BOB SLOCUMB ACHIEVES NATIONAL RECOGNITION
Bob Slocumb. Broker for Magnolia Realty, LLC has been awarded the Accredited Buyer Representation (ABR) designation by the Real Estate BUYER'S AGENT Council, Inc. (REBAC) of the NATIONAL ASSOCIATION OF REALTORS (NAR).
Bob joins more than 32,000 real estate professionals in North America who have earned the ABR designation. Bob completed a comprehensive course in buyer representation and demonstrated professional experience for this achievement
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Magnolia Realty @ 8:02 AM
3/4 acres with 3 bedrooms, 2 baths and 1,700 SF for only $159,500. MLS# 96342 This home is very close to Opelika High, Southern Union and I-85. Over the last 2 years the roof was replace, floors replaced with hardwood laminated, new hot water tank and kitchen counters. A fenced in rear yard has a large screened porch with BB-Q and cook top. A larger worshop and a second outbuilding. This home is priced very agressive for an early contract!
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Magnolia Realty @ 8:19 PM
As part of President Obama’s legislation, the IRS is not taxing mortgage forgiveness on a temporary, limited basis. The current tax code states that any mortgage forgiveness in excess of $600 will be reported to the IRS as ordinary taxable income. So, if the taxpayer received a $20,000 mortgage balance reduction, the IRS would ordinarily tax that $20,000 as income. In order to qualify for this tax exclusion, the principal reduction (if keeping the home) or the sale amount (if selling the home as a short-sale) must be strictly made on primary residences – investment properties and second homes do not qualify. Refinanced mortgages on primary residences also qualify assuming the homeowner refinanced the actual mortgage balance or if the homeowner did take cash out, it was to make home improvements. Refinanced mortgages where cash was taken out for that luxury vacation or new car do not qualify. Of course, home improvement purchases will need to be well-documented. And, if the homeowner receives mortgage reduction and continues to reside in the home, the IRS will require the homeowner to lower his cost basis.Please bear in mind; this is at the federal level. Consult your tax advisor for information on how this applies to you.If you want to claim the debt forgiveness, please visit www.irs.gov and download Form 982. Again, this is temporary tax relief. It is set to expire at the end of 2012.
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Magnolia Realty @ 6:17 PM
Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales
Auburn, AL, March 15, 2010 Bob Slocumb with Magnolia Realty, LLC has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.
According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.
“As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”
The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves. To earn the SFR certification, REALTORS are required to take one core course and three Webinars. For more information contact Magnolia Realty, LLC at (334) 246-0770 or visit
www.MagnoliaRealtyLLC.com.
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Magnolia Realty @ 6:15 PM
