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Victory For Short Sales In Florida - Realtors Win For Sellers!

There was a memo that was sent out by one of the employees of the Department of Revenue that on short sales the state wanted to collect documentary stamp tax on the forgiven debt plus the sales price. To catch up on this story and news you can click here to read my post about the documentary stamp tax in question.

When these things happen the Governmental Affairs of the Realtor Associations ban together to present to our Senators and DOR directors what our take on this is. There is nothing in the DOR rules that addresses the issue of the forgiven debt. There is no money exchanging hands and our position is that the tax is due on the deed. That is what the law says. Nothing more.

I had a talk with our state Senator Jeff Atwater about this issue and he said he interpreted the rules the same way we did and that he would look into it.

Victory! Realtors win their case with the DOR regarding the short sale documentary stamp tax!

It is official. The Documentary Stamp Tax is to be collected on the lower amount, the short sale amount!

Please pass this information along to your Title companies and Attorneys here in the state of Florida who do your short sale closings!

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Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

Call us today at 561.753.0135 or Toll Free 800.444.3316. Contact us by email if you prefer by clicking on email me on the right side of this page under our profile.

To view all the Wellington Florida Luxury Homes For Sale Click here and then click on Search For Homes We know Palm Beach County and St Lucie Country; we will help you get your home Sold if you need to Sell your home and help you buy your Wellington Home or Land ; call us today.

Disclaimer:The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, Inc or those of the broker.

P.S. If you are listing your home as a short sale in Palm Beach County Florida and Port St Lucie Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 561-753-0135 to find out more about Palm Beach County Short Sales and Port St Lucie Short Sales.

Posted by Nestor & Katerina Gasset Realtors® Wellington Florida Luxury Homes on 09/23/2008 09:34 PM

Comments (18)

Short Sales Taxes in the Real Estate Investing Channel

documentary stamp tax in florida, taxes, victory for taxes, realtors victory, taxes on short sales, short sale success experts

Originally posted at: South Florida Real Estate and...: Victory For Short Sales In Florida - Realtors Win For Sellers!

This post has been included in Florida Information
Post is included in group: All Things Florida
Post is included in group: Local Expert
Post is included in group: Sharing Information of Short Sales
Post is included in group: Short Sales Specialists
Post is included in group: Short Sale Specialists & Pre-Foreclosure Education

18 Comments on Victory For Short Sales In Florida - Realtors Win For Sellers!

SEP

2008

Congratulations on this important victory! The power of Realtors should not be under estimated - we can and we do make a difference.

Fantastic job! Congrats!!

That's great news!!

Katerina - That is a great Victory For Short Sales in Florida. It's wonderful when there is a united front that can ban together and win a cause to beneift short sellers in Florida.

Katerina, it's great the Realtor organization won in this tussle for the little guy. Great job!!

Great news Katerina. It's nice to hear some good news about this. Take care.

SEP

2008

Wonderful! There's power when we stand as a group, on a good cause.

United Country- That is right, the power of Realtors together can be a voice for good.

Sherry- Thanks for stopping by. I am so glad we have this worked out.

Michael- Thanks! You know in your market and our market this is an important step in the right direction.

Donna- That is one of the things that we as Realtors can stand up to government to get accomplished.

Gary- We took a stand because we saw the writing on the wall, short sales were failing to close over these extra fees as the lenders were refusing to pay for them.

Michael and Stacey- thank you for commenting on my blog, I appreciate it very much.

Sergio- Thank you and make is a wonderful prosperous week.

How cool is that? I'm so glad this had a successful outcome.

Best wishes!

as a realtor, I know I am a little biased, however, this is just one great example of your professional abilities that are often ingnored as buyers and sellers can only seem to look at what we are paid

It is amazing what a little buzz in someone's ear can do. Great news Katerina.

Katerina, it's good work. I'm still doing short sales and there is huge satisfaction in the work. We just closed one that was FHA and DAP with 6% coming back from the bank in seller concessions...WOW! Congratulations on all your hard work!

Great news for those who were already suffering from a short sale, that they will not be taxed more. Way to be proactive and make something happen.

Katerina, Yes, it's great news that I just heard about today too! I'm so glad as I have a closing coming up on Friday and I'm so happy that I don't have to deal with the additional doc stamps issue. I'm glad that the DOR put their stamp of approval on seeing things the right way!

That's good news I can pass on to a few of the title companies we work with.

SEP

2008

Yea - Katerina! - to us Florida short sale Realtors, sellers, banks and title agents! l am still running into title companies that want the parties to sign a hold-harmless, however.

MAY

Re your comment on title cos--i am dealing with a non-short sale, and was just given title papers that ask me as buyer to sign and notarize two hold-harmless pages! What is this about and who can I complain to? The sellers refuse to move sale back and I was just give the papers on the saturday of memorial day weekend. I am from the northeast and have not seen anything like this before. Since sellers choose the title co, I do not know who to contact.

windmig- I am not an attorney and can not help you with legal questions. I do know that title companies are asking both sellers and buyers to sign hold harmless agreements. I don't know any that don't. You would need to hire an attorney to review your paperwork to understand exactly what you are holding harmless about.

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