Bank of America Short Sale Resource
We are happy to announce that we have just started our original in a bunch of many more to follow, resource pages for short sale sellers. Our first page targets Bank of America short sales and was designe to be the one source for Alpharetta Short Sale clients. It’s an almost exhuastive list of information all the way from contact information to timeline expectations. The Jarvis Team will to launch a page in this way one for each and every bank we currently work with. It’s important to note that this information is specifically for GA Home Owners, and may not be applicable to you and where you live.
Just because the Jarvis Team has long been one of the top short sale agents in the county, we really wanted to become “the source” for all the information as it relates to short sales. There’s a lot of people out there that either do not know what they are doing or are trying to, that want to take advantage of short sale sellers. A few even run ads on the radio and television. It’s critical for home owners to educate themselves and we’re making an effort not to sell them on us per se but rather educate them so they can make the best decision.
Certified Short Sale Specialist
Certified Short Sale Specialist
If you are facing foreclosure no doubt you have considered a short as an option for to assist you. However, you may think there is some sort of certification to handle the short sale. 
The reality is that there isn’t. In fact, we heard on the radio that there was a Certified Short Sale Realtor touting a study at home, pay for badge kind of certification that would handle your short sale. Do you think this person is really qualified to handle your short sale? Sure you do need a short sale specialist but you might not need their 3 hours of expertise.
The agent mention is CDRS Certified– to see the sort of crappy stuff that goes for certification do a search for CDRS on Google. As if that wasn’t enough Not only this, but this agent claims to be the only realtor in Georgia, while I found several with this certification. She’s the only one that paid extra for their marketing package. Shorts sales are about helping people (and letting the bank pay your commission as an agent), this makes me ill to believe that home owners are losing their homes because they selected an agent that cared more about the listing than actually finishing the short sale.
Short Sale Offers
Short Sale Investor Offers
We get offers from some of the strangest sources claiming to be short sale investors on our short sale listings. In this video and post we’ll cover how to spot a real offer and how to discover who is really interested in taking advantage of the low prices in the market and the “posers” who watched a late night webinar and bought a quick rich quick scheme. A true buyer or short sale investor will have a few things accompanying their offer.
Short Sale Taxes
Short Sale Taxes
The inquiry of taxes on a short sale come up almost as much as what is a short sale. Short Sale taxes are to some extent involved when compared to the normal real estate transaction.
First off, if the home is the seller’s primary residence and they sell it via short sale then they are exempt from taxes on it under the Debt Forgiveness act of 2008 (was extended). Thus short sale taxes don’t really come into play in this instance. For investors or people who have moved on however, taxes could play a part.
However, as this real estate video shows, just because you received a 1099 doesn’t mean you owe taxes. In our case, the investor purchased a home for $100,000, put $20,000 down as a down payment. Unfortunately, he had to short sale the home for $50,000. He would very likely obtain a 1099C for $30,000 (if he used the Jarvis Team). Many accountants would explain that that the bill due to uncle sam for short sale taxes would be $30,000 times your tax rate. Nonetheless, a good accountant will see that the investor ALSO experienced a loss, which can offset these taxes. I’m not short sale accountant or attorney so be sure to observe the Short Sale Tax Video, but it sure looks like investors shouldn’t owe any short sale taxes let alone any taxes period. One thing that will throw off this conversation is previous depreciation taken on the home and home owners that did not buy as investments but have rental homes for example that they purchased through non-traditional financing such as 100% financing. Sometimes, if you purchased your home for a higher value and sold it for less, there’s still a loss. For more answers consult with a CPA.
If you have other short sale concerns comment below or call 770-406-6123. You can also learn more by watching our real estate videos.
How to Buy A Short Sale
How to Buy A Short Sale in Georgia
You might like the idea of buying a short sale but there are some things you need to know before {you go out and limit your search to JUST short sales|go out and look at every short sale in GA|you buy a home for sale in ga that is a short sale|you head out the door to get what you might think is the best deal in town (How to Buy A GA Short Sale).
So what’s a short sale? You might have heard what a short sale is and you probably know that a short sale is simply selling the home for less than what is owed. Here’s what you need to know.
May 2011 Short Sale News
WellsMoves to Equator, Navy Federal Credit Union Dumps on Veterans and Short Sales Smooth Out
May 2011 has some pretty interesting short sale news
Wells Fargo moves to Equator.
For those that don’t know, Equator is a semi-automated system for banks to control assets. Used primarily for foreclosed properties (REOs), and tailored for short sales. Equator became “famous” when Bank of America made the decision to to use them for their short sales. Since then GMAC and now Wells Fargo use this “software” to maintain the process. What we should see is a slowdown as employees get used to the quirkiness of the design (clearly Equator was not designed with User Interface in mind) followed by a much quicker process. Wells Fargo has always been ahead of the curve in regards to short sales.
Navy Federal Credit Union Sucks
Honestly I tried to find a different word to describe Navy Fed, but how they manage their business as it relates to our service people is just plain deplorable. If you are buying a home right now, do not use this company. It’s not that you get taken advantage of in the front end but if you get stationed elsewhere and are forced to short sale, anticipate to have the roughest time of it out of all the lenders we wrestle with.
Citibank, Citi and Citimortgage Short Sale
Citibank, Citi and Citimortgage Short Sale
Citi Short Sales are some of the most simple short sales to complete. Citi is very proactive about communicating with the agents and the sellers about completing the short sale. As one of the largest banks in the US, Citi sets an example for other other mortgage servicers to follow. Citi and Wells Fargo Short Sales are the “easiest.” Citi has their own forms and processes, but none of them are that much different than the standard. Just contact us and we can e-mail you out their package. In some cases, the Jarvis Team of Atlanta can get the short sale approved in 30 days when it’s a citi mortgage. Citi is typically running their processes similiarly on all files however, in some instances, such as ones involving a MI (mortgage insurance) company, there can be delays. It’s safe to use the 90 day rule on Citimortgage short sales.
Contact Numbers for Citimortgage Short Sale Department CITI (800) 753-3673 General Info: 866-704-8050 Home Equity Dept: 800-685-0935 & 800-283-7918 Short Sale Dept: 866-713-4785 2nd lien Short Sale Dept: 866-520-5499 Short Sale Dept: 800-695-0384 Email Your Short Sale Package: ShortSaleDocuments@citi.com Citimortgage (800) 283-7918
About Joshua Jarvis
Joshua Jarvis has been in Real Estate for 8 years and specializing in Short Sales for the past 3.5 years.
Joshua has closed over 100 short sale transactions representing both seller and buyer. He has closed deals with over 20 different banking entities and helped clients one week from foreclosure as well as those current on their mortgage.
Consistently in the top 2% of the State and top 5 in his office of over 200 agents, Joshua not only is the premiere agent for short sales but traditional real estate as well.
If asked, he would tell you that there are two things that separate him from the rest of the agents.
1. His Faith in God as his provider. Joshua feels he can do nothing without God.
2. His ability with technology. By leveraging Technology, Joshua is able to outmarket the competition and increase efficiencies in communication and processing.
Short Sales News
