[desmond]

I was just pointing out an article that showed housing was down!

[desmond]

powayseller, aside from sdr, what did you think of the report?

[desmond]

Here is the site.

http://realtytimes.com/rtmcrcond/California~San_Diego~bobcasagrand

[desmond]

Poway- From what I know there are NO exceptions on what they call a “Short Sale”. Whatever “debt relief” the bank gives you- it is taxable. Also, if you give the keys to the bank in say January with a $50,000.00 debt relief you better make an estimated payment to the IRS in that quarter or you will get late fees tacked on! What happens with the IRS is another matter. They cannot go after certain assets and if you show a zero net worth then they could forgive the debt.

[desmond]

Yes, my mom sold her house and then bought my brothers condo!

[desmond]

Awesome post, but try to explain that to somebody not listening! The same time I was selling, my mother was also selling her house in Escondido (92027), she was going to sell her house and then buy a Condo owned by my older brother, also in Escondido, at the then inflated prices (10/05). I told my brother that mom should sell and then rent. He slammed the phone down on me and I have not spoken to him or my mother since!

[desmond]

My realtor, the top realtor in the Santa Clarita Valley, was great. I gave him a number that I wanted to make after closing costs and he said he could get more, and did. While at his office during the listing meeting the only thing he mentioned is that the recents listings (9/05)on the MLS had spiked. As I was leaving his office he quietly said “that if I pulled this off I would be a genius”. I knew what he meant but did not discuss it with him then or even today. Everybody in the industry has too much to lose so what can they say. I do not try to get others to sell, it is very stressful, kids, rentals, movers, etc. Also, I had a lot of equity so it was worth it. How many others have much equity after all the extractions of HELOC’s to make it worth it? Plus I don’t want my friends to think I am gloating to them, (my wife and I gloat everyday!)I have not read Talbotts book yet, but I wrote it myself (more gloating)

[desmond]

At the time of listing I had no information, the RE industry kept a lid on it. I was nervous with all the equity I had, over 500K, and the question that kept me up at night was how many people would or could by an 1800 sq. ft. house for 715k? My wife and kids hated my at the time but now I am a Hero! I put All the money in T-Bills (check out Treasury Direct .com). I listen to all the pundits say how good the market is and go crazy. They are no better then what Ken (dead) Lay did to his employees and investors at Enron. I found these websites a couple of days ago after an article I read at The Norris Group website and I have been redeemed!

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