Comments on: My Quote in Washington Post Elaborated: Pitfalls of Mortgage Cancellation Tax Relief Act, H.R.3648 http://blog.franklyrealty.com/2007/12/my-quote-in-washington-post-elaborated.html Fri, 27 Jan 2012 18:42:01 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: FranklyRealty.com Trust Me I’m A REALTOR » Freeze Interest Rates? Bankruptcy to Profit? http://blog.franklyrealty.com/2007/12/my-quote-in-washington-post-elaborated.html/comment-page-1#comment-3376 FranklyRealty.com Trust Me I’m A REALTOR » Freeze Interest Rates? Bankruptcy to Profit? Sun, 31 May 2009 04:34:00 +0000 http://franktempblog.wordpress.com/2007/12/07/my-quote-in-washington-post-elaborated-pitfalls-of-mortgage-cancellation-tax-relief-act-h-r-3648/#comment-3376 [...] to remove the Phantom Tax associated with short sales, (see my quote in the Washington post on Short Sale) there is also legislation out there to freeze Adjustable Rate Mortgages for [...] [...] to remove the Phantom Tax associated with short sales, (see my quote in the Washington post on Short Sale) there is also legislation out there to freeze Adjustable Rate Mortgages for [...]

]]> By: Anonymous http://blog.franklyrealty.com/2007/12/my-quote-in-washington-post-elaborated.html/comment-page-1#comment-2627 Anonymous Wed, 06 Aug 2008 21:37:00 +0000 http://franktempblog.wordpress.com/2007/12/07/my-quote-in-washington-post-elaborated-pitfalls-of-mortgage-cancellation-tax-relief-act-h-r-3648/#comment-2627 Yes you hit the nail on the head. Two homes have already gone short in my neighborhood in Michigan. Both owners can afford the house still but bought zero down with arm. Rather refinance they have moved and re-bought new homes on fixed loans and now are selling short since the HR 3648 protects them from 1099's/tax liability. It's fast becoming the new fad and will kill those of us with conventional loans and substantial downpays. Yes you hit the nail on the head. Two homes have already gone short in my neighborhood in Michigan. Both owners can afford the house still but bought zero down with arm. Rather refinance they have moved and re-bought new homes on fixed loans and now are selling short since the HR 3648 protects them from 1099’s/tax liability. It’s fast becoming the new fad and will kill those of us with conventional loans and substantial downpays.

]]> By: Matt K. http://blog.franklyrealty.com/2007/12/my-quote-in-washington-post-elaborated.html/comment-page-1#comment-2645 Matt K. Mon, 17 Mar 2008 13:49:00 +0000 http://franktempblog.wordpress.com/2007/12/07/my-quote-in-washington-post-elaborated-pitfalls-of-mortgage-cancellation-tax-relief-act-h-r-3648/#comment-2645 Thanks Frank,<br/><br/>I wish I had come across your blog a week ago. I am currently waiting on a response to my offer on a short sale in Maryland. I was notified that the house is going to foreclosure on April 1st. Now I see why! I paid for an inspection, which I have to chalk up to live and let learn. I have spent a lot of time reading your blogs. Thanks for the invaluable information. Thanks Frank,

I wish I had come across your blog a week ago. I am currently waiting on a response to my offer on a short sale in Maryland. I was notified that the house is going to foreclosure on April 1st. Now I see why! I paid for an inspection, which I have to chalk up to live and let learn. I have spent a lot of time reading your blogs. Thanks for the invaluable information.

]]> By: FRANK LL0SA Va Broker- BLOG.FranklyRealty.com http://blog.franklyrealty.com/2007/12/my-quote-in-washington-post-elaborated.html/comment-page-1#comment-2644 FRANK LL0SA Va Broker- BLOG.FranklyRealty.com Mon, 04 Feb 2008 23:53:00 +0000 http://franktempblog.wordpress.com/2007/12/07/my-quote-in-washington-post-elaborated-pitfalls-of-mortgage-cancellation-tax-relief-act-h-r-3648/#comment-2644 MPLS,<br/>I don't think I said they were rare. <br/>They just only close 1 out of 20 times. <br/>I call them "fake listings." MPLS,
I don’t think I said they were rare.
They just only close 1 out of 20 times.
I call them “fake listings.”

