Sun City, AZ

The Arizona Commissioner of Real Estate has proposed some long needed changes.

• A new licensee will have to complete 15 hours of additional course work PLUS the increased 30 hours of continuing education within the 2 year period of their provisional license. (This is currently 24 hours)
• All licensees will be required to complete 30 hours of continuing, and increase of 6 hours from the current requirement.
• New categories will be added to the curriculum. Proposed categories include things like "Commissioner's Hot Topics, allowing the commissioner to react to changes. A good example of that would be Short Sales. Just 2 few short years ago, this was a non-issue, now a big one. I recently wrote an article about just one short sale issue. You can read it here.
• The current 4 year license renewal will be reduced to 2 years. This is strictly a revenue measure, and should result in active rain (8)increased revenue to support the activities of the department.

I applaud Commissioner Lowe for making this long-overdue change. It is a step in the right direction.

How important do I think the education is? I am currently required to have 24 hours before May 2010. I have 42 now, and will continue to take more.

HOME BUYER TAX CREDIT EXTENDED TO FIRST TIME HOME BUYERS AND EXISTING HOME OWNERS SUN CITY, 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 Sun City, 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 home buyer 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 home buyer 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.

SEARCH FOR HOMES IN SUN CITY, ARIZONA AND SURROUNDING AREAS

OBTAIN A HOME MORTAGE RIGHT NOW

This notice was sent to all agents who subscribe to the Arizona Regional MLS.

• SCAM ALERT: Check Your Vacant Listings
• A recent scam reported to ARMLS® involves tenants moving into a pending short sale listing. The surprised listing agent contacted the owner who had not rented the property to anyone. The tenants (two women with two children) were physically moving in and had turned on utilities in their name. The sign and the lock box were removed, and all locks were re-keyed. The tenants responded to a For Rent sign in the yard. They gave someone $1,800 as rent and signed a lease. While the short sale was able to close, the unfortunate victims of this scam were out $1800 with no place to live.
• This down economy encourages some people to take advantage of others. Listing agents should check their vacant listings regularly and provide neighbors their contact information in case they observe any suspicious activity.

One of my promises to my sellers is to check the property at least once a week when it is vacant. Do you really believe the agent who lives and works an hour across town will do that? Do they have the time? If they do have the time, why?

Many, if not most homes for sale in Sun City are vacant while on the market. Doesn't it make sense to use someone who lives and works here to help you sell your home?

The U.S. Senate has TENATIVELY agreed to extend the home buyer tax credit. If the measure passes it will include a broader credit. More people will benefit. This measure, while hoped for, is NOT yet approved. Write your congressman folks.

The House of Representatives in now looking at the Home Valuation Code of Conduct. This ill-conceived rule has been the cause of additional costs to home buyers, and inadequate appraisals. These have caused many sales to fail, costing sellers equity dollars.

Another House committee is probing predatory practices used by some in the mortgage industry. The intent is to see if these practices contributed to the current housing crisis and its resulting economic meltdown. I, for one, hope this leads to a lot of "perp"walks at executive levels.

Last, but not least, Congress has passed a resolution extending the current Fannie Mae, Freddie Mac and FHA loan limits until 2010.