On Your Marks, Get Set, Short Sale!

We all have to be very grateful that the Short Sale era is almost over and the real estate market has bounced back to almost pre-recession levels. The rebound of the real estate market has contributed to get many home owners out of the red when it comes to their mortgages. Another reason we have not seen that many Short Sales lately is the sunset of the tax bill that allowed home owners not to pay income tax on the amount of forgiven debt. On July 22 2015, the Senate Finance Committee passed the bill that contains the provision mentioned before, which would extended it till December 2016. The bill is going to the full Senate for vote. Should the bill pass, we will be able to help home owners that stayed "trapped" in their homes just to avoid the difficult situation of having to pay income tax on money not earned but forgiven. If you are looking for listings, this is a great opportunity! IMAPP and RPR are amazing tools that can help you find those prospect sellers! Keep your eyes open for future REHangout newsletters for updates on the status of this bill!.

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