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We have been negotiating a Short Sale in Florida since July. SPS finally accepted offer mid November with a close on or before 12/19. Title Company was working on IRS Tax Lien release. Broker said he spoke to SPS and received a verbal extension. IRS released lien 12/24, close date due to holidays 12/29. Wired cash funds to Title Escrow account 12/26. SPS refused to allow us to close yesterday because of the delay and are refusing to file paperwork to postpone Foreclosure Auction through Clerk of Courts scheduled for 1/7/15. Sellers Broker is filing a motion to reschedule. What is your opinion on this scenario? Do I ask for my money or portion of from the Title Company, void the contract and get the funds deposited to participate in the Auction or hope for the extension approval? This has been every nightmare heard and read. Any suggestions are appreciated.
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Dayton Ohio Short Sale

I am not licensed in Dayton, Ohio. I have a client that just relocated to Michigan but needs to short sale a house in Ohio. Please email me if you are interested in a referral, Please include a description of your process, success rate and possible referral fee. 

Thanks :)

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Welcome-to-Wisconsin-300x225.jpg?width=300The Wisconsin housing statistics are in for this November of 2014. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:

Existing home sales in Wisconsin fell in November compared to the same month last year, but home prices increased over the same period, according to the most recently released analysis of the state’s housing market by the Wisconsin REALTORS® Association (WRA). Existing home sales in November were down 6 percent whereas median prices rose 6.6 percent to $145,000 between November 2013 and November 2014.
The last couple of months have been a bit of a roller coaster in terms of sales,” said Dan Kruse, chairman of WRA board of directors. “October sales were up over last year but sales in November were down” Kruse said. Comparing year-over-year sales for the two months, October sales rose 658 units compared to October 2013 while November sales declined 288 units relative to November 2013. “Putting these numbers into perspective, our housing market remains strong in Wisconsin,” Kruse said. “We had the strongest September to November sales period since 2006, before the Great Recession began

Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Dane County, and Rock County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. This month both Dane & Rock County's home prices increased significantly. On a year over year basis, Dane County's total number of homes sold was up while Rock County home sales slipped.

Thinking of purchasing a home before prices or rates rise any further? I'd be happy to show you any homes currently listed for sale. Feel free to visit either site below:

Real Estate Listings in Janesville, WI 

Real Estate Listings in Madison, WI.

With the recent home price increases, now might be the right time to sell your Wisconsin home. Take advantage of your increased equity! Feel free to take a look at our cutting edge Rock Realty Marketing Plan! If you would like some insight into how much your home is currently worth, I would be happy to provide you with a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Click below:

What's My Wisconsin Home Worth?

Has your home value fallen below what you currently owe? Have you experienced a hardship like divorce or job loss? A short sale may be right for your situation. Visit our distressed property page for more information.

Wisconsin Short Sales

Housing Statistics for the State of Wisconsin:

November 2014
Home Sales: 4,542
Median Home Price: $145,000

November 2013
Home Sales: 4,807

Median Home Price: $136,000

Housing Statistics for Dane County, WI:

November 2014
Home Sales: 431

Median Home Price: $225,000

November 2013
Home Sales: 425

Median Home Price: $210,000

Housing Statistics for Rock County, WI:

November 2014
Home Sales: 131

Median Home Price: $113,000

November 2013
Home Sales: 147

Median Home Price: $108,000

View my report from last month. Wisconsin October 2014 Housing Statistics

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First-Time Homebuyers Discounts through FHA

People in the market for their first home can take advantage of a new offer from FHA. This new initiative aims to provide more information to buyers though classroom education and will reward them with a reduction in the premiums paid towards mortgage insurance.




HAWK to the Rescue

The name of the new initiative is called Homeowners Armed with Knowledge (HAWK). The borrowers are asked to complete a series of classes prior to buying the home as well as a few courses scheduled after the home has been purchased. At the time of this writing the classes are broken down in the following ways

* 1st class to be completed before the buyer completes a purchase contract

* 2nd class will be completed after a contract is signed and before the loan is finalized

* 3rd class will be completed within 12 months after the loan is finalized

Goals of the Program

Simply put, the HAWK initiative is hoping that people buying their first home will have a better understanding of the overall process thanks to the counseling and will be in a better position to make wise financial decisions in the future not only in regards to their housing but also to their other needs.

Monetary Benefit

Once the customer has completed the necessary classes their upfront mortgage insurance premium will be reduced along with the monthly premium that is paid as part of the mortgage payments. In addition, if the customer has no delinquent mortgage payments within the first 2 years of the loan the monthly premium will be reduced again.

