The Short Sale That Got Away
With a few exceptions, if you’ve got those two qualifiers going for you, you are likely to get short sale approval. There are a few banks who will not do a short sale under normal circumstances, but you can just stay away from PNC Bank and eliminate half the battle. Most banks aggressively pursue short sales and want to approve them.
We got an email form the sellers agent, who is also our agent, that the buyer is trying to modify his loan and has asked the forclosure department of B of A to stop the short sale. This is a supper jumbo loan and our offer is the only one on the table right now.
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Since the debt is discharged in the bankruptcy, then there is no incentive for the debtor to work a short sale, as the debtor can walk away without financial repercussions as to the note at any point. It is important to distinguish that the lender only loses its rights as a creditor on the mortgage note when the debtor does not reaffirm.
What is a short sale? Let’s break it down. Say you’re selling your home; however, the offer you get is so low, it won’t cover the total amount you owe your lender on your mortgage balance.
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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.
· 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. For example, a person who bought a brand new home could die the day after closing, and the costs of an immediate sale could throw that transaction into short sale status.