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By Larry Meyers, January 29, 2012 12:07 pm

Hilton Head Island , Bluffton and Sun City enjoyed the highest home sales in South Carolina for 2011. This is the third consecutive year of greater sales . Second home buyers and retirees continue to seek an active, healthy lifestyle surounded by natural beauty in the temperate coastal climate. Are you ready to join us now ?
Call (843) 338-9543 or Email Larry@LarryMeyersHHI.com to reserve specially priced Discover Real Estate and Fly to Buy offerings.

I’m available Saturdays, Sundays, and evenings.

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By Larry Meyers,

It’s been an exciting week for several reasons. I sold two properties and spring is in the air. We have a light dusting of green pollen coating our cars, exciting our allergies and the temperatures are beach ready, so I’ve gone to the beach. The second annual resturant week is wrapping up with another smashing success for the foodies that are fortunate enough to be around. Join us soon!

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By Larry Meyers, September 16, 2011 5:47 am

Playfullness ,enthusiasm and joy abound as the dog days of summer continue . The over 55 Sun City community continues to lead the market in new and resale homes. Hilton Head Island sales continue to increase and good homes sell fast. Recently, The Wall Street Journal featured Hilton Head and suggested that if you have the money, now is a good time to buy. While that ’s good advice, my take is, now is the time to live the lifestyle you’ve dreamed of.

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By Larry Meyers, September 1, 2011 9:16 am

The Dog Days of Summer and Labor Day celebrations allow us reflect on what a great country we are and count our blessings too. Let’s remember our armed forces that assure our freedoms.

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By Larry Meyers, February 14, 2011 12:51 pm

Our friends at KCM make it clear once again why buyers should act today. At a closing 9 weeks ago my buyer’s rate was 3.75 for 30 years, no points. Clearly, a lock-in makes sense. Read Full Article

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By Larry Meyers, November 30, 2010 3:28 pm

What’s Your Neighborhood Worth? Compare recently sold homes in your neighborhood.

The RE/MAX Neighborhood Valuation Tool allows you to compare the prices of properties that have recently sold in your area. Simply enter the property address of your choice and as much information about the property as possible. The Neighborhood Valuation tools will return, on average, the twenty nearest and most recently sold properties. Evaluate and select the comparable properties that most closely match your subject property and the RE/MAX tools will provide you with home sales trends, school information, neighborhood data, and much more!

Use the: RE/MAX Neighborhood Valuation Tool

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By Larry Meyers, November 27, 2010 12:55 pm

Over the holiday my family and I served as volunteers at The Community Thanksgiving Dinner, a Lowcountry tradition since 1999. The free, community-organized, family-style dinner is served by over 400 volunteers to more than 1600 guests.

Hosted each year by world famous Hudson’s On the Docks restaurant, this event has grown and touched thousands of peoples’ lives. For many it has become a part of their family’s yearly celebration. It is a wonderful way to give back to the local community and embrace the spirit of the holiday!

The dinner not only provides a Thanksgiving dinner to those who are not able to serve one themselves, but also provides help to needy families throughout the year. Through local sponsors, the dinner raises tens of thousands of dollars to support The Deep Well Project. This local volunteer-based organization streamlines social services, bringing immediate assistance to Islanders in need, all year long.

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By Larry Meyers, March 31, 2010 8:00 am

The Mortgage Forgiveness Debt Relief Act of 2007

Prior to the Mortgage Forgiveness Debt Relief Act of 2007, forgiven debt (the portion of the mortgage debt canceled by the lender in a short sale)  was considered taxable income, which placed considerable strain on distressed sellers.

Under this law, which was passed in December 2007, up to $2 million of qualifying mortgage debt forgiven on the taxpayer’s principal residence in 2007, 2008, or 2009 will not be treated as income for the taxpayer.

The limit is $1 million for a  married person filling a separate return. Mortgage debt reduced (forgiven) through restructuring, such as a workout or a short sale, as well as mortgage debt forgiven in connection with a foreclosure, all qualify for the tax exclusion.

The act applies only to principal residences, not vacation homes or investment property. Also, the exclusion applies only to “acquisition indebtedness,” which is generally defined as debt used to originally build, purchase, or improve a property; therefore, home equity funds used to improve the primary residence also qualify.

Although short sales tend to minimize the difference between what is owed and the proceeds turned over to the lender, thereby minimizing the taxable income potentially accruing to the seller, the possibility remains.

Sellers should be advised to consult with tax or legal counsel regarding the impact of the new law and other tax rules on their circumstances.

Common Results of Short Sales

There are a number of possible outcomes when lenders consider short-sale packages:

1. Lien is released; seller is forced to carry remaining debt on a payment plan.
2. Lien is released; seller is forced to liquidate other assets to pay remaining balance.
3. Lien is released; lender sues for deficiency.
4. Lien is released; lender reports the loss as “charge off” or “collection” to credit bureau, thereby causing seller’s credit to be negatively affected (similar to foreclosure or a bankruptcy).
5. Lien is released; lender forgives remaining indebtedness.
6. The lender ignores the contract.
7. The lender refuses to approve the contract as written and agreed to by buyer and seller. With this rejection, the lender may indicate the net proceeds it requires for approval of the short sale.

Short Sales and Foreclosures:
What Buyer’s Representatives Need to Know

In many cases, sellers think that a short sale will solve all of their problems and get them out of trouble. This is not always the case. The terms of the mortgage will have a significant impact on the results. For example, if the seller has a non-recourse loan the lien holder has no ability to seek compensation for the amount forgiven in the short sale. If the seller has a recourse loan, the lien holder has the ability to force the seller to repay the debt.

Note: In the even of default and foreclosure in a non-recourse loan the lien-holder still has the ability to seek relief.

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By Larry Meyers, March 29, 2010 6:13 pm

Many homeowners want to know how soon they will again see the home prices of 2005-2006. Moody’s & Fiserv have studied this point. Here are the years that various states are predicted to return to those prices:

Before 2014 – Maine, Vermont, Kentucky, Pennsylvania, South Carolina, Alabama, Alaska, Iowa, Montana, South Dakota, North Dakota, Wyoming, Nebraska, Kansas

2014 – 2017 – Massachusetts, Connecticut, Delaware, Ohio, West Virginia, Indiana, Wisconsin, North Carolina, Tennessee, Mississippi, Arkansas, Missouri, Louisiana, Oklahoma, Texas, Colorado, New Mexico, Washington, Oregon

2018-2022 – New York, New Hampshire, New Jersey, Maryland, Rhode Island, Illinois, Hawaii, Georgia, Idaho, Utah

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By Larry Meyers, March 5, 2010 1:01 pm

Tick-tock. Life is short and while the clock continues to tick, you might wish to stop believing you must sell where you live now before you move to your dreamed of lifestyle. Housing prices are down 30% (or more) depending on location from the “bubble peak” in May of 2006. The Case-Shiller Housing Price Index reported home price increases of 0.3 in December for 20 major metropolitan districts, however, that price fell 3.1% compared to a year ago. One might conclude that a bottom has been reached, especially when we see increased buyer interest plus increased sales. The message is clear. There are great values and you should buy now.