Fred Collins

About Us:

Hello and thank you for visiting! It is my goal as your full service real estate professional specializing in the Central and Gulf Coast areas of Florida, to provide you with superior service at all times. My local expertise and extensive real estate experience will benefit you whether you are serious about buying or selling a home at this time, or are a returning client checking out the many homeowner resources I offer.

Knowledge. YOU DESERVE THE BEST. When you use me as your REALTOR®, you are getting someone who has exceeded the basic training requirements to sell Real Estate in Florida. I'm a licensed Real Estate Broker, I'm also a Licensed Mortgage Broker as well as a Licensed Florida Notary Public. My customers are getting the most qualified individual in the business to assist them.

I've found that having first hand experience handling delicate negotiations, maintaining and exceeding professional competence helps you avoid legal pitfalls that could cost you money. Then I utilize my skills at orchestrating sophisticated marketing strategies to give my customers "the ultimate real estate professional". I've built my success by delivering this exceptional service, one customer at a time.

Will Exceed, Excell & Astonish

Integrity. Every aspect of my life, from personal to professional matters is approached with a strong foundation in faith and the highest standards of integrity. Some might consider it an old-fashioned way to do business; but for me, its the only way.

Leadership.My background as a Manager in customer service for a top 10 Fortune 500 Company has given me a strong foundation that benefits my customers. I have the vision and commitment to deliver the personalized service and outstanding results you deserve.

Buying a home? I look forward to helping you select the home of your dreams by taking time to listen to your needs and desires.

Selling a home? My real estate expertise and many effective marketing programs will give you the exposure and edge you need to sell your home quickly for top dollar. Let me show you how I turn JUST LISTED into JUST $OLD

Returning Client? I appreciate the opportunity to continue to serve you and hope you take advantage of the valuable resources I provide. Come back to visit often!

If you have dreams

....I have solutions

lOOKING FOR A Mortgage? Want to refinance your Home? Need information about Loans. I can provide that information and help you find the right loan that meets your needs!

Fred A. Collins LLC

Broker Associate

Wagner Realty

(941) 518-9421

Current License & Memberships held by Fred A. Collins:

License Real Estate Broker

License Mortgage Broker

License Notary Public State of Florida

Member:

National Association of Realtors®

Florida Association of Realtors®

Manatee Association of Realtors®

Greater Tampa Association of Realtors®

National Association of Mortgage Brokers

Project Management Institute (PMI)

Florida Notary Association

FIRST-TIME HOMEBUYER TAX CREDIT

Frequently Asked Questions

In 2008, Congress enacted a $7500 tax credit designed to be an incentive for first-time homebuyers to purchase a home. The credit was designed as a mechanism to decrease the over-supply of homes for sale. For 2009, Congress has increased the credit to $8000 and made several additional improvements. This revised $8000 tax credit applies to purchases on or after January 1, 2009 and before December 1, 2009. Tax Credits -- The Basics

1. What's this new homebuyer tax incentive for 2009?

The 2008 $7500, repayable credit is increased to $8000 and the repayment feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more qualifies for the full $8000 amount. If the house costs less than $80,000, the credit will be 10% of the cost. Thus, if an individual purchased a home for $75,000, the credit would be $7500. It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.

2. Who is eligible?

Only first-time homebuyers are eligible. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase.

3. How does a tax credit work?

Every dollar of a tax credit reduces income taxes by a dollar. Credits are claimed on an individual's income tax return. Thus, a qualified purchaser would figure out all the income items and exemptions and make all the calculations required to figure out his/her total tax due. Then, once the total tax owed has been computed, tax credits are applied to reduce the total tax bill. So, if before taking any credits on a tax return a person has total tax liability of $9500, an $8000 credit would wipe out all but $1500 of the tax due. ($9,500 - $8000 = $1500)

4. So what happens if the purchaser is eligible for an $8000 credit but their entire income tax liability for the year is only $6000?

