Archive for June, 2008

Miami Renters Beware. Please!

June 29th, 2008 Categories: Real Estate Chatter

We Realtors are known for working all odd hours and weekends. I’ve been attempting to take Sundays off whenever possible. When duty calls, I go though. Today duty called and it was a most unsavory type.

I received a call from a real estate agent who had tried to show one of the REO (bank owned) properties I have listed. He had a problem when he arrived at the property though. Apparently it was no longer vacant, but occupied. I assured him that the home was vacant and on lockbox. He assured me that it was not.

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Spoken by Maggie Dokic | Discussion: 8 Comments »

Miami Short Sale Tax Implications

June 25th, 2008 Categories: For Sellers, Real Estate Chatter, Short Sales

Several of my clients have been sellers of distressed Miami homes. Homes where the owners were no longer able to keep up with the mortgage payments. In some cases, short sales were good options. In others, a short sale was not the solution and the owner allowed the properties to be foreclosed on.

Why would someone who is facing a foreclosure in Miami not want to get out of it if possible? The simple answer is tax implications. Allow me to explain. If you own a property that is facing foreclosure and you work out a short sale agreement with the lender, that lender is going to give you a form 1099 for the amount that was short to pay the loan off completely.

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Spoken by Maggie Dokic | Discussion: 5 Comments »