Tick, tick, tick, tick…….. Time is RUNNING OUT!
April 15th, 2010
April 30th is fast approaching……… that’s the deadline date for the First Time Home Buyers Tax Credit, as well as the tax credit for repeat buyers. You have to have a signed and ACCEPTED contract by the 30th of April and closing NO LATER THAN June 30th.
Interest rates are still pretty good right now, tax credit is there…….. so what is holding you back? Do you like paying rent to someone else, paying their mortgage rather than your own? Does the thought of home ownership not interest you? If so, you’re missing out on a great opportunity to share in the AMERICAN DREAM! The inventory is there for every price point, from starter homes, your “forever” home or for that investment home. If you want to buy a home, we can help you find it.
If you need help, have questions, need a GREAT buyer’s agent that will look out for your interests and needs? Please give me a call! Or, you can have your pick of great agents here at Specialty Properties in Fayetteville, NC (home of Fort Bragg and Pope AFB).
Tick, tick, tick, tick…………. time is running out!!
Posted by Suzanne Pampe in Homes | No Comments »
April 2nd, 2010
Because of the documentation requirements for claiming the credit, taxpayers who claim the credit on their 2009 tax return must file a paper — not electronic — return and attach Form 5405, First-Time Homebuyer Credit and Repayment of the Credit (see the instructions for help with the form), and a properly executed copy of a settlement statement used to complete the purchase.
- Purchasers of conventional homes should include a copy of Form HUD-1, Settlement Statement, or other settlement statement, showing all parties’ names, property address, sales price and date of purchase.
- Purchasers of mobile homes who are unable to get a settlement statement should include a copy of the executed retail sales contract showing all parties’ names, property address, purchase price and date of purchase.
- Purchasers of newly constructed homes where a settlement statement is not available should include a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.
Note Regarding Signatures: While the Form 5405 instructions indicate that a properly executed settlement statement should show the signatures of all parties, the IRS recognizes that the elements of the settlement document, often a Form HUD-1, may vary from jurisdiction to jurisdiction and may not reflect the signatures of the buyer and seller. The settlement statement that must be attached to the return is considered to be properly executed if it is complete and valid according to local law. In locations where signatures are not required the IRS encourages the buyer to sign the settlement statement prior to attaching it to the tax return even in cases where the settlement form does not include a signature line.
Long-Time Residents: The November 2009 legislation extends the credit to long-time residents of the same main home if they purchase a new main home. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. For long-time residents claiming the credit, the IRS recommends attaching, in addition to the documents described above, any of the following documentation of the five-consecutive-year period:
- Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,
- Property tax records or
- Homeowner’s insurance records.
Cleo Warthon - Specialty Properties - (910) 964-5290
For more information visit www.savingtoinvest.com
Posted by Cleo Warthon in Homes | No Comments »
February 13th, 2010
The clock is ticking,-Don’t be left out - Get your homebuyer tax credit opportunity now at Specialty Properties in the Fayetteville, Ft. Bragg area of North Carolina. Read the article below & call me at (910) 864-7299 so I can help make sure you get your Homebuyer Tax Credit. But you have to hurry, time is running out.
”Home Buyers Rush to Take Advantage of Tax Credit Before It’s Gone
By Alan J. Heavens
Print Article
RISMEDIA, February 12, 2010—(MCT)—Liv Mansfield is racing the clock, hoping to find and settle, or at least sign a purchase agreement, on a townhouse before the $6,500 tax credit for qualified repeat home buyers expires April 30, 2010.
While the credit is not as important as staying in the Wallingford school district, where her younger daughter will enter sixth grade next fall, Mansfield says it will help make expenses associated with the move ‘a wash.’ “It will help with moving costs, and with getting this house ready for sale,” said Mansfield, who has lived in the five-bedroom split-level Colonial she bought with her former husband nine years ago.
The house, which she says is far larger than what “two people and a small dog need,” will list for under $525,000 and heads for the market Feb. 15, 2010.
Current homeowners buying a house between Nov. 7, 2009, and April 30 and who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight can qualify for the $6,500. It seems less is known about the repeat buyer credit. This incentive was added when the original $8,000 tax credit for qualified first-time buyers, which expired Nov. 30, was extended.
