Hello, and welcome to Real Estate Reality Radio. The most important half hour of radio every Friday from 9 to 9:30 on WBCB 1490 am. Thank you for joining us. For those of you who are new to the show I have spent the last 40 years in the real estate industry both as a realtor and a mortgage banker. The show is dedicated to dispelling the myths associated with Real Estate and finance in your marketplace.
Within every market there are obstacles and solutions on the path to tremendous opportunities. I believe that most people are looking for practical advice. Please feel free to call 215-740-8999 or visit peterbuchsbaum.com.
Please join us live on the web at www.wbcb1490.com or on your FREE app Tune In Radio from 9:00am to 10:00 am every Friday
Last week we were discussing the current market trends in our local area.
This week’s news was mostly about a record DOW and an apparent growth spurt in the economy. There were some interesting articles regarding real estate as well as record setting numbers. First the new rules emerging in two weeks may bring less choice. That’s right the new regulations are causing compliance nightmares for lenders and some cannot afford the cost of reinventing themselves. The less lenders the less choice. This country was founded on freedom to choose so the conundrum would be laughable if it were not so painful. The other report was that the new budget calls for the demise of the debt relief act that expires on December 31st. This will affect those homeowners who sell “short”. In 2007 Congress passed the act to allow people who owed more than their house was worth to sell at a loss and not have to pay income tax on the money they were short. Principle reduction by the lender only works if there is no tax. This could cause more people to go into foreclosure and to file bankruptcy to avoid the tax. Think about the process. You owe $300,000 sell for $200,000 and now you owe the IRS income tax on the $100,000 you did not pay back.
Today we are here to discuss going from zero to approved by answering a few questions.
Please join us live at www.wbcb1490.com for the open discussion about the opportunities that are available to many may not know they are there. You cannot get the answer to a question you have never asked. We are here to help answer the questions.
Each week we discuss the myths of the mortgage market. It is not about rate. A higher rate with no mortgage insurance may provide a lower payment.