Lake of the Ozarks Real Estate

On January 1 both the Senate and House passed H.R. 8, legislation to avert the “fiscal cliff.” The bill  will be signed shortly by President Barack Obama. Below is a summary of real estate related provisions in the bill. Real Estate Tax Extenders Mortgage Cancellation Relief is extended for one year to January 1, 2014. Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012. Leasehold Improvements: 15 year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.   Energy Efficiency Tax Credit: The 10% tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012.   Permanent Repeal of Pease Limitations for 99% of Taxpayers Under the agreement so called “Pease Limitations” that reduce the value of itemized deductions ar

The number of appraisal complaints have risen in recent years due to decreasing home values that began back in 2007 and continued after the Home Valuation Code of Conduct in 2009.  Although the market is more stable, you can still get caught in a sticky situation if your appraisal comes in low.   The job of an appraiser is to gather information, analyze it and make a report.  A low appraisal may not be inaccurate, but it can prevent a lender from approving a loan for the home. An appraisal is a report of the value of a home compared with comparable properties in the surrounding area.  Finding comparable properties can be tricky and cause a lower appraisal, especially if you are in a neighborhood with foreclosures or short sales.  Another factor is that your neighborhood does not have a comparable home and they are forced to look at surrounding areas where market conditions are not the same. How to challenge a low appraisal The appraisal dictates the amount of money lenders