Rsmith

Now this sounds silly coming from someone who does not know too much about real estate....but how does one go about having a CPA, Tax consultant, attorney...if I don't even have the funds to outright sell my house (I am upside down) LOL!!! And of course trying to find an angel of an agent who would even want to sell a shortsale? I do thank you for all of your advice!! - Tue Aug 19 2008, 14:07

I have heard that I might have to pay taxes after the houses sales on a short sale? Someone told me it could be like $10,000!!! Is this true? Again thank you for your help! - Tue Aug 19 2008, 13:11

I am glad that you don't think $50,000 is a lot of money. Must be nice to live in your world! HAHA :) It isn't just equity it actually is the amount that puts me upside down. I can't even sell the house outright now as a regular sell. I bought my house for $240,000 when bought appraised for $260,000 I put down $13,000 So I am owing 231,000 all the homeworth sites say I can get maybe $212-220 but then I would still have to pay the 6% commission. I can't explain to you enough how much I hate the house. All of my money goes into mortgage payments so I cannot afford to upgrade the house-and I have no equity to take out a home imporovement loan.
It just isn't convenient-I am willing to pay rent and get a house I want to live in then to continue to lose money in this house regardless. I really thank you all for your help. - Mon Aug 18 2008, 10:19

We don't like the house-too small, we would like to rent but are also afraid that no rental companies will rent to us if we have a short sale. - Mon Aug 18 2008, 09:27