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Greg Erlanger

100 Homes Sold in 2009!!!

Wow! The market has definately changed since 2008. My team, The EZ Sales Team sold 81 homes in all of last year and have already sold over 100 this year! Hopefully, the government decides to continue the first time home buyer credit because it is definatley doing the trick. Whatever the outcome we are moveing some homes here in Greater Cleveland and want to remind the agents out there that we do offer a solid 30% referral! www.EZSalesTeam.com

Updated Federal Home Credit Info


FEATURE

CREDIT AS CREATED JULY 2008

APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008

REVISED CREDIT -

EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009

Amount of Credit

Lesser of 10 percent of cost of home or $7500

Maximum credit amount increased to $8000

Eligible Property

Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.

No change

All principal residences eligible.

Refundable

Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.

No change

Purchasers will continue to receive refund for unused amount when tax return is filed.

Income Limit

Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).

No change

Same income limits continue to apply.

First-time Homebuyer Only

Yes. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase.

No change

Still available for first-time purchasers only. Three-year rule continues to apply.

Revenue Bond Financing

No credit allowed if home financed with state/local bond funding.

Purchasers who utilize revenue bond financing can use credit.

Repayment

Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.

No repayment for purchases on or after January 1, 2009 and before December 1, 2009

Recapture

If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.

If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.

Termination

July 1, 2009

(But note program changes for 2009)

December 1, 2009

Effective Date

Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.

All revisions are effective as of January 1, 2009

First Time Home Buyer Credit Details Reported Today!

First-time home buyer tax credit details reported today!

Home buyers who hoped for a $15,000 tax credit to buy a new home, as promised by the Senate, will be disappointed. A proposed $35 billion credit to support home sales was jettisoned in favor of a more modest $2 billion to $3 billion provision.

The proposal would eliminate the repayment requirement in an existing tax credit for first-time home buyers, and raise the credit to $8,000 from $7,500. Congressional aides cautioned Wednesday that the credit's size was still subject to negotiation.

Contact The EZ Sales Team today for all your buying needs and/or financing questions!

The EZ Sales Team Real Estate First Time Home Buyer

Thanks,

The EZSalesTeam

216-916-7778

Info@EZSalesTeam.com

www.EZSalesTeam.com

Croker-Stearns work Completed!

Crocker-Stearns work Completed!

In a great turn of events the Crocker-Sterns work was completed after reports of another delay. Although the GPS devices don't have it right yet, you should. It will save residents traveling in and out of Westlake an average of 15 minutes depending on their route.

This improved connectivity should assist Crocker Park and other commercial business. The better these business do, the more tax dollars Westlake will be able to utilize to improve their already great city services and amenities! Great job and congrats to the City of Westlake and the residents!

Contact The EZ Sales Team when looking to buy or sell in Westlake Ohio. www.EZSalesTeam.com or 216-916-7778

Cleveland Ohio Realtor Referrals (30%)

Contact The EZ Sales Team today if you are looking to entrust your buyer/seller referrals with a Top Cleveland Realty Team! We will offer 30% referrals and will take great care of your clients!

Please check out our website for more information at www.EZSalesTeam.com or contact me today at Greg@EZSalesTeam.com

Thanks,

Greg