This tax credit is what's called "refundable" credit. Thus, if the eligible purchaser's total tax liability was $6000, the IRS would send the purchaser a check for $2000. The refundable amount is the difference

between $8000 credit amount and the amount of tax liability. ($8000 - $6000 = $2000) Most taxpayers determine their tax liability by referring to tables that the IRS prepares each year.

5. How does withholding affect my tax credit and my refund?

A few examples are provided at the end of this document. There are several steps in this calculation, but most income tax software programs are equipped to make that determination.

6. Is there an income restriction?

Yes. The income restriction is based on the tax filing status the purchaser claims when filing his/her income tax return. Individuals filing Form 1040 as Single (or Head of Household) are eligible for the credit if their income is no more than $75,000. Married couples who file a Joint return may have income of no more than $150,000.

7. How is my "income" determined?

For most individuals, income is defined and calculated in the same manner as their Adjusted Gross Income (AGI) on their 1040 income tax return. AGI includes items like wages, salaries, interest and dividends, pension and retirement earnings, rental income and a host of other elements. AGI is the final number that appears on the bottom line of the front page of an IRS Form 1040.

8. What if I worked abroad for part of the year?

Some individuals have earned income and/or receive housing allowances while working outside the US. Their income will be adjusted to reflect those items to measure Modified Adjusted Gross Income (MAGI). Their eligibility for the credit will be based on their MAGI.

9. Do individuals with incomes higher than the $75,000 or $150,000 limits lose all the benefit of the credit?

Not always. The credit phases-out between $75,000 - $95,000 for singles and $150,000 - $170,000 for married filing joint. The closer a buyer comes to the maximum phase-out amount, the smaller the credit will be. The law provides a formula to gradually withdraw the credit. Thus, the credit will disappear after an individual's income reaches $95,000 (single return) or $170,000 (joint return). For example, if a married couple had income of $165,000, their credit would be reduced by 75% as shown: Couple's income $165,000 Income limit 150,000 Excess income $15,000 The excess income amount ($15,000 in this example) is used to form a fraction. The numerator of the fraction is the excess income amount ($15,000). The denominator is $20,000 (specified by the statute).

In this example, the disallowed portion of the credit is 75% of $8000, or $6000 ($15,000/$20,000 = 75% x $8000 = $6000) Stated another way, only 25% of the credit amount would be allowed. In this example, the allowable credit would be $2000 (25% x $8000 = $2000)

10. What's the definition of "principal residence?"

Generally, a principal residence is the home where an individual spends most of his/her time (generally defined as more than 50%). It is also defined as "owner-occupied" housing. The term includes single-family detached housing, condos or co-ops, townhouses or any similar type of new or existing dwelling. Even some houseboats or manufactured homes count as principal residences.

11. Are there restrictions on the location of the property?

Yes. The home must be located in the United States. Property located outside the US is not eligible for the credit.

12. Are there restrictions related to the financing for the mortgage on the property?

In 2009, most financing arrangements are acceptable and will not affect eligibility for the credit. Congress eliminated the financing restriction that applied in 2008. (In 2008, purchasers were ineligible for the $7500 credit if the financing was obtained by means of mortgage revenue bonds.) Now, mortgage-revenue bond financing will not disqualify an otherwise-eligible purchaser. (Mortgage revenue bonds are tax-exempt bonds issued by a state housing agency. Proceeds from the bonds must be used for below market loans to qualified buyers.)

13. Do I have to repay the 2009 tax credit?

NO.

14. Do 2008 purchasers still have to repay their tax credit?

YES.

15. How do I apply for the credit?

There is no pre-purchase authorization, application or similar approval process. All eligible purchasers simply claim the credit on their IRS Form 1040 tax return. The credit will be reflected on a new Form 5405 that will be attached to the 1040. Form 5405 can be found at www.irs.gov.

16. So I can't use the credit amount as part of my downpayment?

No. Congress tried hard to devise a mechanism that would make the funds available for closing costs, but found that pre-funding would require cumbersome processes that would, in effect, bring the IRS into the purchase and settlement phase of the transaction.

