Summary
(as of 7/24/08)
H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23rd by a vote of 272-152. The Senate must now approve the language adopted by the House. The Senate is expected to approve the bill on Friday, July 25th or Saturday, July 26th. The President has said he will sign the bill. It includes:
· ..(read more)
There is a little know law that exempts a seller from having to pay the normal transfer tax (approx $8.50 per 1K of sale price) at closing if your tax assessment is less at the time of sale than when you purchased the property.
MCL 207.526 (t) provides an exemption from State Transfer Tax for the following written instruments:
A written instrument conveying an interest in homestead..(read more)
A Nutshell Lesson for Your 10 Minute Presentation
With our Michigan economy and money supply tight, many people are looking for financial relief. Our 2008 tax assessments have arrived and while they have provided a reprieve for many, some tax payers are scratching their heads wondering, “They say my value dropped, so how can it be that my taxes have again gone up?”
This..(read more)
Many consumers with nontraditional and other new types of mortgages with lower initial payments are now facing significant increases in their monthly payments — called "payment shock."
The brochure download below explains the types of mortgages that are placing families at risk, provides suggestions for getting help by talking to a Tom Stachler with Real Estate One and..(read more)
WASHINGTON (AP) -- Homeowners threatened with foreclosure would in some instances get a 30-day reprieve under an initiative the Bush administration announced Tuesday.
Dubbed "Project Lifeline," the program will be available to people who have taken out all types of mortgages, not just the high-cost subprime loans that have been the focus of previous relief efforts. (read more)
The Department of Housing and Urban Development and the Federal Housing Administration (FHA) announce new sales incentives on HUD Homes being bought as primary residences in Michigan.
1.) $100 Down Payment!
Purchase a HUD home with FHA-insured financing and put ONLY $100 down!
..(read more)
H.R. 3648 – Public Law 110-142 Signed December 20, 2007
Summary: There have been some changes affecting home tax credits for persons either involved in a short sale or foreclosure and also for persons who have lost a spouse. Generally, individuals who are relieved of their obligation to pay some portion of a mortgage debt on a principal residence between January 1,..(read more)
Seller Concessions:
Percentage of purchase price towards allowable costs (percentage depends on program and downpayment, see chart below).
In addition to concessions, sellers can pay for the following:
1. Seller can waive tax pro-rations from the buyer on the purchase agreement.
2. Disburse Use and Occupancy fee's (if any) to Buyer at closing.
3. Pre-pay..(read more)
A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for.
Step One
Verify the value of your property. If you are selling the property through a real estate broker, your broker will provide you with an estimate of market value. If you are selling the property yourself, do your own market analysis..(read more)
