TAX Advantages of Short sales transactions ends 2012

For those of you that are considering a real estate short sale transaction for your primary residence, 2012 is the last year that the Mortgage Forgiveness Debt Relief Act of 2007 to get those tax consequences waived.

The key to a short sale involves your ability to offer a property for less than the loan amount and be approved for that sale by the end of 2012.   With short sales taking 3-7 months on average, you cannot afford to wait to get that home on the market.

Let us discuss how we can help you get your home sold!

Here is a good reference link http://www.ehow.com/about_6582533_real-short-sale-tax-consequences.html



Steve Armstrong, Realtor Certifying Agent, Florida Green Builders Coalition Smith & Associates Real Estate http://www.baytobeaches.com/

First Time Home Buyer Credit Running Out

With the first time home buyer credit coming to a close at the end of November. First Time Home Buyers need to be aware that they run the risk of losing their $8000.00 tax credit if they do not act fast.(Assuming that congress does not extend the tax credit)Many of the "deals" in the market right now are short sales or foreclosures that require additional time to get the appropriate approvals. What looks like something that could close in 30 days sometimes takes 45+ days or more to get closed. Now is the time to get those details nailed down.Additionally financing in this day and age takes longer and requires more documentation. Be prepared and take advantage of the opportunities you have in this market!

Steve Armstrong, Realtor GRI
Certifying Agent, Florida Green Builders Coalition
Smith & Associates Real Estate
http://www.UniqueTampaHomes.com