Houses purchased for $800,000 or less are eligible for repeat buyers. Single buyers with incomes up to $125,000 and married couples up to $225,000 may receive the maximum tax credit for both repeat and first-time purchases. 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. Buyers earning more than the maximum are not eligible for the credit. If a binding written contract to purchase is in effect April 30, the purchaser will have until July 1, 2010 to close.
The 2009 credit for first-timers helped jump-start the sagging home market in the summer and fall, data show. Walt Molony, a National Association of Realtors (NAR) spokesman, said two million existing-home sales in 2009 could be attributed to the $8,000 first-time buyer credit. Although it is too early to measure the credit’s effect on sales so far this year, Molony said NAR chief economist Lawrence Yun believes it will add 1.5 million sales to the tally.
The repeat-buyer credit was added to appease builders, who said the original did not offer enough time to purchasers of new houses, which take at least six months to build, to close on them. New homes accounted for only 7% of the tax-credit-based sales, Molony said.
The National Association of Homebuilders’ Donna Reichle said, “We hear builders saying they are getting inquiries, but that’s all so far. According to our economists, it’s way too early,” Reichle said. “If you look back at the passage of the original $8,000 credit and impact on housing starts, it took a couple of months, and that was in the spring as well.”
Moody’s Economy.com chief economist Mark Zandi says the credit will boost sales “modestly,” however, by 300,000, with one-third trade-up buyers. “I don’t expect the credit to be extended again,” Zandi said. “Each time it is extended, it becomes less effective and thus more costly.”
David Krieger, senior vice president and general manager of Coldwell Banker Preferred in Philadelphia, says he believes that “a very large increase in our listing inventory in January is a result of the $6,500 credit.” Still, the $8,000 first-time credit remains the chief reason his company’s home sales were 33% higher last month than in January 2009, he said.
Typically, repeat buyers are better off financially than first-timers, so a lot of repeat buyers realize from the start they don’t qualify for the credit, Weichert Realtors agent Alec Schwartz said. “What they do realize, and what is getting more sellers to list, is that they understand that there are plenty of first-time buyers who qualify for the $8,000 credit out there, and they have a much better chance of selling their house and buying a new one than before,” said Schwartz, Liv Mansfield’s agent.
This is also true in the region’s new-home market, said Wayne Norris, regional sales manager for Hanley Wood Market Intelligence. “Builders have experienced increased activity in recent months” attributable to the $6,500 credit and “the fact that many potential buyers were able to sell their houses” to those taking advantage of the first-time buyer credit,” he said. The sense of urgency to make the tax-credit deadline and fears of rising interest rates will push new-home sales higher in the spring, Norris said.”
(c) 2010, The Philadelphia Inquirer.
Distributed by McClatchy-Tribune Information Services.
Posted by carmen chavis in Homes | No Comments »
February 11th, 2010
Where has all the respect and honesty that so many of us had at one time. Now times are so tight for some that there’s competition who’s going to be last, not first. Let’s get back to basics take a little time and smell the fresh air while we still have it. This morning before going to work at my real estate firm I visited my favorite Quick Stop for my morning cup of java. The two gals I know were laughing and dancing behind the counter. Of course, I wanted to join them and they laughed because I’m a little handicapped. But in all the excitement the one cashier came to the counter and handed me a twenty dollar bill. She said she wanted to share her excitement with me and those who are close to her. THAT’S WHAT I’M TALKING ABOUT, even though she did not win a very large amount. What’s happened to everyone? Do we have to wait for a good or bad situation before we come together to help one another. Today is a good time to reach out and touch someone. DON’T YOU THINK!!! Try me on for size. I can handle the extra weight on my shoulders. Serving the Ft. Bragg, Fayetteville, Hope Mills, Stedman, Grays Creek, Cedar Creek, Camarron and Springlake areas. kvaughn@AtHomeInFayetteville.com and the website is www.AtHomeInFayetteville.com also my bio at www.specialtyproperties.net
Posted by Karl Vaughn in Homes | No Comments »
February 8th, 2010
Si Ud desea mas informacion de como empezar a adquirir una propiedad, ya sea como primera vivienda o de inversion, por favor lo invito a asistir a nuestros seminarios que ofrecemos cada mes en 2504 Raeford Rd, Fayetteville NC 28304 , para mas informacion llame a Hilda al 910-583-9375 o email to :lilabrooks7@hotmail.com.
