Frank Calandruccio - Middlesex County, NJ - www.thecalteam.com

The Cal Team of RE/MAX Country Invites you to . . .

AN EVENING OF WEB TECHNOLOGY IN

TODAY’S REAL ESTATE MARKET

· WIDGETS

· ACTIVE RAIN

· BLOGGING

· E CARDS

· TWITTER

· BRING YOUR LAPTOP

· WI-FI ACCESS

· VIRTUAL TOURS

Monday June 22, 2009

Beginning at 7pm

Adams A.C Hall

1214 Cozzens Lane

North Brunswick, NJ 08902

Buying or selling a home can be a challenging and stressful experience if you're trying to do it alone.

Enlisting the help of an experienced, qualified real estate agent can help calm your nerves and guide you through the process. There are laws in place to help ensure that you are provided with exactly what type of relationship you need and what you can expect from an agent when buying or selling your home.

It's important to understand the different types of relationships and decide on which is the best fit for you. Here is a list of those relationships:

Single agency
Buying or selling agents work exclusively with their client. In this relationship, agents must act on your behalf and promote your best interest. They can't disclose any confidential information, which includes anything that could have an adverse effect on your transaction to the other party. It's important to sign a buyer's agency contract or a listing agreement. These documents outline all the responsibilities the agent will perform.

Dual agency
Dual agency can occur under two circumstances. First, when a buyer and seller are working with the same agent, the agent can't share any confidential information with either party unless he or she has received written consent to disclose information. They may not support the position of one client over the other and must disclose any material defects of the property and prepare and present all offers and counter offers to each party.

Second, if the buyer decides to make an offer on a house that is listed under his or her agent's broker, the relationship could start out as a single agency relationship, but then change into a dual agency relationship. While most agents will continue to act as if it's a single agency relationship, it is important to be aware that type of information that is being shared with you and the other party could change.

Transaction agent
In order to avoid dual agency, an agent may choose to be a transaction agent. A transaction agent doesn't represent either party, but acts only as a facilitator to the transaction. These agents are responsible for proving the proper paper work and purchase contract. Transaction agency gives the agent more protection and takes away some of the responsibilities of dual agency.

Agency relationships aren't always established at the first meeting of the broker and the home buyer or seller. The relationship is established when an agent decides whose interests they will be serving; this is usually done through a disclosure form. State law declares that an agent must disclose his or her representation before showing you any properties.

When deciding on an agent, it's important to know the facts and consider the different relationships you can have with your agent. Talking with a professional, qualified agent before making a decision is in your best interest. He or she will be able to provide you with more detailed descriptions about the relationships and the laws in your state.

If you are looking for an agent who will always look out for your best interest please give us a call!

The Cal Team of RE/MAX Country

There is an $8000 first time home buyer tax credit!!!

If you're considering buying your first home, it's a great time to buy-and it just got even better! Thanks to the federal government's stimulus package, first-time buyers are entitled to a tax credit lesser of 10% of the cost of the home or $8,000.

Facts:
The new credit is an $8,000 refundable tax credit (or up to 10% of the purchase price). Refundable means that if your total tax liability in the given year is less than $8,000, the IRS will send a refund check for the balance.

Examples:
1 - If you owe $5,000 in taxes, the credit eliminates your tax liability, and you'll receive $3,000 back (assuming you bought a house worth more than $80,000; it is 10% of the purchase price up to $8,000).
2 - If you have no tax liability, you get $8,000. If you are due a refund of $1,000, you get $9,000 total back. Please consult your tax advisor regarding your specific situations.

If you utilize revenue bond financing, you can use the tax credit.

There's no repayment as long as you don't sell the home within three years of purchase. If you choose to do so, the entire amount of credit is due back to the government at the time of sale.

You cannot buy your home from a close relative such as a spouse, parent, grandparent, child or grandchild.

It can be claimed on your 2008 Tax Return (to be filed by April 15, 2009), an amended 2008 Tax Return, or your 2009 Tax Return.

Qualifications:
1 - You must be a first-time homebuyer. If you (and your spouse, if filing jointly) haven't owned a principal residence in the past 3 years, you qualify.
2 - You must purchase a single-family home that will be your primary residence (meaning you spend 50% or more of your time there) between Jan. 1 and Dec. 1, 2009. This includes single families, condos, townhouses and co-ops.
3 - It must also be in the U.S.
4 - The full amount of credit is available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). It begins phasing out after those numbers and completely disappears at income levels of $95,000 and $170,000 on a joint return.

Now is a great time to buy! Consult a tax advisor to see how the credit impacts you personally.

