What realtors like you should know about Property Management

Have you ever had a home that went a different direction because it wasn’t selling?  To help resolve this, have you thought about using a property manager to help? To capture this real estate recession, homeowners need to sell. Slyman Real Estate property managers are a great alternative to suggest to homeowner’s that are having a hard time selling their home.

Slyman Real Estate Property Managers

90% of real estate companies do not allow property management as part of their services, due to the amount of time you would have to invest in each home, in addition to the homeowners and the tenants. Slyman Real Estate offers property management for realtors, as an alternative!

When bringing aboard Slyman Real Estate as a property manager, you are reassured with more than just benefits!

–  Recommending & supervising all repairs and or maintenance for the home

–  Collecting, processing, and depositing all rent payments and owner proceeds in a timely manner

–  Guaranteed payments- If check is ever insufficient from the tenant, Slyman Real Estate makes payments to the homeowner regardless

–  Maintaining personal relationships between homeowners and tenants to ensure customer service beyond expectations

–  Available all hours and easy to access

Home Sold- Slyman Real Estate

 

Closing a deal is far better than loosing a deal. Investing in property managers like Slyman Real Estate, you not only have the reassurance of your sale, but reassurance that you are working with a company that will take care of both you and your homeowner!

For more information on how you can help close more deals, contact us at Slyman Real Estate today!

 

 

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Mortgage Debt Forgiveness

Saving money is always a big plus, right? Right. It doesn’t matter who you are, saving money is always great! Here is some great info on mortgage debt forgiveness, which may save you a bundle!

If your mortgage debt was/will be partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income.
10 facts the IRS wants you to know about Mortgage Debt Forgiveness

 

1. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence.

2. The limit is $1 million for a married person filing a separate return.

3. You may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure.

4. To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence.

5. Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion.

6. Proceeds of refinanced debt used for other purposes – for example, to pay off credit card debt – do not qualify for the exclusion.

7. If you qualify, claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attach it to your federal income tax return for the tax year in which the qualified debt was forgiven.

8. Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the tax relief provision. In some cases, however, other tax relief provisions – such as insolvency – may be applicable. IRS Form 982 provides more details about these provisions.

9. If your debt is reduced or eliminated you normally will receive a year-end statement, Form 1099-C, Cancellation of Debt, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed.

10. Examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven in Box 2 as well as the value listed for your home in Box 7.

For more information about the Mortgage Forgiveness Debt Relief Act of 2007, visit IRS.gov. A good resource is IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments. Taxpayers may obtain a copy of this publication and Form 982 either by downloading them from IRS.gov or by calling 800-TAX-FORM (800-829-3676).

If you are facing what seems to be an imminent foreclosure in the following months, you should call Paige Slyman today at (770)-757-7671. He specializes in short sales, which is exactly what we’re talking about.  He can, and will help you escape from foreclosure.

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Facing Foreclosure? (Part 3)

This week we will describe who may qualify for a short sale as well as the benefits of said short sale for the homeowner as well as the lender.

A homeowner qualifies for a short sale when a viable hardship can be proven. Common examples include:

• Loss of Employment

• Reduced Income

• Business Failure

• Severe Illness

• Death of a Spouse or Wage Earner

• Damage to Property

• Divorce

• Relocation

• Military Service

• Payment Increase / Mortgage Adjustment

• Separation

• Too Much Debt

There are many other reasonable hardships, these are only a few of the most common issues.

Now that you know what may qualify you for a short sale, you should know the benefits to you, as well as your lender. This will help you understand why the lenders are much happier with this option versus having to foreclose on your home.

Benefits to Sellers:

• Seller avoids foreclosure

• Avoid just “walking away” and letting a house foreclose

• Seller can continue to live in the property while not making payments

• Lender pays all real estate commissions

• Property is priced competitively and reduces days on market for selling

Benefits to Lender:

• Lender avoids foreclosure

• Lender avoids foreclosures fees, etc.

• Lender avoids having to rehab property

• Lender can sell property for more during a short sale than a foreclosure

• Property is priced correctly and SOLD in a timely manner

Hopefully this has helped you decide to try for a short sale as it is deifinitely the best option when facing foreclosure, for the homeowner and the lenders.

