Greetings My Wonderful Beautiful Bay Area!!…  Today I want to revisit what can happen to you if you enter into a Short Sale or if the Bank Forecloses on your property and sells it.

There is NO FREE LUNCH when it comes to the IRS… whenever your home is sold… whether by regular conventional means or if you sold your home at a loss and you paid the difference or by short sale approved by the Bank or involuntarily by foreclosure… be warned you may be subject to taxes!

It doesn’t seem fair and what’s worse… you may not even find out that you owe taxes until the day you open your mail and find a 1099.

The IRS has tax rules for foreclosures or repossessions by lenders of homes belonging to owners who have fallen behind on their mortgage payments.  There can be severe and unexpected tax consequences for any owner who simply walks away just because he or she has little or no equity and the lender takes over and sells the property.  When a mortgaged property is foreclosed or repossessed and the bank re-acquires it or the bank knows the owner abandoned the property… the bank will send Form 1099 to the owner and the IRS… it will include the foreclosed bid price, the actual debt (loan) amount and the amount short of the debt amount… that amount will be taxed as ordinary income… the same as for your salary.

Sellers of residences acquired within the past two years or so are going to incur losses.  Even assuming no price declines, losses will result because of expenses for real estate brokers, lawyers and the like.  Sellers will not be able to deduct those losses… it makes no difference that they are forced to sell because of ie)… job changes or health reasons.

**  There’s also information floating around that Banks where distressed properties have overtaken the area in certain markets…are taking steps where even after they approve and close a property for short sale… they will be actively tracking the owner of that short saled property over the next 6 years… during that time if their credit rating goes up and if they attempt to purchase another home they will be pursuing them for the  “short amount” they lost when they approved that person’s short sale 6 years prior… This bit of information is not fact – as of yet here in California… yet people… Everyone please do everything you can to protect yourselves BEFORE A FORECLOSURE OR SELLING… PLAN AHEAD… especially before attempting to sell on a short sale or going through a foreclosure… please get legal and tax advice… do the planning BEFORE ITS TOO LATE!!…

Thanks for checking in…

Isi

Isi Wu… the realtor for you

Serving Clients All Over the Eastbay!

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• Frequently Asked Questions on Short Sales answered by my Short Sale partner IFR  visionaryrealtynews.com)
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Hello My Beautiful Wonderful Bay Area… Its just a fact these days… many many people are in need of a way to earn some money for food, shelter and basic necessities… I happened to come across this article and thought it might be helpful and might shed some great ideas to keep going… at the bottom of the 24 ideas are various comments made by readers… pros and cons to ideas suggested but give it a whirl and check it out… Please share with others if you find it helpful…

http://bit.ly/bDcUW7

I wish everyone a way to find some sunshine in their lives…

Thanks for checking in…

Isi

Isi Wu… the realtor for you

Serving Clients All Over the Eastbay!

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• Home sales dip, prices rise in Bay Area  sfgate.com)
• Home sales dip, prices rise in Bay Area  sfgate.com)

Thanks for checking in… Your comments are always welcome…

Isi

Isi Wu… the realtor for you…

Serving clients throughout the Eastbay

Related articles by Zemanta

• Rain, Everywhere  sfist.com)

Good Good Day to My Wonderful Beautiful Bay Area….

We have a double whammy to have a bright day today… Its a Day to Love and Be Loved and its the beginning of the Year of the Tiger!!…  The Chinese celebrate each new lunar year with an animal sign… 12 animals in all… every 12 years the same animal is welcomed for that year… there’s much meaning and celebration, optimism, hope and remembrance of the past… its a very exciting time for those whose birthdays falls within that year’s animal sign…

The Tiger is my sign… I’m very excited that its my year this year! its been 12 long years since it was the Year of the Tiger…  to make it memorable I had an opportunity to travel to the Kanchanaburi Province in Thailand and visit the Tiger Temple and commemorate this year with a foto with a Tiger!!!!!…   Very Very Special… Hope you enjoy this foto… and Enjoy this New Year along with other Tigers and myself… What sign are you?? Gung Xi Fa Csai!!… Gung Xi Gung Xi… Happy Chinese New Year to All…

Thanks for checking in… Your comments are always welcome!

Isi

Isi Wu… the realtor for you

Hello Hello My Wonderful Beautiful Bay Area…  Who would have ever imagined a helium “Love Day” balloon to stay afloat for a year…. proof is in the foto… this is the balloon my Honey got for me last year and here we are 2 days away from another Valentine’s Day and its still up in the air… Would you say this was a terrific return on the initial investment? 

Sending you Big Wishes for a very nice Valentine’s Day … dont forget to treat yourself  to something that will put a smile on your face.

Thanks for checking… your comments are always welcome!

