Archive for February, 2009
If you are a first time homebuyer then the answer could be YES. Thanks to the latest round of initiatives by the government some first time homebuyers have a nice tax credit headed their way.
First let’s not forget that there are some qualifications. The biggest one is that you must qualify for a loan. If you haven’t already talked to a mortgage professional let me know and I’ll give you the names of great local lenders to call. Next let’s review some of the details of new tax credit.
1. Tax credit is good for home purchases between January 1 & December 31, 2009
2. Income limits are $75,000 for single filers and $150,000 for married filers.
3. Credit is equal to 10% of the value of the home up to $8,000
4. If you file separate returns you can qualify for $4000 each
5. Available on your primary home, not an investment property
6. You can use the credit to reduce your income tax liability or qualify for a tax refund. Always consult a tax professional to determine what is best for your tax situation.
7. First Time Home Buyer is defined as buyer’s who have not owned a principal residence for the past three years.
8. If you own the home you purchase and it remains your principle residence for 3 years you will not have to repay the tax credit.
With home prices in our area lower than they have been in years, with low interest rates and many sellers willing to provide closing cost assistance this new tax credit can provide you an additional boost to the benefits you already receive from being a home owner.
If you are ready to explore the option of buying your first home then give the Cindy Jones team a call at 703-346-2213. No hassle, no pressure just a chance to talk about your options in today’s market and whether the new tax credit might be the last piece of the puzzle to get you into a new home.
| Discussion: 4 Comments »
There are a plethora of courses and designations that a Realtor can earn. For most buyers looking to find an agent to represent them the designations don’t mean anything. In fact if you asked most buyers what was the difference between an e-Pro, CRS, ABR or SRES and they haven’t a clue. Most of them don’t realize that not all designations are created equal and that some designations can be redundant to others.
Yet agents argue all the time about the value of the designations without giving a thought to what they might really mean to the buyer they are representing. If you are thinking about buying a foreclosure do you want an agent working for you who has sold a foreclosure in the last year or one who took a few classes on how to be a better buyer’s agent?
If buying a foreclosure is something that you are considering than ask the agent you are interviewing if in the last twelve months they have:
Successfully negotiated a foreclosure contract
Negotiated a foreclosure home inspection contingency
Gotten loan approval for VA, FHA or Conventional Financing on a foreclosure
Negotiated a cash deal
Negotiated repairs
Closed a foreclosure transaction
If they haven’t then you might want to find out why not. In a market such as what we have experienced in Prince William County most active agents have been involved in multiple foreclosure transactions. Though a foreclosure transaction starts out with the same contract as a normal resale the similarities end there. Each lender has their own addendums, each lender moves at their own pace and each lender has a set of requirements that you can negotiate even if they say no. If you have an agent working for you that hasn’t been out on the street working the deals they may not have the street smarts to get the deal done.
If buying a foreclosure is in your future look for an agent with experience that goes beyond the classroom. Look for an agent who has successful negotiated the gambit of foreclosures in Prince William County and has clients living in their new homes today!
| Discussion: 2 Comments »