A Common Short Sale Myth: You cannot get a short sale approved on a second home, vacation home, or rental property.
The Fact: Of course you can. Second homes, vacation homes, and rentals can all be sold as short sales. Further, all residential properties of up to 4 units are now covered by the California laws preventing banks from suing for deficiencies after a short sale – whether or not they are owner occupied.
The real issue regarding the non-owner occupied short sale is the income tax implications. You need the advice of a good tax planner when you are thinking of a short sale on a vacation home or residential rental.
Good planning and expert negotiation are the keys to a beneficial outcome.
If you have a second home or income property and need to short sell, you need good advice. Call 619-929-1413 or write firstname.lastname@example.org to tell us your situation and get answers that apply to your specific situation.
Tom Dunlap will be pleased to answer your questions and explain how the real estate short sale process works with regard to your second home or residential investment real estate.
Please note that the information provided on this San Diego short sale page is generic, academic information used for general information purposes and may not be construed as or relied upon as a promise for a specific outcome.
This site provides information about real estate, law, income taxes and credit scores as relates to borrowers in distress, short sales and similar situations. The site is designed to help users safely cope with their own needs. Information is not the same as advice — the application of law or regulations to an individual’s specific circumstances. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a lawyer, tax adviser or other specialist if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation. The models in photographs accompanying the testimonials on this website are used for illustrative purposes and are not a personal endorsement.