17. So there's no way to get any cash flow benefits before I file my tax return?

Yes, there is. Any first-time homebuyers who believe they are eligible for all or part of the credit can modify their income tax withholding (through their employers) or adjust their quarterly estimated tax payments. Individuals subject to income tax withholding would get an IRS Form W-4 from their employer, follow the instructions on the schedules provided and give the completed Form W-4 back to the employer. In many cases their withholding would decrease and their take-home pay would increase. Those who make estimated tax payments would make similar adjustments. Some "Real World" Examples

18. What if I purchase later this year but can't get to settlement before December 1?

Available for purchases before December 1, 2009. A home is considered as "purchased" when all events have occurred that transfer the title from the seller to the new purchaser. Thus, closings must occur before December 1, 2009 for purchases to be eligible for the credit.

19. I haven't even filed my 2008 tax return yet. If I buy in 2009, do I have to wait until next year to get the benefit of the credit?

You'll have a helpful choice that might speed up the process. Eligible homebuyers who make their purchase between January 1, 2009 and December 1, 2009 can treat the purchase as if it had occurred on December 31, 2008. Thus, they can claim the credit on their 2008 tax return that is due on April 15, 2009. They actually have three filing options.

If they purchase between January 1, 2009 and April 15, 2009, they can claim the $8000 credit on the 2008 return due on April 15.

They can extend their 2008 income-tax filing until as late as October 15, 2009. (The IRS grants automatic extensions, but the taxpayer must file for the extension. See www.irs.gov for instructions on how to obtain an extension.)

If they have filed their 2008 return before they purchase the home, they may file an amended 2008 tax return on Form 1040X. (Form 1040X is available at www.irs.gov)

Of course, 2009 purchasers will always have the option of claiming the credit for the 2009 purchase on their 2009 return. Their 2009 tax return is due on April 15, 2010.

20. I purchased my home in early 2009 before the stimulus bill was enacted. I claimed a $7500 tax credit on my 2008 return as prior law had permitted. Am I restricted to just a $7500 credit?

No, you would qualify for the $8000 credit. Eligible purchasers who have already claimed the $7500 credit on a 2008 return for a 2009 purchase may file an amended return (IRS Form 1040X) for the 2008 tax year. This amended return will enable them to obtain the additional $500 credit amount.

21. If I claim my 2009 $8000 credit on my 2008 tax return, will I have to repay the credit just as the 2008 credits are repaid?

No. Congress anticipated this confusion and has made specific provision so that there would be no repayment of 2009 credits that are claimed on 2008 returns.

22. I made an eligible purchase of a principal residence in May 2008 and claimed the $7500 credit on my 2008 tax return. My brother, who has never owned a home, wishes to purchase a partial interest in the home this spring and move in. Will he qualify for the $8000 credit, as well?

No. Any purchase of a principal residence (or interest in a principal residence) from a related party such as a sibling, parent, grandparent, aunt or uncle is ineligible for the tax credit. Since you and your brother are related in this way, he cannot qualify for the credit on any portion of the home that he purchases from you, even if he is a first-time homebuyer.

23. I live in the District of Columbia. If I qualify as a first-time homebuyer, can I use both the $5000 DC credit and the $8000 credit?

No; double dipping is not allowed. You would be eligible for only the $8000 credit. This will be an advantage because of the higher credit amount, plus the eligibility requirements for the $8000 credit are somewhat more easily satisfied than the DC credit.

24. I know there is no repayment requirement for the $8000 credit. Will I ever have to repay any of the credit back to the government?

One situation does require a recapture payment back to the government. If you claim the credit but then sell the property within 3 years of the date of purchase, you are required to pay back the full amount of any credit, including any refund you received from it. A few exceptions apply. (See below, #24). Note that this same 3-year recapture rule applies, as well, to the $7500 credit available for 2008. This provision is designed as an anti-flipping rule.

25. What if I die or get divorced or my property is ruined in a natural disaster within the 3 years?

The repayment rules are eased for many circumstances. If the homeowner who used the credit dies within the first three years of ownership, there is no recapture. Special rules make adjustments for people who sell homes as part of a divorce settlement, as well. Similarly, adjustments are made in the case of a home that is part of an involuntary conversion (property is destroyed in a natural disaster or subject to condemnation by eminent domain by an authorized agency) within the first three years.

