It seems that every conversation about buying or selling Real Estate naturally comes around to a discussion of finances. Over the last few months there have been a couple of changes, they aren't directly related, but both will more than likely be considered good news depending on your situation. Of course, I'm not a financial advisor so please check with your own advisor to see if either of these changes are appropriate to your situation.
Capital Gains - or - "Wait A Year...."
In a nutshell, the US Congress has finally come around to change a law that was needlessly penalizing folks. As many know, the common advice when a spouse passes away is to "Wait for a year before you make any big decisions." More often than not, these "big decisions" include whether or not to sell a home.
In the past, if you waited too long, your eligibility to avoid some of the Capital Gains Tax often expired during this year of mourning.
Well, the US Congress has changed the law. You can learn more about it at: http://realtytimes.com/rtpages/20071228_washingtonreport.htm
New Mortgage Guidelines
There are new guidelines from the government loan agencies (Freddie Mac and Fanny Mae) regarding loans written in our region. They have raised the cap amounts and also changed some of the funding guidelines. To read more about this go to:
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