Update-Short Sales and “Walkability Scores”

Here are some quick notes on Short  Sales. If you are considering selling your home as a short sale- here is a list of things to consider  and to prepare for:

1. Talk with a tax advisor/attorney. In many cases- the forgiven amount is a taxable debt- therefore you will want to know the ins and outs of the tax laws pertaining to short sales.

2. Talk with a financial advisory/attorney. In many cases the forgiven amount is seen as a deficiency and the bank may hold you liable. They may ask for a promissory note for the difference, or seek a deficiency judgment. Short sale laws ar changing- so please make sure to talk with your real estate agent to discuss the latest and greatest.

Next- I wanted to post a note here about “walkability scores”  My friend and fellow real estate agent in Nevada-Brian  Grady- included some info in his latest newsletter. I hadn’t heard the term- so in an interest to keep up with the times- I did some searching.

A walk score is a ranking for neighborhoods as to how accessible stores, shopping, restaurants, parks, bus stops, etc are to a home/neighborhood. My score for my home is a 46- which apparently is pretty average. To put it into perspective San Francisco is the most walkable city with a ranking average of 86- Chinatown has a walkability score of 99.

In addition it has been found that homes with higher than average walkability scores commanded a premium of $4,000 to $34,000 over homes with average scores. (this study was for homes in typical metropolitan areas)

So there- learn something new everyday.

As always- I hope this info is useful- and let me know if I can be of any service to you in your real estate needs.

Lisa