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Posted on Mon, Jun. 22, 2009
There have been a lot of questions regarding the first-time home buyer tax credit that was announced earlier this year. Some of the published information was unclear, and there was a great deal of confusion about how this plan was being implemented.
The U.S. Department of Housing and Urban Development initially released details regarding how this tax credit could be used to help first-time home buyers finance the purchase of homes using Federal Housing Administration loans. Here are the program details as they exist today:
Homes eligible for this credit are those purchased on or after Jan. 1, 2009, and before Dec. 1, 2009, by a first-time home buyer defined as a buyer who has not owned a principal residence during the three-year period prior to the present purchase. The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000. Any home that will be used as a principal residence will qualify for this credit, including single-family detached homes, townhouses and condominiums, manufactured and mobile homes, and houseboats.
Buyers are limited to modified adjusted gross incomes of $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns. Home buyers who exceed these income levels may be eligible for a partial tax credit up to income limits of $95,000 and $190,000, respectively.
Some taxpayers who have already purchased homes this year have elected to amend their 2008 tax returns to accelerate when the tax credit can be claimed. I strongly recommend that you consult your professional tax adviser/accountant for information relating to your specific circumstances.
Remember, unlike the tax credit announced in 2008, this tax credit does not have to be repaid and is refundable to the taxpayer. The home buyer credit can be claimed even if the taxpayer has little or no tax liability, and the federal government will send the taxpayer a check for some or all of the refundable tax credit.
Perhaps the most misunderstood aspect of this credit is the buyer's ability to "monetize" up to the full amount of the tax credit so the borrower can immediately apply these funds toward the home purchase. The government clarified its position that the credit can be advanced by HUD-approved nonprofit agencies to be used in addition to the 3.5 percent required down payment to pay closing costs and/or to increase the amount of down payment. In addition to the borrower's own cash investment, FHA allows parents, employers and other government entities to contribute toward the initial required funds. It is the aim of this program to help families purchase their first homes and help communities like ours that are struggling to deal with an oversupply of available housing.
If you are considering purchasing a primary residence and meet the qualifications listed above, the combination of this tax credit with discounted home prices and historically low interest rates is very enticing.
Written By Brian McMahon, a licensed mortgage broker.
Chinese drywall is a potential health risk and is in houses throughout the country, in particular in the South Florida area. The possible health threats associated with Chinese drywall include respiratory illness and other possible illnesses of which scientists are not yet aware due to the toxic nature of the drywall. It is important to know how to detect Chinese drywall in your home in order to avoid associated health risks.
Below is a link to a self-analysis of whether you have "Chinese Drywall" in your home. It asks several yes or no questions and also has good pictures of "normal" and "problem" systems.
http://www.doh.state.fl.us/environment/community/indoor-air/inspections.html
If you feel your home has Chinese drywall installed after following these tips, call a certified home inspector. You may consider calling your home's builder as well. Both options can inspect your home and tell you how to proceed.
Jordan Chancey
Leslie Wells Realty Inc.
Original Link provided by Andy Tolbert
Free Homeowner Workshop about Federal Mortgage
Relief And Other Options for Taking Control
Presented by the Sarasota-Bradenton Attorneys' Real Estate Council, Realtors and CPAs
WHAT:
A free seminar for homeowners seeking information on mortgage alternatives and pre-foreclosure options. The seminar will cover eligibility for the Housing Affordability and Stability Program (HASP), options for non-eligible HASP homeowners, avoiding scams and assembling the proper real estate team.
WHY:
In addition to the Obama's administration's plan for a federal foreclosure rescue, homeowners need to be aware of other alternatives to such programs, and how to develop a strategy to best protect their homes.
This is a crucial step in Florida, one of the 10 states leading the nation in foreclosure rates. Nationwide, foreclosure filings rose 30 percent in February from last year's levels, according to a recent report by RealtyTrac.
Homeowners concerned about their current mortgage situation to understand their options as early as possible.
WHEN:
Saturday, JUNE 27, 2009
10:00am- 11:00 am
WHERE:
Leslie Wells Realty 8338 US 301 NORTH, Parrish, Florida 34219
BANK OWNED- Cute 3 bedroom 1 bath home in a cul-de-sac. Kitchen has been updated with new cabinets and countertops. Flooring has been replaced with neutral tile in the main living areas, bedrooms need carpet. Home has already been painted, previous listing stated: roof approx. 4 years old, newer a/c and electrical panel.
PROOF OF FUNDS OR PREQUAL LETTER MUST ACCOMPANY ALL OFFERS. BANK ADDENDUMS WILL GENERATE UPON ACCEPTED OFFER. SELLER PAYS FOR AND SELECTS TITLE. CONTRACTS WILL NOT BE ASSIGNED.
819 E 28TH STREET CIR, BRADENTON
Sale Price: $31,000
MLS #: M5804037
Jordan Chancey REALTOR
Leslie Wells Realty Inc
941-545-8816
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A 6th Generation Manatee County Resident. Creativity and enthusiasm is what sets Jordan apart. As a full time committed REALTOR, Broker- Associate. Jordan has an exceptional knowledge of the market. (
Thank you for visiting Jordan Chancey with Leslie Wells Realty! You've made the perfect choice for all of your Real Estate needs. Whether buying or selling, my service is personalized to suit your every requirement. I'll be there with you every step of the way.
With over 30 years of local real estate experience, the name Leslie Wells Realty has become synonymous with quality Real Estate expertise.
Looking for a new development? Tampa Bay has many delightful choices. I have all the latest information on the area's hottest developments including waterfront, family-friendly, golf-course communities, 55+ communities, multi-acre communities, equestrian communities and more. I will happily prepare a tour package for you and your family!
