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April 11, 2012
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Share this urgent information with everyone you know. Especially your fence sitting owners who should do a short sale immediately so their closing happens this year…while the act is still in effect.
Remember, 4 million Americans have already lost their homes to foreclosure, 6 million owners are currently delinquent and about 11 million homeowners owe more than their homes are worth.
Mortgage Debt Forgiveness Act allows owners to exclude up to $2 million in forgiven mortgage debt from their income. To qualify, that debt has to be for your primary home — sorry, no vacation homes or investment properties.
Without the Mortgage Debt Forgiveness Act cancellation of debt, including mortgage reduction, is generally taxable. That means if the lender takes a $100,000 loss on your home sale and you’re in the 28 percent tax bracket, you’d owe $28,000 in federal taxes on the “income”. Only the funds that you spent buying or improving your home count. So if you took extra cash out of your house during a refinancing or with a home-equity loan, spent it on vacations or on your kids’ college educations and then ran into trouble, you’re out of luck. If you put part of the money into your home and spent the rest elsewhere, you’ll need to be able to track those amounts.
Recourse or Non-Recourse Mortgage?
Although you may think you’ve finished the deal, if you live in a “recourse” state, in which the bank can come after you for the amount you owe beyond what the asset is worth, you may remain on the hook for years after the fact. In 41 states and the District of Columbia, lenders can sue for the balance of the debt long after the house is gone.
Nashville homeowners this is time sensitive information. Don’t miss out.
According to Gil Charney, principal analyst at The Tax Institute at H&R Block, the specific criteria to have forgiven debt excluded are the debt must have been incurred to buy, build or substantially improve the residence, called “acquisition debt, and the property must be the taxpayer’s primary residence.
Also, the exclusion applies only to acquisition debt up to $2 million, or $1 million for married taxpayers filing separately, and cancelled mortgage debt not used to buy, build, or improve a principal residence is not eligible for the exclusion, but may be excludable under a different provision, such as bankruptcy or insolvency, Charney added.
Under the Mortgage Debt Relief Act of 2007, the provision is for debt forgiven between 2007 and 2012.
For those considering a short sale, Octavio Nuiry of Realty Trac warns that waiting to do a short sale after December 31, 2012 may lead to tax penalties that could have been avoided for the homeowner unless the bill gets extended.
According to data from RealtyTrac, since 2007, about 1.8 million U.S. homeowners have sold via pre-foreclosure sale, and most of those were short sales.
In addition, for the year 2011, there were 830,000 completed foreclosures, and from the start of the financial crises in September 2008, there have been about 3.3 million completed foreclosures, according to reports from CoreLogic. Also, 1.4 million homes with a mortgage were placed into foreclosure inventory for the year 2011.
Other types of deductions
Mortgage Interest Deduction – taxpayers are eligible to deduct qualified mortgage interest on their main home and a second home if they itemize deductions on Schedule A
- They must be legally liable for repayment of the loan to deduct the loan interest.
- For 2011 filings, taxpayers who could not pay at least 20 percent of their down payment may have had to pay for private mortgage insurance (PMI). If the taxpayer qualifies, the PMI may be deductible as mortgage interest.
Real Estate Taxes – homeowners are able to deduct real estate taxes separately from mortgage interest on Schedule A and from property taxes
Nonbusiness Energy Property Credit (expired at the end of 2011) – taxpayers may claim energy-efficiency credits for up to 10 percent of the cost of various home energy-efficiency improvements
Residential Energy Efficient Property Credit – a nonrefundable personal credit is available for property used to produce energy in a personal residence located in the U.S.
- The credit is also available for wind energy property and geothermal pumps.
- Real estate taxes must be based on the home’s value and assessed at least annually.
A Common Nashville Short Sale Marketing Mistake: Not Promoting Unique Properties to Buyers Looking For Unique Properties
April 2, 2012
Nashville TN – Unique properties usually have a “love it” or “hate it” aspect to them. A great example is pool homers.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Some buyers want a home with a pool. They are willing to spend $20,000 to $50,000 more for a home with a pool. Other buyers absolutely do not want a pool.