26. I have a home under construction. Am I eligible for the credit?

Yes, so long as you actually occupy the home before December 1, 2009. WITHHOLDING EXAMPLES: Note: The impact of estimated tax payments would be the same. Sally plans her withholding so that her withholding is as close as possible to what she anticipates as her income tax liability for the year. When she fills out her 1040, her liability is $6000. She has had $6000 withheld from her paycheck. She also qualifies for the $8000 homebuyer credit. Result: Sally's withholding satisfies her tax liability and reduces it to zero. She will receive a refund of the full $8000. Situation 2: Nick and Nora file a joint return. Nick is self-employed and makes estimated payments; Nora has taxes withheld from her salary. When they compute their taxes, their combined withholding and estimated tax payments are $11,000. Their income tax liability is $9800. They also qualified as first-time homebuyers and are eligible for the $8000 refundable tax credit. Result: Ordinarily, their combined estimated tax payments and withholding would make them eligible for a refund of $1200 ($11,000 - $9800 = $1200). Because they are eligible for the refundable tax credit as well, they will receive a refund of $9200 ($1200 income tax refund + $8000 refundable tax credit = $9200) Situation 3: Cesar and LuzMaria both have income taxes withheld from their salaries and file a joint return. When they file their income tax return, their combined withholding is $5000. However, their total tax liability is $7200, generating an additional income tax liability of $2200 ($7200 - $5000). They also qualify for the $8000 first-time homebuyer tax credit. Result: Cesar and LuzMaria have been under-withheld by $2200. Ordinarily, they would be required to pay the additional $2200 they owe (plus any applicable interest and penalties). Because they are eligible for the refundable homebuyer tax credit, the credit will cover the $2200 additional liability. In addition, they will receive an income tax refund of $5800 ($8000 - $2200 = $5800). If they owed penalties and/or interest, that amount would reduce the refund. Situation 1:

FIRST-TIME HOMEBUYER TAX CREDIT

Frequently Asked Questions

In 2008, Congress enacted a $7500 tax credit designed to be an incentive for first-time homebuyers to purchase a home. The credit was designed as a mechanism to decrease the over-supply of homes for sale. For 2009, Congress has increased the credit to $8000 and made several additional improvements. This revised $8000 tax credit applies to purchases on or after January 1, 2009 and before December 1, 2009. Tax Credits -- The Basics

1. What's this new homebuyer tax incentive for 2009?

The 2008 $7500, repayable credit is increased to $8000 and the repayment feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more qualifies for the full $8000 amount. If the house costs less than $80,000, the credit will be 10% of the cost. Thus, if an individual purchased a home for $75,000, the credit would be $7500. It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.

2. Who is eligible?

Only first-time homebuyers are eligible. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase.

3. How does a tax credit work?

Every dollar of a tax credit reduces income taxes by a dollar. Credits are claimed on an individual's income tax return. Thus, a qualified purchaser would figure out all the income items and exemptions and make all the calculations required to figure out his/her total tax due. Then, once the total tax owed has been computed, tax credits are applied to reduce the total tax bill. So, if before taking any credits on a tax return a person has total tax liability of $9500, an $8000 credit would wipe out all but $1500 of the tax due. ($9,500 - $8000 = $1500)

4. So what happens if the purchaser is eligible for an $8000 credit but their entire income tax liability for the year is only $6000?

This tax credit is what's called "refundable" credit. Thus, if the eligible purchaser's total tax liability was $6000, the IRS would send the purchaser a check for $2000. The refundable amount is the difference

between $8000 credit amount and the amount of tax liability. ($8000 - $6000 = $2000) Most taxpayers determine their tax liability by referring to tables that the IRS prepares each year.

5. How does withholding affect my tax credit and my refund?

A few examples are provided at the end of this document. There are several steps in this calculation, but most income tax software programs are equipped to make that determination.

