120 Shrewsbury St
Boylston, MA 01505

Office: 508-869-4111 
Office: 508-869-0764 
Cell: 508-736-3499 
Fax: 508-869-0664 



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Senior Real Estate Market

3/1/2017

In 20 years, the 55+ senior buyer and seller market has nearly doubled!

Source: SRES® Market Size. McGraw-Hill Construction., the 55+ senior buyer and seller market has nearly doubled.
ears, the 55+ senior buyer and seller market has nearly doubled.



 
 

HOME SECURITY TIPS

12/1/2015
 TIPS FROM  BETTER HOMES & GARDENS TO SAFEGUARD YOUR HOME WHILE AWAY!

KEEP QUIET:  Don't discuss travel plans in public.  Also, do not post pictures or comment about your vacation on social media until you return.
MAIL ARRANGEMENTS:  A full mailbox can tip off criminals to an empty home.  Contact the U.S. Postal Service to hold your mail and contact your newspaper to suspend delivery or ask a neighbor to collect the papers.
NEIGHBORHOOD WATCH:  Ask a neighbor, friend or family member to keep an eye on your home while you are away and make sure they have a reliable contact number for you in case of emergency.
LIGHT UP:  Set your timer for lights and television to turn on/off at night.  This gives the impression that someone is home and deters any intruders.
LOCK UP:  Take one last tour of the house to make sure all windows are locked and the alarm system is correctly armed.  Then, lock the doors and be on your way with peace of mind!

 
 

S.1521 on Phantom Income!

5/26/2015 2:42:36 PM

Support Mortgage Forgiveness Debt Relief And Debt Cancellation

ISSUE: The general tax rule that applies to debt forgiven during a short sale is that the amount forgiven, sometimes referred to as phantom income, is treated as taxable income to the borrower. This results in homeowners who are unable to afford their mortgages having to pay taxes on income they never received.

The Legislation: S. 1521 An Act relative to discharge of indebtedness of principal residence from gross income

Sponsor: Senator Mark Montigny (D-New Bedford)

Legislative Actions to Date: Referred to the Joint Committee on Revenue

What the Bill Does:

This bill would allow homeowners to complete loan modifications, short sales and foreclosures for which they have debt forgiven without making them liable to pay state taxes on the that debt. This bill would mirror the federal law, the Mortgage Debt Relief Act of 2007, to allow taxpayers to apply for this exclusion on their state tax return as well.

Action Needed: Ask your legislator to support S. 1521 and urge the Joint Committee on Revue to report the legislation out of committee favorably


 
 

Preparing for Home Ownership

8/25/2014

10 Ways to Prepare for Homeownership:

  1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
  2. Develop your home wish list. Then, prioritize the features on your list.
  3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
  4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
  5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
  6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
  7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
  8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
  9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
  10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process. (Realtor.com)



Salisbury Management   Salisbury Management
120 Shrewsbury St • Boylston, MA 01505 Map it
Office: 508-869-4111 • Office: 508-869-0764 
Cell: 508-736-3499 • Fax: 508-869-0664
ruth@salisburymanagement.com

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