Jim's AR Blog - Archives September, 2008

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Home : Blogs : Cape Coral Florida Golf Course and Waterfront Homes : Jim's AR Blog : Archives September, 2008

Short Sales Revisited - 09/24/08 02:17 PM

In response to another Realtor's request for assistance with short sales, I wrote the following note. I thought it might be helpful to anyone just starting short sale work.
1. The 1099 issue is a whole study in itself. Generally, if the owner is living in the house and has the homestead exemption, there will not be a 1099. Again, in general, an investor will get a 1099 for the bank's ENTIRE loss, including fees, atornies, etc. There are many, many exceptions and I suggest you get a copy of the current Federal rule, which has been posted by several people … (0 comments)

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