Extended First-Time Home Buyer $8,000 Tax Credit

The First-Time Home Buyer $8,000 Tax Credit was just extended until April 30, 2010 by the U.S Congress.

It expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies for the Extended Credit?

First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.

Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

If you or you have purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer's tax credit is determined by 2 additional factors:

The price of the home.
The buyer's income.

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000-may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

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. Home buyers earning more than the maximum qualifying income-over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as 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.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

If you need help buying or selling a home or condo in the San Diego area make sure you contact us we're your San Diego Realtor.

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San Diego VA and FHA Home Buyers

The San Diego Real Estate Market has seen better days. It's not that there aren't buyers seeking that perfect place to call home sweet home it's the little inventory they have to choose from. Inventory is low especially in some areas of San Diego County in the first time homebuyer price ranges. So low that many VA and FHA buyers are taking their chances on short sales, which may or may not ever close escrow, and waiting it out.

I can't tell you how many questions I answer on Trulia about buyers and short sales. Buyers are always asking, what takes so long, how come the banks won't approve my offer, what's going on, why did they take another offer, why did the bank foreclose on the home when I had an offer on it for 8 months, why is the seller declaring bankruptcy, and on and on. It's like writing an offer on a home and putting it into a black hole and hoping something good comes out on the other end. It usually doesn't.

Keep in mind if you're a buyer who wrote an offer on a short sale you probably are in competition with 5 to 50 other buyers. Only 1 of those offers will get accepted and many times the home will go to foreclosure and no one gets it. It's frustrating for everyone involved including all agents, the negotiators at the banks, sellers and all the other buyers trying to buy the home. Just think how the seller feels..... they are losing their home, their dreams, their investment, they and their family - kids, dogs, cats now need to find another place to live, most likely a rental or in with family, and their life is being turned upside down. Kind of puts things in a different perspective when you look at it from the side of the one who is losing the home.

San Diego Home Buyers using a VA or FHA Loan to buy a home or condo are often in third and fourth place when writing offers on foreclosed properties. They have that going for them too. The problem is with so many investors in the market buying foreclosures for cash or large sums of money down in conventional loans the VA and FHA loans aren't usually the best way to go for an asset manager looking at offers on the REO asset they are managing. On cash offers they don't have to worry about appraisal issues or finding out a buyer really doesn't qualify for the loan to buy the foreclosure. It's an unfortunate situation that people who want to buy the home to live in and be part of the community are being put in the back seat to investors looking to make a buck. But it is what it is and for now it's bad news for some VA and FHA buyers. Hang in there. Times will change.

If you need help buying or selling a home or condo in the San Diego area make sure you contact us we're your San Diego Realtor.

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Hello and Welcome to ~Eastlake~ Chula Vista California Foreclosures, Bank Owned REO, Homes for Sale, Real Estate.

Understanding the foreclosure property auction (also known as Trustee Sale) process takes time, due diligence, and understanding. Saavy Real Estate investors can find some of the best deals around buying at these auctions, but is it right for everyone? We would like to help explain further about these auctions and the benefits and downsides of buying Real Estate at them.

Understanding the process is the key, and here is how the process goes as an overview:

Pre-Foreclosure (Also known as Notice of Default). Pre-Foreclosure is usually when the current homeowner is 90 days past due on their Mortgage. The current lender files with the County Recorders office a Notice of Default. When this is filed, this information becomes a matter of public record. When this notice is filed the lender usually usally gives the homeowner 90 days to come current on the amound their are past due. During this period a good amount of homeowners lately have been trying to obtain new financing terms by doing a Loan Modification with their current lender or a Short Sale with a Realtor if they know they aren't going to be able to keep up the payments due to hardship. Both of these things often times delay the foreclosure process as the bank looks to work with the current owner to see if one of these options may be a fit. To learn more about Pre-Foreclosures in ~Eastlake~ Chula Vista and actually search Pre-Foreclosures in San Diego for free click here or the yellow map.

Foreclosure Sale (Alo known as Notice of Trustee Sale). The Foreclosure sale usally occurs and is scheduled roughly 90 days after the Notice of Default is issues. Although, most of the time this process is delayed currently. Notice of Trustee sale usally takes place on the courthouse steps in the County in which the property is located. In this case, most auctions take place in Downtown, San Diego. Properties are sold as is, without any warranties or guarantees, and they must be paid for on the spot with a certified cashiers check. Many times the buyer of that foreclosure property has to end up evicting the current homeowner or tenant and this sometimes can be a process. However, even though its a riskier process, the reward can be great. To learn more about Foreclosure Sales In ~Eastlake~ Chula Vista and Search upcoming properties scheduled for Foreclosure click here or yellow map below.

Bank Owned (REO). Bank owned properties are the properties that have gone through the two steps above and didn't sell at the Foreclosure Sale. In this case, the current lender has to take them back if there are no acceptable bids. This can also be a great area for an investor, because in a lot of cases, the lender does not want to own these properties. These can be great deals for an investor, you can also research these properties in greater detail than Foreclosure Auctions, and most all of the time you can use financing and obtain a home warranty with these. To learn more about Bank Owned REO listings in ~Eastlake~ Chula Vista click here or the yellow map below.

Re-Sale Properties. Many people think Re Sale properties are not a great deal with all the Foreclosure properties out there. This is actually not true in many cases. Re Sales have to be priced aggresively and in line with Foreclosures if they want to have a chance of selling in todays market. In a lot of cases a buyer or investor can buy a re sale that has been taken good care of, doesn't have much fix up to perform, and is very close in price to that of a Foreclosure that might require a lot of work. Sometimes people think that because they are buying a Foreclosure at 20% below market value that its always a steal, however sometimes there is 20% worth of rehabilitation to get the property back to standards that actually makes it the same deal as a re-sale. Making Re Sales a great option as well. To learn more about Re Sale Homes for Sale in ~Eastlake~ Chula Vista click here or the yellow map below.

Ultimately, the decision is yours and what is right for you and your situation. We have built a fully integrated Real Estate Website that will allow you to search every aspect of what we have discussed above. To search Pre-Foreclosure, Foreclosure Auction, Bank Owned REO, and New and ReSale Homes in ~Eastlake~ Chula Vista click here.

We also attend the Foreclosure Auctions for ~Eastlake~ Chula Vista on a weekly basis and track virtually every Foreclosure property in San Diego County!

We look forward to hearing from you!

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We are Listing Book Agents and all use Listing Book to help you with your San Diego Real Estate needs. Dawn Lewis and The Dawn Lewis Team all use Listing Book to help you buy and sell your San Diego home or condo. We are local San Diego Real Estate Agents that use Listing Book to help our clients find a home in San Diego County. These Listing Book Tools are also essential in Listing and Selling a Home or Condo as well. Please sign up for our Listing Book Tools FREE to help you with your San Diego Home Buying Search.

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If you need help buying or selling a home or condo in the San Diego area make sure you contact us we're your San Diego Realtor.

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