6. Is there an income restriction?

Yes. The income restriction is based on the tax filing status the purchaser claims when filing his/her income tax return. Individuals filing Form 1040 as Single (or Head of Household) are eligible for the credit if their income is no more than $75,000. Married couples who file a Joint return may have income of no more than $150,000.

7. How is my "income" determined?

For most individuals, income is defined and calculated in the same manner as their Adjusted Gross Income (AGI) on their 1040 income tax return. AGI includes items like wages, salaries, interest and dividends, pension and retirement earnings, rental income and a host of other elements. AGI is the final number that appears on the bottom line of the front page of an IRS Form 1040.

8. What if I worked abroad for part of the year?

Some individuals have earned income and/or receive housing allowances while working outside the US. Their income will be adjusted to reflect those items to measure Modified Adjusted Gross Income (MAGI). Their eligibility for the credit will be based on their MAGI.

9. Do individuals with incomes higher than the $75,000 or $150,000 limits lose all the benefit of the credit?

Not always. The credit phases-out between $75,000 - $95,000 for singles and $150,000 - $170,000 for married filing joint. The closer a buyer comes to the maximum phase-out amount, the smaller the credit will be. The law provides a formula to gradually withdraw the credit. Thus, the credit will disappear after an individual's income reaches $95,000 (single return) or $170,000 (joint return). For example, if a married couple had income of $165,000, their credit would be reduced by 75% as shown: Couple's income $165,000 Income limit 150,000 Excess income $15,000 The excess income amount ($15,000 in this example) is used to form a fraction. The numerator of the fraction is the excess income amount ($15,000). The denominator is $20,000 (specified by the statute).

In this example, the disallowed portion of the credit is 75% of $8000, or $6000 ($15,000/$20,000 = 75% x $8000 = $6000) Stated another way, only 25% of the credit amount would be allowed. In this example, the allowable credit would be $2000 (25% x $8000 = $2000)

10. What's the definition of "principal residence?"

Generally, a principal residence is the home where an individual spends most of his/her time (generally defined as more than 50%). It is also defined as "owner-occupied" housing. The term includes single-family detached housing, condos or co-ops, townhouses or any similar type of new or existing dwelling. Even some houseboats or manufactured homes count as principal residences.

11. Are there restrictions on the location of the property?

Yes. The home must be located in the United States. Property located outside the US is not eligible for the credit.

12. Are there restrictions related to the financing for the mortgage on the property?

In 2009, most financing arrangements are acceptable and will not affect eligibility for the credit. Congress eliminated the financing restriction that applied in 2008. (In 2008, purchasers were ineligible for the $7500 credit if the financing was obtained by means of mortgage revenue bonds.) Now, mortgage-revenue bond financing will not disqualify an otherwise-eligible purchaser. (Mortgage revenue bonds are tax-exempt bonds issued by a state housing agency. Proceeds from the bonds must be used for below market loans to qualified buyers.)

13. Do I have to repay the 2009 tax credit?

NO.

14. Do 2008 purchasers still have to repay their tax credit?

YES.

The $7500 credit in 2008 was more like an interest-free loan. All eligible purchasers who claimed the 2008 credit will still be required to repay it over 15 years, starting with their 2010 tax return. Some Practical Questions

15. How do I apply for the credit?

There is no pre-purchase authorization, application or similar approval process. All eligible purchasers simply claim the credit on their IRS Form 1040 tax return. The credit will be reflected on a new Form 5405 that will be attached to the 1040. Form 5405 can be found at www.irs.gov.

16. So I can't use the credit amount as part of my downpayment?

No. Congress tried hard to devise a mechanism that would make the funds available for closing costs, but found that pre-funding would require cumbersome processes that would, in effect, bring the IRS into the purchase and settlement phase of the transaction.

