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Short Sales

For Sellers

Miami Short Sale Tax Implications

Mortgage DebtSeveral of my clients have been sellers of distressed Miami homes. Homes where the owners were no longer able to keep up with the mortgage payments. In some cases, short sales were good options. In others, a short sale was not the solution and the owner allowed the properties to be foreclosed on.

Why would someone who is facing a foreclosure in Miami not want to get out of it if possible? The simple answer is tax implications. Allow me to explain. If you own a property that is facing foreclosure and you work out a short sale agreement with the lender, that lender is going to give you a form 1099 for the amount that was short to pay the loan off completely.

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Short Sales In Miami Dade

short salesIt occurred to me that 80% of the home buyers I am working with in Miami are looking specifically at short sales yet I do not have any short sale articles posted on my blog. Hmmm! It’s really because I am busy working the short sales and have not had time to write about them.

I promise to return and dedicate more blog space to short sales but at the very least I’d like to explain what a short sale is.

So… what exactly is a short sale? Very simply put, it’s when a property is being sold for less than the amount owed to the bank(s) on it.

The short sale process is more involved than the traditional home buying process. There are things to look out for whether you are the seller or the buyer in a short sale.

If you need more information on short sales before I have the opportunity to write more posts, feel free to contact me.

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These articles are not intended to give legal or tax advice, and you should consult your attorney or financial advisor for additional information.

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