http://www.localmentor.com real estate investing training video on what not to do on a fix and flip. Sometime saving money and cutting corners don’t actually save you money. I often say, the cheapest “contractor” (fill in the blank with anything there) is NEVER the cheapest contractor. For more great money making real estate investing training check out http://localmentor.com

Duration : 0:6:43

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Sept. 21 (Bloomberg) — Sales of previously owned U.S. homes rose more than anticipated in August as investors used cash to buy distressed properties.
Purchases of existing houses, which are tabulated when a contract closes, increased 7.7 percent to a five-month high 5.03 million annual rate, figures from the National Association of Realtors showed today in Washington. Michael McKee reports on Bloomberg Television’s “InBusiness with Margaret Brennan.”(Source: Bloomberg)

Duration : 0:2:19

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SW Florida Daily Tour of Homes & Foreclosures 6-14-2011 A great tour of Sanibel Homes & More! Plus just added a Free 114 new Foreclosure List at www.Livinginswflorida.com or call 239-989-1106

Duration : 0:15:0

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http://www.squidoo.com/shortsaleaid

How To Do a Short Sale
Why Would a Lender Accept a Short Sale?

A short sale in real estate is not always a pleasant transaction.

There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a “short sale.”

More than half of my sales in Sacramento over the past few years are short sales. That’s how prominent short sales have become.

When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.

If you are considering buying a short sale, there could be drawbacks. For your protection, I suggest that all borrowers:

* Obtain legal advice from a competent real estate lawyer
* Call an accountant to discuss short sale tax ramifications

As a real estate agent, I am not licensed as a lawyer nor a CPA and cannot advise on those consequences. Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. A lawyer can determine whether your loan qualifies for a deficiency judgment or claim.

By Elizabeth Weintraub, About.com

Duration : 0:7:44

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In the series, How Low Can You Go, Contributor Vera Gibbons spoke to Chris Wragge about finding great deals on foreclosed homes.

Duration : 0:3:34

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