Replies to This Discussion

Permalink Reply by Wendy Rulnick on August 21, 2009 at 6:03am

Ignore the 90 days... They are saying for a deed-in-lieu, 90 days... Put on market now. MDRA should alleviate taxes for primary residence, but I always tell sellers to see accountant to do taxes after a short sale was completed. BOFA does not determine if ACT applies, accountant can. Best of luck!

Permalink Reply by MeLisa Minter on August 21, 2009 at 6:04am

Thanks so much Wendy for your fast response.

Permalink Reply by Jeff Payne on August 21, 2009 at 6:05am

Not sure where that one comes from, I have listed and sold alot of BofA short sales and CW short sales and most of the time we price them right and get an offer immediately. Unless this is something that they changed, I know nothing of the 90 day rule.
The lender will issue the 1099 but it is my understanding that since it is their primary residence, a 1009 will be issed by no tax will be owed, that is a good one for your CPA or tax attorney.

Permalink Reply by MeLisa Minter on August 21, 2009 at 6:18am

Thanks Jeff.

I'm going to go ahead and list it as Short Sale.

Jeff Payne said:

Not sure where that one comes from, I have listed and sold alot of BofA short sales and CW short sales and most of the time we price them right and get an offer immediately. Unless this is something that they changed, I know nothing of the 90 day rule.
The lender will issue the 1099 but it is my understanding that since it is their primary residence, a 1009 will be issed by no tax will be owed, that is a good one for your CPA or tax attorney.

Permalink Reply by Stephanie Lim on August 21, 2009 at 6:26am

Just listed one the day before yesterday and got an offer an hour ago. This is a homeowner that has already had a default judgment entered against them. It'll be my first BOA as well... ;-)

Permalink Reply by Wendy Rulnick on August 21, 2009 at 7:22am

Then you are at the "place to be"!

Stephanie Lim said:

Just listed one the day before yesterday and got an offer an hour ago. This is a homeowner that has already had a default judgment entered against them. It'll be my first BOA as well... ;-)

Permalink Reply by Carolyn Vatuone on August 23, 2009 at 4:53am

I too am listing my first CW/BOFA short sale property. I hear nothing but a living nightmare with this company and I am encouraged to see otherwise reading these informational posts. I see the link for the agent forms - are these current? Thanks so much for this forum and members for their valuable time and info!

Permalink Reply by Wendy Rulnick on August 23, 2009 at 6:03am

Yes, they are current. Basically, however, you can do a standard short sale package, hardship letter, last two years tax returns, last two months bank statement, financial worksheet, letter of authorization, prelim hud, contract, listing agreement, last two paystubs....

Carolyn Vatuone said:

I too am listing my first CW/BOFA short sale property. I hear nothing but a living nightmare with this company and I am encouraged to see otherwise reading these informational posts. I see the link for the agent forms - are these current? Thanks so much for this forum and members for their valuable time and info!