via youtube.com
Friday, November 13, 2009
Monday, November 9, 2009
The Extended Home Buyer Tax Credit: The Basics for REALTORS, Homebuyers, and Home owners from the National Association of REALTORS.
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
- Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
- Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Latest news:
Tax Credit Extension a Positive Step Toward Real Estate Recovery (Nov.5)
President's Podcast: Tax Credit Extended (Nov. 5)Who Qualifies for the Extended Credit?
- First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
- Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by tow additional factors:
- The price of the home.
- The buyer's income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
Part of NAR's Right Tools, Right Now Initiative
Resources to help you better understand and promote the value of the Home Buyer Tax Credit to consumers are available for FREE or AT COST as part of NAR's Right Tools, Right Now initiative.
-->
via realtor.org
Friday, November 6, 2009
Fannie Mae to rent out homes instead foreclosing
via sfgate.com
Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/11/05/financial/f070033S99.DTL##ixzz0W7gR61Vp
The government-controlled company, through its new "Deed for Lease" program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that.
The program will "eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities," Jay Ryan, a Fannie Mae vice president, said in a statement.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/11/05/financial/f070033S99.DTL##ixzz0W7gOpNU1
Thursday, November 5, 2009
Homebuyer Tax Credit - Great News!
| November 5, 2009 Dear CENTURY 21® Broker/Owners: | |||
| I have some good news to share with you. Today, the U.S. House of Representatives voted by an overwhelming 403–12 margin to approve the Unemployment Compensation Extension Act (H.R. 3548) that included, as an amendment, the extension and expansion of the Homebuyer Tax Credit. The bill already passed in the U.S. Senate yesterday, so now it will advance from Congress to the White House for President Obama's signature. The Administration already has signaled its support of the Homebuyer Tax Credit amendment as well as the President's intention to sign the bill into law. This is an historic moment for our industry as well as the culmination of more than a year's worth of hard work and meetings with elected officials and policy makers. I want to personally thank all of you who participated in CENTURY 21 Real Estate's numerous legislative calls for action — I am both proud and appreciative of how so many of you made office visits, phone calls and e-mailed your elected officials. Combined with Realogy's instrumental efforts on Capitol Hill, I know that our grass roots outreach to Congress and the Administration truly helped make a difference on this issue. Senator Johnny Isakson (R–Ga.), the chief architect of the Homebuyer Tax Credit legislation, made a short speech on the floor of the U.S. Senate shortly before his colleagues voted 98-0 to pass the bill on November 4th. In his remarks, Sen. Isakson made a point of thanking a handful of key individuals who were critical to the success of this bipartisan effort: Senate Majority Leader Harry Reid (D–Nev.), Senate Finance Committee Chairman Max Baucus (D-Mont.), Sen. Christopher Dodd (D–Conn.), his own lead staffer, Chris Cook, and Realogy's CEO:
On behalf of the entire CENTURY 21 System, I would like to personally add our thanks to Richard and Realogy for his exceptional leadership, determination and dedication to making the extension and expansion of the Homebuyer Tax Credit a reality. I think you will all agree that Sen. Isakson's remarks are a clear validation of what we at CENTURY 21 Real Estate already know — that there is not another real estate company or franchisor in the world that can lay claim to such influential and effective leadership on the issues affecting our industry, and your businesses, as can Realogy. Again, we are now one step away from this bill becoming law. Once that occurs, we will immediately update century21.com and 21online.com with detailed information for your sales associates and all homebuyers and sellers. In closing, I'd like to reiterate that our voices were heard in Washington, D.C., and we should be proud that our government is taking strong action to help our industry and the economy. Having an extended and expanded Homebuyer Tax Credit available to qualified home buyers in the first half of 2010 undoubtedly will benefit our business and the U.S. economy. Best regards,  Tom Kunz President & CEO Century 21 Real Estate LLC |
Checklist Before You Buy
Checklist Before You Buy
Finding a home that you can see yourself in for the next five to twenty-five years is a great feeling. Don't let that feeling cloud your judgment and leave you with unexpected issues after the closing.
Here are a few things to consider before you buy:
- Evaluate possible repairs/immediate improvements. Ask the seller to work on repairing them or to incorporate it into your bidding.
- Hire an expert to do your own home inspections as well as attend them if possible.
- Know all of the vital systems that connect to the house (electrical, sewage, heating, air conditioning, garbage disposal, and water.) Investigate the ins and outs of these systems.
- Examine potential neighborhoods with a 24 hour perspective. Are there any dogs howling at 3AM? Again be sure there are no regular surprises.
- Do multiple practice commutes. One day is not enough time to judge the next 5+ years of driving to work.
- Purchase an environmental report.
- Be certain that your furniture, electronics and appliances will fit into their new home.
- Know the local political landscape. Are there any issues you should know about? Make sure you understand how utilities, schools and public services are funded.
- Perform an energy audit. Confirm that your budget will match what your new home is going to cost on a monthly basis.
- Research the local area to understand its economics, climate, and variables that will be part of your long-term lifestyle.
So if you're considering a move, or hear that any family, friends, neighbors or colleagues are, please feel free to contact us.
Monday, November 2, 2009
YouTube - Real estate search on Google Maps
Real estate search on Google Maps
via youtube.com
You can search the whole Conejo Valley on c21adobe.com
Subscribe to:
Posts (Atom)
Posts
