Comments on: Sellers: What to Do When the Sale Price Leaves You Short http://www.drewvanlaeken.com/2010/03/sellers-what-to-do-when-the-sale-price-leaves-you-short/ The #1 Real Estate Website in Winchester Virginia Thu, 06 Jan 2011 17:04:59 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: irs.gov/individuals | IRS http://www.drewvanlaeken.com/2010/03/sellers-what-to-do-when-the-sale-price-leaves-you-short/comment-page-1/#comment-24 irs.gov/individuals | IRS Tue, 23 Mar 2010 16:53:26 +0000 http://www.drewvanlaeken.com/?p=1137#comment-24 [...] Sellers: What to Do When the Sale Price Leaves You Short … [...] [...] Sellers: What to Do When the Sale Price Leaves You Short … [...]

]]> By: admin http://www.drewvanlaeken.com/2010/03/sellers-what-to-do-when-the-sale-price-leaves-you-short/comment-page-1/#comment-23 admin Tue, 23 Mar 2010 11:17:00 +0000 http://www.drewvanlaeken.com/?p=1137#comment-23 Angela, if I understand your question the answer is both. If the amount that you owe is more than your homes current value, it's the difference between what you owe and what you are able to sell the home for that would need to be forgiven by your lender. This figure has to be negotiated with your bank. If you owe for example $200,000 and you have an offer from a buyer for $100,000 you would need to negotiate with your lender and try to get them to accept the $100,000 as the payoff. They may agree or they may want more. They will send out a third party to get a price opinion on your home. If the third party says that your home is actually worth $150,000 they may want the $150,000. They also take into consideration your financial situation. If you have $10,000 saved they will want you to come up with more of the difference. Each short sale will have different scenarios depending on the situation. Let me know if this did not answer your question. Thanks for reading - Drew <a href="http://www.drewvanlaeken.com" rel="nofollow">DrewVanLaeken.com</a> Angela, if I understand your question the answer is both. If the amount that you owe is more than your homes current value, it’s the difference between what you owe and what you are able to sell the home for that would need to be forgiven by your lender.

This figure has to be negotiated with your bank. If you owe for example $200,000 and you have an offer from a buyer for $100,000 you would need to negotiate with your lender and try to get them to accept the $100,000 as the payoff. They may agree or they may want more. They will send out a third party to get a price opinion on your home. If the third party says that your home is actually worth $150,000 they may want the $150,000. They also take into consideration your financial situation. If you have $10,000 saved they will want you to come up with more of the difference.

Each short sale will have different scenarios depending on the situation. Let me know if this did not answer your question.
Thanks for reading – Drew
DrewVanLaeken.com

]]> By: Angela http://www.drewvanlaeken.com/2010/03/sellers-what-to-do-when-the-sale-price-leaves-you-short/comment-page-1/#comment-22 Angela Tue, 23 Mar 2010 02:00:08 +0000 http://www.drewvanlaeken.com/?p=1137#comment-22 Is the amount forgiven (and eligible for taxes) based on the value of the home at the time of the sale or the amount of the loan? Is the amount forgiven (and eligible for taxes) based on the value of the home at the time of the sale or the amount of the loan?

]]> By: short sale http://www.drewvanlaeken.com/2010/03/sellers-what-to-do-when-the-sale-price-leaves-you-short/comment-page-1/#comment-19 short sale Wed, 10 Mar 2010 15:18:36 +0000 http://www.drewvanlaeken.com/?p=1137#comment-19 Great guide! :) Great guide! :)

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