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Wa State Short Sales

By
Real Estate Agent with Keller Williams Western Realty

Short Sales are in a class all of their own & with the amount of distressed properties on the market these days increasing daily, there is a need for a local resource of information around this subject.  Homeowners struggling who may be trying to keep their home via  loan modification, sell their house via short sale, or find another solution to their mortgage problems need a place to call, email, etc., for information surrounding the subject.  I gladly offer my services free of charge to anyone that needs help in this arena.  Whether we meet in person, chat over the phone, email, etc., is up to you.  Feel free to contact me anytime for a question, consultation, etc.

So with that being said, here’s a question that I received today.


Question:  Will the IRS come after me for the difference in the amount that I owe and the amount that I short sale the house for?

Per the Debt Foregiveness Act of 2007, if the dwelling is your primary residence, you should not have any tax consequences surrounding a short sale.

Other exceptions may include:

Insolvency:  You debt exceeds your assets.
Bankruptcy:  These debts are not taxable
Non Recourse Loans:  States where a lender’s only remedy is to take back the property.

Disclosure:  Am I an accountant?  No.  Should you consult one per your situation before taking my answers as absolutes?  Yes, if you'd like or need information surrounding this subject.

Tara Camp is a full time real estate agent in Washington that negotiates short sales on behalf of homeowners/sellers all over Washington State.  She lives and works in Bellingham, however, with such a specialized niche, she is able to maintain and service clients state wide.  Short sale services are FREE of charge, as are all the costs of a typical short sale.  She is able to negotiate all fees and deficiencies that a seller might encounter, allowing you to start the future with a clean slate. Contact Tara today.

 

                         Tara Properties NW |  TaraPropertiesNW@gmail.com | 360-296-3244 |  Keller Williams

Goran Utvic
Goran Utvic Real Estate Broker/Construction Consultant - Chicago, IL
Chicago 2 Flat Specialist

Not having to owe Uncle Sam taxes for the difference when considering a short sale is definitely a great advantage.

Oct 19, 2011 06:53 AM
James A. Browning
Browning Real Estate School/REO Institute - International, IT
MRE REOCertified(R) SSCertified

Thank you for sharing your blog; we need Real estate Professionals to share their comments and information regarding their markets and experiences. Thanks again from beautiful

Jun 19, 2012 12:09 PM