Elkhart, IN

The clock is ticking and if you want to buy a home and claim your tax credit, you need be be viewing homes! Elkhart has plenty of homes in all townships for you to find one that suits your needs. The First Time Home Buyer's Tax Credit of up to $8,000 is only available if you close on a home by November 30, 2009. That is less than 90 days away and a normal closing is processed in 30 to 45 days. What are you waiting for?

The Tax Credit is for people who have not owned a home in the previous 3 years, makes $75,000 a year if you are single and $150,000 or less if you are married, and you must live in the home for 3 years. The amount of Tax Credit you are eligible for is 10% of the price of the home up to $8,000. What are you waiting for? Call your Elkhart Real Estate Expert Evelyn Johnston with Prudential One Realty at 574-304-7148.

Attorney Deborah J Beaverson with Riverwalk Law Firm sent Elkhart REALTOR(r) Evelyn Johnston with Prudential One Realty the following recommendation:

Dear Evelyn,

Thanks so very much for yoru hard work, dedication, experience, knowledge and the care that you employ when assisting our mutual clients.

Very truly yours

(Signed) Deborah J Beaverson

Deborah and I have together successfully negotiated an approved Short Sale on the home of our mutual Clients and the property will close the week of September 20th.

A Short Sale is a property that cannot be sold for the amount the Home Owners currently owe on the property whether currently paid according to agreement or past due. Sometimes the Real Estate Market is the sole reason it will be a Short Sale. If you are not familiar with a Short Sale please read my 5 part series titled: Short Sales-Everything You Need To Know. For more information about your situation, please call Evelyn directly at 574-304-7148.

Commission is not everything!Elkhart REALTOR Evelyn Johnston with Prudential One Realty says, selling your home by yourself could be dangerous to your financial health. And here is why, are you up to date with Indiana's Real Estate Laws? The Federal Real Estate Laws? My Real Estate Partner in 2007 Pamela Brubaker developed these 55 questions to ask someone who is thinking of selling their home alone:

1. Do you have a contract that was drafted specifically for use in Indiana? (your state)
2. Do you need an escrow?
3. What is the purpose of an escrow?
4. Do you know how to find an experienced escrow company and escrow officer?
5. Does your transaction need or require title insurance?
6. What is title insurance?
7. Who does title insurance protect?
8. What is the difference between lender's title insurance and owner's title insurance?
9. What is a commitment for title insurance?
10. Is a commitment for title insurance necessary?
11. How do you get a commitment for title insurance?
12. Do you know what exceptions contained in Schedule B Part II will be a problem for your transaction?
13. What is Schedule B, Part II of a commitment for title insurance?
14. Can you understand a commitment for title insurance?
15. Should you get standard coverage or extended coverage title insurance?
16. What is the difference between stand coverage or extended coverage title insurance?
17. Who should pay the additional cost of extended coverage title insurance?
18. Is earnest money required to have a valid contract to buy land?
19. If so, whit is the minimum amount of earnest money?
20. Who should hold the earnest money?
21. What information about the property does state law require the seller to disclose to the buyer?
22. When must hte seller disclose information about the property to the buyer?
23. How does the seller disclose information about the property to the buyer?
24. Does the Residential Lead-Based Paint Hazard Reduction act of 1992 apply to the transaction?
25. If so, how do you comply with its requirements?
26. What are the consequences for failing to comply with the Residential Lead-Based Paint Hazard Reduction Act of 1992?
27. If the home is subject to a homeowners association (HOA), does your contract contain the HOA disclosures required by state law?
28. What information about an HOA must a seller disclose to the buyer?
29. Does the HOA disclosure requirement change depending on the size of the HOA?
30. What are the seller's obligations if the home has a septic tank?
31. What are the buyer's obligations if the home has a septic?
32. Are you familiar with the Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA") and Sections 897 and 1445 of the Internal Revenue Code?
33. Do you know when Section 897 requires the buyer of U.S. real property to withhold a portion of the sales proceeds and pay it to the IRS instead of the seller? If the buyer is required to withhold sales proceeds and pay it to the IRS, but does not, the buyer will be liable to the IRS for the amount that was not withheld and paid to the IRS.
34. How much of the sales proceeds does FIRPTA require the buyer to withhold and pay to the IRS?
35. Does your purchase and sale contract allow a buyer to withhold a portion of the sales proceeds and pay it directly to the IRS instead of the seller pursuant to FIRPTA? It should.
36. What is a FIRPTA Affidavit?
37. Will the seller sign a FIRPTA Affidavit?
38. What information must be in a FIRPTA Affidavit?
39. What is an ALTA Survey?
40. Does your contract require an ALTA Survey?
41. Should your contract require an ALTA Survey?
42. Is so, who should pay for it?
43. Does your contract provide that the home will be conveyed by a Warranty Deed, Special Warranty Deed or a Quit Claim Deed?
44. What is the difference between a Warranty Deed, Special Warranty Deed or a Quit Claim Deed?
45. Which type of deed is best for the seller?
46. Which type of deed is best for the buyer?
47. Should the buyer take title as community property, community property with right of survivorship, joint tenancy, tenants in common or in trust?
48. What are the income tax consequences of taking title one way versus another?
49. If the buyer will owe the seller money after the sale (a carry-back loan), can you prepare a legally sufficient Promissory Note that evidences the terms and conditions of the debt?
50. If there will be a carry back loan secured by a lien on the home being sold, can you prepare the lien?
51. Should the lien that secures the carry-back loan be a Mortgage, a Deed of Trust, a Security Agreement or another type of document?
52. Should the lien be recorded?
53. If so, where is the lien recorded?
54. If there will be a carry-back loan, does your purchase contract provide for it?
55. Are the Promissory Note and the lien attached as exhibits to the purchase contract?

