Complete Your Rocklin Short Sale Before The End of 2012

Complete Your Rocklin Short Sale Before The End of 2012

If you think a Rocklin short sale may be your smartest move, now is the time to get the short sale ball rolling.  As if those underwater on their mortgage don't have enough to worry about, important deadlines are now approaching.  Rocklin short sales usually take anywhere from 3-7 months to complete.  When a bank rights off a debt due to short sale, that's considered taxable income for the seller and the seller will receive a 1099.  Through the end of 2012, the IRS is forgiving this amount.  It's possible that the government will extend this rule beyond the end of the year, but nothing is certain at this point.

Rocklin short sale sellers should now begin their research regarding the short sale process.  By the time you prepare your home, find a Rocklin short sale agent, obtain an offer, negotiate with the bank, and close escrow.....well, you can see how the time adds up.  Being subject to higher taxes for a short sale, will greatly affect your ability to recover from your Rocklin short sale in a reasonable amount of time. 

See if you qualify to sell your Rocklin home as a short sale.

Complete Your Rocklin Short Sale Before The End of 2012

Keller Williams Realty-Roseville

916.205.2265

www.AllansHomes.com

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*Allan Sanchez is a licensed real estate salesperson in the state of California and does not give legal or tax advice regarding short sales and other real estate sales.  Please consult a real estate attorney or CPA for any legal or tax questions.

 

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