Great news for homeowners! The 2013 American Tax Payer Relief Act has passed! What does that mean to a homeowner you may ask.... It means that there's still time to sell!
If you have tried to sell your home and market just could not bare the price you needed, there's still time. With the United States Senate and The House passing the American Tax Payer Relief Act Pg. 25 Sec 202., it included an extension to the Mortgage Forgiveness Debt Relief Act due to expire January 1, 2014. This Act enabled a homeowner to sell their principal residence under short sale terms and not have the tax implications this transaction would regularly cause. In a normal case, the balance between what the home sells for and the balance owed on the mortgage can be considered as income and taxed accordingly. That's not the case here. Here, this debt is completely forgiven.
Here's what you've been waiting for homeowner.... If you qualify for a short sale, you can get out of that home that may never see the value it had before. Get into fair market property and watch the value of your new home slowly increase over the next few years. The market is asking for new sellers to list. The need for quality properties has caused a feeding frenzy with buyers and driving prices back to an uptick. Many of the homes being listed today are getting multiple offers which leaves many ready, willing, and able buyers still wanting homes.
If you would like to see if you qualify please fill out the Property Information Form and a team member will contact you promptly.
Here are a few Birmingham, MI short sale homes available today.
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