There are many programs today that promise riches through buying short sale properties. While it is often possible to profit from the buying and selling of short sales, it is not as easy as many of these programs claim. Buying a short sale property is a very compicated business.
This is because short sale properties are priced close to the current market value of the home. It is not easy to get homes at deep discounts as is often possible when buying properties at auction. However, if the market is expected to improve and you can make inexpensive improvements on the home, you may still be able to turn a profit.
The services of a real estate professional who has experience dealing with short sales can be an indispensable tool that you should take advantage of. Jay Otlewski knows all the details required to successfully buy or sell a short sale property. You will receive valuable advice to protect your interests during negotiations of your purchase.
Information vital to a successful short sale purchase -
- Who currently holds title of the property
- How much is owed on the property
- Is the property currently in foreclosure
Call or fill out the form today to get started. 800.610.2384
The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.
This provision applies to debt forgiven in 2007, 2008 or 2009.Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion doesn’t apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.
The amount excluded reduces the taxpayer’s cost basis in the home."
Source - IRS website on Home Foreclosure and Debt Cancellation |
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