Lower Excise Tax on Short Sale Properties in Washington State

Good news for anyone that is needing to sell a home for less than what they owe in Washington state (aka short sell.) According to the News Tribune:

Department of Revenue communications director Mike Gowrylow said the department will now only levy taxes on the actual sale price of the property not on the amount the owners owed.

Under short sales plans, families who've seen the value of their homes decline below the amount they owe on them negotiate with their bank to sell the house. The bank agrees to accept the sale price in satisfaction of their loan even if it is less than the loan balance. More...

This is really good news because when you are dealing with a short sale, every dollar counts! If you would like to read more about the change in excise tax on short sales in Washington state, you can read the PDF sheet they have on their website. The long and short of it is that if you have sold a property short (short saled) in Washington state, you are probably eligible for a refund of the real estate excise tax you paid on the difference between your sales price and the amount you owed.

If you have any questions about doing a short sale in Washington state, or need information on what your options are, please call me at 425-773-3149 or email me at Jacquie@jacquiecliff.com. Below is the link to request your excise tax rebate from Washington state, so get on it and get your money back!

Washington State Short Sale Excise Tax Rebate Request Form