Fees And Tax Ramifications Of A Short Sale
I do make money doing short sales. However, my clients don’t pay me directly. I am paid from the proceeds of the sale. I negotiate fees with the bank, who pays me.
There are tax ramifications to a short sale. However, because of the Debt Relief Act of 2007, you might not have to pay taxes if you are doing a short sale on your primary residence. If your short sale is with an income property, things change a little bit. We would advise you to speak with a tax professional.
Related links:
About Saul Carter
Graduate 1995 BA in Business Administration, Marketing from California State University. Started in Real Estate 2002, sold residential for 9 months before moving into Commercial Real Estate, Specialized in Retail and Office space in the Central Valley of California. When the market turned in 2007 was caught off guard as commercial real estate dried up. Starting in late 2008 started pursuing short sales as a business strategy. Has Closed 50 short sales since January 2009. A combined total of liens negotiated: 82. Negotiated forgiveness of Debt: over $11 million. Has been an independent real estate broker since 2006. Started Others Realty in mid 2009.