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Information of Short Sales

Acceptance of Short Sale Offer

Many people believe that their short sale offer will be accepted only if the contract price is close to the outstanding balance of their mortgage. However, it is not true, the lenders have a good idea about the market value of your property and if you are offering anywhere near to that price then they will consider the offer.

Which is Better Foreclosure or Short Sale?

Many people feel that foreclosure is better than short sale as it will save time. While a short sale is a little harder it’s actually easier on you in terms of your credit report and you can live in the house while it’s ongoing.

Will be hit with Taxes

Many people keep themselves away from short sales fearing 1099C tax form as they feel it would be more burden on them. However, one should understand that if you have get approved for a short sale then it means there would be some amount that bank has forgiven and that amount is reported to the IRS on a 1099C. There are many exceptions to paying tax on this amount and so an accountant needs to analyze your situation but the best result is that you got out from an underwater mortgage.