Great news for Buyers buying Foreclosures as Primary Residence!!!

MAR-supported legislation to allow foreclosed properties to retain their principal residence exemption for a period of up to 3 years has passed both the House and Senate, and is expected to be signed by the Governor in the coming days.

Senate Bill 77 provides for much needed Principal Residence status and tax relief to purchasers of bank-owned properties after the May 1st filing deadline. This legislation has become particularly important since foreclosures, which are non-principal residences, have flooded Michigan's real estate market in recent years. The current situation prices buyers out of homes by forcing them to qualify for a mortgage at the higher tax rate. Those buyers looking to purchase foreclosed properties are consequently stuck with a significant tax burden for the remainder of the year despite making that new purchase their principal residence. This bill would alleviate that burden by allowing a buyer to immediately make a foreclosed property their principal residence.

The MAR Public Policy staff met with legislators on this bill until the very last hours of the 2010 session to express the importance of making this tax-friendly legislation a priority. We are pleased that legislators on both sides of the aisle supported the passage of this bill, which gives homebuyers significant tax relief when purchasing a foreclosed property.

Tips for negotiations and getting your new home

As difficult as it may seem, sometimes paying list price is the right answer! When you have been looking for EVER for your new home and finally find the right one in every way, including list price, why would you risk losing it by making a low ball offer? I know everyone wants a deal, but when the deal is presented, take it!

Myths: The Earth Is Flat and Newspapers Sell Houses

Myths: The Earth Is Flat and Newspapers Sell Houses

I keep ahead of what's going on to keep you best informed and protected!

Tips for sellers agents to maximize showing potential

“Let your food be your medicine and your medicine be your food.” - Socrates

http://tipofthemittrealestate.blogspot.com/2010/09/let-your-food-be-your-medicine-and-your.html

Another Foreclosure Headline Debunked

REALLY?! No, there really is no good news here. Foreclosures are only going to get worse. Sell now while you can!

Another Foreclosure Headline Debunked

HAFA Helping Homeowners: A Guide to Short Sales

I am working hard to help as many families as I can avoid foreclosure. Don't give up, give me a call! 231-420-4468.

HAFA Helping Homeowners: A Guide to Short Sales

Let’s Look Past the Headline

Home prices falling further?!?! Combine that with last weeks forecast for rising interest rates...Ugh!

Let’s Look Past the Headline

Challenges and Opportunities in Housing

Challenges and Opportunities in Housing

Built on Jenga Blocks, Home Prices Look Shaky

Built on Jenga Blocks, Home Prices Look Shaky