Kimberley Kelly
  • La Quinta, CA
  • United States
  • Calif
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Kimberley Kelly's Discussions

Foreign Seller in California; Withholding Tax required?

Started this discussion. Last reply by Wayne Brooks Feb 12, 2014. 6 Replies

My Short Sale Seller is a foreigner.  California requires Fed/State Tax Withholding on any sales by a foreigner.  Short Sales Net zero..does anyone know if there is an exemption for Short Sales?Continue

Tags: in, california, seller, sale, short

FNMAE increased their BPO number AFTER seeing my one offer! What to do?

Started this discussion. Last reply by Kimberley Kelly Aug 15, 2012. 11 Replies

This is my GMAC short sale (I usually love them!), but it is FNMAE as Investor and apparently, they have hired a 3rd party to negotiate for them.  I have ZERO contact with GMAC..been awful.  Listed…Continue

Tags: FNMAE

FNMAE and Kazork.com

Started this discussion. Last reply by Kimberley Kelly Jun 4, 2012. 2 Replies

News to me.  Have a Short Sale with GMAC.  Just submitted offer  + supporting docs.  Get a call from a guy that says, "I'm working for FNMAE backed short sales..I will be your negotiator with the…Continue

Bank of America Disasterous Short Sale-APPROVED!

Started this discussion. Last reply by Bryant Tutas May 4, 2012. 1 Reply

Bank of America is not…Continue

Tags: approved, palm, springs, sales, short

 

Kimberley Kelly's Page

Latest Activity

Tyra General commented on Kimberley Kelly's blog post One of my LONGEST Short Sales in many years!
"Congrats! You mentioned that Ocwen is becoming much easier to deal with. Did they require that this property be listed with Hubzu?"
Apr 16, 2015
Kimberley Kelly posted a blog post

One of my LONGEST Short Sales in many years!

Good grief!  Two notes..ok, I know it's going to be difficult, but so what?  Shorts Sales are never a slam dunk, and I've done so many now that that just didn't deter me. The first is with OCWEN, who have become much easier to deal with.  It's the second that have caused me problems.  Real Time Solutions..aaargh!!  So vague, and so…See More
Mar 16, 2015
Kimberley Kelly commented on Bryant Tutas's blog post HAFA Relocation Incentive Increases to $10,000 On 2-1-2015
"So wild!  I just got a call yesterday from OCWEN.  They hold the 1st on a HAFA short sale with Real Time as the 2nd.  Real Time is demanding more than buyers or agents could come up with..now OCWEN tells me they are increasing their…"
Jan 31, 2015
Kimberley Kelly shared their blog post on Facebook
Dec 1, 2014
Kimberley Kelly liked Kimberley Kelly's blog post La Quinta Short Sale is finally making progress!
Dec 1, 2014
Kimberley Kelly posted a blog post

La Quinta Short Sale is finally making progress!

I've been doing Short Sales here in the Palm Springs Valley for many years.  2013 saw a dramatic fall in the numbers of Short Sale and Foreclosed properties come up for sale in  all our Valley cities, and 2014 saw the same trend continue.  Very good for the general health of our market!I am currently working on…See More
Dec 1, 2014
Kimberley Kelly replied to Bryan Firth's discussion Negotiating a short sale, practicing law?
"Good grief..this argument has been going around for years!!  Don't charge any fees other than your standard, disclosed, commission.."
Dec 1, 2014
Kimberley Kelly replied to Meddy Malecki's discussion Doing Short Sale If Borrower Is Not Behind In Her Payments
"Of course it's doable.  You just have to be a GREAT counselor for your client, know their Lender (s), and get in depth with your Sellers' financial situation.  Do your homework!"
Dec 1, 2014
Kimberley Kelly posted a blog post

Palm Springs Valley Short Sales have plummeted!