Some Limits and Expiration Dates

Since this is a new program with no history to review the FHA is rolling this out with limits. The program is currently scheduled to only last for 4 years. In addition, not all FHA loans are going to be accepted under this program. At this time there is no news about how many loans will be allowed to use HAWK but FHA has stated that there will be a maximum number each year.

Class Time Requirement

For the class completed before the contract signing the prospective buyers will need to finish at least 6 hours of counseling and education.

The class that is conducted after the contract signing is a one hour class as well as the class that comes after the loan is closed.

Each class will issue a certificate to the students indicating that the course has been successfully completed. These certificates will be necessary in order to get the reduction in mortgage insurance premium.

In general, this is a great program that FHA is offering. It provides critical information to potential home buyers in order to better prepare them for a prosperous future and it rewards them by reducing the amount paid on their mortgage.

Take a look at --> Madison, WI Homes for Sale or browse through --> Janesville, WI Real Estate Listings!

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Most Short sales once approved, go off without a hitch...however there are those few agents who like to buck the trend, who think they are doing their buyers some good use when trying to extend or back out Closing Dates that must be met...I for one have 1 of those right now...who keeps sending an addendum to extend, who wants to try and protect the buyers Earnest Money...JUST STOP I want to say...why don't you just focus on getting your buyers loan closed..

"This is short sales, they don't close when buyers would like them to close, the need to close on an absolute time frame"...

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In a long expected vote by the House of Representatives, HR 5771 was passed today just after 3 pm ET.  HR 5771 in section 102 provides for the extension of the presently expired Mortgage Debt Forgiveness Act, which expired at the stroke of midnight December 31, 2013.  The law is now extended though December 31, 2014.  Efforts to have the extension for 2 years failed.  Interestingly the bill, introduced just days ago, was given a 10% chance of passage on Monday by Govtrack.US website.

Those who received forgiven debt in a short sale or deed in lieu of foreclosure or other forgiveness of debt on a primary residence in 2014 will now in most cases have no income tax to pay on that gain.

For example, if a mortgage of $250,000 was paid off with only $150,000 from a short sale, that would mean that the borrower would have a gain (income) of $100,000.  If the taxpayer was in the 28% tax bracket, that would mean a $28,000 tax bill on that transaction on the individual's 1040 tax return that needs to be filed for 2014.  Passage of this bill removes that tax bill.

Senator Pete Sessions said in a statement:

WASHINGTON, D.C.  – U.S. Congressman Pete Sessions (R-TX), Chairman of the House Rules Committee, today released the following statement regarding House passage of H.R. 5771, the Tax Increase Prevention Act of 2014:

“Today the House acted to prevent burdensome tax increases on millions of families and businesses across America.  This piece of legislation provides much needed certainty to taxpayers as they prepare to file their 2014 tax returns and eliminates provisions in the tax code that no longer serve a purpose. I applaud the passage of this bill and look forward to continuing to work toward a simple, competitive tax code.”

This is huge for a large number of distressed homeowners that lost their homes to short sales and deed in lieu of foreclosure in 2014.

The Congressional minutes summary shows the following:  

2:41:53 P.M.H. Res. 766Considered as unfinished business. H. Res. 766 — "Providing for consideration of the bill (H.R. 5771) to amend the Internal Revenue Code of 1986 to extend certain expiring provisions and make technical corrections, and for other purposes, and providing for consideration of the bill (H.R. 647) to amend the Internal Revenue Code of 1986 to provide for the tax treatment of ABLE accounts established under State programs for the care of family members with disabilities, and for other purposes."
3:11:43 P.M.H. Res. 766

On agreeing to the resolution Agreed to by the Yeas and Nays: 231 - 192 (Roll no. 540)


Melissa Polce, Allen Tate Realtors


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12433934659?profile=originalI'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 a Short Sale for a Seller that bought at the peak, put an additional $100,000 in upgrades into his home, and now his income has radically dropped!  A scenario that seems to be rearing it's head once again.

He has two notes.  First is with OCWEN, and second is with REAL TIME SOLUTIONS.  I must say that Real time has been very communicative, while OCWEN has very consistently continued to "request just one additional document."  Pretty predictable.  We listed the property in august, submitted an offer in September, and here we are in December!  But...I WILL prevail.

The trick is to KNOW what the situation is with your Seller.  KNOW the Lenders and their systems before submission, and be as tenacious as a bulldog with follow up!

If you are finding yourself in a shaky situation on your Palm Springs, California area property, give me a call and I'll stop by and help break down the process for your individual situation.  760-285-3578

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