“Don’t show me any pool homes”, they tell their agent. If those buyers are not going to like the pool home once they see it, then what is the use trying to hide it.
Show it off. That is why a pool home should be marketed loud and clear as a “pool home.” The same goes for other unique properties, such as waterfront properties.
Another good example is a home that backs up to a power line. A power line is a huge negative for most buyers. But, it is a big plus to other buyers.
I heard a story about a home that backed up to power lines. The sellers had a hard time selling it. They finally hired an agent that knew a certain home buyer would like it.
The perfect buyer for that home is a family that loves ATVS. They could ride their ATVs on the power line easement.
Most roads and neighborhoods are unfriendly to ATV riders. The power line gave them miles of trails to ride without being harassed.
A third example is homes located down a dirt road. These homes appeal to people with horses because the dirt road is a great place to ride a horse.
They don’t appeal to people without horses (who wants to live down a dirt road?) This is why a home down a dirt road needs to be marketed to horse owners.
If you have a unique home, then you need an agent who can market it properly. More than likely, your home’s unique features need to be proclaimed loud and clear.
In a few other cases, they don’t. A good, experienced realtor will know what to do.
I can help you short sale your property and get back on your feet. Send me an e-mail at nashvilleshortsalepros@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (615) 850-4173
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Nashville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Reggie Woodgett.
Reggie is a Real Estate Agent at RE/MAX Elite. Nashville Short Sales Realtor:
Phone: (615) 850-4173. nashvilleshortsalepros@gmail.com.
View My homes for sale at Nashville Tennessee Real Estate and Homes For Sale
Reggie Woodgett and The Woodgett Group specialize in loan modifications and short sales in Nashville Tennessee. Nashville Loan Modification Help. Nashville Short Sales. Nashville Short Sale Realtor. Nashville TN Short Sales. Nashville Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Reggie Woodgett, RE/MAX Elite, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Reggie’s personal views and do not reflect the views of RE/MAX Elite.
This information on A Common Nashville Short Sale Marketing Mistake: Not Promoting Unique Properties to Buyers Looking For Unique Properties is provided as a courtesy to our viewers to help them make informed decisions.
Nashville TN – Here is a story that illustrates this point. An agent I know was hired to sell a 30 acre tract of land.
Several months earlier they had spoken with a buyer that was looking for a similar property.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
However, the buyer had said they were looking for something closer into town. So the agent never told them about the 30 acres.
Another agent did tell them about it. They notified the buyers about the property and they decided to buy it.
In this case, the seller was fortunate that the property sold. But, it illustrates the importance of a realtor marketing their homes to their active buyers.
Those buyers already know and trust that realtor. They are the most likely prospects to buy the homes that agent has for sale.
I can help you short sale your property and get back on your feet. Send me an e-mail at nashvilleshortsalepros@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (615) 850-4173
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Nashville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Reggie Woodgett.
Reggie is a Real Estate Agent at RE/MAX Elite. Nashville Short Sales Realtor:
Phone: (615) 850-4173. nashvilleshortsalepros@gmail.com.
View My homes for sale at Nashville Tennessee Homes For Sale
Reggie Woodgett and The Woodgett Group specialize in loan modifications and short sales in Nashville Tennessee. Nashville Loan Modification Help. Nashville Short Sales. Nashville Short Sale Realtor. Nashville TN Short Sales. Nashville Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Reggie Woodgett, RE/MAX Elite, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Reggie’s personal views and do not reflect the views of RE/MAX Elite.
This information on A Common Nashville Short Sale Marketing Mistake: Not Marketing Your Home To Their Buyers is provided as a courtesy to our viewers to help them make informed decisions.
Nashville TN – This MLS Mistake could cause the right buyer to never look at your home in the first place. The Multiple Listing Service (MLS) is the first place an agent representing a buyer is going to look for homes for sale.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
(The Multiple Listing Service, which I will call MLS for short, is the database of homes for sale that all realtors in a certain area share.
When an agent has a buyer and their own homes for sale won’t fit that buyer’s needs, then they search the MLS.