I'm happy to report that the total number of Short Sales here in the desert have dropped dramatically since last year.  I just took a new Short Sale Listing today, and closed one last month, but as one of the deserts' most prolific Short Sale Agents, I can report that equity Sales are beating the pants off the Shorts!  And…See More
Jun 16, 2014
Wayne Brooks replied to Kimberley Kelly's discussion Foreign Seller in California; Withholding Tax required?
"Right, there's a procedure for avoiding the withholding.  I don't know it exactly, but it has to be done in advance, and I hear maybe 4 weeks time."
Feb 12, 2014
Jeff Payne replied to Kimberley Kelly's discussion Foreign Seller in California; Withholding Tax required?
"The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), enacted as Subtitle C of Title XI (the "Revenue Adjustments Act of 1980") of the Omnibus Reconciliation Act of 1980, Pub. L. No. 96-499, 94 Stat. 2599, 2682…"
Feb 12, 2014
Jeff Payne replied to Kimberley Kelly's discussion Foreign Seller in California; Withholding Tax required?
"Foreign persons are generally exempt from U.S. tax on capital gains.[5] Under FIRPTA, however, foreign persons are subject to tax on gains from disposition of U.S. real property interests (USRPIs). An interest in property is any direct…"
Feb 12, 2014
Jeff Payne replied to Kimberley Kelly's discussion Foreign Seller in California; Withholding Tax required?
"Find a new escrow company.  I will check with my escrow company to verify if they are correct"
Feb 12, 2014
Kimberley Kelly replied to Kimberley Kelly's discussion Foreign Seller in California; Withholding Tax required?
"Exactly!!  But..Escrow is still insisting they MUST withhold 10% of the Sales price..makes NO sense to me and Short Sale Lender isn't going for it, but hard to fight the IRS!!"
Feb 12, 2014
Jeff Payne replied to Kimberley Kelly's discussion Foreign Seller in California; Withholding Tax required?
"NET zero?  not trying to be a smart alec but 10% times zero equals zero?"
Feb 12, 2014
Kimberley Kelly posted a discussion

Foreign Seller in California; Withholding Tax required?

My Short Sale Seller is a foreigner.  California requires Fed/State Tax Withholding on any sales by a foreigner.  Short Sales Net zero..does anyone know if there is an exemption for Short Sales?See More
Feb 12, 2014

Profile Information

First Name
Kim
Last Name
Kelly
Are you a...
Agent
State
Calif
City
La Quinta
My Profile
Certified Short Sale specialist (SFR & HAFA), and more importantly I've been negotiating with Lenders on Shorts for many years..dinasour years in the Short Sale world! I handle Short Sales because I KNOW they are better for distressed Sellers than a foreclosure is, and I enjoy helping people out of difficult situations. Visit my website www.desertluxuryproperties.com for Palm Springs & La Quinta area listings and updates!

Kimberley Kelly's Blog

One of my LONGEST Short Sales in many years!

Posted on March 16, 2015 at 6:20am 1 Comment

Good grief!  Two notes..ok, I know it's going to be difficult, but so what?  Shorts Sales are never a slam dunk, and I've done so many now that that just didn't deter me. 

The first is with OCWEN, who have become much easier to deal with.  It's the second that have caused me problems.  Real Time…

Continue

La Quinta Short Sale is finally making progress!

Posted on December 1, 2014 at 6:57pm 0 Comments

I've been doing Short Sales here in the Palm Springs Valley for many years.  2013 saw a dramatic fall in the numbers of Short Sale and Foreclosed properties come up for sale in  all our Valley cities, and 2014 saw the same trend continue.  Very good for the general health of our market!

I am currently working on…

Continue

Palm Springs Valley Short Sales have plummeted!

Posted on June 16, 2014 at 2:48pm 0 Comments

I'm happy to report that the total number of Short Sales here in the desert have dropped dramatically since last year.  I just took a new Short Sale Listing today, and closed one last month, but as one of the deserts' most prolific Short Sale Agents, I can report that equity Sales are beating the pants off the…

Continue

Short Sales coming up in La Quinta, California

Posted on May 2, 2013 at 5:30am 0 Comments

I haven't been listing nearly as many short sales this year. There are not as many upside down homeowners here in the Palm Springs Valley, and that's a good thing!  I have also become very saavy about which short sales have the highest percentage for a successful closing.

New La Quinta short sales coming up…

Continue

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