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Wanna Sell Your House Next Year? There’s a Tax for That
Selling your home or being foreclosed on is likely to get a lot more expensive after the end of this year. The reason for this is federal taxes. There are three major changes in federal tax law that are slated to take place at the beginning of next year, and only Congress can change them. But given the current state of polarization in Washington, DC, I simply don’t think that anyone should count on that. In fact, my bet is that Congress won’t act and that the White House doesn’t want them to.
I’m going to start this out with the big disclaimer that is beaten into all real estate agents. I’m not an accountant or a tax attorney, and real estate agents are not qualified to give tax or legal advice. That said, I have evolved slightly beyond the amoeba state so I am capable of Read the rest of this entry »
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Bank of America Restructuring Short Sale Process
If you think that you can put your house up for sale in a short sale and then have the opportunity to stay in it for another six months, Bank of America has news for you. If your mortgage is with them, those days are gone. The bank has announced that it is restructuring its approval process and the new procedures will be in full force and effect by next week. That’s good news for buyers, real estate agents and for sellers who want to unload their home. But for those who have been gaming the system to say in their homes for months… or in some cases, years… the party is over.
Bank of America is going to be overhauling its system this coming weekend. According to a Read the rest of this entry »
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Increasing Rental Costs Mean Owning a Home May Cost Less than Renting
Whether you have owned a home before, or you are a first time buyer, the fact of the matter is that if you are renting right now, you probably already know that rents are going up. It is a simple matter of supply and demand. Right now, vacancy rates nationwide are below 5%. At the same time, housing prices have tumbled. That mean that a mortgage payment may very well produce a lower monthly cost than the amount you are currently paying for rent. This is true now, even for large portions of Los Angeles.
According to Trulia’s recently released Rent vs. Buy Index, out of 100 major metropolitan Read the rest of this entry »
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More Strange Short Sale Stories
Nobody ever said that short sales were going to be easy. But there is now a story making the rounds about a bank that has denied a short sale due to “lack of marketing.” Apparently the bank was unhappy because they couldn’t find the listing on Zillow.com. If the banks are going to go down this path, it spells real trouble for both agents and sellers.
Short sales are an odd type of sale. When an agent lists a short sale, the listing agreement is signed between the agent and the seller. The bank is not involved at this stage. That means that the agent’s fiduciary duty is to Read the rest of this entry »
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Supreme Court Gives Property Owners a Big Victory
Yesterday, the US Supreme Court gave the EPA a slap in the face and handed property owners nationwide a big victory. It’s a David and Goliath story that pits a middle class couple, Michael and Chantell Sackett, against entire might of the United States government. Score one for the little guy.
The Sackett’s led a fairly average life. Back in 2005, they decided that they wanted to build a custom home in an existing subdivision located in the Idaho panhandle. They spent $23,000 on their lot, obtained all of the required building permits, and began to grade their lot. As a part of that grading, they brought in several tons of gravel. That’s when the EPA showed up.
An EPA inspector informed the Sacketts that their home was a federally protected wetland. Never mind the fact that there were other houses surrounding their lot. And never mind Read the rest of this entry »
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