Category Archives: Sellers’ News

Short Sales Still A Good Option for Many

NAR Thanks Senators for Legislation

By Evan Liddiard, Ken Wingert

On June 20, 2013, NAR 2013 President Gary Thomas sent a letter to Senators Debbie Stabenow (D-MI) and Dean Heller (R-NV) expressing gratitude for introducing S. 1187, “The Mortgage Forgiveness Tax Relief Act.” This bill would extend for two years the current law provision that allows tax relief for homeowners when lenders forgive some portion of mortgage debt they owe, such as in a short sale.
Federal tax law generally provides that when individuals are forgiven of debt, they have taxable income. However, an NAR-endorsed provision first enacted in 2007 provided relief to most taxpayers who found themselves with forgiven mortgage debt in connection with their principal residence. Unfortunately, the provision was only temporary and has expired and been extended several times. The most recent extension is scheduled to expire at the end of 2013. S. 1187 would extend the provision through the end of 2015.

January 2012 Market News

2012 predictions are full of hope, especially for us here in Kansas!

Everyone has been concerned about the so-called “shadow inventory” (homes that have been or will be foreclosed on) that will be hitting the real estate market this year; however experts have predicted that Kansas’ shadow inventory will be sucked up in less than 5 months.  So, in theory, our market should be leveling off and even heading up by this summer!

If you are on the fence about selling your home, you may want to do so quickly before you have to compete with all the foreclosures though!

And if you are thinking about buying a home, the interest rates aren’t going to get much lower than they are now!  Some people are getting 4% on 30 year fixed loans!  WOW!