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The Internal Revenue Service has instituted a new policy to make it faster for a home owner to remove a lien against their property. With the current economy forcing many homeowners to sell or refinance, a tax lien can delay the process, adding to that property owner's pressure, even blocking a sale or refinance. In the past it has taken 30 days to process a lien removal request which is unacceptable in these difficult times. Doug Shulman, IRS Commission, said, "We don't want the IRS to be a barrier to people saving or selling their homes. We want to raise awareness of these liens options and to speed our decision-making process so people can refinance their mortgages or sell their homes."
An IRS tax lien can be filed by the Internal Revenue Service when a taxpayer fails to pay all they owe. A lien can be filed against that individual's personal property, including any real estate owned, to recover the amount due. In a typical year, the IRS files more than 600,000 liens, effectively letting other creditors know about their claim. Before any property can be sold or refinanced, that lien must be removed or moved into a secondary position, know as subordination.
If you're one of those taxpayers who has a lien on a home you now want to sell, you must remove the lien so the title can be transferred to the new owner. This can be done by paying off the lien or, under certain circumstances, by having the IRS discharge the debt. A discharge releases the home so it can be sold or refinanced but doesn't release you from the debt. If you're buying another property, the IRS may place a lien against that home or against other personal property you own.
Lien discharges are becoming more common as housing values tumble. The National Association of Realtors (NAR) reported the median home price in November was down 13.2% from a year ago. Director of Federal Tax Programs for NAR, Linda Goold, applauds the effort by the IRS to help with tax liens. "Anything that clears any impediment to a transaction is a boon," she said. "We view that as a great positive."
What Can Orlando Homeowners Do About Tax Liens?
What can you do if you're refinancing or restructuring your loan? You or your lender can ask the IRS Collection Advisory Group to place the tax lien in a secondary or subordinate position. This option is readily available from the IRS though few taxpayers know it exists. Publication 784, "How to Prepare an Application for a Certificate of Subordination of A Federal Tax Lien," explains the letter and documentation you need to send to the IRS.
What can you do if you're selling your home? If the sales price is less than the mortgage amount owed the lender, you can send an application to the IRS to request they discharge the debt and release the home. Find instructions for requesting the discharge in Publication 783, "How to Apply for a Certificate of Discharge of A Federal Tax Lien."
The IRS advises homeowners to notify their lenders early so they are aware of the existing tax lien. The Collection Advisory Group should also be contacted promptly so they can begin work on the homeowner's tax lien request and reduce delays. You can find Collection Advisory Group addresses in Publication 4235.
Check out the tax lien announcement on the IRS website for links to all three publications.
Seaching for a great real estate value in Central Florida? Need help with a short sale?
Call or email me TODAY to go over your options!!!!!!
"It's only a buyer's market if you're ABLE to buy!"
Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot
Read Also: Orlando Florida Relocation Resource Guide
Read Also: Business 2.0 Magazine has named Orlando the number 1 hottest market with America's best jobs.
Read Also: Orlando Florida Facts & Resources
Read Also: Orlando Florida City - Everything You Need To Know!
If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need.
We're experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We're always available to answer your questions.
On December 16, the Federal Reserve Bank announced an interest rate cut to a range of .25 percent to 0 percent. This remarkable adjustment means the prime rate will drop to 3.25 percent. The Fed made this move to encourage banks to loosen their tight grip on money and stimulate the economy by providing loan funds for homes, cars, business financing, and personal credit accounts. This is welcome news to home buyers and sellers in the Orlando, Florida, area. Conversely, by reducing the rate paid for savings accounts and certificates of deposit, the Fed hopes business and consumers will borrow more and spend more, pumping money back into the struggling economy.
The lack of confidence in the current economy has resulted in banks clamping down on the flow of money. In his article for U.S. News & World Report, Luke Mullins quoted the Fed's Open-Market Committee, as saying, "Financial markets remain quite strained and credit conditions tight." This is evidenced by the decline in business investments, industry production and consumer spending. Ben Bernanke, Chairman of the Federal Reserve System, led the Fed's Open-Market Committee to this latest rate cut through his philosophy of throwing everything, including the kitchen sink, at the current recession to support a turnaround by keeping the rates low for a long time, at least until growth returns and appears to be on a stabilized upward trend.
