houses for sale in ny: Will some "Short Sales" Be a Thing of the Past?
- 07/31/13 01:58 PM
Lately, I have been reading a number of articles about the implications of the expiration of The Mortgage Forgiveness Debt Relief Act of 2007. This legislation generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a Foreclosure or Short Sale, qualifies for the relief. This legislation has a deadline of December 31st, 2013, and no one can be certain if the deadline will be extended. This uncertainty is of concern to me because, based on what we're hearing from Washington these … (0 comments)
houses for sale in ny: Get Ahead of the Inventory Boom
- 02/14/13 10:16 AM
January 2013 continued the upward trend we’ve been seeing for sales and contracts written. Contracts were up 23% over January 2012, and closed sales were up 16%. Total inventory was down almost 20% compared to last year. Depending on how you look at the inventory, however, there is still anywhere from a 9 to 11 month supply available, and we need to see that number get down to 6 months before we can see real price appreciation. Currently, prices year over year are generally flat, if not declining in some areas The good news is that sales are up significantly and, … (1 comments)
houses for sale in ny: It ain't over til it's over - a short (sale) story
- 02/01/13 07:45 AM
It's very important to me that my clients know I believe in finishing what I start. It is a personality trait that comes in handy in real estate, but it can also cost me at times. My team and I recently processed a very difficult short sale that continued on for months. The lender's negotiator was difficult, and we all believed that the short sale would fall through. After months of going back and forth, the bank informed me that they were foreclosing on the property, and there was nothing I could do. My team and I were dismayed. However, a month later we were told … (4 comments)
My intent is to provide current Real Estate market information for Upper Westchester including the towns on Bedford, Pound Ridge, Lewisboro, New Castle, North Castle, Mt. Kisco, Somers, and North Salem. I will also be blogging about market trends and new marketing techniques.
Lately, I have been reading a number of articles about the implications of the expiration of The Mortgage Forgiveness Debt Relief Act of 2007. This legislation generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a Foreclosure or Short Sale, qualifies for the relief. This legislation has a deadline of December 31st, 2013, and no one can be certain if the deadline will be extended. This uncertainty is of concern to me because, based on what we're hearing from Washington these … (0 comments)
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