17. So there's no way to get any cash flow benefits before I file my tax return?

Yes, there is. Any first-time homebuyers who believe they are eligible for all or part of the credit can modify their income tax withholding (through their employers) or adjust their quarterly estimated tax payments. Individuals subject to income tax withholding would get an IRS Form W-4 from their employer, follow the instructions on the schedules provided and give the completed Form W-4 back to the employer. In many cases their withholding would decrease and their take-home pay would increase. Those who make estimated tax payments would make similar adjustments. Some "Real World" Examples

18. What if I purchase later this year but can't get to settlement before December 1?

The credit is available for purchases before December 1, 2009. A home is considered as "purchased" when all events have occurred that transfer the title from the seller to the new purchaser. Thus, closings must occur before December 1, 2009 for purchases to be eligible for the credit.

19. I haven't even filed my 2008 tax return yet. If I buy in 2009, do I have to wait until next year to get the benefit of the credit?

You'll have a helpful choice that might speed up the process. Eligible homebuyers who make their purchase between January 1, 2009 and December 1, 2009 can treat the purchase as if it had occurred on December 31, 2008. Thus, they can claim the credit on their 2008 tax return that is due on April 15, 2009. They actually have three filing options.

If they purchase between January 1, 2009 and April 15, 2009, they can claim the $8000 credit on the 2008 return due on April 15.

They can extend their 2008 income-tax filing until as late as October 15, 2009. (The IRS grants automatic extensions, but the taxpayer must file for the extension. See www.irs.gov for instructions on how to obtain an extension.)

If they have filed their 2008 return before they purchase the home, they may file an amended 2008 tax return on Form 1040X. (Form 1040X is available at www.irs.gov)

Of course, 2009 purchasers will always have the option of claiming the credit for the 2009 purchase on their 2009 return. Their 2009 tax return is due on April 15, 2010.

20. I purchased my home in early 2009 before the stimulus bill was enacted. I claimed a $7500 tax credit on my 2008 return as prior law had permitted. Am I restricted to just a $7500 credit?

No, you would qualify for the $8000 credit. Eligible purchasers who have already claimed the $7500 credit on a 2008 return for a 2009 purchase may file an amended return (IRS Form 1040X) for the 2008 tax year. This amended return will enable them to obtain the additional $500 credit amount.

21. If I claim my 2009 $8000 credit on my 2008 tax return, will I have to repay the credit just as the 2008 credits are repaid?

No. Congress anticipated this confusion and has made specific provision so that there would be no repayment of 2009 credits that are claimed on 2008 returns.

22. I made an eligible purchase of a principal residence in May 2008 and claimed the $7500 credit on my 2008 tax return. My brother, who has never owned a home, wishes to purchase a partial interest in the home this spring and move in. Will he qualify for the $8000 credit, as well?

No. Any purchase of a principal residence (or interest in a principal residence) from a related party such as a sibling, parent, grandparent, aunt or uncle is ineligible for the tax credit. Since you and your brother are related in this way, he cannot qualify for the credit on any portion of the home that he purchases from you, even if he is a first-time homebuyer.

23. I live in the District of Columbia. If I qualify as a first-time homebuyer, can I use both the $5000 DC credit and the $8000 credit?

No; double dipping is not allowed. You would be eligible for only the $8000 credit. This will be an advantage because of the higher credit amount, plus the eligibility requirements for the $8000 credit are somewhat more easily satisfied than the DC credit.

24. I know there is no repayment requirement for the $8000 credit. Will I ever have to repay any of the credit back to the government?

One situation does require a recapture payment back to the government. If you claim the credit but then sell the property within 3 years of the date of purchase, you are required to pay back the full amount of any credit, including any refund you received from it. A few exceptions apply. (See below, #24). Note that this same 3-year recapture rule applies, as well, to the $7500 credit available for 2008. This provision is designed as an anti-flipping rule.

25. What if I die or get divorced or my property is ruined in a natural disaster within the 3 years?

The repayment rules are eased for many circumstances. If the homeowner who used the credit dies within the first three years of ownership, there is no recapture. Special rules make adjustments for people who sell homes as part of a divorce settlement, as well. Similarly, adjustments are made in the case of a home that is part of an involuntary conversion (property is destroyed in a natural disaster or subject to condemnation by eminent domain by an authorized agency) within the first three years.

