Did you know that if you short-sale a property, the seller can be 1099'd for income? (Like bank interest, or Investment income) That's going to be a heck of a surprise when you get one for $50 to $100K depending on how short the home was sold for. Your agent can negotiate with the bank to make sure that they agree in writing that the note is PAID in FULL and they will not go after you the seller via judgment's, liens, garnishments, etc. Make sure your agent has this in the Discount Payoff Agreement Letter! Just be prepared and make sure your agent does their best to get this in the agreement. Consult your tax professional for advice if you have received a 1099 due to a short sale.
David W Hughes, e-PRO
Designated Broker/President
Home Realtors of Idaho
3330 N Meridian Rd #100
Meridian, ID 83646
208-639-4567 Office
208-989-2749 cell/text
800-396-8589 Toll Free Fax
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Homedale Branch
(next to Paul's Market)
208-337-3000 Office
208-337-3010 Fax
"Gettin a move on"
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