Real Estate News for Sellers
Home Affordable Refinance Program (HARP) extended to June 30, 2012
The program was due to expire on June 30 but will now continue until that date in 2012. The Home Affordable Refinance Program (HARP) has been extended for another year according to information released on Friday from the Federal Housing Finance Agency. On March 1, 2010, the Federal Housing Finance Agency (FHFA) announced the extension of the Home Affordable Refinance Program (HARP). FHFA is the regulator and conservator of Fannie Mae and … [Read More...]
Landlords Be Aware, IRS Reporting
There will be expanded IRS Form 1099 reporting for rental property owners starting with the year 2011. The Small Business Jobs Act of 2010 requires all individuals who own rental property to issue an IRS Form 1099 for payments relating to their rental properties. Now, by definition, "a person receiving rental income from real estate shall be considered to be engaged in a trade or business of renting property." A 1099-MISC form will be required … [Read More...]
1031 Exchange Planning for 2011
The law (the amended version of H.R. 4853) that passed after agreements were reached between the President and Congress has a definite positive effect on 1031 exchanges. The major areas of concern were the capital gains tax rates, the tax-free exclusion amount for estate and gift taxes, and the stepped-up basis for inherited property. First, the capital gain tax rates have remained as they were. For real estate this means they remain at 15% … [Read More...]
2010 – 2Q home sales — Northern Virginia
The home sales numbers are in for the second quarter of 2010 (April 1 through June 30), and the news is good, but the outlook may not be. Sales are up. Prices are up. Pending sales were up in June. Days on market are down. The unemployment rate is slowly going down. Several major corporations will be keeping, moving, or opening facilities in the Commonwealth. But there are clouds around those silver linings: Foreclosures are up in … [Read More...]
Home Affordable Foreclosure Alternatives Program (HAFA)
In light of the rising number of property foreclosures in the United States, the government has expanded the Home Affordable Modification Program (HAMP) to include provisions and incentives for servicers to allow short sales or deeds-in-lieu as positive options for eligible homeowners in default who wish to avoid foreclosure. The new program is called Home Affordable Foreclosure Alternatives (HAFA). Participation in HAFA cannot save the … [Read More...]
Conversion of principal residence to second home or investment property
Introduction With this Announcement, Fannie Mae is introducing several new and updated policies that pertain to the following topics: Conversion of principal residence to second home or investment property: new requirements for borrowers who are purchasing a new principal residence, and intend to convert their existing principal residence to a second home or investment property. Selling Guide, Part X, Section 402.24 Rental Income, and … [Read More...]
Choosing a Real Estate Agent
The sales agent is not always the one with the most sales under his or her belt, or the most years on the job. The agent is one who listens to you, is easy to get along with, and has the tools and skills to address your unique situation. Every home buyer is different. Some have credit issues. Some are buying from out of state. Some need help selling their current home in addition to buying a new one. Just as buyers have different needs, real … [Read More...]
