Home Selling in 34655>Question Details

Needhelp2009, Home Seller in 34655

Short sale?

Asked by Needhelp2009, 34655 Fri Feb 12, 2010

Can I place my both properties, my primary residence and the rental property on the market for a short sale at the same time? Or I have to wait untill I sell my rental house first? I live in Florida.

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I've never heard about having to wait to sell one short sale at a time. As others mentioned, just know the potential tax ramifications of what you are doing. They could be zero, or lots and lots of money.
0 votes Thank Flag Link Fri Feb 12, 2010
Your first step is to consult with an attorney that practices in the short sale area. Every situation is different. Have you been served ? Are you behind on your payments? Is the rental house rented? Do you have HOA dues you are paying? Do you have more than one loan? What is your hardship? Those are just a few questions whos answers can make a difference. I can recommend an attorney. First consultation - no charge.

Your primary can fall under different guidelines for the 1099 issued for the amount forgiven. Timelines vary on the process from lender to lender. More information on short sales in Florida ( it is a judicial state) here at http://www.shortsalesfla.com
You indicated your zip is 34655, the New Port Richey/Trinity Area. We live and work in that zip. We have successfully closed many short sales and have the Short Sale, Foreclosure Resource (SFR) designation from the National Association of Realtors. We are full time, professional Realtors with a long standing in the Tampa Bay real estate market.

If you want to talk (confidentially) , please call us at 727-815-7800 or email at sells1@yahoo.com
If we can be of service and help you avoid foreclosure, we stand ready to help. All the best to you. Check out your options is the best advice I can give to you.
Dick and Dixie Sells, SFR
Future Home Realty
0 votes Thank Flag Link Fri Feb 12, 2010
You can certainly list both homes at once. You may know that the time from contract to close can be significant. However, the "short sale" path appears to be a better option for the seller than letting a home go into foreclosure. Because the financial and credit ramifications are great and can vary for each seller, I refer each of my potential short sale sellers to a Florida Attorney who has a portion of his practice dedicated to the short sale process. I go with them to the consultation which is free. The value for his service is major, in my opinion, because not only does the attorney's office streamline the process for both seller and buyer, it gives the seller much needed legal support. Because I am not an attorney, it frees me to do what I do best ... and that is to get their home sold!
0 votes Thank Flag Link Fri Feb 12, 2010
As a short sales expert, we can help you put together a plan that gets you out of your current predicament. If both homes have to be sold, we can do that. There is no reason they cannot be sold at the same time. Once we know the complete story from you, we can plan the way to get it done. Let us know if we can help. Where in Florida do you live???

Biil Szydlowski
The Szydlowski Team
Future Home Realty
Web Reference: http://www.tampamyhome.com
0 votes Thank Flag Link Fri Feb 12, 2010
Just be careful about the tax ramifications. If you are not financially insolvent and you get a short sale on an "investment" property, you could receive a IRS 1099 for the amount of the "forgiveness". It then gets included as Ordinary Income. Some short sellers are actually closing on the primary and then moving to the investment property to make it their primary. Primary residences have a special provision that in most cases will not result in a tax liability.

Note: I'm not an attorney or CPA so you should consult with appropriate parties before making a legal or tax decision.
0 votes Thank Flag Link Fri Feb 12, 2010
You can certainly attempt to sell both at the same time. You will need to call each bank and ask for teh home retention department, tell them your hardship, they may be able to offer a loan modification so you can keep your property or if not, ask them for a short sale package, you will then need to find a broker who is well experienced in short sales, they can guide you through the process. good luck working things out
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Feb 12, 2010
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