In some circumstances, such as a multiple offer situation, the easiest way to get favor with the seller is to make your best offer with the seller's agent. Note: Sometimes sellers pay less commission, if only one agent is used, so that may be incentive for the seller to take your offer over someone else's. Additionally, a buyer can potentially gain more insight about the property itself, if working directly with the listing … (1 comments)
connect real estate services: Forgiveness Debt Relief Act Extended for Short Sale Homeowners
- 02/25/15 12:33 AM
On December 16, 2014, Barak Obama signed a bill which extended the Mortgage Forgiveness Debt Relief Act. This act covers any mortgage debt which is canceled (usually via Short Sale / foreclosure / loan modification principal reduction), through the end of the year 2014.
The Mortgage Forgiveness Debt Relief Act prevents homeowners who went through a short sale, or a foreclosure, or received a "principal reduction" via loan modification - from being taxed on the amount of debt forgiven. This forgiven debt is sometimes called, "phantom income."
In order for homeowners to qualify for this tax … (3 comments)
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