For businesses using credit to pay bills and make payroll, an influx of money and a reduced interest rate could make the difference between staying open or closing their doors. Personal credit card holders whose interest rate is based on the prime rate may see a reduction in their monthly finance charges which could help their strained budgets. Likewise borrowers with Home Equity Lines of Credit (HELOCs) using prime as a benchmark may also experience some relief, although some of those borrowers have a cap on their minimum rate and may already be making the lowest payment permitted by the terms of their mortgage contract.
How does a cut by the Fed benefit home buyers in the Orlando area?
Surprisingly, there will be little effect immediately on 30-year fixed rate mortgages as those rates had been dropping steadily, and home loan rates are influenced by factors other than the prime rate. What may be more important is the "kitchen-sink" attitude of Ben Bernanke and his determination to solve the "crisis of confidence." According to Bankrate.com, under Bernanke's leadership, the Federal Reserve plans to print more money--billions of dollars worth--to buy up mortgage-backed securities. Along with committing to keep rates low for an extended time, the Fed is considering purchasing Treasury bonds and notes; accepting corporate bonds, mortgages and commercial paper as collateral for bank loans; and buying corporate bonds. The goal is to boost confidence during these trying times, by supplying ample capital to banks so they open the gates and lend to other banks, consumers and businesses. A flood of money into the market, coupled with reduced rates for business loans and credit cards, could reassure consumers who are concerned about job cuts and budget woes. Any reduction in the perception of a worsening economy may spark potential home buyers to take action now while real estate prices in the Orlando area make it one of the top ten bargain markets (as rated by Forbes.com), and mortgage rates are at their lowest level in years.
Seaching for a great real estate value in Central Florida? Need help with a short sale?
Call or email me TODAY to go over your options!!!!!!
"It's only a buyer's market if you're ABLE to buy!"
Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot
Read Also: Orlando Florida Relocation Resource Guide
Read Also: Business 2.0 Magazine has named Orlando the number 1 hottest market with America's best jobs.
Read Also: Orlando Florida Facts & Resources
Read Also: Orlando Florida City - Everything You Need To Know!
If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need.
We're experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We're always available to answer your questions.
In December 2008, Forbes.com published a list of the top ten cities where buyers can find a real estate bargain: Orlando was third on the list. While that may seem like a dubious honor for current Central Florida homeowners, author Matt Woolsey's comments were surprisingly positive.
Noting that "property sharks" are looking for the exact moment the real estate market bottoms out to grab the cheapest deal, Woolsey recommended looking for more than bargain prices. The smart move is to find an area where
Orlando fills the bill for the smart home purchase. It stands out during this downturn because (a) it's adding new jobs at a much higher rate than many other Florida cities, and (b) it didn't experience the same highs during the real estate boom as other areas in the state and the country, so the market doesn't have as far to fall.
Woolsey said Orlando is one of three markets he considers "soft." The other two are Charlotte, North Carolina, and Jacksonville, Florida. None of these cities was hit as hard by bad loans as other areas of the U.S., and they're projected to have increases in employment which will help work through the inventory of homes for sale.
Choices for the top-ten list for bargain homes were based on statistics from the Bureau of Labor's 2006-2007 report on job growth, data on foreclosures from RealtyTrac, and vacancy rates from ZipRealty. While this data may seem outdated, it reflects what was happening prior to the escalation in home building with its related boom in employment and resulting overheated market. Woolsey also omitted cities who were losing jobs from the data he considered.
Fast jumps in payroll numbers and a high percentage of foreclosures are benchmarks of plummeting markets like Ft. Myers and Miami but are not representative of the Orlando area. Sellers in especially troubled markets in Florida tend to sell at below market prices driving prices down even further, but that doesn't mean they're steals. According to Woolsey, a buyer would be better served by shopping in an area which wasn't suffering from the earlier housing explosion and risky lending practices. For anyone yearning for the Florida lifestyle, Orlando is the perfect place to begin your search for a real value and a home you imagined owning only in your dreams.
Seaching for a great real estate value in Central Florida? Need help with a short sale?
Call or email me TODAY to go over your options!!!!!!
"It's only a buyer's market if you're ABLE to buy!"
Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot
Read Also: Orlando Florida Relocation Resource Guide
Read Also: Business 2.0 Magazine has named Orlando the number 1 hottest market with America's best jobs.
Read Also: Orlando Florida Facts & Resources
Read Also: Orlando Florida City - Everything You Need To Know!
If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need.
We're experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We're always available to answer your questions.
