Miami Condo Short Sale

Short sale transactions for Miami condos and homes are becoming very common now, and many third parties such as short sale processing companies and real estate agents are involved in the process.  Despite Miami condo short sales becoming a common occurrence, there are still problems out there with the information given to short sale sellers about the ramifications of accepting a short sale.

Miami Condo Short Sale Tax Issues.  Every tax rule has limitations, thus, in a nutshell no seller should rely on any one person regarding the possible tax consequences of completing a short sale, especially if that person suggests that his or her answer is both simple and 100% correct.  A good method to understand the possible tax consequences is to ask three people from different professional fields, and ask each for the published source supporting their opinion.  Experienced investors selling through short sale will verify the consequences by asking their Realtor, Attorney, and Accountant. 

Miami Condo Short Sale Deficiency Judgment.  Lenders have the right to attempt to collect what is due on a debt by any legal means available.  Do not trust that just because a short sale was approved that the underlying debt is forgiven.  It is usually not forgiven.  Before you sell your Miami condo or home through short sale, schedule a meeting with a Florida collections and litigation attorney and ask what the worse case scenarios could be by completing the short sale as applied to your particular situation.  Include details about your job, assets, bank accounts, safety deposit boxes, property, etc., for the comprehensive answer. 

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