]]> By: mpls realtor http://blog.franklyrealty.com/2007/12/my-quote-in-washington-post-elaborated.html/comment-page-1#comment-2643 mpls realtor Mon, 04 Feb 2008 22:56:00 +0000 http://franktempblog.wordpress.com/2007/12/07/my-quote-in-washington-post-elaborated-pitfalls-of-mortgage-cancellation-tax-relief-act-h-r-3648/#comment-2643 short sales are not rare....fyi they are about 50% of what is currently listed on the MLS systems all around the counrty. they were rare in 2003 when the market was booming. now they are a part of everyday life!! short sales are not rare….fyi they are about 50% of what is currently listed on the MLS systems all around the counrty. they were rare in 2003 when the market was booming. now they are a part of everyday life!!

]]> By: FRANK LL0SA Va Broker- BLOG.FranklyRealty.com http://blog.franklyrealty.com/2007/12/my-quote-in-washington-post-elaborated.html/comment-page-1#comment-2642 FRANK LL0SA Va Broker- BLOG.FranklyRealty.com Thu, 13 Dec 2007 23:52:00 +0000 http://franktempblog.wordpress.com/2007/12/07/my-quote-in-washington-post-elaborated-pitfalls-of-mortgage-cancellation-tax-relief-act-h-r-3648/#comment-2642 Hey Short Stories, <br/>Why wouldn't I post your comment. I posted a comment the other day from some guy saying I was an idiot.<br/><br/>Frank Hey Short Stories,
Why wouldn’t I post your comment. I posted a comment the other day from some guy saying I was an idiot.

Frank

]]> By: Short Stories http://blog.franklyrealty.com/2007/12/my-quote-in-washington-post-elaborated.html/comment-page-1#comment-2641 Short Stories Thu, 13 Dec 2007 23:14:00 +0000 http://franktempblog.wordpress.com/2007/12/07/my-quote-in-washington-post-elaborated-pitfalls-of-mortgage-cancellation-tax-relief-act-h-r-3648/#comment-2641 I am amazed that everyone feels this way. Aren't you in real estate sales?<br/><br/>i am sure you will not post this comment either. I am amazed that everyone feels this way. Aren’t you in real estate sales?

i am sure you will not post this comment either.

]]> By: Anonymous http://blog.franklyrealty.com/2007/12/my-quote-in-washington-post-elaborated.html/comment-page-1#comment-2640 Anonymous Mon, 10 Dec 2007 19:27:00 +0000 http://franktempblog.wordpress.com/2007/12/07/my-quote-in-washington-post-elaborated-pitfalls-of-mortgage-cancellation-tax-relief-act-h-r-3648/#comment-2640 Frank you may be right in regards to the parade of horribles, but guess what? That will accelerate the road to affordability for everyone who is currently priced out of the market around here. No need to worry about the taxman, as they will just jack up the rates to insure the hyperinflated property tax revenue of 05-06 stays at that level!!! Frank you may be right in regards to the parade of horribles, but guess what? That will accelerate the road to affordability for everyone who is currently priced out of the market around here. No need to worry about the taxman, as they will just jack up the rates to insure the hyperinflated property tax revenue of 05-06 stays at that level!!!

]]> By: homeschool4joy http://blog.franklyrealty.com/2007/12/my-quote-in-washington-post-elaborated.html/comment-page-1#comment-2639 homeschool4joy Mon, 10 Dec 2007 19:17:00 +0000 http://franktempblog.wordpress.com/2007/12/07/my-quote-in-washington-post-elaborated-pitfalls-of-mortgage-cancellation-tax-relief-act-h-r-3648/#comment-2639 Frank, thank you for taking the time to explain things so well. We have actually seen some houses sell for $100K less than the last asking price, and they were not foreclosures, which is why we were starting to think we would possibly buy when our lease term was up. As a military family looking to settle after this tour, we would love to stop moving all the time. However, more huge homes come up for rent every day at lower rents than we are paying now, so that definitely remains an option. Sometimes I wonder if anyone else notices how crazy things are down in our neck of the woods...time will tell. In any case, I will utilize your search engine and have taken to heart your words of wisdom. Thanks! Frank, thank you for taking the time to explain things so well. We have actually seen some houses sell for $100K less than the last asking price, and they were not foreclosures, which is why we were starting to think we would possibly buy when our lease term was up. As a military family looking to settle after this tour, we would love to stop moving all the time. However, more huge homes come up for rent every day at lower rents than we are paying now, so that definitely remains an option. Sometimes I wonder if anyone else notices how crazy things are down in our neck of the woods…time will tell. In any case, I will utilize your search engine and have taken to heart your words of wisdom. Thanks!

