They have said that 2012 will be called the year of the short sale. Here’s more evidence: http://realtormag.realtor.org/daily-news/2012/03/01/short-sales-rise-more-banks-view-it-better-option I’m closing 2 short sales right now. One of them the bank is allowing the seller to receive $25,000! If you know somebody who is in distress with their property and would like to learn what options ... [Read More]
Image by 401K via Flickr Did you know that if you are upside down on your home and process a short sale, that the amount that the bank forgives is scheduled to become taxable in 2013? That means that, for example, if the bank forgives say, $100,000 in order for you to sell you home, that $100,000 ... [Read More]
Image by 401K via Flickr
Did you know that if you are upside down on your home and process a short sale, that the amount that the bank forgives is scheduled to become taxable in 2013? That means that, for example, if the bank forgives say, $100,000 in order for you to sell you home, that $100,000 would be taxed at your tax rate. For a person in the 25% tax bracket that means they would owe $25,000 to Uncle Sam. If you are having trouble making your payments, I can think of no better reason to do a short sale in 2012. Contact us today. You do have options!
