Investors can do Short Sales too..!!
Written by Rob Reinke on January 12, 2009 – 9:36 am -I get this question quite often when someone calls me…”I own rental properties. Can I still do a short sale..?”
The simple answer is YES..!! However, there may very well be some alternative consequences of doing a short sale on a rental property vs if it is your primary residence. Most of these have to do with possible tax reporting by the IRS because it is an investment property as well the possibility of a deficiency by the bank. This is in most cases far better still than doing a foreclosure and paying that heavy price for years and years to come.
If you or anyone that you know is facing a possible foreclosure situation, please do not hesitate to call me directly. We can discuss your particular situation and offer possible solutions. I can be reached anytime directly at 763-242-6303 or via email at Rob@MnShortSaleExpert.com.
Thank you.
Rob Reinke, CDPE
763-242-6303
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