Tax Loopholes For Homeowners Selling Their Homes By Short Sale

1099-c-forgiven-debt-taxableAs a result of the mortgage forgiveness act not being extended home owners are at risk of having the loss to their lender in a short sale taxed as income. 

Fortunately homeowners do have options: 

1. Chapter 11

2. Prove Insolvency- Show that their debt is greater then their assets

3. Primary residency exclusion. 

The first two are self explanatory the third option, Primary residency exclusion  requires more explanation. 

When a home is short sold and the lender issues a form 1099-c (cancellation of debt Income) for the amount forgiven to the homeowner; it is considered income. 

However, if it was considered their principal residence for at least 2 years within the 5 year period prior to the sale then they can exclude up $250,000 of a gain from that sale for their taxable income. The exclusion is $500,000 for married filing jointly.

Calculate the gain/loss by figuring their cost basis of buying the home plus any improvements and subtract that from the selling price. 

If you have questions feel free to give us a call at 561-624-9422. 


Home Seller Help Line Request (Complete the form)
 
 

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Submit your request below and we will do our best to give you the tools, education, and resources you need to succeed.

 

 

Atlantic Coast Title Group Goes Green; Adds YourDox Online Storage To Their Services.

Atlantic Coast Title Group and Pioneer Technology Group Announce Launch of YourDox, a New Consumer Benefit and Security Initiative for Real Estate and Loan Closings.

Atlantic Coast Title Group, a leading provider of title services to the real estate industry, announced the launch of their YourDox secure document storage service for consumers when buying, selling, and refinancing their homes.

Consumers generally walk away from a real estate closing with mountains of paper, most often in a file that contains paper-only copies of important documents that are not secure in any way.  After closing, these paper documents are often forgotten or misplaced.  And in the case of severe storms, important original documents can be lost forever.

Atlantic Coast Title Group, a leading provider of real estate closing services throughout the South Florida area, has partnered with Pioneer Technology Group to provide an innovative, "green" solution for buyers, sellers and borrowers that protects and preserves their documents, allowing homeowners the ability to add other important documents to their account for safekeeping and convenient access.

"If You’re Not Closing At Atlantic Coast Title Group, You’re Not Closing” said Mathew Krause, Marketing Manager.  "Secure document storage just makes sense for document preservation, disaster recovery, and future access.  This technology also reflects Atlantic Coast Title’s commitment to being a leader for environmental responsibility in the real estate industry".

"We're very pleased to partner with Atlantic Coast Title Group, a proven leader in the home and loan closing process in the South Florida Area” said Klaus Tuschmann, Director of Sales and Marketing, Pioneer Records Management.  "Our expertise in secure records management for consumers, courthouses, and counties, and real estate brings a new level of security and convenience for the many consumers, lenders, realtors and builders that have come to rely on Atlantic Coast Title as one of the premier closing and settlement companies in the state of Florida.”

 

5 Tips to Maximize Your Home’s Value When You Sell

1) First, do your homework.   Find out the local market conditions for your neighborhood.  Depending on your area, there may be better/worse times to sell.  Once you’ve decided to sell, there are three different levels of service that you may want to consider:

• Sell the home yourself (FSBO)
• List your with a Discount / Flat fee broker
• Utilize a full service real estate agent/brokerage

If you are inclined to sell the home yourself, note that you will bear the responsibility for marketing your property, along with full legal disclosures, inspections, appraisals and the like.  You should be very comfortable with real estate related documents, and comfortable with the legal implications resulting from the transaction.

You can also choose to use a discount or flat fee broker, who will assist you to sell your property.  Depending on the broker you select, you may be able to get some assistance with marketing, open houses, disclosures, title/escrow, etc.  Make sure that you understand exactly what services you are willing to pay.  Make sure you understand what services are covered under each pricing plan.  Find out if your listing will be posted on the website, what signage will be available to you; find out if you are posting the home to the respective MLS (multiple listings service) in your area. Each broker is different, so make sure to get references from former clients. 

If you want to market your property to the largest pool of possible buyers, list your property with a full-service real estate broker/firm.  Now, before you pick up the phonebook or check that postcard you received in the mail, make sure to take the time to interview more than one agent/agency. 