26. I have a home under construction. Am I eligible for the credit?

Yes, so long as you actually occupy the home before December 1, 2009. WITHHOLDING EXAMPLES: Note: The impact of estimated tax payments would be the same. Sally plans her withholding so that her withholding is as close as possible to what she anticipates as her income tax liability for the year. When she fills out her 1040, her liability is $6000. She has had $6000 withheld from her paycheck. She also qualifies for the $8000 homebuyer credit. Result: Sally's withholding satisfies her tax liability and reduces it to zero. She will receive a refund of the full $8000. Situation 2: Nick and Nora file a joint return. Nick is self-employed and makes estimated payments; Nora has taxes withheld from her salary. When they compute their taxes, their combined withholding and estimated tax payments are $11,000. Their income tax liability is $9800. They also qualified as first-time homebuyers and are eligible for the $8000 refundable tax credit. Result: Ordinarily, their combined estimated tax payments and withholding would make them eligible for a refund of $1200 ($11,000 - $9800 = $1200). Because they are eligible for the refundable tax credit as well, they will receive a refund of $9200 ($1200 income tax refund + $8000 refundable tax credit = $9200) Situation 3: Cesar and LuzMaria both have income taxes withheld from their salaries and file a joint return. When they file their income tax return, their combined withholding is $5000. However, their total tax liability is $7200, generating an additional income tax liability of $2200 ($7200 - $5000). They also qualify for the $8000 first-time homebuyer tax credit. Result: Cesar and LuzMaria have been under-withheld by $2200. Ordinarily, they would be required to pay the additional $2200 they owe (plus any applicable interest and penalties). Because they are eligible for the refundable homebuyer tax credit, the credit will cover the $2200 additional liability. In addition, they will receive an income tax refund of $5800 ($8000 - $2200 = $5800). If they owed penalties and/or interest, that amount would reduce the refund. Situation 1:

There is no repayment for 2009 tax credits.

The $7500 credit in 2008 was more like an interest-free loan. All eligible purchasers who claimed the 2008 credit will still be required to repay it over 15 years, starting with their 2010 tax return. Some Practical Questions There is no repayment for 2009 tax credits.

Areas of Expertise

CHOOSING YOUR REALTOR®

The most important decision you will make in the sale of your home is the REALTOR® you choose.

1. Be sure to find someone you feel comfortable with. If you don't feel you can ask questions or go to your REALTOR®, you have the wrong person.

2. Choose a local REALTOR®. We have lived and worked in Palmetto area for 35 years. I've been active in the local schools, civic associations and youth clubs.

3. Look for a REALTOR® who tells you what he or she knows from experience in the market, and not what they think you want to hear. Flattery may sometimes get the listing, but it doesn't sell the home!

My business ties me strongly to my valued clients and my goal is to continue to extend you a level of service and attention that is not dependant on whether you are prepared to do a transaction. I appreciate the opportunity to serve you and have designed my site to provide you, as a homeowner, valuable resources that can assist you in your goals, hobbies, and living.

Please feel free to bookmark my site to take advantage of the latest market news, community information, school profiles and more. Feel free to contact me with any questions you may have about real estate or the community. And if you know of someone that may be interested in making the exciting decision to buy or sell a home, I would be honored to provide the same level of superior service. I greatly appreciate your support!

First Time Home Buyers

Investors

Veterans

Home Owners

Looking for that perfect Home or Loan? Let me put my experience to work for you. I work exclusively with my customers. You'll never be passed along to an assistant.

Buying a home is an exciting time in one's life. Making the smart move of choosing a REALTOR® is your first step to ensuring that your new home and community meets your needs. My services and experience range from financial aid to helping you find the home that best suits you and your family. For your convenience, I also provide listings by email. I pride myself on repeat business and hope you'll come to understand why.

How I Can Help
Before you start looking
Closing Costs

As Your Agent, I Will:

• Assure that you see all the properties in the area that meet your criteria.
• Guide you through the entire home buying process, from finding homes to look at, to getting the best financing.
• Make sure you don't pay too much for your new home and help you avoid costly mistakes.
• Answer all of your questions about the local market area, including schools, neighborhoods, the local economy, and more.

