Brief Note About What the D.R.A. Extension Means to Buyers!

I sent this short note to my buyers this evening and thought I'd point it out to anyone else that is losing patience on the home search journey:

Happy 2013!

I'm sending this same message to all of my current buyers! Seems like we haven't spoken in weeks what with the holidays and lack of any new inventory that seems worth even peeking at!

But, the Mortgage Forgiveness Debt Relief Act that was expiring 12/31/12 has been extended! This means that sellers will not be responsible for income taxes on the amount of mortgage that is forgiven by a short-sale, foreclosure, or loan modification. Through the end of 2013 at least.

For you, my buyer, that means, we will likely see more new listings coming on the market. One, the short-sale sellers that realize they still have time to take advantage of the tax savings!  And, two, those standard sellers that want to beat the short-sale competition that will most probably be listing a tad higher than we want, but still listing! They would have thought they were the only ticket in town, but short-sales are, in my humble opinion, still to going be had out there!

Just a check-in e-mail, for certain. Just a reminder that I'm happy to be helping you find your home!

Crossing my fingers, networking with my groups, hitting the phones....working for you!