will result in any taxable income to you. Tax laws are always changing. Below are the two areas of tax law that our clients have mentioned to their CPAs that typically results in no taxable income as a result of real estate debit relief.
There may be tax exemptions available that you qualify for.
1. 2007 Mortgage Debt relief Act (good through 2012)
2. The insolvency test. (even applies to rental property)
The following link is to an IRS web page titled,
"Home foreclosure and Debit Cancellation" contains some helpful information,
http://www.irs.gov/newsroom/article/0,,id=174034,00.html
Under the mortgage debt relief act the general concept is that an amount equal to what you borrowed to purchase and improve your personal principal home is exempt from tax on debt relief. California has adopted a law similar to the Federal Government. At the time of this writing these laws are good through 2012. See the above link to the IRS page on original "principal residence indebtedness".
In case you did one or more cash out refinances that add up to more then you borrowed to purchase or improve the home even if the property was a rental property. you may qualify for the insolvency rule. Basically if your debts are higher than your assets at the time of sale, you will be exempt from taxation on your mortgage debt relief.
