Andover, MN

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Our company has been doing Short Sales for five years with a high success rate even when there was a second mortgage involved and I'm happy to announce that the Government has extended the 2007 debt forgiveness act through the end of 2012 as part of the emergency economic stabilization act.

Individuals who lost their homes through foreclosure will not have to pay income tax on the amount of mortgage debt that was forgiven or canceled. Tax-free treatment is also available to people who restructured their mortgages loans for a lower balance.

The tax-free exclusion applies to canceled mortgage debt of up to $2 million or $1 million is married and filing a separate return). There are additional details to consider to qualify for this tax exclusion. The house must have been used as a main home, which means it was the principal place of residence for the debtor. Also, the debt must have been used to buy, build, or make substantial improvements to the residence.

Some mortgage debt won't qualify for this tax-free exclusion and will be considered taxable income. Mortgage loans that don't qualify include home equity loans where the proceeds were not used to buy, build, or improve the residence. Also, mortgages for second houses and rental properties do not qualify for the exclusion. However, some or all of this debt might qualify for other exclusions.

The IRS explains the tax break this way: Taxpayers can exclude up to $2 million of debt forgiven on their principal residence. The limit is $1 million for a married person filing a separate return. This provision applies to debt forgiven in 2007, 2008 or 2009. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure qualify for this relief

Always Check with your personal accountant or Tax advisor with any questions that may affect the sale of Real Estate

Thanks for Reading

Mike Nehmzow RDC PRO

Broker/Owner Get You Moved Realty

Loss Mitigation ,REO, Short Sales,Investment Properties

Closed sales are up once again in Andover in 2009. A 21% increase of closed sales shows that homes are selling again in this Anoka County suburb. However, the down side is that average price has dropped again by almost 11%. An average sale in Andover is just under $220,000 down by 8.7%. This is probably a combination of the trend for many lender-mediated sales with few high valued homes sold this past year anywhere in the Twin Cities metro. A good point is that in this Anoka County community is time on the market has stayed flat this year. While it would be better to see homes start to sell more quickly as many neighboring communities did, it is still good that the market time did not increase in 2009. Home buyers can still view Andover as one of the affordable options in the Twin Cities north metro!

Conference Champs 9-0

Final record 28-7

7th Place in Apple Valley tourney

1st Place in Mora Tourney

Winners of 15 of their final 16 games, only loosing to the eventual State Champs and winning 3 of last 4 in 5 set matches.

Subsection 4A North Champions

Section 4A Champions

3rd in State, 1 of 9 teams in the state to finish their season with a win.

Best finish in school history

8 seniors who have played together since 5th grade!

The place: Minnehaha Academy

The time: 1pm 11-7-2009

The teams: Meadow Creek vs Mayer Lutheran

The stakes: Who goes to State?

Minnehaha was rocking with the pep bands from Meadow Creek and Mayer Lutheran switching back and forth. Meadow Creek played after games 1 and 3 and Mayer played game 2 and 4 if necessary.

Game one our Saints started off a little slow but quickly gained an edge in the match. The score was close throughout but our Ladies took game 1 25-22. Great start girls!

Game 2 had Mayer Lutheran scoring the first 6 points. Our girls slowly fought back to even the score at 12. Then Mayer jumped out again. We fought back but Mayer ended up winning game 2 25-19.

Game 3 was another closely fought battle with Mayer looking to take an edge in the match. Both teams were fighting hard for every point. The score was 20-18 when Meadow Creek checked in a player who had been on the bench for 3 weeks with an ankle sprain. She finished out the game serving 5 consecutive points and Meadow Creek had the edge once again!

Game 4 and Mayer Lutheran looked like they weren't going out without a fight. They had some great kills and had the edge. Mayer won the game to force a decisive game 5 winning 25-19. State rides on the final game! The crowd from both teams were ready for a great finish!

Game 5 was close throughout. Each point was critical. The fans were louder than ever. With the saints leading 13-12, Mayer had a kill go out, but wait, the up ref says Meadow Creek touched the ball. 13-13 game 5, what else could you ask for?

Meadow Creek went on to win the last two points even though Mayer had several great spikes, Meadow Creek simply refused to let the ball hit the floor. Once again they fed off the opponents energy to catapult them to victory and to the Minnesota State High School tournament! Unbelievable! They have the hearts of champions and are ready to take on the top teams in the state!

See you at the Xcel Energy Center Thursday! Don't miss it.

Our 8 seniors below!