Real Estate Financing

Short Sales & Foreign Sellers

May 18, 2011

Short sales are definitely a hot topic in this terrible real estate market, but what happens when the owner is a foreigner?

I hadn’t thought about this before, so when I ran across an article on ActiveRain, I thought you would be interested as well. The basic premise is that the feds want to ensure they get their money, so they require a 10% withholding on the money, to ensure it doesn’t leave the US, never to return.

The problem is, the bank will often deny the short sale if this withholding occurs. So what do you do? Click here to see some options.

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