For those of you that are considering a real estate short sale transaction for your primary residence, 2012 is the last year that the Mortgage Forgiveness Debt Relief Act of 2007 to get those tax consequences waived.
The key to a short sale involves your ability to offer a property for less than the loan amount and be approved for that sale by the end of 2012. With short sales taking 3-7 months on average, you cannot afford to wait to get that home on the market.
Let us discuss how we can help you get your home sold!
Here is a good reference link http://www.ehow.com/about_6582533_real-short-sale-tax-consequences.html
Steve Armstrong, Realtor Certifying Agent, Florida Green Builders Coalition Smith & Associates Real Estate http://www.baytobeaches.com/
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