Home Selling in 23866>Question Details

Cebranch67, Home Seller in Ivor, VA

I owe 280k and my buyout offer is 250k. What happens to the difference?

Asked by Cebranch67, Ivor, VA Mon Jan 25, 2010

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That is a good question, and one you need to ask your agent or negotiator. Sometimes it is forgiven, sometimes it isnt
0 votes Thank Flag Link Mon Jan 25, 2010
If your balance is forgiven you will still owe Fed. and State taxes on the 30k . The IRS considers it income. Good luck
Flag Wed Dec 10, 2014
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