Your time is valuable and buying a home is certainly an important decision that must be handled with prompt consideration for your needs.
When you're ready, give me a call or send me an e-mail . I'll respond quickly and help you to realize your dream. I'm committed to making your experience stress-free and enjoyable!
Creativity and enthusiasm is what sets Jordan apart. Each transaction is treated with an individualized marketing approach. As a full time committed REALTOR, Jordan has an exceptional knowledge of the market. Being a sixth generation Manatee County resident, he has a deep appreciation of the areas unique attributes. This, along with his superior customer service makes having Jordan as your personal REALTOR the right choice.
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Jordan has earned the prestigious Certified Distressed Property Expert® (CDPE) designation, having completed extensive training in foreclosure avoidance, with a particular emphasis on short sales.
Today, more than 13 percent of homeowners are delinquent on their mortgage or in the foreclosure process. This is occurring across all price ranges, and the fastest-growing category of homes in foreclosure is the luxury home market.
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~Member of the Parrish Professionals 2009- 2010
~Manatee Association of REALTORS 2009 Professional Standards Committee Member
~2009-2010 Manatee Association of REALTORS Stretegic Planning Committee Member
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Asset Managers!...
Specializing in REO properties in the Manatee County community.
Accepting any BPO or REO Assignment !
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Buyers, are you looking for a foreclosure deal?
Contact me NOW for a list of the hottest listings!
Direct 941.545.8816
Buying bank owned properties
There is a lot of interest in buying bank owned properties these days. A lot of information, some good and some bad, is floating around about the subject. Often the information offered is for sale, with the promise that you can make a lot of money with little effort once you know "the secret formula". The fact is that there are no secrets, and to make money does require effort.
What's an REO?
REO stands for "Real Estate Owned". These are properties that have gone through foreclosure and are now owned by the bank or mortgage company.
This is not the same as a property up for foreclosure auction. When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process. You must also be prepared to pay with cash in hand. And on top of all that, you'll receive the property 100% "as is". That could include existing liens and even current occupants that need to be evicted. A REO, by contrast, is a much "cleaner" and attractive transaction. The REO property did not find a buyer during foreclosure auction. The bank now owns it. The bank will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing. Do be aware that REO's may be exempt from normal disclosure requirements. In California, for example, banks are exempt from giving a Transfer Disclosure Statement, a document that normally requires sellers to tell you about any defects they are aware of.
Is it a bargain?
It's commonly assumed that any REO must be a bargain and an opportunity for easy money. This simply isn't true. You have to be very careful about buying a REO if your intent is to make money off of it. While it's true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much as they can for it. When considering the value of a REO, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. The bargains with money making potential exist, and many people do very well buying foreclosures. But there are also many REO's that are not good buys and not likely to turn a profit.
Ready to make an offer?
Most banks have a REO department that you'll work with in buying a REO property from them. Typically the REO department will use a listing agent to get their REO properties listed on the local MLS. Before making your offer, you'll want to contact either the listing agent or REO department at the bank and find out as much as you can about what they know about the condition of the property and what their process is for receiving offers. Since banks almost always sell REO properties "as is", you'll want to be sure and include an inspection contingency in your offer that gives you time to check for hidden damage and terminate the offer if you find it. As with making any offer on real estate, you'll make your offer more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender. After you've made your offer, you can expect the bank to make a counter offer. Then it will be up to you to decide whether to accept their counter, or offer a counter to the counter offer. Realize, you'll be dealing with a process that probably involves multiple people at the bank, and they don't work evenings or weekends. It's not unusual for the process of offers and counter offers to take days or even weeks.
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Ready to buy?
A number of factors determine the price range of homes you'll want to preview - one of these factors is loan pre-qualification.
As your agent, I will help you pre-qualify. Items considered when pre-qualifying for a mortgage loan include:
There are many different types of loans to consider - FHA, VA, Conventional and even Bad Credit Loans. We'll find the best loan for your situation.
To Pre-Qualifiy Call..
Janene McGowan
Bank Of America Home Loans
Senior Mortgage Loan Officer
2506 Manatee Ave W
Bradenton, FL 34205
Direct: (941) 708-3137
http://mortgage.bankofamerica.com/janenemcgowan
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Attention Agents:
Have a referral for a Buyer or Seller client in the Parrish Area?
You've come to the right place! Call me first!
The expert in Manatee County Real Estate.
Direct 941.545.8816
Proudly serving Parrish, Terra Ceia, Palmetto, Duette, Bradenton, Ellenton, Lakewood Ranch, Ruskin and Beyond!
Foreclosures: Bank and Corporate Owned Assets.
Buyers Agent: First time Buyer's, Investors, Relocating.
Experienced in Short-Sales: Listing and Consulting
Professional Listing Agent
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Dear Mrs. Wells,
I wanted to write to you, to commend Jordan Chancey for the way he handled the sale of our home. We were very pleased to work with someone of his integrity. We have, in the past, dealt with unethical realtors and we were a bit hesitant, but Jordan kept us very informed and the final product was just as he said it would be. Hats off to you for your choice of associates. Thanks again for a very positive experience.
Sincerely, Frank and Rev. Judith Coker
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Selling our home in 5-weeks was wonderful! Jordan Chancey was very professional and made something that should have been stressful into a very good experience. I would definitely recommend Jordan to anyone wanting to sell their home.
Laurence & Elaine M. Blairsville, GA
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Leslie Wells Realty conducted themselves professionally, punctually and performed in my best interest. I am very impressed by the firm and Jordan Chancey's cordial and good manner. In today's fast pace marketplace Jordan's behavior and work ethics are rare. Keep up the good work Jordan!
Mr. and Mrs. Norman C., Parrish, FL 34219
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