| Posted By |
Message |
HLT407
So lucky
Member since 11/07 1910 total posts
Name:
Heather
|
"Short Sales" in real estate
Is anyone familiar with short sales? Any real estate agents or lawyers on this board?
I have a few questions. If you could FM me I would greatly appreciate it! 
ETA: Information on the BUYING aspect of it. What benefits/drawbacks are there for the buyer?
Message edited 12/26/2007 4:41:02 PM.
|
Posted 12/26/07 3:58 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
EmmaNick
*
Member since 12/06 16001 total posts
Name:
*
|
Re: "Short Sales" in real estate
Short sales really don't benefit the seller. The broker makes an awesome commission and the buyer gets a great deal. What do you get? Well, you get a 1099 at the end of the year for the forgiven debt and you will owe taxes on it. You (generally speaking) are usually better off letting the house go to the bank.
|
| Posted 12/26/07 4:33 PM |
| |
|
HLT407
So lucky
Member since 11/07 1910 total posts
Name:
Heather
|
Re: "Short Sales" in real estate
Posted by Summerrluvv
Short sales really don't benefit the seller. The broker makes an awesome commission and the buyer gets a great deal. What do you get? Well, you get a 1099 at the end of the year for the forgiven debt and you will owe taxes on it. You (generally speaking) are usually better off letting the house go to the bank.
Sorry, I should clarify. I'm looking into purchasing one. So I would benefit? The seller gets nailed with the 1099?
|
| Posted 12/26/07 4:40 PM |
| |
|
EmmaNick
*
Member since 12/06 16001 total posts
Name:
*
|
Re: "Short Sales" in real estate
Posted by HLT407
Posted by Summerrluvv
Short sales really don't benefit the seller. The broker makes an awesome commission and the buyer gets a great deal. What do you get? Well, you get a 1099 at the end of the year for the forgiven debt and you will owe taxes on it. You (generally speaking) are usually better off letting the house go to the bank.
Sorry, I should clarify. I'm looking into purchasing one. So I would benefit? The seller gets nailed with the 1099?
Yup. I would make sure that you get it in writing that the buyer's bank has agreed to do the short sale prior to signing the contract.
|
| Posted 12/26/07 4:41 PM |
| |
|
HLT407
So lucky
Member since 11/07 1910 total posts
Name:
Heather
|
Re: "Short Sales" in real estate
Thank you again!
Keep the information coming!
|
| Posted 12/26/07 4:47 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: "Short Sales" in real estate
we are looking into buying one- since my DH is in the business
and it does benefit the seller- they don't get a foreclosure on there credit report
that's huge
and the buyer can get a house for as little as 60 cents on the dollar- and normally for only the amount left on the loan
let me know exactly what questions you have and I will have my DH answer them
|
| Posted 12/26/07 5:53 PM |
| |
|
HLT407
So lucky
Member since 11/07 1910 total posts
Name:
Heather
|
Re: "Short Sales" in real estate
you have FM
|
| Posted 12/26/07 6:03 PM |
| |
|
EmmaNick
*
Member since 12/06 16001 total posts
Name:
*
|
Re: "Short Sales" in real estate
Posted by Beth1210
we are looking into buying one- since my DH is in the business
and it does benefit the seller- they don't get a foreclosure on there credit report
that's huge
and the buyer can get a house for as little as 60 cents on the dollar- and normally for only the amount left on the loan
let me know exactly what questions you have and I will have my DH answer them
IME chances are if they've gotten to the point of a short sale, most are already in foreclosure, so it's a moot point.
|
| Posted 12/26/07 7:18 PM |
| |
|
HLT407
So lucky
Member since 11/07 1910 total posts
Name:
Heather
|
Re: "Short Sales" in real estate
BUMP
anyone else?
|
| Posted 12/27/07 2:02 PM |
| |
|
MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
|
Re: "Short Sales" in real estate
sorry, no answers but I have a question 
Does anyone know if there are rules about how much money you have to put down or pay in cash (like there are with foreclosures in NY state)?
|
| Posted 12/27/07 5:58 PM |
| |
|
