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, […]
Archive for 2013
Will Fannie Mae Still Dictate That Listing Agents Lie Too?
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 […]
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 […]
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 http://bit.ly/YceBUc ] 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 […]
