Cervando Flores-Mondragon's Real Estate Blog

10 Steps to Home Ownership

• Step 1: Are You Ready?
• Step 2: Get a REALTOR
• Step 3: Get Loan Pre-approval
• Step 4: Look at Homes
• Step 5: Choose a Home
• Step 6: Get Funding
• Step 7: Make an Offer
• Step 8: Get Insurance
• Step 9: Closing
• Step 10: What’s Next?

Homeowners who have had mortgage debt forgiven after a foreclosure, modification, or short sale may be able to exclude the canceled debt from their taxable income if they meet specific criteria. According to Gil Charney, principal analyst at The Tax Institute at H&R Block, the specific criteria to have forgiven debt excluded are the debt must have been incurred to buy, build or substantially improve the residence, called “acquisition debt, and the property must be the taxpayer’s primary residence.

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Just sold a beautiful house in Lodi (405 Elgin Ave, Lodi CA) this house appraised for $130,000. I was able to negotiate the purchase for $123,000 It was a short-sale and was able to get 3.5% credit for the buyer from the bank. I am an expert buyer agent and skill negotiator (Call Me is you looking for bargains in the San Joaquin County).

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