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PA Credit Freeze!

On Friday, December 1, Pennsylvania Governor Edward Rendell signed the Credit Reporting Agency Law (SB 180) into legislation. This law, which will go into effect on January 1, 2007, provides consumers with the ability to freeze access into their credit reports. Pennsylvania will join more than 25 states to enact security/credit freeze legislation.<br /><br />The PAMB has been aware of this issue, which passed overwhelmingly through both the State House and Senate and was signed by the Governor. While this is certainly a significant issue, upon careful review of the legislation, it definitely could have been worse. PAMB has been on top of this issue and will continue to...

Free Tax Deduction!

The IRS does things that are good, bad and confusing. Although despised by most, they do have a tax deduction that is available to <span class=”blsp-spelling-corrected” id=”SPELLING_ERROR_0″>home buyers</span> that gives the buyer a free deduction.<br /><br />Can you imagine not putting money out of your pocket and getting a deduction? Well, it’s true and here is the way to do it.<br /><br />When you buy a home, have a Seller pay points for you! The IRS allows you as the buyer to deduct the points. On top of that, you get a lower interest rate and save every month!<br /><br />For details, contact your favorite mortgage person (hopefully, that...

10 Tips for Pet Owning Sellers

<a href=”http://1.bp.blogspot.com/__b6Y0cLXpyI/RZXGKuB7zzI/AAAAAAAAAAM/bjq-PaKgNWI/s1600-h/Picture+003.jpg”><img id=”BLOGGER_PHOTO_ID_5014131647604051762″ style=”DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 299px; CURSOR: hand; HEIGHT: 133px; TEXT-ALIGN: center” height=”168″ alt=”” src=”http://1.bp.blogspot.com/__b6Y0cLXpyI/RZXGKuB7zzI/AAAAAAAAAAM/bjq-PaKgNWI/s320/Picture+003.jpg” width=”316″ border=”0″ /></a><br /><div>Pet-owning sellers may turn off potential buyers if they don’t keep Fido or Fifi out-of-sight during showings.”If a dog or cat is around during a showing, I’ve found that a buyer either freaks out because they’re afraid of or allergic to animals, or they fall in love with the pet and don’t pay attention to the house,” says Maria Rovegno, a broker with Prudential Douglas Elliman in Port Washington on New York’s Long Island.</div><br /><div></div><br /><div>Here is a list of advice for sellers when showing a...

Condo cooldown not severe in Phila.

Center City has been spared the dramatic boom-and-bust housing cycle that is hurting other major cities.<br />By Alan J. Heavens<br />Inquirer Real Estate Writer<br /><br />Peter Tobia / Inquirer<br />The Murano is under construction, and is now up to the fifth floor.A few projects may have been canceled or, in the words of some developers, “repurposed.” But it seems that the condo-sales market in Center City fared better during the 2006 real estate slowdown than markets did in Washington, New York, Boston, Miami and Las Vegas, according to economists, developers and local real estate agents.<br /><br />Though final numbers for the fourth quarter are not available, anecdotal evidence indicates...

Mortgage refinancing boom may be on horizon

By Al Heavens<br />Inquirer Columnist<br />Brace yourself, my friends. A mortgage-refinancing boom could be around the corner. That’s the opinion of an increasing number of lenders, at least.<br />”Stock market problems, talk of recession, and the ‘flight to quality’ ” – investors dumping money into safe, though lower-yielding, Treasury bonds – “all point that way,” said Fred Glick, president of USLoans L.L.C. in Philadelphia.<br /><br />The long-term, 30-year fixed-rate roller-coaster is headed downward, observers say. <br /><br />”Interest rates have been falling substantially since late January, making refinancing more desirable,” said Bob Walters, chief economist for Quicken Loans.<br /><br />Long-term rates have been hovering at 6.15 percent for more...

Lost your home? Now pay the IRS!

Short-sale tax fears are real<br />How the IRS views ‘phantom income'<br />Wednesday, April 18, 2007<br /><br />By Ilyce R. Glink<br />Inman News<br /><br />Q: We bought our home for $179,000 and because of health issues we sold our home through a short sale for $134,000. When we went to file our income taxes, our accountant told us we would have to pay taxes on the $45,000 loss our mortgage company took when we sold our home. <br /><br />Is this true? I called the IRS and whoever answered the phone told me we would not owe taxes on the mortgage company’s loss. But when my husband called, he was...

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