My broker sent an email this morning to one of our clients. And that prompted me to remind agents that our fiduciary responsibility to our clients can get long and involved. We have a seller who will likely (I'm not exactly sure) incur some tax implications when and if we finally get to close on his home. It appears that it may close before the end of the year, but it surely will close before the end of the decade, won't it? He has been advised to check with a tax attorney and/or an accountant to see what the ramifications of this transaction will be to his financial position. Please advise your clients about this as well so they aren't "surprised" by the IRS.

 

 

 

The information contained in this blog is believed to be true and correct and while every effort is made to ensure that the information is as accurate as possible, the author of this blog, and its comments disclaim any implied warranty or representation about its accuracy for any particular purpose. All information is copy written and the property of Suzanne McLaughlin.. 

For more information about real estate values in your area, give me a call or email me at 612-202-0215 or mclaughlinhomes@gmail.com  

Suzanne McLaughlin

Sabinske & Associates, Inc.   612-202-0215   

When you need to buy or sell in St. Michael or Albertville Minnesota, give me a call! 

 
This post has been included in Minnesota Real Estate News

4 Comments on Take Care of Your Short Sale Sellers!

NOV
30
2008

Ask if your client has also visited a CPA.  Last 12/20/07, President Bush signed "the mortgage debt relief act of 2007" which stipulated that, if the partial loan forgiveness was on the client's primary dwelling & the loan amount was less than $2.0 million, lenders won't have to submit a 1099, i.e. the amount forgiven would be federal tax exempt.  I believe that the act is good until 2012.  Pleeease consult a real estate attorney.
12:38pm • #1
697,950 Points 15 Featured Posts Outside Blog Called Shot Master

Thanks, Dalia, we did ask him to consult a CPA and real estate attorney.  I just made it simpler in the post.  But, we really need to be specific in these areas, don't we?  I appreciate the clarification. 
5:16pm • #2
434,022 Points 32 Featured Posts Outside Blog

I see a very large part of my business as being a protector. Usually, if I am protecting people well, then they aren't very surprised by things. Best of luck out there.
5:19pm • #3
JAN
03
2012
511,432 Points 12 Featured Posts Called Shot Master

Talking to an accountant and an attorney before you sell anything is always a good idea.
5:02pm • #4


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Suzanne McLaughlin, Wright & Sherburne Counties Realtor

Saint Michael, MN

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Sabinske & Associates, Inc. (Albertville, St. Michael)

Address: 1449 Janett Av NE, St. Michael, MN, 55376

Office Phone: (612) 202-0215

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