"Although the tax credit remains at $8,000 for homebuyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for homebuyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up homebuyers did not qualify." Consider these three examples:

Example 1:
Jane purchased a home in 2002, lived there for 5 years as her primary home, moved out in 2007, and turned that home into a rental property. If Jane decides to buy a new primary residence today, she would qualify for the $6,500 tax credit based on the fact that she lived in the same residence as her primary home for at least five consecutive years out of the past eight.

Example 2:
Harry purchased a home in 2004, and lived there for the past 5 years as his primary home. If Harry decides to buy a new primary residence today, he would qualify for the $6,500 tax credit based on the fact that he lived in the same residence as his primary home for at least five consecutive years out of the past eight.

Example 3:
Nicole purchased a home in 2006, and lived there for the past 3 years as her primary home. If Nicole decides to buy a new primary residence today, she would not qualify for the $6,500 tax credit based on the fact that she did not live in the same residence as her primary home for at least five consecutive years out of the past eight.

The tax credit applies to homes purchased for less than $800,000 before May 1, 2010. "If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010," Nicholas said. "It works kind of like a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit."

The income limitation for single tax payers went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. "This means that more people will qualify for the credit - especially in parts of the country with higher costs of living," Nicholas said. "This should help stimulate parts of the housing market that may not have been impacted by the old version of the credit."

There are many creative ways of structuring your home purchase transaction in ways that maximize the benefits of the credit. Here are a few examples:

-The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence - you could live in one unit and rent out the others

-If two unmarried individuals buy a home, and only one of the individuals qualifies for the credit based on their income or past home ownership status, the individual who qualifies for the credit can claim the full credit. (Note: In the case of married couples, both spouses must qualify for the credit).

-The credit applies even if you have co-signers on your mortgage loan

Article from RIS Media:Read more: http://rismedia.com/2009-11-08/expanded-version-of-tax-credit-will-allow-more-homebuyers-to-qualify/#ixzz0WVKbdJYa

I am a licensed Realtor® that specializes in avoiding foreclosure.

I will assist you in selling your home.

List your home with an experienced Las Vegas short sale Realtor.

Regardless of your current situation I am here to assist you, so call me today to help you find a solution! You have options which can enable you avoid foreclosure proceedings . Best of all with a short sale my commission will be paid by the bank!

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I have been recently informed that Phase 1 can now take up to 15 days!! It has been a 10 day process.

So much for improvements and getting them closed sooner.

Phase 2 still up to 30 days.

I've noticed a lot of problems in the last 30 days at BOFA, negotiators disappearing, files being to new negotiators, negotiators not responding to emails or calls, saying short sales are open then saying oops not in the system, etc..

My recent negotiators for my Las Vegas Short Sale recent Short Sale negotiators were great at responding in a timely fashion,,,wish I could get them on all my files!

RISMEDIA, November 6, 2009-After the Senate gave final approval last night without a dissenting vote, the House of Representatives voted overwhelmingly this afternoon to pass legislation containing an extension and expansion of the homebuyer tax credit, completing Congressional action and sending the tax credit to President Obama for his signature, possibly as early as tomorrow.

The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.

For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.

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Dawn Barrier Century 21 Aadvantage Gold
2 offices to serve your needs (North and South)
Las Vegas, Nv
(702) 812-4550

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This condo closed recently for $64,900.

This was a Bank of America Short Sale. (Yes, we can close Bank of America Short Sales!)

If you are looking to list your home on the in the Las Vegas area give me a call.

Dawn Barrier

Century 21 Aadvantage Gold

2 offices to serve your needs (North and South)

Las Vegas, Nv

Dawn Barrier | Century 21 | (702) 812-4550 8324 Charleston Blvd #1031, Las Vegas, NV Las Vegas Condo, Summerlin Area, Beat the Bank, Short Sale Listing 1BR/1BA Condo offered at $59,900 Year Built 2006 Sq Footage 862 Bedrooms 1 Bathrooms 1 full, 0 partial Floors 1 Parking 1 Car garage Lot Size Unspecified DESCRIPTION As you walk into this Pulte built condo with direct access garage you will notice that this condo has been well taken care of and is almost like new. The kitchen has Corian counters beautiful Oak cabinets, dishwasher, refrigerator, stove and microwave. A breakfast bar ready for a couple of barstools. Custom diagonal set Tile floors in kitchen, dining area, entry, main living area, laundry room. This is a spacious condo not far from shopping, like Boca Park and the Summerlin area. Easy trip to Red Rock, golf, recreation. There is a dining area/nook that has sliding glass doors that go out to the covered patio. Large laundry area with washer and dryer shelving, extra storage space. There is also huge walk in storage area for bikes,etc. Located in a Gated Community that includes a nice pool to take a dip in or just lounge around. Nice well kept mature landscaping with trees and grassy area. This would be Great for a First Time Home Buyer, a nice Vacation-2nd home or even an Investment property as well. Modern Ceiling Fans & Lighting. see additional photos below PROPERTY FEATURES Central A/C Walk-in closet Tile floor Living room Dining room Breakfast nook Dishwasher Refrigerator Stove/Oven Microwave Washer Dryer Laundry area - inside Balcony, Deck, or Patio COMMUNITY FEATURES Swimming pool(s) Gated property OTHER SPECIAL FEATURES COMMUNITY INCLUDES POOL ADDITIONAL PHOTOS Photo 1 Photo 1 Photo 2 Photo 1 Photo 1 Contact info: Dawn Barrier Century 21 (702) 812-4550 For sale by agent/broker Equal Opportunity Housing

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