A short sale is the sale of property in which the owner owes more to the bank than the real estate is worth. Property owners who are going through hard times financially will usually turn to a short sale to avoid bankruptcy or foreclosure. If you are looking to sell your house in a short sale, it is important to contact a short sale attorney to work through all the legalities that go hand-in-hand during the selling process of a short sale.
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Did you know?
It is vital to speak with a short sale attorney before selling your home due to possible tax consequences.
The IRS considers the difference between the value at which you sell your real estate, and the remaining balance on the mortgage as “earned money,” unless directed differently. The majority of short sale sellers can finish the deal without owing any extra taxes, but the transaction must be structured properly. Again, only a short sale lawyer can offer you legal advice and completely safeguard your interests.