Lately, it seems that all northern Colorado real estate news, unless you are a renter, is pretty good. The Fort Collins/Loveland area is seeing substantial increases in rents as the vacancy rents go down and tenants are none too happy. A lot of pundits are blaming foreclosures, inability to purchase a home because of credit scores, increase in migration to the state, economic downturn, and interestingly, enough some apprehension as to the belief in homeownership as the holy grail. Real estate …
Local Real Estate News
Seller, seller wherefore art all of you?
Another weekend looking for homes for my buyers. Inventory is still down in the Fort Collins/Loveland area and in specific price ranges, we can cover the available homes in about 90 minutes. I’m optimistic that when spring arrives, sellers will wake out of their hibernation, rake the yard, paint the living room, clean out the garage and finally put that For Sale sign in the unfrozen earth. And there are quite a few buyers out there hoping the same thing. Some sellers are assuming that the …
Forgiving Mortgage Debt without Penalty: Time is Almost Up
In 2007, Congress created a bill that would give some tax relief to homeowners who had lost their home through foreclosure or short sale or received some type of mortgage reduction on their home. Normally, the deficiency created by the sale or refinance of a home for less money than what is owed creates a tax liability for the seller. Whatever amount the bank forgives is considered income and the seller usually has to pay taxes on that amount. The Mortgage Forgiveness Debt Relief Act of 2007 …
