These short sales usually close in a shorter amount of time, at least in my experience. I have a short sale approved property- 1 Family detached home in East Flatbush – $325K Open House – Saturday and Sunday – 3/20 & 3/21 at 1372 Brooklyn Avenue, Brooklyn, NY 11203- between Foster and Newkirk Time: 1:30 to 4:00 p.m
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· It can even happen to people who got their bank to approve them selling their home for less than it is worth. Vanessa Corey, for example, short sold her Fredericksburg, Va., home in April 2008.
1099 Misc for Short sale incentive.. You, the seller, are then free to walk away, and the new buyer gets clear title to the home. If you plan to take advantage of the Mortgage debt relief act, report the amount of debt forgiven on irs form 982 and attach it to your income taxes for the year.
If you got this far in reading, I thank you and am confirming that we are doing short sales in real estate deals – but NOT your typical SFHs at 81% of the BPO. We leave these for the retail buyers while we circle in the water waiting for these very failed short sale deals to become REOs.
Now that you know how a short sale works, let’s take the time to clear up a few misconceptions people have about short sales. Myth: I won’t be able to buy another home for several years after a short sale. Truth: In certain circumstances, you can get an FHA loan within three years of the short sale date.
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A short sale in real estate is not always a pleasant transaction, but short sales have come a long way since 2006, so don’t sell the concept short. Our present economy does not mean that short sales have gone away.
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