Douglas & Jeanne Osness
  • Aurora, CO
  • United States
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Joseph C. Alfe commented on Douglas & Jeanne Osness's blog post Got the tax credit - now need to short sale. Now what?
"yes, they will have to pay it (or at least report it via the IRS) and no, the sellers lender will not pay it. Did you honestly think they would?"
Oct 17, 2010
Cindy Billman, CDPE, SFR commented on Douglas & Jeanne Osness's blog post Got the tax credit - now need to short sale. Now what?
"I hope someone has an answer as well because I, too, have a short sale that the borrower used the $8k tax credit but I have advised my seller that he will need to be prepared to pay this back."
Oct 15, 2010
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Mike Linkenauger commented on Douglas & Jeanne Osness's blog post Got the tax credit - now need to short sale. Now what?
"Wow, thats a great question. Haven't had to deal with that myself as of yet. Hopefully somebody on here has dealt with that..."
Oct 15, 2010
Douglas & Jeanne Osness posted a blog post

Got the tax credit - now need to short sale. Now what?

Has anyone run into this yet? My potential Seller purchased their home and received the $8000 tax credit. Now, due to loss of income, they need to short sale the property. Will they have to pay back the $8000 in that they've not been in the home 3 years? Will the bank possibly pay it if I put it on the HUD? Anyone have any experience with this yet? Any advice would be greatly appreciated.
Oct 15, 2010
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Profile Information

Occupation
Realtor
Areas You Service (be VERY specific specific and include ALL counties, cities, states, and towns you service!)
Denver Colorado Metro Area: Douglas County, Arapahoe County, Jefferson County, Denver County. Littleton, Highlands Ranch, Centennial, Aurora, Greenwood Village, Englewood, Parker, Castle Rock, Roxborough.
Website
http://www.OTeamRealty.com
Short Sale Transactions Completed
25-50
Do you have any experience in Commercial Real Estate? If so, do you have the CCIM or any commercial designations? How many commercial transactions and dollar volume have you CLOSED?
No
About Me/Profile of yourself: - Please add your Brokerage Company name also!
With over 75 years of real estate experience, our team has represented many, many clients for the purchase and/or sale of Short Sales. We also have been certified with Certified Home Rescue Experts. Jeanne does training on short sales for other Agents. We are with Keller Williams.
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February 3, 2011
PLEASE READ THIS!!! - This site is primarily for Realtors, REAL buyers or sellers with questions are welcome to ask, anyone here for other purposes may be banned. 1. Because this site is primarily for agents agents, Any soliciting is pointless and is not allowed. Please do not sell or promote products or services in any way, directly or indirectly. Do not link or sneak in links promoting your services on comments, posts, discussions or blogs. You may have links on your profile pages to your websites as long as your are not selling things other than real estate! Again, absolutely no outgoing links to your websites, blogs or listings 2. Do not speak disparagingly about members on this site. This community is meant to be helpful, and we are here to help each other. 3. We reserve the right to delete content and/or ban members that violate these rules. 4. Member Name (Full Name Field) format must be FIRST NAME, then LAST NAME! Please no company names, DESIGNATIONS, or website in the name field! Please read the terms of service under the "home" tab! IF YOU AGREE TO THESE TERMS, PLEASE TYPE "I AGREE" IN THE BOX BELOW!! Thanks for your cooperation, and welcome to the Network!
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Douglas & Jeanne Osness's Blog

Got the tax credit - now need to short sale. Now what?

Posted on October 15, 2010 at 1:23pm 3 Comments

Has anyone run into this yet? My potential Seller purchased their home and received the $8000 tax credit. Now, due to loss of income, they need to short sale the property. Will they have to pay back the $8000 in that they've not been in the home 3 years? Will the bank possibly pay it if I put it on the HUD? Anyone have any experience with this yet? Any advice would be greatly appreciated.

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