Michigan's goveror just signed a new piece of legislation that will help Michgan home owners stuck with an unsold home. There are obviously limitations but they seem to make sense. Here is the rundown:
Public Act 96 of 2008 enacts that the seller can retain an additional exemption for up to three years on property previously exempt as the owner's principal residence. This exemption can only be taken if the following circumstances are met:
1. The property is for sale
2. The property is not occupied
3. The property is not leased or available for lease
4. The property is not used for any business or commercial purpose
Now if you are wondering why an Exclusive Buyer's Broker would care about something that just benefits sellers there is a different angle. Two angles actually.
First, we have buyers right now who are buying new homes in the hope their old home will sell in a reasonable amount of time. This certainly helps them.
Second, saving the seller money and stress can make the buying process easier for our first time and relocating buyers.
Helping Home Buyers Locate, Evaluate, and Negotiate great home deals!
Jon Boyd, Broker/Manager
The Home Buyer's Agent of Ann Arbor, Inc.
http://buyersagentannarbor.com/
734-6620-6240
1908 W. Stadium Blvd.
Ann Arbor, MI 48103
Ann Arbor's Most experienced Exclusive Buyer's Brokerage!
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