I am in the position of needing a short sale on an investment property I can no longer afford. It is a duplex in Atlanta and it’s in excellent condition. I inquired about getting an investment company to buy it, but they offered $45,000 less than what I owe. If my lender accepted a short sale, I would be grand. At this point, I just want to sell it. I cannot bear it anymore. It is a great liability and it is weighing me down. The only viable alternative seems like a short sale. If anyone has any advice to offer, I’d appreciate it.
A short sale is going to have negative tax implications for you this time next year as debt relief is taxable as ordinary income in the year it was granted. Avoid it at all costs. If you're willing to leave the loan in place for a few years, I can get you out of this smelling like a rose.l Or I may purchase for cash, if the numbers work. We should talk.
Regards,
Dave
I may be able to assist.