May 18, 2012

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Taxes and foreclosed homes

April 18, 2011 By

It’s April 18.

Typically, the date doesn’t strike fear in the hearts of ordinary Americans. Today is different, however, because it (not April 15) is the deadline to file individual tax returns.

And for many, 2010 could have been financially difficult, including defaulting on a mortgage loan and losing a home to foreclosure and/or short sale.

The good news is that the  Mortgage Debt Relief Act, passed in 2007 and expiring in 2012, protects most distressed homeowners from being responsible for additional liabilities.

Most, but not all.

CNN.com lays out the exceptions to the rule. Read about them after the jump:

  1. You did a cash-out refinance and splurged
  2. You have a home-equity line of credit
  3. You lost your vacation home or investment property
  4. You owned a multimillion-dollar home

Even if you do fall under one of the categories mentioned above, you may still “have a way out.”

Your best bet is to contact a tax professional and discuss your situation with him or her to determine the best course of action.


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Foreclosed homes account for 39 percent of Feb. 2011 real estate sales

March 21, 2011 By

“… buyers – largely investors – are snapping up homes at bargain prices.”

– Lawrence Yun, Chief Economist, National Association of Realtors®

Cash-laden investors are cherry-picking discounted foreclosure, short sale and other distressed real estate deals at an increasing rate, according to the latest report from the National Association of Realtors® (NAR).

In fact, distressed properties accounted for 39 percent of homes sold nationwide in Feb. 2011, which is up two percent from last month and is five percent more than last year at this same time.

Investors accounted for 19 percent of all sales activity during this time and all cash sales reached a record 33 percent in Feb. 2011, too.

What’s it all mean?

It’s pretty simple: If you’re in the market for a home, you need to act fast because the best deals will be gone before you know it.

Cash is king … especially in a housing market like the one. And investors will continue to reign supreme for as long as the competition (that’s you) sits on the sidelines and watches opportunity pass by.

There are programs like Fannie Mae’s “First Look” that offer first-time homebuyers and local communities with opportunities to buy before properties go to market. It’s a clever safety net, but it doesn’t stop all the great deals from landing in the hands of investors.

Not even close.

A fantastic way to stay on top of the latest distressed real estate deals entering the market is to take advatage of our free foreclosure email alerts. When a new foreclosed home for sale in your area becomes available we notify you with an email that same day.

It’s an awesome resource.

Or, you can do what most investors and bargain hunters do and search our database each day for great discounts on real estate. It’s free for seven days! Click here.


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Space and Neighborhood Concerns in Buying Foreclosure Houses

July 22, 2010 By Leave a Comment

By Joseph B. Smith -

Before making an offer for foreclosure houses, a buyer should spend some time inspecting the property and examining the surrounding areas of its location. Even if a foreclosed property is offered at a slightly higher price than other foreclosed dwellings, it might be worth the extra cost once other features are taken into consideration.

Extra Outdoor Space

A home buyer looking for a family house usually favors a single-family dwelling or a single detached property. When looking at such properties, the buyer can consider paying a few extra dollars if the home has enough backyard space where a lot of additional features are possible. An outdoor space can be an added attraction, particularly for people who like gardening. It can also serve as a mini-playground if the family interested in buying it has children. It can also be used to build a garage or serve as a work area.

Neighborhood Features

Family buyers are often concerned about the accessibility of schools, offices and other necessary structures when they look for a home. A property located in a place where schools and grocery stores only take a few minutes to reach is a good deal. Foreclosure houses located in neighborhoods where most of the residents are families are ideal for buyers who are planning to use the property as a family residence.

City Rules and Safety

Home buyers should familiarize themselves with the laws governing residential properties in the neighborhood they have chosen. Some areas in the U.S. have specific rules when it comes to home extensions, paint color and even fence size. There surely is a particular reason for all these rules, but for a home buyer who does not appreciate such rules, knowing what guidelines are in place is important.

Another significant factor is the safety of the neighborhood. Before deciding to purchase a residential property, find out whether the area suffers from high crime rates and whether local security officers are quick to respond to resident calls. It would help if the buyer interviewed neighbors and local shop owners to find out the neighborhood’s level of security.

When choosing foreclosure houses, a buyer should not only inspect the inside of the property but should also exert effort to know the characteristics of the neighborhood and its residents.

Joseph B. Smith has been educating buyers on the finer points of foreclosure houses at ForeclosureDeals.com for over ten years. Contact Joseph B. Smith through ForeclosureDeals.com if you need help finding information about foreclosure houses.

Article Source: http://EzineArticles.com/?expert=Joseph_B._Smith
http://EzineArticles.com/?Space-and-Neighborhood-Concerns-in-Buying-Foreclosure-Houses&id=4581893

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