Short Sale Part 1

On this show I discuss several issues: I talk with Registered Tax Preparer Manuel Alvarez the tax consequences of a short sale and foreclosure. I also discuss the current real estate market conditions, some credit tips and more. I would also like to add that every situation is different and some people may not be able to take advantage of a tax free sale in a short sale or foreclosure. You have to take into consideration whether the existing loan is a recourse loan (loan that has been refinanced) or a non-recourse loan (loan that is the original purchase deed) as there are also different consequences for each. As always, consult with a qualified CPA prior to making your decision on whether a short sale or foreclosure is your best option. Hard to get everything in a show and many times there are things that I think to myself, "I forgot to say this or that!" By watching this episode hopefully you will get some good information from it if you are involved in a short sale as a homeowner or a real estate or mortgage practitioner.

In addition I invite you to tune in to my Radio and TV Shows "Let's Talk Real Estate!" on the following:

TELEVISION: Wed., 9pm, Channel 15A-015 Comcast Digital Cable in San Jose, Campbell & Cupertino

RADIO: Thurs., 1-2pm, Newstalk 1080 AM - KSCO

I would also like to add that every situation is different and some people may not be able to take advantage of a tax free sale in a short sale or foreclosure. You have to take into consideration whether the existing loan is a recourse loan (loan that has been refinanced) or a non-recourse loan (loan that is the original purchase deed) as there are also different consequences for each.

As always, consult with a qualified CPA prior to making your decision on whether a short sale or foreclosure is your best option.

Hard to get everything in a show and many times there are things that I think to myself, "I forgot to say this or that!"

Thanks for watching. Looking forward to your replies, comments and suggestions.