En estos seminarios Ud aprendera los pasos que tiene que seguir para la adquisicion de su vivienda, son dictados por profesionales en la materia, Agentes de bienes raices y tambien estaran presentes, personas que le informaran acerca de los tipos de prestamos que hay disponibles para la compra de su vivienda.
Los esperamos ,
Cordialmente Su Agente de Confianza HILDA BROOKS 910-583-9375. email lilabrooks7@hotmail.com
Posted by Hilda Brooks in Homes | No Comments »
February 8th, 2010
Hola Mi Nombre es Hilda Brooks y Soy un Agente de Bienes Raices aqui en Fayetteville, Carolina del Norte, si Ud tiene alguna pregunta acerca de Como adquirir una propiedad aqui en carolina del norte o en Estados Unidos por favor no dude en comunicarse conmigo al 910-583-9375 . Asi mismo me gustaria informarle acerca de el Credito que el Gobierno ofrece a los primeros compradores de casas, que son $8,000 dolares. Una vez mas mi telefono es 910-583-9375.Hilda o como mis amigos me dicen Lila
Posted by Hilda Brooks in Homes | No Comments »
February 4th, 2010
Hello everyone. I was sitting around with a little time on my hand working on a new website www.AtHomeInFayetteville.com After working on this project for a little over a month and to see it has every thing a customer needs that is interested in real estate, I can truly say this is very good site to stop and browse. This is definitely designed to be a friendly user oriented real estate site with no catch 22. I’ve got folks who don’t want to interact with an agent but just want to browse with little or no limitation to accessing homes in the Fayetteville, Ft. Bragg, Spring Lake, Stedman, Hope Mills, Parkton Grays Creek, Cedar Creek and Cameron. I mentioned these areas because that is what I cover in real estate. Take it for a test ride and tell me what you think of it. kvcrib4u1@gmail.com
Posted by Karl Vaughn in Homes | No Comments »
February 3rd, 2010
Specialty Properties is offering workshops for home buyers and sellers that are looking to educate themselves a little with the real estate process. It’s always good to have a Broker/Realtor to represent you in any real estate transaction, someone that will look out for your interests and needs……. but it’s also nice to gather a little information and education so that you can go into this process with some knowledge so you know what to expect and know that your Broker/Realtor is working for you.
Below is a list of dates for our “workshops” and the subject that we will be going over at each session:
January 14th- “Credits and Loans” and “First Time Home Buyer Tax Credit”
February 11th- “ABC’s of Home Buying” and “First Time Home Buyer Tax Credit”
March 11th- “Selling/Staging Your Home for Sale” and ”First Time Home Buyer Tax Credit”
April 8th- “Credit and Loans” and “First Time Home Buyer Tax Credit”
May 13th- “ABC’s of Home Buying”
June 10th- “Selling/Staging Your Home for Sale”
July 15th- “Investment Properties”
August 12th- “Credit and Loans”
September 16th- “ABC’s of Home Buying”
October 14th- “Selling/Staging Your Home for Sale”
November 11th- “Investment Properties”
December 16th- “Credit and Loans”
Workshops are from 6:00pm to 7:00pm and we will have some of Specialty Properties best brokers there , as well as a representative from American Security Mortgage, at each session. We will also have a minimum of one broker there that speaks spanish fluently to help those that may need it.
The address is: 2504 Raeford Road, Suites A-B
Fayetteville, NC 28305
We are looking to add an additional topic to each session starting in May, so we’d love to hear what you’d like to know more about.
So please feel free to give us a call if you need more info, have questions or need directions. We’d love to see you here at Specialty Properties! We’re here to help and to let you know that we “specialize in ALL of your property needs”.
Posted by Suzanne Pampe in Homes | No Comments »
February 2nd, 2010
|
$6500 Move-Up/Repeat Home Buyer
|
• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
FOR MORE INFORMATION PLEASE GO TO:
http://www.federalhousingtaxcredit.com
Cleo Warthon-Broker-Specialty Properties-(910)964-5290
Fayetteville, NC
Posted by Cleo Warthon in Homes | No Comments »
February 2nd, 2010
|
$8000 First-Time Home Buyer
|
• $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
FOR MORE INFORMATION PLEASE GO TO:
http://www.federalhousingtaxcredit.com
Cleo Warthon -Broker -Specialty Properties-(910)964-5290
Fayetteville, NC
Posted by Cleo Warthon in Homes | No Comments »
