Seller Decides to Pass on $20,000 Cash Incentive from JP Morgan Chase Because of Taxation Costs!

The lender for both trusts on this short sale listing on Quiet Pond in Burke, VA is JP Morgan Chase. They are currently owed over $400K, but we listed it at only $260K. We received the file in March of this year and the foreclosure date had been set already, but we helped the owner get approved with HAFA and we were able to help stop the foreclosure without an actual contract in on the property. During negotiations, the lender actually agreed to pay the sellers a cash incentive at closing of $20,000. They were excited at first, but after talking with a tax professional, they decided to skip the incentive and lower the selling price to help with possible appraisal issues before closing. The deficiency rights are waived and the sellers are NOT asked to bring money to closing. If you know anyone who might need our help, call me at (703) 774-9572 or email me at me. If you would like a referral to a tax professional with short sale experience, email me and I can get you that info as well.