]]> By: FRANK LL0SA Va Broker- BLOG.FranklyRealty.com http://blog.franklyrealty.com/2007/12/my-quote-in-washington-post-elaborated.html/comment-page-1#comment-2638 FRANK LL0SA Va Broker- BLOG.FranklyRealty.com Mon, 10 Dec 2007 18:14:00 +0000 http://franktempblog.wordpress.com/2007/12/07/my-quote-in-washington-post-elaborated-pitfalls-of-mortgage-cancellation-tax-relief-act-h-r-3648/#comment-2638 Hey homeschool.<br/><br/>Manassas is unique. It is MUCH worse off versus Arlington. It is similar to Reston (see my blogs on Reston)<br/><br/>First of all, ignore tax assessments. Consumers latch onto them as some real value of a home. They are to be ignored.<br/><br/>As for Short Sale homes trying to sell for $100k under the previous purchased price, I'm not saying they won't take the offer, I'm saying be prepared for a 3-6 month battle of waiting and contracts that never get accepted. You might be the 1 in 20 that gets on to closing, but will you get a "better" deal than a bank owned home or a seller that bought in 1993 for $120,000 that needs to sell? Not necessarily. Look at everything and take the Round Robin approach (see Round Robin blog post)<br/><br/>As for trying to get another $100,000 off list, have your agent (or us if you don't have one) do some research. Has one property in the entire zip code sold for $100k under list? My bet is no, and lowballing sounds sexy, but they don't work in my opinion.<br/><br/>Even if you have an agent, email me directly if you want to beta my new site that will let you search the MLS specifically for keywords such as Short Sale, REO, bank owned etc.<br/><br/>But again, many buyers start looking for these homes, but then end up buying regularly listed homes.<br/><br/>You might be better off with a Bank Owned REO (see the SOL blog), but those are "as-is" and risks with no home inspections.<br/><br/>Renting is FAR cheaper than buying, even after the tax consequences. If you are trying to make buying cheaper, I don't see it happening with the current homes, even at $100,000 off the former purchase price.<br/><br/>Frank Hey homeschool.

Manassas is unique. It is MUCH worse off versus Arlington. It is similar to Reston (see my blogs on Reston)

First of all, ignore tax assessments. Consumers latch onto them as some real value of a home. They are to be ignored.

As for Short Sale homes trying to sell for $100k under the previous purchased price, I’m not saying they won’t take the offer, I’m saying be prepared for a 3-6 month battle of waiting and contracts that never get accepted. You might be the 1 in 20 that gets on to closing, but will you get a “better” deal than a bank owned home or a seller that bought in 1993 for $120,000 that needs to sell? Not necessarily. Look at everything and take the Round Robin approach (see Round Robin blog post)

As for trying to get another $100,000 off list, have your agent (or us if you don’t have one) do some research. Has one property in the entire zip code sold for $100k under list? My bet is no, and lowballing sounds sexy, but they don’t work in my opinion.

Even if you have an agent, email me directly if you want to beta my new site that will let you search the MLS specifically for keywords such as Short Sale, REO, bank owned etc.

But again, many buyers start looking for these homes, but then end up buying regularly listed homes.

You might be better off with a Bank Owned REO (see the SOL blog), but those are “as-is” and risks with no home inspections.

Renting is FAR cheaper than buying, even after the tax consequences. If you are trying to make buying cheaper, I don’t see it happening with the current homes, even at $100,000 off the former purchase price.

Frank

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