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Christopher Murray

Will Mortgage Debt Relief Act be Extended Beyond 2012?

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

How long is this special relief in effect?

It applies to qualified principal residence indebtedness forgiven in calendar years 2007 through 2012. However, Obama's 2013 budget proposal includes a request that the Act be extended. This would definitely be good news for anyone still on the fence about listing their home as a short sale. So, in turn, this would be good for agents scoping out prospective short sale listings as well.

The budget proposal includes an extension that would apply to any amounts forgiven prior to January 1, 2015. At that point, the government would reassess the market and determine whether another extension is appropriate. This would be the second extension of the original bill. And, given the current state of the real estate market, it may not be a bad thing for homeowners who are underwater to have more time to consider all of their options with respect to their mortgage debt.


For complete article visit Support for Real Estate Agents

Are you using Animoto? It's a great marketing tool!

For $39 a month the Animoto can be removed and your videos look professionally done - all with still photos! It's a great near-video option for those on a limited budget. Use for listings, to market your services, the sky is the limit folks! Enjoy!

Here is another great tool you can use to create marketing materials for your real estate business - Animoto.



Visit our site for more great tips for real estate agents.


Have a great weekend everyone!

Realtors: If you Haven't Tried BestHomesPro - You Should Now!

Why should Realtors Try This?


1. They connect great realtors with people looking to buy or sell property in the Raleigh, Durham, Cary and Chapel Hill markets.

2. They have an amazing property search tool that allows users to custom search by more features than any other tool. You can save custom searches for your clients that are updated daily.

3. I know the founder and he is an excellent human being.


http://www.besthomepro.com/
(click on this link to see active requests from people searching for realtors)


What BestHomesPro believes:

  • The real estate industry is ready for change.
  • Savvy consumers are in control of their home search. They look for knowledge without being hassled or "sold" as a "lead" by most lead generation companies. They want to choose. They demand privacy, control and trust.
  • Agents are looking for clients and better, more efficient, ways to serve those clients.
  • BestHomePro meets these needs through our industry leading search tool and Marketplace.


BestHomesPro was founded by Jeffrey Johnston. Mr. Johnston has founded five successful corporations since 1984. Johnston, Zabor, McManus is one of the leading health care custom market research firms in the country. Decision Innovations, Inc. is a software company specializing in developing decision and sales support tools. Asparity Decision Solutions, Inc. uses the patented decision software invented by Mr. Johnston to assist major corporations help employees choose benefits. ProDecisions, LLC was established in 2003 to explore the use of decision software in multiple domains.

And now, BestHomePro, Inc. has been created to help the real estate industry enhance customer relationships through better lead management and advanced search tools.

Try it - we think you will like it!

10 New Years Wishes for Realtors and Your Clients

We have made it through another overall very difficult year in the general economy and specifically in the housing market. However, I must say that it has been an honor to write this column for you every week.

For our first post in 2012, we are going to explore New Year's Wishes for Realtors (and their clients!)

There is no one issue in real estate today that needs to be overcome. There are many. We know that with all that’s happening in society right now that it could be easy to lose sight of the things that really matter and that is the plight that many people are going through.

Thought #1: There is no shame in struggling.
We have a new year ahead and hopefully we can find encouragement for our situations and compassion for other who are still going through times of trouble. If your business struggled,it doesn’t necessarily mean you did anything wrong.

Realtor Wish #1:
We could all do better and will. If you are suffering, reach out and share your situation with someone. There are people and programs available that can help a great deal of people. Don’t sit at home alone and despair, there is light at the end of the tunnel.


Thought #2: More bank repossessions are coming.
Diana Olick, CNBC Real Estate Reporter wrote that despite a seasonal slowdown in overall foreclosure activity, the U.S real estate market is about to be hit by another surge of bank repossessions, according to a new report from online foreclosure site, RealtyTrac. As banks resubmit millions of documents, the backlog of over four million delinquent loans will start surging through the pipeline again. “November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REOs [bank repossessions] or short sales sometime early next year,” said James Saccacio, co-founder of RealtyTrac.

Realtor Wish #2: We Hope the Foreclosures Don't All Turn into Rentals.
While the Raleigh market has been spared what many other areas have seen, we still have our fair share of foreclosures happening. I would prefer to see these properties sold to individuals for personal residence or as an investment. If we aren’t careful all these distressed homes will be owned by large investors and we will all be renting. Set a goal to help families explore all their options when selling their home, every last one. If you know a family in distress, refer them to consult with local area experts.


Lastly, The Murray Group would like to extend these personal new year's wishes to our Realtor friends and their clients:


Realtor Wish #3. Success in every facet of your life.
Realtor Wish #4. Family beside you.
Realtor Wish #5. Caring friends around you.

Realtor Wish #6. Good health within you.

Realtor Wish #7. Nice days with so much to be thankful for.
Realtor Wish #8. A pathway leading to better tomorrows.
Realtor Wish #9. Dreams that manage to come true, and
Realtor Wish #10. A great appreciation for whatever you do.


May 2012 bring you peace, abundance, good health and prosperity.

Your Situation is Never Hopeless - Two Great Stories to Start 2012.

We recently blogged that your situation is never hopeless. Today we want to reinforce that with real stories, showing real people helping each other out.

Here are two great stories.

Story One. In the form of a great letter we received, thanking The Murray Group for delivering in a pinch. In less than two weeks. During the holidays. I love my team - way to go everyone - more Raving Fans rejoice!

Good morning, Chris,
Bravo on an amazing job of getting Daniel approved and closed in such a speedy fashion!
I admit when Ray said he had found a lender who could get it done in less than two weeks....during the height of the holidays...I was skeptical, but you guys came through.
The deed recorded yesterday, much to Daniel's and the seller's relief.
Sincere thanks go to you, Michelle and the underwriter for your prompt and professional work.
Wishing you every success in the New Year!
Sincerely,
Kathleen

Story Two. Happened just before and over Christmas. This one we had 8 days...

I have to brag on my awesome team a little today for without them I wouldn't be as successful as I am. Wednesday Dec 21 I get a panic call from a past customer. His son is buying his first home in Carolina Beach and had been turned down by USAA with 8 days to go on his closing date and asked if we could help. Mind you we have the Christmas Holiday in between! His son is in Afganistan serving our country and can only communicate via email I told him we would see what we could do. Not only did we get his application secured, we were able to get his loan cleared to close today and will be closing Dec 30th! My entire team jump in to help out! What a GREAT day! I am so proud to be surrounded by such great professionals!


If you or someone you know needs reliable, professional, top quality mortgage or loan service - contact The Murray Group today. We are here to protect your largest investments and your financial future.