How to Short Sale your Temecula Home in 2015

How to Short Sale your Temecula home in 2015.  

Temecula Short Sale Agent

Temecula Short Sale Specialist

With the Temecula home market recovering in most areas of town, less homeowners are needing to use the option of doing a short sale to sell their Temecula homes. So are short sale going to be easier or harder to get approved in 2015?
Most of the larger lenders have laid off or reassigned much of their  loss mitigation staff. The short sale departments now have less time and staff to review each short sale submitted to them. I feel it’s not going to be as easy to get a short sale approval in 2015 and if your agent submits a weak short sale proposal forget about getting that Temecula short sale approved.

How are you going to get your short sale approved in 2015.

The banks are not giving the large discounts any longer. They are demanding sales prices at or near full market value. Some lenders are even asking above market  value/prices (Fannie Mae) when issuing their short sale approvals!
Get your home looking it’s best. You are now having to compete with the standard sales around you here in the Temecula and Murrieta valley.
I know it’s a pain but complete ALL the documents your lender throws at you (this is very important).
And seek out the best short sale specialist in your market (critical).

Some good news! Incentives and Relocation funds for sellers doing a short sales in 2015 have increased!
The US Treasury dept has a short sale assistance program called HAFA that as of February 2015 now is giving home owners up to $10,000.00 at the close of a short sale. See my YouTube video on this new incentive!

How do you find the best Temecula short sale specialist to work with?

This is the easy part. Just ask Google,Bing or what ever internet browser you use.
Typical search terms you should type in would be……

Short Sale SpecialistShort Sale ExpertShort Sale Agents. To make your search even more accurate in finding the best short sale agents in your local area is to add your location/city in front of your search phrases. Here’s are some examples. If you live in my area which is Temecula Ca you would then type in the phrases below….
Temecula Short Sale Specialist or Temecula Short Sale Expert or Temecula Short Sale Agents.

Get a fresh start in 2015. It’s not to late to short sale your Temecula home. What this going to cost? There is never any out of pocket costs to you the homeowner to have the best Temecula Short Sale Agent on your side..

Harveston Lake Temecula Home for sale.

Harveston Lake Home For Sale in Temecula CA | 40051 Annapolis Dr

Welcome to your perfect home in Harveston Lake! This 3 bedroom and 3 bathroom dream home in Temecula CA boasts of more than 1,900 square feet of stunning living space that features gleaming wood floors on its entire lower level & wood staircase. Thoughtfully designed open floor plan. Beautifully landscaped front, backyard and cement patio, the curb appeal of this home alone will have you wanting to own it. As soon as you enter the home, a cozy dinning area greets you with its warm atmosphere. The kitchen area includes a bar/island with a granite top. This is a great area for preparing wonderful meals shared with loved ones. This kitchen includes,granite countertops, stainless steel appliances, beautiful dark wood cabinets, and its bright and vibrant. Just 2 blocks to the Lake.DSCN5991

This Temecula CA home has many upgrades from the wood flooring, custom wood staircase, wood shutters, to custom paint colors. Enjoy the convenience and comfort of its proximity to the lake, pool and parks! Be the proud owner of this lovely Harveston Lake home, call Sidney Kutchuk at 951-217-6745 today.

$374,663
Single Family Home
Main Features 3 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 1,936 sqft
Lot: 0.08 acre(s)
Location
40051 Annapolis Dr
Temecula, CA 92591
USA

Sidney M Kutchuk
Realty Works Temecula
(951) 676-4663
Expert@aShortSale.com
http://www.aShortSale.com

Listed by: Realty Works Temecula.

Temecula CONDO Bargain $198,663


Temecula Condo Bargain


Overview
Maps
Photos
Market Stats

$198,663
Condominium
Main Features
2 Bedrooms
2 Bathrooms
Interior: 1,101 sqft
Location
31378 Taylor Ln
Temecula, CA 92592
USA

Sidney M Kutchuk

Sidney M Kutchuk

Realty Works Temecula
(951) 676-4663
Expert@aShortSale.com
http://www.aShortSale.com

        

Listed by: Realty Works Temecula

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How will a Short Sale Affect my Credit & Taxes?

How will a Short Sale Affect my Credit & Taxes?

These are the two most often asked questions from my Temecula Short Sale clients.

