Short Sales Important Update for 2012

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!

Comments (2)

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
Annie Anderson
Hi Jerry, As a buyer, my thought process was 'short sale=incredible deal'. I wanted this particular house that happened be a short sale. I wanted this house regardless of how it was listed. Fortunately, we were in situation where we could wait 1 year for that incredible deal. What I learned going through the short sale process was how important it is to select a broker who had experience. Vicki was awesome! Because of her 'short sale' experience, we have our dream house at a price I wanted to pay for it Annie Anderson
Dec 04, 2013 09:33 AM