A California short sale, or short sale in any other US state for that matter, has become a popular way to sell a property in recent times. This is primarily because of the dreadful foreclosure crisis the country has been experiencing. It is a form of loss mitigation, and prevents a foreclosure from occurring, but still has quite a dramatic effect on the home owner’s credit rating.
Short sale – defining primary residence?
I was wondering, what is considered primary residence. How long do you have to live in the property before you can make use of the new exemption tax law. Short sale specialists tell me just move in and chance your address, there is no time limit minimum. Others tell me two years. I have only owned the property for one year though. I bought the property and it dropped 50% in value! Do I have to pay that even if I file a form 982 for insolvency. I am not claiming bankruptcy though.
Statistically, foreclosures and short sales have engulfed the housing market as homeowners earnestly look for ways to assuage their own financial hardships. As jobs are lost and hours are curbed, many people at a loss and wonder if the right plan of action is to sell or surrender their home. The first thing to study is the distinctions between a foreclosure and a short sale, considering advantages and disadvantages for each.
The Operations of a Foreclosure
Real Estate can become a very money making deal if the investment is done prudently and cautiously. To make the most out of the real estate various methods and ideas have been practiced over the years. But nowadays there is an increasing trend towards using innovative ideas in the field to make better profit with minimal investments and legal issues. The use of non-traditional and creative ideas for real estate buying and selling is termed as real estate investment. We will further look into some of these creative ideas that can help you with your properties.
I. Options
“The greatest discovery is that if you change your attitudes your change your outer aspects of life.”
There is a really good quote from a guy by the name of Ron Legrand (you may have seen his stuff in Nightingale Conant) that sounds silly, but is very true and applicable to our businesses. Ron says, “The less I do the more I make” and he really means many things here.
First he is talking about delegating as much of the non value things as possible to someone else and not being involved in minimum wage activities just money sucking activities.