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Short Sale Information

A short sale occurs when a lender agrees to sell the property for less than what is owed on the mortgage.

The Mortgage Forgiveness Debt Relief Act expired December 31, 2013. This means that any amount of money a bank "writes off" to sell a home via short sale may become taxable when the seller files income taxes. As of today, there has been no action in Congress to extend the Act.

A REALTOR® is best-suited to handle these transactions, because short sales are nothing new. For decades, they have been an option available to "underwater" sellers who owe more on their mortgage than their home is currently worth. In fact, hundreds of local REALTORS® have earned professional certifications as short sale specialists.

Don't trust someone from another industry to handle your short sale. Note that, unlike attorneys, a REALTOR® will not charge you in advance to handle a short sale.

Find your qualified REALTOR® here.