A Short Sale is a situation in which the seller:

(1) Owes more money on the loan than the sale of the property will likely produce on the market      

(2) Is unable or unwilling to bring money to closing. The seller may or may not be behind on their payments

Short sales are considered preferable to foreclosures because they lessen the impact the foreclosure can have on the surrounding community. A Short Sale will not damage the home owner’s credit as much as a foreclosure.

I received a SFR (Short Sales & Foreclosure Resource Certification) from the National Association of Realtors. The SFR Certification is the only distressed property certification for the real estate professional recognized and endorsed by the National Association of Realtors.      

in their home, but want to avoid the negative effects of foreclosure. 

 



I will guide my clients through this stressful time and will be with themthrough the entire short sale process.

One often overlooked aspect of short sales is that a seller must count any amount forgiven by the lender as income and pay taxes on that income, even if no actual money was received. The IRS requires lenders to submit a Form 1099 stating the forgiven amount.  The Mortgage Debt Relief Act of 2007 may apply to your situation.

 Consult with your attorney and or tax accountant to see if the tax on the debt  forgiven on your  principal residence through  a short sale will be eliminated.