Changes to Seller Financing

The Secure and Fair Endorsement for Mortgage Licensing Act (also known as SAFE Act), signed by President Bush in 2008, places minimum licensure requirements on all mortgage loan originators, this includes seller financing. To seller finance a one-to-four family residential transaction involving property other that the seller’s primary residence, the seller must now be a licensed as a residential mortgage loan originator (RMLO).

In the Texas Legislation, there was an exemption allowing sellers of a one-to-four family residence to seller finance up to 5 transactions in a single year without being licensed, but this will expire August 31st 2010.

Source: Anderson Edra, Texas Realtor Magazine, May 2010

Unhappy Seller Sues Condo Auction Buyers

I wrote a post on July 13th about an Auction I attended. In a strange turn of events, the seller is sueing the buyers! Apparently he doesn't agree with the terms of the sale price. This is an article I will continue to follow. Click the following link for the entire Austin Stateman's article.

Unhappy seller sues condo auction buyers

Federal Sales Tax on Home Sales

Recently researching claims that the new Healthcare Law enacted a sales tax on all home sales. Doing abit more digging I found a website that clarified the issue for me.

First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. The tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a married couple selling their home.

And the fact is, the first $250,000 in profit on the sale of a primary residence (or $500,000 in the case of a married couple) is excluded from taxable income already. (That exclusion doesn’t apply to vacation homes or rental properties.)

http://www.factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/

Fannie Mae Website - Short Sales & Foreclosure

I came across a website for consumers that address questions about foreclosure, short sales and ways to stay in your home. It allows you to see if your mortgage is owned by Fannie Mae, contact a housing counselor and provide a financial checklist.

Click here for the Fannie Mae Website