Isi

Isi Wu… the realtor for you…

Good Day My Beautiful Wonderful Bay Area…  How many of you drive Toyotas?… Do you own one that is on the recall list?… Are you concerned about the safety of your vehicle?.. . Do you feel that this is the beginning of the downfall of Toyota?… Here’s an enlightening article for those who believe in the Toyota product…

(The owners are still hiring… if you’re in need of a job this might be an opportunity for you… Go For It!!…)

http://bit.ly/aTU0A3

Thanks for checking in… your comments are always welcome…

Isi

Isi Wu… the realtor for you…

Serving Clients All Over the Eastbay…

Greetings to you My Beautiful Wonderful Bay Area!!…

Looking at homes and learning how and why they’re built the way they are and getting to know abit about the people that built and reside in their homes has always been very interesting to me… we have so many luxuries in our homes many elsewhere in the world can never realize or imagine… there’s always been the haves and have nots… and those somewhere in the middle… Today I just thought it might be interesting to share some info and photos of a home we recently visited…

My husband and I recently took a holiday trip to Bangkok, Thailand… one of the most intriguing, fascinating, informative trips we’ve ever had the pleasure of taking…Part of what makes travel so intriguing  is to see the different ways people live and the kinds of structures they reside in… the most lavish structures and materials in Thailand are used for the many temples that are scattered throughout… Thailand being a deeply religious Buddhist country.

 One of the most revered and unique single residences in Bangkok was built by Jim Thompson… the man who had the vision to bring Thai Silk to the world…http://bit.ly/8gaxDf…

His home was and still is a showplace and one of a kind… so very unique in that he purchased 6 single traditional Thai homes made of the best teak wood (most of which were already two centuries old from different provinces in Thailand) and moved them all to the location where it still stands today inside the City of Bangkok (which sits just next to a working canal)… he used his training as an architect to create and build his home…but kept in keeping with Thai customs and style… Thai homes were never built with bolts and screws, all the wood was cut precisely and fit into grooves or wood slots when the owners wanted to move it was very easy to disassemble and then reassemble at they’re new location… the house was elevated a full story as with all other Thai homes… above the ground… for several reasons…

Traditional Thai Roof to keep the home cooler….

Jim Thompson’s Bedroom Suite…

Traditional Lower Level of Thai Homes… Jim Thompson’s is much more elaborate…

Some of the Tropical Plantings in his Garden…

When the home was completed Jim Thompson moved in. It became the place to be invited to if you were anybody in Thailand… People from all walks of life were honored to join Mr. Thompson for a wonderful evening of dinner, entertainment and conversation… he almost always had guests every evening and  became the most sought after invitation to receive.  We werent allowed to take fotos of the interior of the home but please be assured it is still in its original glory…beautifully maintained… all the floors are made of teak and Mr. Thompson with his architectural abilities added some western influences (not customary in Thai homes) such as electrical lighting (chandeliers which came from Thai palaces), indoor staircase, interior toilet and shower. 

This was Mr. Thompson’s permanent residence for 8 years before he mysteriously disappeared and no signs of what happened to him has ever surfaced… Today his home belongs to Thailand and is preserved as a lasting reminder of  his creative ability and deep love of Thailand.

 I hope one day you can go and enjoy this home in person its truly a wonder in how it was put together!

After all…   there are so many diverse ways of living throughout the world… and if we can enjoy and appreciate them… it only enriches and enlightens our personal worlds. 

Sawadeeka (Thai meaning Have a Good Day!)

Thanks for checking in… your comments are always welcomed!

Isi

Isi Wu, the realtor for you

Serving Clients All Over the Eastbay

Good Day my Wonderful Beautiful Bay Area!!… 

Have you ever heard about Walk Score?… This is a trend that is finding a place in the search parameters for a growing number of homebuyers… just thought it would be of interest to you if you’re not aware of it…

Read the rest of this entry »

Warmest Greetings of the Season to You My Beautiful Wonderful Bay Area… We have so many wonderful neighborhoods all around us… the little island jewel called Alameda… has a little tree lined street called Thompson Avenue that maintains a holiday tradition which began 70 years ago… its come to be known as “Christmas Tree Lane” at holiday time… Every year the 55 homes that make up the 3200 block of  Thompson Avenue becomes a magical holiday showplace… all of the homeowners work to decorate their own homes and work together to decorate the center island… for two weeks before Christmas the residents volunteer to become elves to entertain the children who come to visit Santa in his sleigh…

 There is a special Santa Mailbox where letters can be dropped off for Santa…all letters with legible return addresses are answered and returned to the children who left them in Santa’s Mailbox…                                                                                                 

Its a cherished tradition filled with wonderful memories and known by many all around. Each year many come back to visit along with new visitors who are enchanted by all of the decorations and holiday spirit of  Thompson Avenue… If you have a chance to visit… I’m sure you’ll make it part of your holiday tradition every year after!

HO-HO-HO Happy Happy Holidays Everyone!!                        

Thanks for checking in… Your comments are always welcome… Come Back and Visit All the Time!

Isi

Isi Wu… the realtor for you

Serving Clients All Over the Eastbay