October 31st 2008
Good Afternoon! Those Callaways report that the total Short Sale properties on the Arizona Multiple Listing Service (ARMLS) available for sale is 9892. Of these, there are 932 properties in the Northeast Phoenix and Scottsdale areas. The total properties pending and in escrow are 1741. Of these, there are 170 properties pending and in escrow in the Northeast Phoenix/Scottsdale areas.
The following Short Sale properties have just come on the Northeast Phoenix/Scottsdale market:
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October 30th 2008
Good Afternoon! Those Callaways report that the total Short Sale properties on the Arizona Multiple Listing Service (ARMLS) available for sale is 10022. Of these, there are 947 properties in the Northeast Phoenix and Scottsdale areas. The total properties pending and in escrow are 1901. Of these, there are 188 properties pending and in escrow in the Northeast Phoenix/Scottsdale areas.
The following Short Sale properties have just come on the Northeast Phoenix/Scottsdale market:
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October 29th 2008
Good Afternoon! Those Callaways report that the total Short Sale properties on the Arizona Multiple Listing Service (ARMLS) available for sale is 9987. Of these, there are 944 properties in the Northeast Phoenix and Scottsdale areas. The total properties pending and in escrow are 1881. Of these, there are 185 properties pending and in escrow in the Northeast Phoenix/Scottsdale areas.
The following Short Sale properties have just come on the Northeast Phoenix/Scottsdale market:
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October 28th 2008
Good Afternoon! Those Callaways report that the total Short Sale properties on the Arizona Multiple Listing Service (ARMLS) available for sale is 9993. Of these, there are 943 properties in the Northeast Phoenix and Scottsdale areas. The total properties pending and in escrow are 1877. Of these, there are 189 properties pending and in escrow in the Northeast Phoenix/Scottsdale areas.
To see our latest Short Sale properties, click here: http://www.thosecallaways.com/Visitor/short_sales.php
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October 27th 2008
Good Afternoon! Those Callaways report that the total Short Sale properties on the Arizona Multiple Listing Service (ARMLS) available for sale is 9944. Of these, there are 942 properties in the Northeast Phoenix and Scottsdale areas. The total properties pending and in escrow are 1887. Of these, there are 186 properties pending and in escrow in the Northeast Phoenix/Scottsdale areas.
To see our latest Short Sale properties, click here: http://www.thosecallaways.com/Visitor/short_sales.php
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October 26th 2008
You may have heard, “Don’t do a short sale because you will get a 1099 and have to pay taxes on the difference between what you owed on your home and what you sold it for or the amount the bank wrote off.” This is true, but this is not the whole story…
If you do a Short Sale you will receive a 1099 from your bank. This 1099 will be called a “1099-C.” The thing that most people don’t know or don’t tell you is that with a Foreclosure, you will also get a 1099. In the case of a Foreclosure the 1099 is called a “1099-A.”
So what’s the difference between a 1099-C and a 1099-A? The ‘C’ stands for “Cancellation of Debt” and the ‘A’ stands for “Acquisition or Abandonment of Secured Property.” The differences are much more than just a ‘C’ for a Short Sale and an ‘A’ with a Foreclosure. It is important to know that while there are many differences, the tax consequences for the ‘C’ and the ‘A’ are the same. You may not even be required to pay taxes on the ‘income’ as shown on the 1099-C, but don’t just assume that you won’t have to pay. Before making your final decision, first consult your CPA or Tax Preparer. While we are very good at successfully closing Short Sales, we are not tax experts. Please, consult a professional CPA or Tax Preparer before beginning the Short Sale process.
One more thing you should know is that in approximately 99% of the cases, the amount of the loss at Foreclosure is greater than that of a Short Sale. If you are going to receive a 1099 in either case, it is in your best interest to do a Short Sale instead of allowing your property to be sold for less at Foreclosure or as an REO (Real Estate Owned or Bank Owned Property.) Now that you know this, don’t allow rumors and incorrect information to influence an important decision in your life. Losing your home to Foreclosure is always the last resort and you should seriously look at all of your options before letting your home go to Foreclosure.
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October 24th 2008
Good Afternoon! Those Callaways report that the total Short Sale properties on the Arizona Multiple Listing Service (ARMLS) available for sale is 9854. Of these, there are 923 properties in the Northeast Phoenix and Scottsdale areas. The total properties pending and in escrow are 1839. Of these, there are 180 properties pending and in escrow in the Northeast Phoenix/Scottsdale areas.
The following Short Sale properties have just come on the Northeast Phoenix/Scottsdale market:
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October 23rd 2008
Good Afternoon! Those Callaways report that the total Short Sale properties on the Arizona Multiple Listing Service (ARMLS) available for sale is 9834. Of these, there are 917 properties in the Northeast Phoenix and Scottsdale areas. The total properties pending and in escrow are 1881. Of these, there are 187 properties pending and in escrow in the Northeast Phoenix/Scottsdale areas.
The following Short Sale properties have just come on the Northeast Phoenix/Scottsdale market:
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October 22nd 2008
Good Afternoon! Those Callaways report that the total Short Sale properties on the Arizona Multiple Listing Service (ARMLS) available for sale is 9798. Of these, there are 910 properties in the Northeast Phoenix and Scottsdale areas. The total properties pending and in escrow are 1867. Of these, there are 179 properties pending and in escrow in the Northeast Phoenix/Scottsdale areas.
The following Short Sale properties have just come on the Northeast Phoenix/Scottsdale market:
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October 22nd 2008
Most notes (the “I Owe You” document that you signed with the bank when you first qualified for your loan) give the bank the right to file the “foreclosure notice” or the “notice of default” as soon as you are 30 days behind on your mortgage. While the bank has the right to file the “foreclosure notice” or set the trustee sale date (the date your home will be foreclosed on) as little as 30 days after you miss your mortgage payment, they often will not do so until you are 90 days or more behind on your payments. The bank has the sole discretion on when they want to file the sale date and all banks make this decision differently and within different time parameters.
When the official “foreclosure notice” is filed (whether it is filed after you miss 1 mortgage payment or 3 mortgage payments), there is a 91 day period of time between the filing and the actual “foreclosure sale” or “trustee sale.”
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