Under the “2007 Mortgage Forgiveness Debt Relief Act and Debt Cancellation”, doing a short sale usually made tons of sense – even though the deficiency that was waived by the bank became “income” to the seller, the seller also usually got an offsetting tax credit for that income (you need to chat with a tax expert). But since this Act is set to expire December 31 2013, and there are no signs in the political winds about it being extended again, the big questions is ...
Any Las Vegas short sale listing now has to be presented with tremendous self-esteem and value, whereas before it could be presented as an injured situation – Rob Flitton
Rob Flitton
70-496-7260
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