Tag Archives: Real estate

Take Action! Tell congress to extend the real estate tax provision

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TAKE ACTION!
Homes sales to become more difficult without tax provision extension

If action is not taken soon, short sales could become even more difficult to complete next year. At the end of 2012, a tax break to families whose homes have lost value and are underwater could prove more difficult to sell without action from Congress.

At issue is a 2007 temporary law that exempts families from paying taxes on owner occupied homes for mortgage debt that was forgiven by the lender in a short sale or foreclosure. Prior to 2007, any mortgage debt forgiven required the seller to pay taxes as if that debt forgiven was ordinary income.

Home sellers in distressed situations are selling for a reason – they don’t have the money to pay their mortgage and are underwater. So they opt for a short sale or in drastic situations are foreclosed upon. They don’t have the money to pay the taxes and thus are saddled with more debt to the Internal Revenue Service (IRS).

Already real estate transactions, including loan modifications, short sales and foreclosures, are in the pipeline and may not be able to close before year-end. If owners are unable to close these transactions, and if Congress does not act, these owners and sellers will not receive the benefit of tax relief provisions they have relied on.

Why is this important?
• Homeowners shouldn’t be forced to pay tax on money they’ve already lost with cash they never received – and never will receive.

• More than 20% of current homeowners with a mortgage owe more on their homes than the current fair market value.

• Transactions not completed by year-end could become taxable in 2013, despite a borrower’s reliance on this tax relief.

• The housing market, while recovering, is still fragile enough that this tax relief will be needed in 2013 and possibly beyond.

TAKE ACTION!
Click here to tell Congress to extend this important real estate tax provision.

 

For more information on the Mortgage Debt Cancellation Act, click here.

Don’t Miss the Midyear Market Update

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Join us on Wednesday, August 15 from 9:30-11am in the Crystal Ballroom of the Charleston Marriott for the 2012 Midyear Market Update!

Dr. Lawrence Yun, chief economist and senior vice president of research with the National Association of REALTORS® (NAR) will be our keynote speaker and share his analysis of the national and local real estate markets as well as share a forecast for the remainder of 2012 and beyond.

Seating is limited–register today! 

Come early for coffee and pastries and browse our Affiliate Expo!
Join us from 8:30-9:30am in the Crystal Ballroom lobby for a cup (or two!) of coffee, a breakfast snack and to meet more than 30 of CTAR’s affiliate member companies.

Our affiliate members are lenders, home inspectors, title companies, attorneys, advertising outlets and companies who offer homeowner support services.

 

Thank you to our Annual Sponsors!

The Post and Courier              South Carolina Federal Credit Union
       

Reading with Realtors

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The Reading with Realtors® program has continued to enrich the lives and improve the literacy of underserved children in the Lowcountry for over ten years.  To reach even more students, we’ve joined with Reading Partners®.

Our volunteers work with elementary students throughout the area by reading with a student one hour most weeks during the school year and we would love for you to join us!  To learn more, check out this brief 3 minute video.

Make a forever difference in a child’s life and they ‘ll make a forever difference in yours!

You can do it!  Simply go to the Reading Partners South Carolina website, select “register now,” then be sure to click “Reading With Realtors®” and complete the application.

You’ll hear from Christine Messick with Reading Partners® to schedule a 45 minute  Orientation and when you’re ready you’ll  be assigned a student.

Questions? Contact teena@www.charlestonrealtors.com

Congress extends flood insurance for 5 years

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Certainty will never be achieved when talking about the Lowcountry and flooding, but at least now – thanks to the actions of Congress – home buyers can have certainty in knowing there will be available, affordable flood insurance for purchase.

On June 29, both the Senate and House passed the Biggert-Waters Flood Insurance Reform Act of 2012 as a part of H.R. 4348, the Surface Transportation Conference Report. The President will sign the measure this week. The bill includes a 5-year reauthorization and reform of the National Flood Insurance program.

This is the culmination of a successful multi-year REALTOR® Party campaign, with many Calls for Action and a final push at NAR’s Midyear Legislative Conference and Rally in May. Congress had been extending the National Flood Insurance Program a few months at a time since 2008. Twice this led to program shut downs, including one that stalled more than 40,000 home sales in June 2010.

Check out our presentation on how the recent changes can affect you, your clients and your business: 

While the passage of the Biggert-Waters Flood Insurance Reform Act of 2012 brought certainty to the flood insurance marketplace, it also brought change. And that change is what REALTORS® need to be aware of to answer many of their clients potential questions.

For more information about the reauthorization of the National Flood Insurance program, click here.