Archive for 2013

Thursday, November 21st, 2013 at 10:46am

IRS Affirms Most CA Short Sales Are Not Taxable

By a letter released November 15, 2013 the IRS has confirmed that most recent (and future) California short sales will not generate taxable cancellation of debt income. While this letter was issued in the context of short sales occurring after 2013 the reasoning applies to many short sales all the way back to January 1, […]

Thursday, February 21st, 2013 at 1:32pm

Will Fannie Mae Still Dictate That Listing Agents Lie Too?

Posted by Ron Ballard in Everyone

On February 12 I pointed out on this blog how Bank of America was requiring listing agents to lie and violate their MLS rules by keeping short sales as “Active” even after there was a binding contract to purchase the property. It has come to my attention that Fannie Mae appears to be doing the […]

Thursday, February 14th, 2013 at 10:56pm

Bank of America Retracts Onerous Short Sale Listing Requirements

It took a record short time of less than three days for Bank of America to respond to a groundswell of agent objections to retract an updated short sale listing requirement that appeared to require listing agents to lie and to break their MLS board rules. Whether the February 11 “reminder” was an attempt by […]

Tuesday, February 12th, 2013 at 9:50am

Bank of America New Rule Requires Short Sale Listing Agents to Lie

[NOTE: There is an important update about this information posted on this blog on February 14 at ] Not only does an updated Bank of America short sale listing rule require the short sale listing agent to lie, it also dictates that they breach their MLS rules and put their sellers’ property and persons […]

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