SALES TAX HOLIDAY (Friday, October 2nd through Sunday October 4th, 09)

From WSBRadio

Energy-saving and water-efficient products will be sold without sales taxes in Georgia for a four-day period beginning today.

Starting at midnight and running through midnight on Sunday, Georgians will not pay state or local sales taxes on any ENERGY STAR-qualified or WaterSense-labeled products that cost $1,500 or less. These products typically use about 30 percent less energy than their conventional counterparts.

The tax exemption this year comes after a prolonged recession that has kept consumer confidence low and put retail spending on the decline.

Qualified appliances and products eligible for the sales tax exemption include dishwashers, clothes washers, air conditioners, ceiling fans, fluorescent light bulbs, dehumidifiers, programmable thermostats, refrigerators, doors, windows and skylights.

WaterSense-labeled products eligible for the sales tax exemption include bathroom sink faucets or aerators and high-efficiency toilets.

10 Mistakes Homeowners Make in Selling Their Home

Is Shortsale right for me?

A short sale means the lender, who ownes the note on a house, accepts less than the total amount due on the note. Not all lender accept short sale, especially if it makes more financial sense to foreclose. Also, not all properties, nor sellers, qualify for short sale.

A short sale will definitely have a negative impact on your credit and you may not be able to buy another house for a long time. There are some rules in place at the moment that if someone has a short sale or foreclosure on his or her credit, then that person cannot buy a home using a loan that would be sold to Fannie Mae or Freddie Mac for five years. Since many, if not most, residential loans today are sold to Fannie Mae or Freddie Mac, you would probably put yourself in a bind with a short sale.

Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. A lawyer can determine whether your loan qualifies for a deficiency judgment or claim.

Before you consider short sale as an option, make sure to contact your lender and see if they agree to a short sale. If you have any other questions, please feel free to contact me.
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