Foreclosure & Fair Market Value
If you have evidences would show the fair market value to be mor
If you have evidences would show the fair market value to be more than what is mentioned in the form you may consider disputing the FMV. Usually, the amount for which the property was sold should appear as FMV on the 1099-a form.
Quote:Originally Posted by SCIf you have evidences would show th
Quote:
Originally Posted by SC If you have evidences would show the fair market value to be more than what is mentioned in the form you may consider disputing the FMV. Usually, the amount for which the property was sold should appear as FMV on the 1099-a form. |
The amount the property sold for at the court house steps? Or the amount that it was re-sold for once it became bank owned? The $180k is the price that I think someone bought it for from the bank. And that sale is public record and indisputable.
Sorry, that was my response above... I guess I wasn't logged in
Sorry, that was my response above... I guess I wasn't logged in.
I decided to write to Wells Fargo and Freddie Mac (the owner of
I decided to write to Wells Fargo and Freddie Mac (the owner of the note), to request that they change the FMV on the 1099c and 1099a to reflect the actual sale of the property at $180k.
I'll update the thread if/when they respond.
Mich, it might have happened that the property value had dropped
Mich, it might have happened that the property value had dropped to 105k when the lender had appraised the value during the time of foreclosing it. So it would be the amount that would be listed in the1099-A form since the propety went back to the bank.
Quote:Originally Posted by AnonymousMich, it might have happened
Quote:
Originally Posted by Anonymous Mich, it might have happened that the property value had dropped to 105k when the lender had appraised the value during the time of foreclosing it. So it would be the amount that would be listed in the1099-A form since the propety went back to the bank. |
I don't have a copy of "their" appraisal, so I can't say what they had it appraised at. But I do have a copy of an appraisal performed three months before the foreclosure. THREE MONTHS. AND I know what the home re-sold for to another person three months after the bank became the owner. THREE MONTHS.
So here's the time line. My appraisals is as of June 2009 (appraised as of May 2009) and shows a minimum value of $150k. Foreclosure was in August 2009 with a listed FMV of $105k per the 1099-C. Re-sold by the bank to an individual in November 2009 for $180k. There is a 6 month time frame there, and I guarantee the market didn't plunge for three months then rebound 70% three months later. This is the Sacramento market and the majority of the real estate depreciation took place in 2007, 2008 and was leveling out in 2009.