Are you selling your Huntingtown MD, Dunkirk MD or Chesapeake Beach MD home as a short sale? Are you settling on or before December 31? Keep in mind that congress has not yet extended the Mortgage Forgiveness Debt Relief Act that was established for underwater homeowners in 2007. Last year it was extended at the last minute and there is great hope that the same will happen again this year. As of today, that has not happened and any talk of it is purely speculation.
Sould this not be exteneded, homeowners will be responsible for a huge tax bill once their house sells if it is being sold as a short sale property. What's at stake here? Simply put, if you owe $400,000 on a home but your bank allows you to sell the home as a short sale for $325,000, this means you could receive a 1099 from you bank for $75,000. This means you will now have to pay taxes on $75,000, even though you never received this money! Needless to say, this is a huge deal on pending short sales so make sure you keep an eye out for this. If you have any questions about this, contact me and I will assist you. I will even refer you to a local real estate attorney for a FREE consulation!
If you are thinking of selling and would like to know how much your home is worth, Bernie Alvey will be happy to give you a FREE, NO OBLIGATION market analysis of your home. Bernie Alvey, Senior Listing Agent with Exit Landmark Realty, specializes in listing fine homes in Huntingtown, MD, Dunkirk, MD, Chesapeake Beach, MD and surrounding areas. If you are in the market to sell your home in Huntingtown, MD, Dunkirk, MD or the surrounding areas, contact Bernie Alvey today and he will sell your home quickly and for top dollar! Visit www.Alveyproperties.com and to see why he is the clear choice to sell your home in Huntingtown, MD and surrounding areas.