Скачать или смотреть What Role Does An Appraisal Play In A Short Sale?

Steven - Here we are on Father’s Day on AM560 The Answer with Deborah Shriner, Jim Leahy and Me, Attorney Steven Leahy on IRS Radio Hour. We’re gonna do the next segment.

Automated Voice - And now here’s that man with the head just cram full of knowledge Mr. Know it All

Jim - That’s right ladies and gentlemen Mr. Know it All the segment where Attorney Steven Leahy gives us his infinite wisdom on all things taxes and this time we’re gonna be talking about a little bit about Real Estate Taxes when it comes to the sense of Appraisal

Steven - Or short sale

Jim - Or short sale

Steven - That’s right and what is, what role does an appraisal play in a short sale and here’s

Jim - That’s a good question

Steven - Yes because I help people with short sales. Short sales are sometimes the best way to get out of a foreclosure situation. You know I have a lot of this where I help people, you know foreclosure. Nowadays, a lot of the foreclosure they’re not letting you get out of this out of the deficiency judgement, back in the day, in the heyday of this foreclosures, a lot of this companies weren’t seeking deficiency judgements against people and the deficiency judgement, remember is the difference between what I owed in the mortgage company and what they sell the house for at a auction so that difference can be very large, $100,000 more, okay and then they can come after me personally for that money, for that $100,000 or more and, so sometimes that is, you know, sometimes the best way to protect yourself and I write a lot about this on my blog so if you look at the blog you’ll see how to avoid a deficiency judgement and there’s different ones as you go but one of the things you can do is, you can do is you can do a short sale and often times the short sale will, they will wave that deficiency judgement, again the difference between what I sell it for and what I owe them and by definition a short sale is when a mortgage company agrees to take less for the property than you owe for the property but what they do is they go out and do an appraisal of the property and that appraisal is really gonna dictate what they’ll agree to take, so right now I have a short sale going and we have a realtor in our network of realtors and she’s working with and she has show a property to more than 30 people. I think 50 people and we’ve had 8-10 offers and they were all in the same way, they kind of cropped off over the last 6 months they’ve kind of going up because this has been on a long time but the mortgage company won’t agree to a short sale and they won’t agree because they’ve got some, some guy went out and did an appraisal and the appraisal is way out of line, way outta line and we keep telling them we will take this, this is the best you’re gonna get, it’s going on and on and on and on. Now, luckily my client has been protected and he’s not going to face a deficiency judgement. So if the mortgage company does not agreed to a short sale my clients not gonna be hurt either way. So, in my clients eye it doesn’t really matter. Who's gonna lose? The mortgage company is gonna lose

Jim - But they already knew they were gonna lose anyway though

Steven - But the longer they’re holding this, you see now and this is, there’s something in more shore

Jim - Yeah

Steven - What are they gonna lose? How about taxes? You’re gonna pay the taxes for the next year

Jim - Yes, yes, yes

Steven - And that’s not a small number

Jim - No

Steven - So if I, so maybe I’ll get a $10,000 more but if I’m paying $15,000 more in taxes I’ve just lost $10,000 more and I could have got rid of it early

Jim - Exactly

Steven - I don’t even have to hold the cross

Jim - That’s why it’s so important to hit the market in the right price

Steven - It is

Jim - This is why it’s so important

Steven - Now, in this situation that I’m talking about here, really nothing you can talk about, we keep bringing in offers and they’re all in the same area that there must be the value.

Jim - That’s the price, yeah

Steven - Because that’s what people are willing to pay him right the market price is what a willing buyer and a willing seller are willing to agree to a price but if they have this outrageous opinion about what the value of that property is, they won’t ever agree to the actual value of the property. So, it’s a obstacle, very hard to overcome. Same thing if I’m trying to buy a home and I go out and I get a mortgage company and they send out an appraiser if the appraiser comes up and the value of the home is way, if they come up with the value much more what I

Jim - Yeah exactly

Steven - Anyways we’re gonna buy loans that’s gonna be based on what’s the appraisal is and if I don’t get the right appraisal, if the right number they’re not gonna get any of my loan

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