Selling Your Home? Don’t List It Today

Posted by & filed under Selling.

Selling your home?  Don’t List it today. You’ve decided to move.  You’ve waited for spring.  It’s April 1st, spring is here so you put your home on the market for sale.  And nothing happens.  What’s wrong?  Is this an April Fool’s nightmare?  Not really but it is a marketing mistake. Timing is important.  Putting your home on the market at the wrong moment can have devastating effects that reduce your…

For short sales, loan modification or deed in lieu, do it now.

Posted by & filed under Buying, Selling.

President Bush was horrified.  The IRS had debt forgiveness as taxable income while people were losing their homes to short sales and foreclosures.  At his Administration’s urging, Congress quickly passed the The Mortgage Forgiveness Debt Relief Act.  Allow me to explain this. People were losing their jobs during the recession.  You can’t pay a mortgage without an income.  The solution is to sell and get out but home prices had crashed.  As a result,…

Bergen County Homes Earn a Delay from the IRS

Posted by & filed under Buying, Selling.

If you own a Bergen County home or anywhere else in the New York City area, the past few months were a challenge indeed.  Winter weather in Bergen County was very unusual this year.  We had multiple storms that wreaked havoc throughout the NYC area and Bergen County was right in the middle of things.    One snow storm after another for weeks on end with even a full blown blizzard gave us…

Claim Your Home Buyer Tax Credit with IRS Form 5405

Posted by & filed under Buying.

Claim Your Home Buyer Tax Credit with IRS Form 5405 On January 15th the IRS released a new form for home buyers who want to claim the tax credit when they file their taxes this year.  This is Form 5405.  Form 5405 is a revision of the previous 2009 First Time Home Buyer Tax Credit.  This is so that the current 2010 Home Buyer Tax Credit program is covered. I would like to…

What is a short sale and does the bank own the house?

Posted by & filed under Buying, Selling.

A short sale occurs when a home that is sold is worth less than the mortgage amount and the homeowner cannot make up the difference.  For example, you sell a home for $75,000 but the mortgage is $100,000; you’re short $25,000.  The bank enables the homeowner to sell the house by forgiving the $25,000 difference.  So while the bank doesn’t own the house, the owner can’t sell it without the bank’s cooperation.   Of course, in…