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Short Sales Important Update for 2012

By
Managing Real Estate Broker with CORE Realty (The Watz Team)

Illinois Short Sales and ForeclosuresShort Sales Important Update: The Mortgage Debt Relief Act of 2007 will expire at the end of 2012. What this means is that Short sale sellers will be getting sent a 1099 for their shortages starting Jan 1, 2013 if this bill is not extended. Considering some short sales take a year to close, I'd get it listed NOW if you are thinking about short selling!

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Jerry Hill
Hill Realty - Bryant, AR

Vicki, I love the picture and caption.  I have my first short sale so I have been reading a lot of information about short sales and the best way to work with your client.  Unfortunately, I think a lot of Sellers who are near foreclosure think a short sale is going to be the answer to their prayers.  The bottom line is that unless it is an incredible deal, why would a Buyer want to pursue a short sale when there are so many other opportunities on the market.

Jan 25, 2012 09:07 AM