Nebraska

First-time Home Buyer Tax Credit Extended and Expanded

11-07-09

Omaha Real Estate & Omaha Homes for Sale - The Trumm Team

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Mobile: (402) 943-9494

First-time Home Buyer Tax Credit Extended and Expanded

Yesterday the president signed a billed that extended the First-time Home Buyer Tax Credit. This bill also expanded the credit beyond just first-time buyers.

The big differences between the original tax credit and the new and improved version are that now current homeowners are eligible for a $6,500 tax credit, the income limits to qualify have been raised, and the new expiration date is April 30, 2010 but if one has a binding contract by the deadline they can still get the credit if they close the sale before July 1, 2010.

Below is a chart provided by the National Association of Realtors® comparing the original and the new versions of the tax credit.

FEATURE	Jan 1 - November 30, 2009 Rules as enacted February 2009	November 7 - April 30, 2010 Rules as enacted November 2009
First-time Buyer Amount of Credit	$8000 ($4000 married filing separate)	$8000 ($4000 married filing separate)
First-time Buyer Definition for Eligibility	May not have had an interest in a principal residence for 3 years prior to purchase	Same
Current Homeowner Amount of Credit	No Provision	$6500 ($3250 married filing separate)
Effective Date Current Owner	No Provision	November 7, 2009
Current Homeowner Definition for Eligibility	No Provision	Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Termination of Credit	Purchases after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.)	Purchases after April 30, 2010
Binding Contract Rule	None	So 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.
Income Limits (Note: Increased income limits are effective as of date of enactment of bill)	$75,000 - single, $150,000 - married, Additional $20,000 phase out	$125,000 - single, $225,000 - married, Additional $20,000 phase out
Limitation on Cost of Purchased Home	None	$800,000 November 7, 2009
Purchase by a Dependent	No Provision	Ineligible November 7, 2009
Anti-fraud Rule	None	Purchaser must attach documentation of purchase to tax return

How will this affect the Omaha real estate market? Was this tax credit a good idea? Stay tuned for my follow-up blog post.

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My Best Testimonial Ever!

11-06-09

Tracie Weaver - Prudential Ambassador 402-812-2626

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Office: (402) 812-2626

Mobile: (402) 812-2626

About 45 days ago I had a home for sale in South Omaha. I got a call from a young lady who was pre-approved for a loan and she wanted to look at my listing. I let her in the door and from the moment we met I knew I was going to love her!

This young lady was in her mid 20's, a single mom and had lived a life full of obstacles that she had overcome. Obstacles that may cripple others. She was strong and I could tell she had a very beautiful heart. After showing her the home several times with various friends and familly members she decided to write an offer. Despite the negativity she got from others she knew what she wanted and she went for it. At first, she seemed scared of the process, but I told her nothing was impossible. She just had to believe that she could do it. She was ready to defy the odds and give her 4 children their very own home. Her offer was accepted!

I had suggested a lender to her but she felt comfortable with her current lender so we just moved forward. Due to her attention to detail and pure determination to get the bank everything they needed she closed on her home yesterday after jumping through hoop after hoop for the last two weeks.
I don't know why, but this young lady touched my heart so much that I couldn't help but cry out loud when she signed the final paperwork and took the keys to her new home! I hugged her and she cried too.
I have never felt so happy about helping someone get into their own home in my whole real estate career! She has already referred me to someone!

She just sent this to me in a text. "From the bottom of my heart. Your tears meant the world to me and I will never forget it. It's the truth and I just want you to know it. Every time I tell the story about the house, you will be the one to come to mind. You stuck with me. That's the biggest part. I never thought I would have bonded with someone so much. I would love to stay close cause you know exactly how to cheer me up and make me smile, even on my worst day. You are such an awesome person, I wish I had a mamma like you." That has to be the greatest compliment I have ever had in my career! It makes my life worth living!

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Home buyer tax credit is approved by Congress

11-06-09

Omaha, NE Real Estate -- Steve Lauver -- 402-689-7550

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Mobile: (402) 689-7550

The Senate approved the bill to extend unemployment benefits and modified the home buyer tax credit on Wednesday with a vote 98-0. On Thursday the House of Representatives approved the bill with a vote of 402-12 and it is expected to be signed by President Obama.

The new and improved home buyer tax credit extended the timeline, increased income limits and also included a tax credit up to $6,500 to buyers who have owned a home for 5 of the last 8 years. For more details, check out this comparison chart put together by the National Association of Realtors.

If you are thinking of buying your first home, moving up or down, please don't hesitate to call me or visit my website www.OmahaRealtyPro.com

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You think YOU had a bad day?

11-04-09

Carol Hamilton -New Celebrity Homes, Omaha, NE

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Mobile: (402) 813-2044

You think YOU had a bad day? News reports on Yahoo today say a man accidentally ejected himself from a plane in South Africa. Have trouble following directions? Here are what the reports had to say:

"...found himself hurtling out of the cockpit, smashing through the Perspex canopy and into space after grabbing the black- and yellow-striped handle between his legs. He had inadvertently pulled the eject lever and found himself blasted 100 metres into the sky on his rocket-powered seat."

Oops! I can't imagine which is worse: the incredible blast he must have felt upon ejection, flying through the air (without your plane) just wondering what injuries await you (possibly a mild case of, say, DEATH), or knowing you will live in infamy all of your remaining days being the gentleman who made a PRETTY BIG mistake and flung himself out of a airplane?

Amazingly, he landed with the help of his parachute with barely a scratch. So, back to which is worse. Infamy for his mistakes is (thankfully) the one that is left.

Boy, have I made mistakes, in business and in my personal life. Who hasn't? You just have to fess up to them, make amends, and go about your business. There is a fantastic quote (Author Unknown) I think of in situations where I have made myself look less than stellar:

"If you know you're going to look back on today and laugh, you might as well laugh now."

At least that way I get to laugh at the same time everyone else is. You can't dwell on your mistakes. Learn from them, move on, and really try not to make the same silly mistake again. Can someone please pass this quote along to the ejection guy? He is going to need it!

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Update on the Home Buyer Tax Credit Extension and Expansion

11-04-09

Mike Riedmann

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Office: (402) 397-4900 x5234

Mobile: (402) 680-5008

Update on the Home Buyer Tax Credit Extension and Expansion November 4th 2009

The Senate is expected to pass the Unemployment Insurance bill that contains the Home buyer Tax Credit Extension this evening. The House will take up the Senate passed bill possibly as early as tomorrow, Thursday. The bill will then go to the White House for the President's signature.

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