As many of the Michigan agents know the legislature passed Public Act 96 of 2008 in April. This bill helps sellers who have attempted to sell their homes and no longer qualified for homestead exemption. The original timeframe hindered many sellers from utilizing this benefit. The Bill was recently amended to allow home owners to take advantage of this benefit by appealing to their local board of review in July or December. This will provide some relief to sellers, whether they simply purchased a new home or had to relocate due to job or family obligations.
Though I feel that more is needed to right our market this is a helpful step. There is always a fine line as to how far government should get involved in home owner issues. However I definitely feel this is something that the state government should help with!
I have spoken to several clients, that for whatever reason did not take advantage of this opportunity when the Bill was first passed. They still have their homes for sale and will be taking advantage of the opportunity this time by filling Conditional Rescission of Principal Residence Exemption Form #4640. In my opinion this will not cause people to go out and buy homes . It will assist the frustrated sellers with little or no equity keep their payments more affordable while not living in the home.
Until next time, have a successful and enjoyable week!
Aaron
Aaron, this is very helpful information for home sellers in Michigan. Thanks for posting this valuable information along with the link. We appreciate your contribution to the Greater Grand Rapids, MI real estate group & look forward to reading more from you in the future.
Thanks Lola, I am a member of GRAR but only do buissness on the east end of the area! That allows me to compare different areas (Lansing vs Grand Rapids) better.
Hi Aaron, Thanks for posting this valuable information. There are many frustrated sellers in our area that will be happy to hear of this opportunity.
The sellers I have been in touch with have been very excitied so far at the prospect saving money. In this market good news is hard to come by! Thanks for the comment!
Aaron, kewl, every little bit helps, it's a good step in the right direction.
Thanks for comment Duane.... I have several sellers that alrady have there forms ready to mail.