Here are some highlights from the Nov. 15 Willie Lambright show. If you haven’t listened live yet, tune your radio dial to KVCE 1160 on Tuesday mornings from 9 to 10. You can also listen online here. Just scroll down to Nov. 15, 2011, hr two, Oyezz Real Estate.
• If you have received a foreclosure notice, call us NOW – 972-342-0011! It is not too late for a short sale!
• Taxes – with a short sale, property tax is paid by the bank at closing. There is no income tax due on a short sale.
• A short sale transaction should be FREE to the homeowners. Be aware of any agents (or anyone) who requests to be paid up front. This a warning sign.
• A short sale gives homeowners time to find a new place to live. You can stay in your house while the house is being sold.
• Qualifications for a Short Sale: 1. Are you facing a financial hardship such as job loss, medical issue, divorce, relocation? 2. Does the homeowner owe the lender more than the house is worth?
• In a Short Sale, the amount owed to the lender is forgiven by the lender.
• Do not make the mistake of going to an agent or attorney that does not specialize in short sales.