If you are facing what seems to be an imminent foreclosure in the following months, you should call Paige Slyman today at (770)-757-7671. He specializes in short sales, which is exactly what we’re talking about.  He can, and will help you escape from foreclosure.

For other bits of information related to real estate, like us on Facebook, follow us on Twitter, and connect with us on LinkedIn.

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Facing Foreclosure? (Part 2)

In our last post we explained what a short sale is. This post is aimed at informing everyone of the steps that are taken in order to complete a short sale and what documents are needed in order to complete these steps. We don’t feel the need to throw in all kinds of confusing mumbo jumbo, because confusion doesn’t help anyone. So we’ll keep it short and sweet. Here it goes…

What needs to be done to complete a short sale?

•   Hire Paige Slyman to market & sell your property

•   Complete financial packet provided

•   Market home for sale / prepare for showings

•   Once contract is received, agent will forward to lender

•   Lender orders appraisal

•   Negotiator approves or declines short sale

•   Approval letter is issued (if applicable)

•   Closing

What documents do you need to gather to get this done?

•   Two months checking and savings account statements (all borrowers if separate)

•   Two months other account statements (all borrowers if separate)

•   Last two paycheck stubs

•   Two years tax returns

•   IRS Form 4506 request for copy of tax return

•   Hardship letter (See example below)

•   Financial worksheet

 

 

 

 

 

 

 

 

 

 

If you are facing what seems to be an imminent foreclosure in the following weeks, you should call Paige Slyman today at (770)-757-7671. He specializes in short sales, which is exactly what we’re talking about.  He can, and will help you escape from foreclosure.

For other bits of information, like us on Facebook, follow us on Twitter, and connect with us on LinkedIn.

 

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Facing foreclosure? Don’t be ashamed; we are here to help.

Today in America 1 out of every 6 homeowners are behind on their mortgage payments. The economy is rough and managing money is no easy task. That being said, it is very important that you know exactly what your options are. The foreclosure that seems so imminent can be avoided, and your credit can end up much better off!

The next number of blogs will be featuring a series of posts that go much deeper into this subject. They will explain what will help you avoid foreclosure. This series will sum up what exactly they are, what requirements need to be met in order to escape a foreclosure this way, as well as elaborate on how a short sale can help you.

What is a short sale? Well, in short, a short sale is when the lender, or lenders, you owe agree to accept less than what is owed by the homeowner. In most cases, the difference is forgiven by the lender, and in others the homeowner must be able to make arrangements with the lender to settle the remainder of the debt.

If you are facing what seems to be an imminent foreclosure in the following weeks, you should call Paige Slyman today at (770)-757-7671. He specializes in short sales, which is exactly what we’re talking about.  He can, and will help you escape from foreclosure.

For other bits of information, like us on Facebook, follow us on Twitter, and connect with us on LinkedIn.

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Pest Control and Your Home

Pest control is a BIG must when it comes to leasing, renting, and owning a home (or any building for that matter). I think everyone can agree that no one wants rodents and insects joining them for dinner or popping up during a meeting. While we can say that no one wants them around, we cannot say that they aren’t there. They are, and they need to be dealt with properly.  

You may be able to handle them on your own, but it is a bit tricky.  Here are some tips that may help you when doing so;

1. When buying chemicals, read the label carefully in order to fully understand the risks and proper usage of each product.

2. Buy products that cater to your personal pest problems – If you had a problem with ants only, you wouldn’t need roach killer.

3. If you have children, purchase child friendly pesticides. There should be a notice saying it is child safe if it is, if it is not there will not be one present.

4. Prevent pests through keeping good sanitation and food storage habits.

5. Manage your outdoor lighting in order to prevent insect gathering.

6. Seal window/door cracks and use door sweeps to prevent bugs from being able to squeeze their way in.

7. Use/Fix window screens. This will keep flying bugs, such as flies, wasps, and bees out.

8. Fix moisture problems to keep your home dry. This can help you prevent spider infestations.

Whether the problems are ants, wasps, bees, roaches, insects, fleas, spiders, or rodents, they have to be dealt with immediately, properly, and safely. If you are still a little confused about how to properly go about ridding yourself of these creatures, call a local pest service. It is always better to be safe than sorry when it comes to this issue.

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