1099-c Cancellation of Debt on Foreclosure or short Sale

Wondering about a 1099-c regarding cancellation of debt on a foreclosure or short sale. You may qualify for NOT paying taxex on that "income"
http://www.irs.gov/newsroom/article/0,,id=174034,00.html

Homebuyers credit!!! :)

Governor signs $8K homebuyer credit into law
On July 1, first-time Florida buyers who quality for the federal $8,000 tax credit can use it toward a downpayment. Read more.
http://www.floridarealtors.org/NewsAndEvents/n3-052709.cfm

Lake City, FL Real Estate Sale

Home sold in Eastside Village. Only on the Market for 4 days!! But really only 1 business day. Wow. This goes to show price it right & still you can sell quickly in Lake City, FL. This was not a short sale or foreclosure.

Big Improvement to First-Time Buyer Tax Credit
Under a new FHA rule, lenders can allow first-time home buyers to use the $8,000 tax credit as a down payment. Otherwise, buyers wouldn't get the money until they receive their tax return.
http://www.realtor.org/RMODaily.nsf/pages/News2009051202?OpenDocument

Florida Real Estate Market.

FLORIDA REAL ESTATE

A monthly UF survey finds an increase in confidence for the Florida real estate market. "Positive responses ... lead us to believe there is light at the end of the tunnel," says Timothy Becker, director of UF's Bergstrom Center for Real Estate Studies. According to Becker, many respondents believe that government stimulus efforts are working.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-051309.cfm

Latest Listing & Youtube Video Test.
Maple Ln for $99,900. Lake City, FL Real Estate.

Short Sales & Foreclosures,

This article has important things to keep in mind when dealing with sellers that wish to walk the path of a short sale, foreclosure or deed in lieu of foreclosure.

http://www.brokeragentsocial.com/article.php?article_id=308