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Craig Roetman, Associate Broker

480-980-8787

Exceptional service for 22 years!

I recently attended a closing with a client -first time home buyer- who commented on the AED hung conspicuously on the wall near the Escrow Officer's private office. He asked, "Is that for resuscitating people who have a heart attack when they see the final cost?" A few minutes later my young buyer & I noticed a difference in fees from the pre-closing HUD-1.

In a few short weeks lenders will be held even more accountable for what happens at the closing table. Transparency will be the rule. The Washington Post writer Kenneth Harney's article lays out the changes. Harney writes, "Here's what's about to happen: Starting January 1, 2010, loan charges and settlement fees will be spelled out on a revised, more consumer friendly version of the good faith estimate form that borrower are supposed to receive within 3 days of their mortgage applications. Charges will fall into three broad catagories on the form:

- Fees that cannot increase from upfront estimates to final closing.

- Fee estimates that come with wiggle room, and can increase by as much as 10% in the aggregate from upfront estimates.

-Fees that can increase without limit, mainly because the lender has no control over them or because they are difficult to predict weeks in advance.

The article is a good read for a basic understanding of what is about to happen and why it is important to consumers. I think all most people really want is transparency into what is going to be paid, where is it going and why.

HOME BUYER TAX CREDIT EXTENDED TO FIRST TIME HOME BUYERS AND EXISTING HOME OWNERS PHOENIX, ARIZONA

President Obama signed into law the extension for first time home buyer and existing home owner tax credit. The National Association of Realtors and other leading organizations lobbied for this law to jump start the real estate industry after a heavy hit for the past two years. The real estate industry got us into this slump and it has to get us out of this rut. I know many people will be in position to purchase homes at the start of the year here in Phoenix, Arizona. We are coming up to the busiest season in real estate and I am ready for it.

A person is considered a first time home buyer when he/she has not owned a primary home in the past three years. They are eligible to receive up to an $8,000 tax credit or 10% of the value of the home which ever is less. The home must be a principal residence. The credit is refundable even if one does not owe taxes. Many people have taken full advantage of this tax credit since it has been in place.

Existing home owners who have lived in their primary house for five years or more will be eligible for a $6,500 tax credit. There are income limits to include $125,000 for single filers and $225,000 for joint filers. These are exactly the same for first time home buyers in the above paragraph. The credit will be gradually phased out for single people who make over $145,00 and married couples that make over $245,000.

This bill has been extended with the following important dates:

1. All contracts must be dated by April 30th, 2010
2. All deals must close on or before June 30th, 2010 to receive the tax credit

It is very easy to obtain your tax credit. First, you can amend your 2009 tax file or you can file it in 2010 tax return. Yes, you will need to send proof that you purchased the house. I would suggest sending in a copy of ones mortgage statement and HUD1 statement for proper documentation.

The Treasury Department has detected a lot of fraud regarding people falsifying documents to receive the tax credit. Personally, it is not worth the amount of money to create a fraud when it comes to the tax credit. I would recommend to take the high road because they will always catch you in the end.

The Real Estate and Beyond Team is ready to assist home buyers to get into their house to receive the tax credits.

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Those Vicious Pansy Eating Pigs!

What do Pansies and Javelina Pigs have to do with each other?

Nothing, I wish. Every fall I plant lovely pots of Pansies to adorn my front yard. They are the only flower that I know of that can withstand the freezing and thaw of winter. You can sometimes find the flowers sticking out of the snow just blooming like crazy all winter long.

That is until the javelina pigs come through my yard in the dark of night searching for some tasty morsel of food.

The first year I planted lots of purple, blue and some yellow flowers. Their grunts would awaken me as they moved among the flower pots outside my bedroom window on cold winter nights. I'd rub the sleep from my eyes and just cringe as I heard the clatter of clay pots as they nibbled their way through my garden.

The next morning I'd survey the damage. As I replanted several times that first year I began to realize they only eat the blue and purple pansies. Hummmmmmmm. They don't like yellow ones. How interesting. I tasted each color myself but could not tell any difference in taste.

But you know what? I have only yellow pansies this year. Think I might have outsmarted those little rascals? Oh, I hope so.