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Special Report: Real estate provisions in ‘fiscal cliff’ bill WASHINGTON – Jan. 2, 2013 – Yesterday, the House and Senate passed H.R. 8, legislation to avert the so-called “fiscal cliff.” Following are real estate-related provisions of the bill, which President Obama plans to sign into law today: Mortgage Forgiveness Debt Relief Act extended to January 1, 2014. In place since 2007, the act provided a tax break for homeowners who struggled through financial hardship such as a foreclosure, and were granted mortgage debt forgiveness. In the past several months, Deduction for mortgage insurance premiums for filers making below $110,000 is extended…

ANY open permits and or code violations need to be fully addressed and resolved by the potential home buyer, prior to closing. Failing to do so can be very costly for a homeowner. Open permits remain with the property, despite any change in ownership. Failure to uncover any open permits prior to closing means that these permits become the responsibility of the new owner. Requirements to remedy an open permit can include fines, fees, and completion of pending work and removal of work that does not meet building requirements. Open permits can be quite costly and time consuming. Q. What is…

1. It is not a tax on all properties. It is a tax on SOME investment income from interest, dividends, rents and capital gains. 2. It is not a tax on all people. Only individuals with an Adjusted Gross Income of $200,000 and couples with AGI over $250,000 will be included. 3. It is part of Health Care reform. 4. It is not a transfer tax, it is an income tax on investment income. 5. It does not affect the capital gain exclusions on the sale of a principal residence.Currently the first $250,000 of gain for a single person and $500,000 on a…

Any home has the potential of containing RADON! Radon is a toxic gas which is radioactive, invisible, tasteless and odorless. It is produced by the naturally occurring breakdown of uranium under the surface of the earth and can be found in soil, rocks and water. HOW DOES IT GET INTO A HOME? Radon can enter your home through cracks in the foundation, openings around sump pumps and drains, cracks in walls, and crawl spaces. Radon is typically most concentrated in the lowest level of a home. WHY SHOULD I WORRY ABOUT IT? Indoor radon is the second leading cause of lung cancer. Elevated levels…

This article was written and published by: Tara-Nicholle Nelson Inman News In life, and in real estate, there are decisions that, if we had them to do over again, we might do x, y or z differently. But all in all, we are not too upset about how things turned out. “C’est la vie,” as they say. Then there are the decisions and actions we actively regret, worrying over their long-term consequences, wishing we could have a cosmic do-over, stewing and ruminating over what we did wrong. (In truth, it’s a sign of emotional maturity to see every experience as an education, and…

2012 Real Estate Hurricane Preparedness Guide History teaches that a lack of hurricane awareness and preparation are common threads among all major hurricane disasters. By knowing your vulnerability and what actions you should take, you can reduce the effects of a hurricane disaster. Hurricane hazards come in many forms: storm surge, high winds, tornadoes, and flooding. This means it is important for your family to have a plan that includes all of these hazards. Look carefully at the safety actions associated with each type of hurricane hazard and prepare your family disaster plan accordingly….

Buying a home is the single largest investment that most people will make in their lifetime. It is important that you shop around for the best loan for your circumstances. You should be speaking with more than one lender or mortgage broker. Before you start to shop your loan make sure you review your finances so that you have a good understanding of what you on-going fixed expenses are ( car payment, school loans, credit card debt, living expenses)b and then get estimates on what the additional costs of owning a home will entail ( homeowners insurance, taxes, HOA fees,…

Hurricane season has just begun and will last until the end of November; it is important for homeowners to have an awareness of what their insurance policy covers and what their hurricane deductible is. This is particularly true for first time home buyers or for homeowners that have relocated to coastal states from non-coastal regions and have not had hurricane coverage in the past. The hurricane deductible will determine the amount of money you must pay out-of-pocket before your coverage kicks in if there is damage to your residence due to a hurricane. Hurricane deductibles are clearly listed in…

Looking to squeeze the most from your home insurance dollar? Try these practical steps. 1. Shop around for home insurance quotes: Check with several different home insurance companies to get rate quotes. An independent insurance agent can provide rate quotes from multiple companies. Ask around: Do your friends and family like their home insurance company? 2. Raise your home insurance deductible: The deductible is the amount of money you have to pay toward a loss before your insurance kicks in. Typically, home insurance deductibles start at $250. The Insurance Information Institute (III) estimates that if you increase your deductible to either…