For more answers to your short sale questions
call me direct at 951-217-6745

or go to www.Temecula-ShortSaleAgents.com

 

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Murrieta Short Sale Specialist – Home for Sale

Murrieta Short Sale Specialist – Home for Sale


Murrieta Short Sale Specialist


Overview
Maps
Photos
Market Stats

$304,663
Single Family Home
Main Features
5 Bedrooms
4 Bathrooms
1 Partial Bathroom
Interior: 3,235 sqft
Lot: 7,000 sqft
Location
28347 Carlisle St
Murrieta, CA 92563
USA

Sidney M Kutchuk

Sidney M Kutchuk

Realty Works Temecula
(951) 676-4663
Expert@aShortSale.com
http://www.aShortSale.com

        

Listed by: Realty Works Temecula

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IRS and California Franchise Tax Board declare California distressed home sellers not liable for federal or state income tax on short sales

For release: From The CALIFORNIA ASSOCIATION OF REALTORS® December 4, 2013

IRS and California Franchise Tax Board declare California distressed home sellers not liable for federal or state income tax on short sales

LOS ANGELES (Dec. 4) – The CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) announced today it received a letter from the California Franchise Tax Board (FTB), obtained by Board of Equalization (BOE) member George Runner, clarifying that California families who have lost their home in a short sale are not subject to state income tax liability on debt forgiveness “phantom income” they never received in a short sale.

Last month, in a letter to California Sen. Barbara Boxer, the Internal Revenue Service (IRS) recognized that the debt written off in a short sale does not constitute recourse debt under California law, and thus does not create so-called “cancellation of debt” income to the underwater home seller for federal income tax purposes.  Following the IRS’s clarification, C.A.R. sought a similar ruling by the California FTB.  Now with the FTB’s clarification, underwater home sellers also are assured that they are not subject to state income tax liability, rescuing tens of thousands of distressed home sellers from California tax liability for debt written off by lenders in short sales.

“We are pleased with the recent clarifications issued by the IRS and the California Franchise Tax Board, which protect distressed homeowners from debt relief income tax associated with a short sale in California,” said C.A.R. President Kevin Brown.  “We would like to thank Sen. Boxer and BOE member Runner for their leadership in obtaining this guidance from the IRS and FTB.  Distressed California homeowners can now avoid foreclosure or bankruptcy and can opt for a short sale instead, without incurring federal and state tax liability, even after the Mortgage Forgiveness Debt Relief Act of 2007 expires at the end of this year.”

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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IRS will not penalize Calif Homeowners doing short sales!

Internal Revenue Service Will Not Penalize California Families Losing Homes to Short Sale

Senator Boxer Wrote the IRS in August Asking How They Will Treat California Short Sales After the Expiration of the ‘Mortgage Forgiveness Debt Relief Act’


U.S. Senator Barbara Boxer (D-CA) released a letter earlier this week she received from the Internal Revenue Service (IRS) clarifying that California families who have lost their homes in a short sale will not be subjected to a tax penalty for debt forgiven after the federal law prohibiting such penalties expires at the end of this year.

“California homeowners have struggled through years of economic hardships during the Great Recession,” Senator Boxer said. “I am relieved that these families will not face a burdensome tax penalty just as they are trying to rebuild their lives with a short sale.”

California law protects homeowners from lenders attempting to collect additional assets in the case of a short sale. But until Senator Boxer’s inquiry, the IRS had not clarified that homeowners would not face taxes on the forgiven portion of their debt through a short sale. Senator Boxer first wrote the IRS on August 28th of this year with concerns about what the expiration of the Mortgage Forgiveness Debt Relief Act would mean for Californians.

“Because the federal Mortgage Forgiveness Debt Relief Act of 2007 exempted any forgiven mortgage debt from being counted as income, homeowners in California and elsewhere who engage in a short sale currently do not have to worry about being hit with a large tax bill on this forgiven debt,” Senator Boxer wrote.

Without a clarification from the federal government that California law protects families from receiving a tax bill in the event of a short sale, once the Mortgage Forgiveness Debt Relief Act expires at the end of this year, Senator Boxer warned that: …distressed borrowers may face the unfortunate incentive to go to foreclosure rather than seek a short sale in order to avoid a large tax bill.”

The IRS replied with excellent news for California homeowners, clarifying that these families will not face burdensome tax penalties as a result of making a short sale. The California Association of Realtors has projected that even under the recovering housing market there may be as many as 55,000 short sales in California in 2014, with an average debt forgiven of $60,000 per short sale – an amount that could have been taxable without this clarification.

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