Call Frank to learn more about the tax credit. 732-762-1710

If you are currently in the market for your first home, you may be curious as to how a Real Estate Agent can help you. You are about to be making an important decision for your future, a great investment of both money and time. I have a wealth of experience helping first time buyers like you make sound, informed decisions.

Here are some ways that you can benefit from the help of a real estate professional:

• Agents can help establish a plan for a home that fits your needs. Style, size, amenities, and other preferences will help determine what kind of home is best suited for you.
  
• They will help you to determine realistic spending limits. They can often explain alternative financing options or introduce you to a mortgage counselor. Agents can arrange to have you "pre-approved", which can help improve your positioning in negotiations.
  
• Their access to all home listings within the multi-listing system enables them to evaluate based on your affordability and the qualities you desire.
  
• They have access to information on taxes, real estate values, utility costs, and municipal services, all of which can aid you in your decision to buy.
  
• They provide direct service by working for you as a buyer's agent, helping to negotiate the best terms and price for you.
  
• They can make you comfortable with the closing process and they will obtain closing figures in advance for your review.
  
• They can recommend home inspectors, pest inspectors, and surveyors, and can help arrange inspections.

These are just a few ways that a quality real estate agent can help you in your journey towards buying your very first home. More information for first time buyers can be found on my website or by calling me directly @ 732-762-1710. I'm confident that I can provide the kind of exceptional service that will make this process an exciting one. Please don't hesitate to call or e-mail me with any questions you may have.

Hope this helps!

If you're thinking of buying a home for the first time, you're probably a bit overwhelmed by the idea of it all. You have to think about whether or not to use a buyer's agent, how to secure a mortgage, and what exactly it is that you're looking for in a home. Most people forget to do one important thing: breathe.

The search for your first home can be stressful, so try not to put it all on your shoulders at once.

You probably have lots of questions. You are about to be making an important decision for your future, a great investment of both money and time. I have a wealth of experience helping first time buyers like you make sound, informed decisions. Here are some tips that can help make your home buying process successful:

Tip #1: Do Your Homework - The perfect home won't find you by itself. The key step in buying a home is doing the proper research. Educate yourself on local schools, neighborhoods, and the kinds of homes available. By reading available materials and talking with experts, you can start to put together your idea of the perfect home and location. Figuring out what town you want to live in is the first and most crucial step. Looking "all over the map" can be confusing and frustrating. Location is KEY and by narrowing it down to one (or two at the most) towns is crucial. This way you are comparing apples to apples when it is time to starting looking at the homes.

Tip #2: Start Planning - Most decisions benefit greatly from proper planning, and home buying is certainly no exception. Start a filing system with sections such as home buying, home financing, and service providers. By forming a home buying plan you can more easily focus on the most important factors and help give structure to the entire process.

Tip #3: Get Pre-Approved - Getting pre-approved for a loan normally only requires a short phone conversation with a lender, and can greatly help your home search. A pre-approval does not guarantee you a loan, but it does provide you with an estimated monthly payment and a price range to use as a guide when shopping for homes. Being pre-approved can also often indicate to sellers that you are a serious, prepared buyer.

Tip #4: Look for Value - When shopping for homes, it's important to consider potential value. Even if you're not planning to sell the home some time down the line, it's a good idea to consider the future value of the home. Protect yourself against things like falling prices and gradual shifts in the nature of the neighborhood. You may not think of a new home as a means to make money, but it's an important investment that requires caution.

Tip #5: Decide What You're Looking For - Settle on the home features that are important to you (garage, basement, two full baths, architectural style, etc.) and make an ordered list. Having well established guidelines will help narrow down your search and will prevent you from being shown properties that lack your key amenities. It can help you make the decision not to buy an attractive property that does not really fit your needs.

Tip #6: Do "Drive-Bys" - After finding homes you "like" on the Internet, go do a drive-by of the neighborhood and the home itself. This is something that won't only save you time, but save you confusion as well. The worst thing you can do as a buyer is to walk in a home that you know you would never buy because of the area or the exterior aesthetics. This will also help you get a feel for the location and neighborhoods that you like.

Tip #7: Relax - You don't have to make an offer on the first home you see. Make sure to look at other listings in the area to get a feel for the marketplace. When you decide to make an offer on a house, consult with your real estate professional so that all of your questions are answered. After all, the process can be as exciting or as stressful as you make it!

Sometimes the most important thing is getting pointed in the right direction. More information for first time buyers can be found on our website, or by emailing us. Don't hesitate to contact me with any questions you may have, I would love to be of assistance to you.

Hope this helped. Good luck and most importantly, have fun!