If you we considering a Short Sale or had a Short Sale in progress that did not close before December 31, 2012 you have just been saved from having to pay income tax on the amount the bank accepted for the amount owed in the sale of your principal residence.
What does this mean for those folks still underwater that need or want to sell? Well, it means you need to get into action and get your home listed for Short Sale Now!
Considering a short sale can take up to 6 months for the lender to accept and to close after you get an offer, if you don’t have your home listed for short sale by June 1, 2013 you very well may lose the chance to sell and not pay taxes on the shortfall the bank will accept.
The provision to exclude from taxable income the debt short paid will end December 31, 2013. That means you need to close by that end of 2013 or face taxes on the short pay.
The Team at Atlanta Housing Source at Solid Source Realty specializes in Short Sales. Our Team includes REALTORS experience in listing to get bank acceptable offers, Licensed Negotiators that handle the heavy lifting the banks require and Attorneys that handle the legal aspects the banks require.
In the past 4 years we have had a nearly perfect success rate on getting a Short Sale closed. The exceptions are where the home owner waits until the week of the foreclosure reading on the courthouse steps and leaves no time to get it done.
If you are behind in payments, close to being behind, current with your mortgage payments but had the death of a co-borrower, in a divorce or legal separation, illness or disability or a distant employment transfer where you are paying two mortgages then you need to contact me immediately to get my Team into Action.
Contact me, Mark Lackey, Associate Broker, EcoBroker
Atlanta Housing Source at Solid Source Realty
404.886.8789 – Direct