Can you answer these questions in order to protect your financial position as the Home Owner? How about you buyers? Do you have enough confidence in the Home Owner to risk your financial position? REALTOR(r)'s are trained to know the answers to these questions and deal with solving these issues every day. Call your local Elkhart REALTOR Evelyn Johnston with Prudential One Realty at 574-304-7148.

According to Elkhart REALTOR Evelyn Johnston, you need to Get Pre-Approved First!, and here is why...until you sit down with a reputable Mortgage Lender or Mortgage Broker, you really do not know how much of a home you can afford to buy. After the Mortgage Lender/Broker has reviewed, verified and qualified you as a ready, willing and able buyer, you have P O W E R!

With your pre-approval in you hand you can safely go shopping for a home! Prior to shopping though, you also need to take time to sit down and make a list of the things you want in your new home and the things you need in your home. Armed with both of these things you can shop smarter. There is no pre determined number of houses you have to look at before you find the home that just feels right. When you walk into the home that feels like home you can go over your wants and needs and the pre-approval gives the Home Owner confidence in taking their home off the market while the Mortgage Lender/Broker is processing your application for a Mortgage.

Need a steady supply of listings sent directly to your email as they are listed? Call local Elkhart Real Estate Expert Evelyn Johnston with Prudential One Realty at 574-304-7148.

Do you also qualify for the First Time Home Buyers Tax Credit? Evelyn has the answers...

Now is the time to take advantage of the current Short Sale market in Elkhart Indiana, says Evelyn Johnston with Prudential One Realty. The selection of homes available for purchase in the Short Sale catagorey is plentiful. Are you Prepared to buy a Short Sale?

The Intrest Rates are favorable, if you are eligible for the First Time Home Buyers Tax Credit and you can afford to wait for the Short Sale process, you can come out smelling like a rose. The time is now to buy, but you need to be educated on the Short Sale process.

So, if you would like to take advantage of this market and are not sure how to go about doing it, call your local Elkhart Real Estate Expert and Certified Short Sale Specialist Evelyn Johnston with Prudential One Realty at 574-304-7148. Hurry now, the end to the First Time Home Buyer's Tax Credit is over on December 1, 2009. What would you do with $8,000?