Excise Tax no longer Due on Short Sale Differences

This is really fabulous news. The Washington Association of Realtors worked with Washington State to change the law that had been requiring that people who had to sell their homes for less than market value pay excise tax of 1.78% on the difference. So, if your home was sold for $50,000 less than it was worth, you would have owed an additional $890 to the State. This just added insult to injury and more money from the pockets of those Short Sale sellers. The wrong has been righted. Check out this report:

http://blogs.thenewstribune.com/business/2009/01/12/realtors_state_agree_on_short_sales_taxa