If another agent has a home that fits that buyer’s needs, then they can sell the other agent’s listing.)
In today’s market agents have a lot of homes to pick from. Ten, twenty, thirty, and sometimes even a hundred homes fit their buyer’s criteria. But, they will usually only show that buyer 5-7 homes at one time.
If these agents don’t pick your home from their MLS search, then you just missed a potential buyer. Here are a few reasons that certain homes get skipped over in the MLS search.
Reason #1: The main picture of the house is ugly or unattractive. The agents are usually scanning thru lots of listings and don’t have time to look at all the pictures.
If the main picture is unattractive, then they will pass on showing the home.
Reason #2: The property is put into the MLS wrong. For example, many MLSs have a search function for the size of the lot.
The agent puts in 0 acres for the lot size. The house will not show up when an agent searches for a lot size between .5 acres and 1 acre.
Nor will it show up in any other search that has a specific lot size. This might not be a big deal if you don’t have a lot with a bigger than normal yard.
But, I can tell you from specific experience that this will hurt your sale if you have a larger than normal lot. There are many other MLS mistakes, but this is a specific example to show you how it can affect you.
Reason #3: You don’t price your home at $25,000 increments. Most buyers use $25,000 increments when searching online.
For example, they will search for a home priced between $200,000 and $250,000. If your home is priced at $250,000, then it will show up in multiple searches.
A $250,000 home will show up in a search for homes priced $200,000 – $250,000 and a search for homes priced $250,000 – $300,000.
This increases the likelihood of the right buyer seeing your home in the search results and therefore the likelihood of your home selling.
I can help you short sale your property and get back on your feet. Send me an e-mail at nashvilleshortsalepros@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (615) 850-4173
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Nashville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Reggie Woodgett.
Reggie is a Real Estate Agent at RE/MAX Elite. Nashville Short Sales Realtor:
Phone: (615) 850-4173. nashvilleshortsalepros@gmail.com.
View My homes for sale at Nashville TN Homes For Sale and Real Estate
Reggie Woodgett and The Woodgett Group specialize in loan modifications and short sales in Nashville Tennessee. Nashville Loan Modification Help. Nashville Short Sales. Nashville Short Sale Realtor. Nashville TN Short Sales. Nashville Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Reggie Woodgett, RE/MAX Elite, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Reggie’s personal views and do not reflect the views of RE/MAX Elite.
This information on A Common Nashville Short Sale Marketing Mistake: Not Using the MLS Properly is provided as a courtesy to our viewers to help them make informed decisions.
Nashville TN – A lot of agents think buyers don’t like short sales. This is not true. In fact, many buyers prefer foreclosures and short sales over normal homes on the market.
They know that they are more likely to buy a home at a fair price when they buy a short sale.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
We never have a problem getting buyers interested in our short sale listings. We have even had buyers fight over certain short sales.
In one instance, we received multiple offers on a property. The property had extra features that these buyers really wanted.
To the average buyer, the features didn’t mean much. But to these buyers they were worth a lot.
So don’t get discouraged if you are thinking of short selling your house. Short sales are more difficult than the average home sale.
With the help of an experienced short sale agent you can short sell your house and walk away debt free. Many other people have already done it. Why not join them?
I can help you short sale your property and get back on your feet. Send me an e-mail at nashvilleshortsalepros@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (615) 850-4173
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Nashville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Reggie Woodgett.
Reggie is a Real Estate Agent at RE/MAX Elite. Nashville Short Sales Realtor:
Phone: (615) 850-4173. nashvilleshortsalepros@gmail.com.
View My homes for sale at Nashville TN Homes For Sale and Real Estate
Reggie Woodgett and The Woodgett Group specialize in loan modifications and short sales in Nashville Tennessee. Nashville Loan Modification Help. Nashville Short Sales. Nashville Short Sale Realtor. Nashville TN Short Sales. Nashville Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Reggie Woodgett, RE/MAX Elite, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Reggie’s personal views and do not reflect the views of RE/MAX Elite.
This information on A Common Misconception: Buyers Don’t Like Nashville Short Sales is provided as a courtesy to our viewers to help them make informed decisions.