Find out if they are a REALTOR® — a member of the NATIONAL ASSOCIATION OF REALTORS, a trade organization of nearly 1 million members nationwide.  Members of NAR subscribe to a stringent code of ethics to guarantee the highest level of service and integrity.  You may also want to know if they have any special REALTOR® designations, such as GRI and CRS, which require that real estate professionals take additional specialized real estate training.  In addition to qualifications, you should check references of the agent.  Make sure to speak with former clients to see if the agent is responsive and is available to keep you up-to-date with progress.   You need to have direct contact with your agent, so you will need to be as comfortable as possible.  The agent that handles your listing should:

• Detailed marketing plan for your house, including online and offline marketing
• Prepare a Comparative Market Analysis (CMA) of properties in your area that have sold, as well as properties currently listed
• Help you determine the best selling price for your house
• Advice on suggested home improvements

During the time that your house is on the market, potential buyers will make appointments to view your home, along with the planned open-houses that you or your agent may schedule.    Try to evaluate the house as if you are seeing it for the first time. Buyers need to envision themselves living in the home, so take care to present the property in its best light.  Put yourself in the position of a potential buyer and view the property starting at the front, itemizing the most cost-effective enhancements to make.

2) Clean up as much as possible.  You may want to paint walls (neutral colors are best) or spruce up wallpaper.  Replace old flooring and worn carpets.  Check and repair damaged or unsightly caulking in the tubs and showers.  If possible, hire a cleaning service. Display your best linens, towels, and shower curtains. Make up beds, and put fresh flower arrangements on the table.  Make sure that there are no offensive odors in the house.  Odor is the first thing buyers notice, and often a permanent turnoff.  

3) Make your house their new home.  Put away or pack small appliances and other items that might be sitting on countertops or tables throughout the house. You want buyers to visualize the space in each room, so it is best to remove as many smaller items as possible.  Remove personal items, pictures and items to present clear shelves, book cases and walls.  Move excess furniture to make rooms more spacious. Replace heavy curtains with sheer ones that let in more light.  Clean and organize the closets. If you must, store boxes in an out of the way location.  You may also want to rent a temporary storage unit, to allow you to de-clutter every part of the house.

4) Don’t forget the outside!  The right landscaping can enhance the curb appeal of a home.  Eliminate weeds, patch bare spots, fertilize and water. Take a good look at the shrubbery. Bushes that have grown to cover windows should be pruned to let sun and light into the home.   Fill in bare spots with small shrubs and colorful, fast growing annuals, such as impatiens and petunias. A few well-placed flower pots by the front door can be very inviting. Today's buyers want low maintenance. Your goal should be a beautifully maintained yard that looks easy to care for.

5) Allow your agent/representative to show your home.  Buyers don’t want to offend current owners, so they may be more hesitant to consider your home if you are present for open-house events.  Be flexible about showings. It’s often disruptive to have a house ready to show on the spur of the moment, but the more often someone can see your home, the sooner you’ll find a seller.

This Weekend: Harvest Fest Is Here

This weekend: Harvest Festival, Saturday, October 5, 2013, 1:00 pm – 6:00 pm at the Riverwalk Events Plaza.

Learn more click on link http://www.jupiter.fl.us/index.aspx?nid=677

Expired Turn Key Listing Campaign

Each day new expired listings hit the MLS and these listings can be a great source of new listings for you!

Atlantic Coast Title Group has a turnkey expired listing program that you can use to build your business!

The expired listing campaign has the following:

 

1. Turn key letter series designed to get your phone to ring

2. Unique Selling Proposition no one else is using that gets you in the home to increase the likelihood of you getting the listing.

3. Scripts for outbound calls, face to face conversation, and inbound call in.

4. Effective marketing piece designed to get your phone to ring off the hook!

 

Call Matthew at 561-512-3567 or complete the form below to schedule a time to receive this information!

Mortgage Forgiveness Debt Relief Act Has Been Extended Until January 2014!

This has been much anticipated and will help many sellers avoid taxes on the forgiven debt related to a Short Sale. The Mortgage Debt Relief Act has been extended through January 2014. 

This is great news for folks needing to do a Short Sale.

We specialize in getting short sales approved so use Atlantic Coast Title Group for your next short sale transaction. 

ACTG Dubois Fun Day!

Atlantic Coast Title Friday Motivational

Friday Motivational

Had a rough week? Need a little something to get your focus back on the positive? 

Click on the image below for a small compilation of motivational sayings!

ACTG Pinterest

Atlantic Coast Title Group gets another short sale approved

Submitted short sale package to Ocwen on April 18, 2012.  Received Short Sale approval on May 8, 2012.  The only issue was that they would only pay 8% of the purchase price towards closing costs. They include the realtor commission in the closing costs.    Pretty good for an Ocwen short sale!! 

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