Short Sale InformationWe can help with your short sale. And our service is no cost to you! What is a short sale? A short sale is a process by which a lender agrees to receive a loweramount of a debt in exchange for the sale of the property to a third party.Homeowners that need to sell when the current loan amount exceedsthe market value of the property will normally need to do a short sale.Get Started With Your Short Sale Here We will negotiate with the bank for you to complete a "short sale".This is when the bank agrees to allow you to sell your property forless than what you owe. There is no cost to you and we will never ask you for any money at anytime. The bank will pay our compensation for getting the property sold.At the same time we will look out for your interests and take the painand confusion out of doing a short sale. We provide, at no cost to you,an ethical and professional solution. While it is possible to negotiateon your own most often the bank will want your property listed with areal estate professional. Why do a short sale? Banks really don't want to foreclose on a property under mostcircumstances. They would rather discount the loan in a short sale.This saves the bank a lot of wasted time and expense. A shortsale saves you the negative effects of having a forclosure.Are there tax implications in doing a short sale? Yes but you can usually get the IRS to waive them. The Mortgage ForgivenessDebt Relief Act was introduced in Congress on September 25, 2007, andbecame law on December 20, 2007. This act offered relief to homeowners whowould formerly owe taxes on forgiven mortgage debt after facing foreclosure.The act extends such relief for three years, applying to debts discharged in calendaryear 2007 through 2009. (With the Emergency Economic Stabilization Act of 2008,this tax relief was extended another three years, covering debts dischargedthrough calendar year 2012.) Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness.(Click to open) and you should speak to your accountant because the IRSwill often grant a hardship waiver even on a property that is not a principle residence.(Note: we are not accountants and do not provide accounting or legal advice. All information contained herein should be verified with a certified accountant and or qualified attorney |
