Monday, December 6, 2010

Foreclosured Property Tax Relief Bill Signed

"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.

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."

Sunday, December 5, 2010

Midland Santa House

If you are new to Midland, or new to being a parent, the Midland Santa House is a "must see". Your child will feel like he or she walked into the North Pole with authentic Santas, a sleigh to climb on, Santa's helpers all clad in green and red, and even visits from Mrs. Claus. Hours for the Santa House can be found at http://www.midlandfoundation.org/pdfs/santa_house.pdf

Friday, December 3, 2010

Foreclosed Properties to Retain Principal Residence Exemption

Michigan Associated Realtors-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.

Tuesday, November 30, 2010

What is the BIGGEST Mistake Made By Home Sellers Today?

What is the Biggest Mistake Made by Home Sellers in Today's Real Estate Market?

As a home seller, maybe you weren't aware that's there one huge mistake you may be making.

If that's the case, I want to show you how to correct that mistake and get all the money you deserve from your property!

Okay, what's the biggest mistake made by sellers in the current real estate market? The answer may surprise you. By far, the biggest mistake is... Not making a counteroffer on purchase offers you deny!

It's one of those things that's so simple and so obvious that we tend to overlook it. Let me explain why counteroffers are so important.

When a buyer comes in with a very low price, many sellers get insulted and automatically cross that buyer off the list. This is a HUGE MISTAKE!

A lot of buyers come in at a low price on the first offer just to see what will happen, and that's true even when they're prepared to pay full price. In other words, they're testing the waters and hoping to get lucky.

So, instead of blowing them off, try to come to an agreement with an offer of your own that's below what you're asking but above what they offer. Your aim is to keep the lines of communication open.

Here's the "nitty gritty" of any home transaction: the buyer wants to pay as little as possible while you want them to pay as much as possible. That's why they call it "negotiating."

So, remember, counteroffers can be a great way to sell and buy a home.

But also remember that it's important to have the right real estate agent working for you.

You want an experienced pro who knows all about negotiations and  counter offers. In this situation, you definitely don't need a "rookie:" you want a true professional who's done a number of successful deals.

(This blog was reposted from Four Star Mortgage.  http://www.fourstarmortgagemidland.com/)