Information for Real Estate Buyers

Think Positive

jimsmyrealtor — Tue, 23 Feb 2010 19:51:00 +0000

To be a great champion you must
first believe you are the best.
If you’re not, pretend you are.
Muhammad Ali

Does LinkedIn actually work? | CenterNetworks

jimsmyrealtor — Thu, 28 May 2009 19:49:29 +0000

Does LinkedIn actually work? | CenterNetworks

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IRS says “Kick them when they are down.”

jimsmyrealtor — Mon, 15 Oct 2007 14:09:17 +0000

“KICK THEM WHEN THEY’RE DOWN !” is the IRS code according to an article in Realty Times.

Housing Counsel: If Your Home is Foreclosed, You May Have to Pay Tax
by Benny L. Kass

Foreclosures are up, and many families are losing their home. That’s bad enough, but the Internal Revenue and the Tax Code has a surprise for you: you may have to report income and capital gains tax, even though you will not receive any money.

See the entire article at:

http://realtytimes.com/rtcpages/20071015_foreclosed.htm

It seems that if you lose your home to foreclosure because you got into one of those ‘nasty sub-prime adjustable rate loans”, and went bankrupt over it, you could wind up owing Uncle Sam for the ‘profit’ you made – the forgiven debt.

If you are in this situation, make sure that you use a really good tax adviser when doing your income tax return, or The Uncle could be coming after you!

Want to know WHO made the Real Estate market ‘craziness’?

jimsmyrealtor — Sat, 13 Oct 2007 19:39:21 +0000

According to an article by Roselind Hejl entitled It’s Back to the Future for Real Estate she seems to blame it on WALL STREET GREED to see the whole article, go to:

http://www.brokeragentnews.com/news/residential/2007_10/10_12_2007_jc_1192239702.html

I have heard several mortgage brokers blame it on GREED as well. The way that I understand it, they say that the ‘investors’ continually pushed for a higher rate of return on their investment dollars which allowed the mortgage brokers to loan on more and more marginal deals.

I don’t think that the greed was limited to JUST the investors, but the mortgage brokers, the builders and the real estate industry ALL had a hand in helping this crisis develop. The brokers over loaned, the builders overbuilt and the agents kept on selling because they could. This current phases is just that, A PHASE. We go through phases/cycles in almost every facet of life. Why should the real estate market be any different? Hang in there! This cycle will (eventually) correct itself back in the other direction and things will get ‘normal’ again….or we will redefine ‘normal’.