If your debt exceeds the amount of money you can get for selling your house, sometimes the bank will accept less than what they are owed and call it even. It’s not an easy process and you have to prove to the bank that it’s worth it for them, but it can be less harmful than foreclosure. Consider getting out ahead of it and consider selling before you reach that point of having to choose between the two.
If you have any questions about short sales, contact us by calling (781) 319-1900.
When submitting an offer, being up-front about your needs is imperative to the process. This week, Mark discusses how to be transparent about financing contingencies, home inspection contingencies, appraisal contingencies and home sale contingencies, as well as advice on how to brave thenegotiation process.
If you have any questions about submitting an offer and how to have a successful and reasonable transaction, contact us by calling (781) 319-1900.
Have you heard of opportunity zones? The Tax Cuts and Jobs Act of 2017 created an incentive for investors with capital gains to give back to a community in need. Click to see the map.
For example, if someone has stock investment gains and wants to sell, we call this capital gains. If they invest their stock “winnings,” if you will, into a qualified opportunity fund to invest in a neighborhood located within the qualified opportunity zone, they can get a tax break on their gains.
Watch the video to learn more about deferring and reducing the taxes on these types of investments and how they differ from 1031 like-kind exchanges.
If taken advantage of properly, in partnership with the government, an investor can direct funds into real estate or businesses in opportunity zones to create jobs, opportunities, and housing. The more success the investment has, the more the investor benefits. If you have any questions about opportunity zones and how to invest wisely, contact us by calling (781) 319-1900.
Remember the moratorium of evictions from back in April? Gov. Baker extended this law until October 17th, or 45 days after the state of emergency is lifted, and it could be extended more. Tenants still cannot be evicted for failure to pay rent. We encourage you to communicate fairly with them, remind them to pay what they can so their debts don’t damage their credit, and try to be understanding.
If you have any questions about being a landlord in MA, contact us by calling (781) 319-1900.