Economy Contributes to Non-Traditional Sales Types

It has been some time since the real estate industry, on a large-scale basis, has had to deal with foreclosures, deeds in lieu of foreclosure, short sales and the like. Unfortunately, distress sales of real property, resulting from a convergence of tightening credit, falling property values, and the consequences of prior lending practices, are all too common, and Lake Tahoe/Truckee is not immune. Whether the property falls under the above scenarios, or is REO (Real Estate Owned), certain tax surprises may lurk for the homeowner/seller/defaulter. Here is a comprehensive

Q and A that the California Association of Realtors has published to help de-mystify some tax implications and definitions behind these predicaments. And as always, a quick phone call to your trusted Real Estate Agent, Tax Accountant or Loan Broker can help clear the fog. Use these professionals, they are here to help!