If you live in the Santa Clarita Valley and vicinity. If you are close to our Valley and have been sitting on your heels when it comes to having a short sale started – you may want to move a bit faster.
The short sale “Debt forgiveness” act may be coming to a close this December 31, 2012. It has not been renewed as of yet. Sources say that it will not be.
This is the “act” that give forgiveness to a Short Sale owner from the IRS.
Let us say you have Santa Clarita short sale expert negotiate your short sale and you owe, for example $500,000.00 on your home. The appraised value and the value accepted by your “bank or banks” that have your loan or loans is 300K. A buyer is put into play with regard to your home, condo or town-home that is willing to purchase it for the $300K figure. The agent puts the deal together, negotiates with your bank or banks, and your home successfully closes as a short sale.
With the current “debt forgiveness” act, you are not going to be taxed on the difference. $500,000 – minus – $300,000 equals $200,000 of potential taxable income.
None of our short sale clients have been excluded from the Debt Forgiveness Act to date and we have successfully negotiated many short sales. Speak with your Tax Accountant and an Attorney to be sure you will fit within the current guidelines. As we advise all of our Short Sale clientele to do!
If you want more information about Santa Clarita Short Sales and how to hire the best agent to negotiate yours, head over to our Short Sale website for the Santa Clarita vicinity.