By Sam Martinez
(323) 250-3770 – A Short Sale in 2013 will not be harmed by additional tax consequences. President Obama and Congress reached an agreement in the “fiscal cliff” negotiations, and the American Taxpayers Relief Act was signed into law on Wednesday, January 2nd, 2012. The Mortgage Forgiveness Debt Relief Act is now extended for one year, which prevents homeowners from having an additional tax burden when performing a Short Sale.
However, individual states have their own tax laws that apply to a Short Sale. For example, the previous state tax exemption that was provided by the State of California did lapse at the end of 2012. This means that any mortgage debt that is forgiven by a lender in 2013 is now considered taxable state income. In an effort to conform state law with federal law, the California Association of Realtors is sponsoring Senate Bill 30, so that California homeowners will continue to have a Short Sale as a more preferable option to a Foreclosure.
Upon the likely passage of SB 30, that was sponsored by Sen. Ron Calderon of Montebello, the measure will be effective on a retroactive basis to January 1st, 2013. It will provide a short sale with one more year of tax exemption for mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale or loan modification. This includes any amount of negotiated principal reduction.
Sam C. Martinez is a Short Sale Specialist in Los Angeles, California. He is a Real Estate Broker, Commentator, and an Advocate for Made in the USA. He can be reached at http://silverlakebroker.com
by Sam Martinez, 323-250-3770 – Short Sale Specialist is a real estate Short Sale term that could mean many different things for the Short Sale Process.
There are many different organizations that will award a Short Sale designation. This article with highlight a few of the most widely known and sought after designations.
The National Association of Realtors has a Short Sale certification called the SFR. The abbreviation is for Short Sales and Foreclosure Resource. The SFR Certification courses are offered in just about every local Realtor Association or through online Real Estate School courses. This designation is sought after by REO Asset Managers when they select REO Realtor Applicants.
The Charfin Institute offers the CDPE, which is abbreviated for Certified Distress Property Expert. This is also a highly respected designation with REO Departments within Banks and REO Outsource Companies. On various REO Agent applications, this Designation is often listed as a check box selection on the REO Application.
Harris Real Estate University has the ASD, which is an abbreviation for Accredited Short Sale Designation. It is a online university course, with online content and live online interactive class sessions. Many students maintain their membership throughout the year, because the classes are constantly updated with the ever changing parameters of the Short Sale Process.
The Five Star Institute offer’s their Five Star Institute Short Sale Certification. The Five Star Institute is also highly respected, and it is considered a big player by the Real Estate Industry. Their periodic, live events (Conventions) are well attended, and offer a lot of advantages to realtors that actually show up and attend the programs.
Equator, the Bank of America platform, has three Short Sale Certification levels: Silver, Gold, and Platinum. These are all offered online, and they present some excellent training.
There are many other Short Sale accrediting organizations that offer different certifications. Any of the above Certifications will provide excellent knowledge and material. Also, many companies like Keller Williams, provide extensive training programs that are adequate for most Short Sale transactions. For the best advantages in the market place, a certification that offers weekly continuing education, like Harris Real Estate University, will give a real estate professional the best foundation possible in the Short Sale Process.
Sam C. Martinez is a Real Estate Broker, Commentator, and Advocate for Made in the USA. He can be reached at http://silverlakebroker.com
by Sam Martinez, 323-250-3770 – Short Sale Process has been expedited by Bank of America. On October 30th, Bank of America announced that they will begin using faster methods to determine property values. Starting October 12th, on some transactions, a Bank of America Short Sale will use a different valuation method that does not require access to the property. This can reduce the time for the valuation stage to just a few days instead of several weeks. The Best Realtors in Los Angeles that perform a Short Sale on a regular basis are very encouraged by this great development.
Sam C. Martinez is a Real Estate Broker, Commentator, and Advocate for Made in the USA. For more information visit, http//silverlakebroker.com