You are here:
Buying or Selling a Home/short sales
Advertisement
Question
Hello, I own a townhouse in Miami, FL. What consequences may I face if I would successfully sell my townhouse in a short sale? My concern is jeopardizing my credit and ability for future opportunity to buy a primary home again at a future time. Thank you for your input.
It certainly will not help your credit, Jose, but it should not hurt it. However, the lender may be required to send you a 1099 form at the end of the year. That may require you to pay something to IRS. I strongly suggest you talk to a CPA or other tax expert to see exactly how your will be impacted. I do wish you well.
Dick Dennis
- Add to this Answer
- Ask a Question
| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | No Comment | ||
Related Articles
- How to Adjust Your Business Sales Forecast - Be Flexible in Changing Economic Times
- Short Sale Canceled Debt - Canceled Debt Taxes on Short Sales
- Short Sale - Lender Negotiation and Closing the Short Sale
- Short Sale Profits - Benefits to Short Sale Sellers - Can Sellers Profit from a Short Sale
- Is a Short Sale Better Than a Foreclosure?
Answers by Expert:
- Dick Dennis
- Jessica Bryan
- liznarr
- Hans Weber, Licensed Broker Associate
- Sue Bernstein
- Karyn Foley
- Dottie Worthington
- Jim Root
- Russel Ray
- Connie Wildasinn-Broker,GRI,RealtorŪ
- Todd C. Menard
- Diann Tonnesen
- John Hendricks
- Jay Denit
- Matt Heisler
- Lisa Webber
- John
- Laurie Stephenson
- Marvin G. Bobbitt, III
- Nori J. Muster
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
- Kathryn Hisert
- Emily
- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Dick Dennis
Expertise
With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.
Experience
Solving real estate problems for 37 years.
Organizations
National Association of Realtors
Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers
Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate
©2012 About.com, a part of The New York Times Company. All rights reserved.