Are you in an area where many homeowners are underwater? Educating those homeowners regarding the recently extended Mortgage Debt Relief Act may be the key to getting those homeowners to list their property with you.
Prior to the Mortgage Debt Relief Act, when a debt was forgiven, that forgiven amount was considered taxable income by law since the amount was not repaid to the lender. The lender was required to report that forgiven amount to the IRS and the homeowner needed to list the forgiveness amount on their tax return. The Mortgage Debt Relief Act was enacted to forgive the taxable debt income.
What are some ways to get your message to underwater homeowners:
- Mail campaign
- Advertise and host a Short Sale webinar in which those homeowners dial in and hear you, the expert, explain how you can help them (homeowners like this because they are anonymous to others, however you have a hot lead because of the registration for each attendee).
- Full page ad in local newspaper describing your short sale team’s expertise and success with the short sale process.
Once you get that appointment with the homeowner and present them your listing presentation also inform them that the extension is good only on properties that close through December 31, 2013 – there is no guarantee that there will another extension.
The rest is up to you!