Archive for the 'Port Orange Short Sales' Category
Port Orange Home Buyer Activity Is Rising | Port Orange FL Real Estate
May 5th, 2008 Categories: 1st Time Port Orange Home Buyers, Daytona Beach Real Estate, Port Orange Real Estate, Port Orange Short Sales
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Team Gagliardi has seen a rise in the number of buyers in the Port Orange FL area!! It is very exciting for us as well as for our sellers.
Why the increase in Port Orange Real Estate activity you ask? Some folks are realizing that this is a great time to buy at lower prices. Others perhaps have gained confidence with the vote for Amendment 1 back in January.
If you haven’t noticed, interest rates are holding pretty steady while home prices are stil drifting down a bit. So with this combination it is an excellent time to buy a Port Orange Home!
We have heard some local buyers speaking of waiting for the right time. The only problem with timing the market is that while you’re waiting for prices to maybe go down further you risk paying more if interest rates rise or home prices go up!
Thinking of buying a Port Orange home? Call us today for a Hotsheet of homes for sale in Port Orange.
Need a list of Port Orange short sales and foreclosures? Don’t waste time. Call us today or email Marty!
386–316–5968
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Port Orange Short Sales Tax Information | Port Orange FL Real Estate
April 20th, 2008 Categories: Daytona Beach Real Estate News, Port Orange Real Estate, Port Orange Short Sales, Title News
Important Tax information shared by Sue Rogers, Manager and Licensed Title AGent of True Title, Inc., 1265 W. Granada Blvd., Ste 1, Ormond Beach, FL 32174.
On December 20th, Bush signed into law a measure that will change the tax effects for a homeowner in foreclosure. These are critical changes that may change your client’s outlook on a deal (in fact…maybe you lost a deal last year because of this tax burden…it may not be too late to call that client back and revive the deal!)
In a nutshell: If a homeowner who was in foreclosure worked out a short sale agreement with their lender, the amount of debt that the lender “wrote off” is considered as ordinary income to the seller. That means if you negotiated a $50,000 reduction in the payoff to help get the property sold, that seller would have to claim that $50,000 as taxable income on their tax returns (resulting in a potential tax bill between $7,500 and $17,500). Some sellers decided NOT to sell on a short sale for this very reason…but that’s where this new law comes in!
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