954 . 667 . SALE (7253)
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Short Sales Q & A Part Two

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Green RealtyProperties ® 12401 Orange Drive
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Davie, FL 33330 

(954) 667-SALE (7253)

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3981 NW 88TH TR
Cooper City, FL 33325

CLOSED SHORT SALE

$465,000
5 Bed, 4 Bath, 2,850 Sq Ft
Property Type: Single Family Home
EXQUISITE HOME-STUNNING LAKE VIEWS . SPLIT FLOOR PLAN HOME FEATURES KITCHEN W/ GORGEOUS, 42" CHERRY WOOD CABINETRY, GRANITE COUNTERS, STAINLESS STEEL APPLIANCES...
EXQUISITE MONTERRA HOME WITH STUNNING LAKE VIEWS
14161 SW 22 PL
Davie, FL 33325
$499,950 
4 Bed, 2.5 Bath, Total Living Area 2,892 Sq Ft
Property Type: Single Family Home
STUNNING 2 ACRE PROPERTY IN DAVIE, WITH PRIVACY & TRANQUILITY, NEXT TO AMAZING CREEK. 4 BED, 2.5 BATH HOME, GORGEOUS STONE WOOD BURNING FIREPLACE, SKYLIGHT IN KITCHEN -
STUNNING DAVIE HOME WITH TWO ACRE LOT!

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Southwest Ranches , FL 33331

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(954) 667- SALE (7253)
(954) 667.7253
Q. How do lenders view multiple offers submitted on a short sale?

A. As mentioned above, there is not one set of rules that all lenders follow. However, it is my opinion that asking a lender to take a huge loss while submitting multiple contracts (showing enormous interest on the home) is contradictory in fact. I have had this conversation with many loss mitigators and some supervisors and loss mitigation department directors and I can share that many MANY loss mitigator will NOT work on multiple offers. One of them told me "I am not a Realtor nor am I the owner of the home and I should not be doing their jobs". He followed that sentence with.. "If I receive more than one offer I do not know which offer to work on and I have to close the file".

Q. Will my lender require me to sign a note making me still responsible for the loan?

A. It is my experience that if there is only on loan on the home, the sellers have not been asked for a note. If the seller has a second mortgage on the property, it is likely that the lender holding the junior note (loan) is going to require something from the seller. As the number of short sale listings rise rapidly, the second mortgage holders are getting tougher to deal with. The seconds are requiring as much as 10% of the loan amount at closing and sometimes asking for a lump sum or an unsecured note for the difference (between the 10% they get a closing and the full loan amount) with monthly payments in order to release the secured note on the home and the sale to go through.
Q. Can the not be negotiated or waived?

A. Yes, I have been able to negotiate notes with balance of, $97,000 to $30,000 with interest rates are low as 4% and from $22,000 to $11,000 with zero interest. Lenders in the second position are not willing to just completely waive their "unsecured note" requirement.

Q. Are there tax consequences between the amount that is owed and what the house sold for or are the sellers forgiven?*

A. On primary residence, the seller will receive a 1099C (C = Cancellation of Debt) but Congress passed a law on December 2007 that will absolve that 1099C amount (up to 2 Million Dollars) on the short sale seller of a primary residence. The seller does not have to pay income taxes on the difference between the acquisition costs of the home and the short sale amount...

Be aware that on refinanced mortgages where the seller took equity out of the home. They seller is responsible to pay taxes on the amount that he/she took out if it was not put back into the home on repairs/remodeling.

On investment properties the law mentioned above does not apply and the seller will be issued a 1099C and will have to pay ordinary income tax based on his/her tax rate on the difference between the loan amount and what the home sold for.

There is something called "insolvency", IRS form 982, that might help offset some of the "gains".

I always recommend that my sellers consult with a CPA or a Tax Attorney to examine their particular situation.
* Patty DaSilva, CDPE©, team members, affiliates, officers, agents, employees, licensors and partners are not Attorneys, Accountants or CPAs and do not offer legal or tax advice. Please contact a legal advisor and/or a tax professional to review your particular situation.