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Designated as International Real Estate Specialists and as members of the International Luxury Society, we can assist you with your real estate needs, large or small, in the US or Internationally!
The Team
It's Like Having a REALTOR® with 16 Legs, 16 Arms, and the Brainpower of 8 Sharp and Dedicated Business Professionals... A Strategic Advantage Other REALTORS® Can't Provide!
The Power of a Team Approach
Not long ago, a real estate transaction was a relatively simple process. A one or two page contract, very basic. Now, real estate transactions are becoming more and more complex, with hundreds of loopholes and minute details that need to be attended to. Contracts are multi-paged labyrinths that will make the untrained professional's head spin.
The Concept
A missed detail or step can derail your transaction. That's why Chris Myers and Sandra Lyons are pioneering a new trend in real estate: the multi-person real estate team. The concept is simple. You wouldn't want the surgeon operating on you to have to monitor your anesthesia, find his own surgical tools, or regulate your breathing machine while he or she is performing a delicate maneuver.
Ramifications Are Real
While a real estate transaction is not as life threatening nor complex as surgery, there are very real ramifications to your financial well being that could negatively affect you for years to come if something were to go wrong. With Chris & Sandra's team on your side, you can be sure you're in good hands.
The Team
In business the words team and success are synonymous. That's why The Orlando Property Group has assembled an elite team of its own to make sure that nothing falls through the cracks; that no detail is missed in your very important transaction. Each member has a specific specialty and that's all they perform. They are highly trained in their respective field and you can be assured that your transaction will flow smoothly. And, as we hold the designation of International Real Estate Specialists and are members of the International Luxury Society, we can assist you with your real estate needs around the globe!
So relax! With Chris & Sandra coordinating this extremely well trained team of specialists, you will be assured of a smooth and enjoyable transaction.
Welcome to the beautiful city of Orlando, Florida. Sprawling over the central peninsula of Florida, Orlando and its surrounding cities are some of the most attractive places to live, work, and play in the country. The natural landscape is sprinkled with pristine lakes and provides an enormous amount of outdoor recreational activities from water sports to hiking to relaxing in any of the numerous parks. Orlando and the surrounding cities in central Florida, enjoy a warm subtropical climate with plenty of sunshine and low rainfall. To either side sit the astounding beaches of the Atlantic Coast and the Gulf of Mexico. One visit here and you will not want to leave.
If you are searching for an amazing paradise that you'll never want to leave, then look no further than Orlando and the cities of Seminole County. The Orlando Property Group is your best bet for finding the home of your dreams in this tropical oasis. Whether you are looking for a new home here or selling your current one, The Orlando Property Group can painlessly lead you through the real estate process and provide you with everything you may need.
Seminole County is a nature lover's paradise and is known as "Florida's Natural Choice" because it is home to the state's original amusement park, the native Florida landscape. This beautiful area situated in the central part of the state hosts many sparkling rivers and crystal-blue lakes, and with more than 2,000 of these freshwater spots, water activities are almost limitless. Seminole County is also filled with nature preserves, parks, and wild areas with great opportunities to fish, hike, canoe, and see the local wildlife. Seminole County is blessed with a perfect central location. This provides short drives to nearby beaches and coastal towns, like Daytona and Cocoa Beach, on either side of the peninsula.
Make this your number one resource for real estate information on the Orlando area and the surrounding communities. The Orlando Property Group is very experienced, and they have the ability and professional knowledge to guide you through the home buying or selling process and fulfill your expectations. Use this website to search for available property listings and learn about the various cities, as well as utilize other helpful resources.
Buying a luxury home property can be a very rewarding indulgence and also another avenue of investing your wealth. Making this type of investment is a serious decision, so of course you want to work with a real estate agent who is competent, dependable, and experienced in the luxury home market. We at the Orlando Property Group are experts who specialize in the luxury real estate market in Central Florida, the United States, and internationally. We are very committed to helping create your luxury lifestyle.
If you are selling a luxury property, the professionals at the Orlando Property Group are the best-suited to helping you market your property locally and around the world. We keep a strict watch on real estate market conditions and provide expert guidance and professional knowledge that will help you get the most from your luxury home. We can also show you the most inviting and marketable ways to prepare your home for presentations. The Orlando Property Group is very experienced in the luxury and international real estate markets and is also well adept at working with foreign nationals. 
Please feel free to contact us for information regarding your specific international and luxury home needs by clicking here.
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