Archive for the ‘Accountant’ Category

Understanding Short Sale Homes In California

Tuesday, March 13th, 2012

During the last 3 years, virtually 650,000 house owners in California have lost their homes to foreclosure. As it stands today, about 30 percent of house owners owe more than their property is worth. To avoid repossessions, most of them are choosing to sell their properties for less than the amount they owe, creating a trend in short sale homes in California.

Most sellers are quite new to the short sale process, which is more complicated than normal transactions. If you are among those entering uncharted waters, here are some guidelines to remember when handling your short sale transaction.

Take initiative

With short sale homes, it pays off to be proactive. Get in touch with your bank as quickly as you can. Keep a record of all of your communications. Stay on your toes. Ask for updates when necessary.

Conduct research

Find out the short sale guidelines of your lender previously so you know what documents to prepare.

Submit a total package

When submitting applications for approve your short sale, ensure the package is complete and presented in an organized manner. A basic short sale package sometimes includes financial statements, paycheck stubs, tax returns, sales comparables, listing and sales agreements, a hardship letter, an estimated HUD-1 Settlement Statement, and CAR’s standard form Authorization to Release.

Get a good offer

A fair and pragmatic price is the key to getting banks to sign off on short sale homes in California . Coordinate with prospective home buyers to make sure they write a clean offer.

Work with a realtor

Ask friends, relatives or colleagues if they know of a realtor experienced with short sale homes in California. Screen completely for candidates. Interview more than one agent for the position. Do not forget to request for references.

Seek legal and tax information

Short sale homes in California can have serious results on a seller’s tax, credit and personal liability. Talk to an attorney and accountant to make certain you are on the right track.

Being well prepared and proactive and having the right support system are important to successful transactions involving short sale homes in California. While the investor controls the end result, remember you can always stack the chances in your favour.

Kendra Chui is a in California helping homeowners .

Tax Responsibility With Short Sales

Saturday, March 19th, 2011

Hello. Thanks for stopping to view our video. I am Mark Alan Adams, owner of the Mark Alan Adams team. We are Orlando’s premier short sale team. Today we wanted to offer you some data regarding taxes and short sales. Before we go to far, let me tell you that we are not CPA’s or certified to offer tax guidance in any way. Thus, please remember that as we chat with you today.

One of the main questions we receive from Orlando potential clients is about tax responsibility with a Orlando short sale. Orlando area homeowners want to know if they are going to get taxed on the difference between what the house sells for and what they owe the lender. The straightforward answer is yes. You will be given a 1099 tax form from your bank. A lot of potential short sale clients believe that they should simply let the property go to foreclosure so that they don’t get taxed for it. This is incorrect information. You will receive a 1099 either way. There are 2 diverse kinds of 1099 forms.

There is a 1099a, which is meant for abandonment and a 1099c which is used for cancellation of debit. Either way you will be given a 1099. When you get a 1099, the first thing you need to do is take it to your accountant or tax pro. They will be familiar with what to do with it.

As far as paying the taxes, there are two alternatives to get around tax liability. The first tactic is with the Debt Relief Forgiveness Act of 2007. This undertaking relieves the majority of potential short sale clients from any tax liability. Remember that you do have to qualify for it. The second means is through insolvency. You can qualify for insolvency by going to the IRS website search for form 982. Download that form and fill it out. If you meet the criteria you will be relieved of any tax liability.

If you are now screening this video on our website,, you can download our free of charge short sale package. Even if you choose not to hire us to help with your Orlando short sale it has tons of excellent details regarding short sales and it’s free! Hopefully, we’ll be in touch shortly.

Get more help from short sale expert, Mark Alan Adams, at

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