We went to our accountant last week to do our taxes. We are planning to short sell our condo. This was a condo where we lived in, and we got stuck when we bought another place in 2006 to live in and our realtor told us, "don't worry, I will be able to sell this condo in 3 weeks, 1 month tops". Guess what? That was the start of the real estate meltdown and we got stuck with this condo. Its been hard because spouse got laid off last November and we have been trying to make ends meet. So we decided that it was time to let go and stop the "bleeding".
Anyway, when the short sale goes through, our accountant told us that we might owe 30% of the difference of what we owe the bank and what the condo generated in the short sale. Everyone knows that the housing market is dooooown and the condo was bought at almost the peak, so depending on the price agreed on, the difference might be between $85,000 to $100,000. Guess what? 30% of that is between $25,500 to $30,000. Where oh where will we get that money? This is the reason we are short selling, because we do not have that kind of money....
Keep thinking positive, keep thinking positive. Spouse will start earning soon, spouse will start earning soon!
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