As a Short Sale Agent & San Diego Realtor (yes we’re exemplary at Traditional Home Sales as too) we receive so many questions from prior Short Sale Home Sellers AND New Prospective clients as well. One of the most frequent questions is: “How soon can I buy after a short sale? What is the time lapse? The answer to that question is, “It depends ” If a borrower is going to use conventional financing, (that is putting 20% down), the answer is (drum roll!)… Read more »
Short Sale Tax deadline may affect San Diego County Residents.
Suffice to say, most people are unaware of the potential tax consequences of a short sale (or foreclosure for that matter). A short sale involves selling a property for less than the amount owed to the lender. Per the tax code, the IRS considers a short sale a “Debt Cancellation”. When a lender cancels or forgives debt, the difference between what was owed and the amount the lender received to cancel or forgive the debt may be taxable to the borrower. For example, Read more »
Find out how much your home is worth and how Magnus Realty Group can help you sell your home. Also, if you are looking into a possibly exploring the short sale of your home, please be advised that we have been trained by former bank loss mitigators in getting short sale cases approved by banks. We currently average a 96%+ short sale success rate for our clients. Learn More