Whats a "Wash Sale"? Real Estate Terms Explained.
By Todd & Devona Garrigus, Broker / REALTORS®
(Garrigus Real Estate)
Whats a "Wash Sale"? Real Estate Terms Explained. So what's a wash sale, you ask? Its a fairly simple concept, especially if you've been paying attention to real estate markets the past few years. But first let's explain the term's counterparts to better understand a wash sale. Equity Sale, or a Standard Sale: This type of sale is the most common for obvious reasons. Basically, the homeowner selling the property has enough equity to sell the property, pay standard cost of sale expenses, and pay off any outstanding mortgages still owed. Usually the equity sale, or standard sale, produces a moderate to good return for the homeowners after the close of escrow. Short Sale, or Short Pay Off: This is the type of sale that seemingly came out of nowhere when the market crashed. But even though ...
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