Before You Start Looking For Your New Home:

• Check your credit rating. Straighten out any errors before its too late.
• Determine a comfortable monthly budget for your new purchase, including down payment and monthly payment.
• As a Licensed Mortgage Broker let me assist you in finding a loan program that meets your needs and get pre-qualified (preferably pre-approved).
• Choose a REALTOR® that you trust and who understands your needs.
• Determine what neighborhood best matches your needs.
• Identify important features you need your new home to have.

Closing Costs to Expect:

• Lender fees include charges for loan processing, underwriting, preparation and establishing an escrow account.
• Third-party fees include charges for insurance, title search, and other inspections such as termites.
• Government fees include deed recording and state & local mortgage taxes.
• Escrow and interest fees include homeowner's insurance, loan interest, real estate taxes, and occasionally private mortgage insurance.

Find out how much your closing costs could be.

Selling your home shouldn't be a stressful ordeal. Making the smart move of choosing a REALTOR® is your first step to ensuring that your investment in your home pays off. My services and experience allow you to focus on your move while I manage your home sale from our initial consultation to the closing deal, and beyond. I pride myself on repeat business and hope you'll come to understand why.

What I will do for you
Recent Home Sales
Getting the highest price
Closing Costs

As Your Agent, I Will:

• Complete a comparative market analysis that will compare your home's value to that of your neighbors.
• Compile a comprehensive plan detailing all the efforts I will employ to sell your home, including Internet and local media.
• Present your home to as many qualified buyers as possible getting your home maximum exposure.
• Help you stage your home and generate curb appeal to ensure you get the highest price.
• Assist with obtaining offers and help you in negotiating the best deal as smoothly as possible.
• Help you find your next home and answer all of your questions about the local market area, including schools, neighborhoods, the local economy, and more.

Recent Home Sales

What are homes selling for on your street? E- mail me some basic information, such as street address, city and state and and I will send you a list showing what neighborhood homes are selling for, free of charge, or if you like I can provide you with a more detailed analysis of the value of your home. Just let me know which report you would like to receive.

Getting the Highest Price for Your Home

Curb appeal is key and could make a difference whether people stop and take a flyer, or drive right by. Here are a few tips to increase the curb appeal of your home. Staging your home is important. Many buyers will stay in your home longer if it's staged appropriately. We have compiled some ideas to present your home in the most effective manner.

Closing Costs to Expect:

• Title insurance fees depend on the sales price of the home.
• Broker's commission is a full-service fee and will cost anywhere between 5% to 7%.
• Local property transfer tax, country transfer tax, state transfer tax, and state capital gains tax are the charges that you'll pay for the privilege of selling your home. Credit to the buyer of unpaid real estate taxes for the prior or current year are variable and depend on when you close and when your taxes are due.
• FHA fees and costs are all fees are now negotiable between an FHA buyer and seller.
• Home inspections fees are in some circumstances paid for by the seller and include pest, radon and other inspections.
• Miscellaneous fees can accrue from correcting problems noticed during the home inspection.

Find out how much your closing costs could be.

With inventory diminishing daily and multiple offers being extremely common, it is of great importance that you position yourself to have the best chance to get your offer accepted.

Enhance your chance of getting the home of your choice by doing the following:

First, get pre-approved for the purchase. This takes very little time and is of great value. At this time, identify the price range for which you qualify and which fits your lifestyle.

Submit a strong competitive offer. Submit the offer as if there will be multiple offers. Include substantial earnest money deposit. Acceptance of an offer is sometimes determined by the amount of the deposit. A larger amount may signify a bigger commitment to the seller.

Minimize or eliminate contingencies; the fewer contingencies, the stronger the offer.

Make a buyer profile available. Include time on the job, flexibility, and reason for purchasing seller's home.

Be prepared to preview a new property quickly. Homes sometimes sell in hours. Be prepared to make decisions quickly and be accessible to change the terms instantly. Buyer and agent need to have instant communication access via office phone, voice mail, fax, pager or cellular phone.

The following are some items you should have with you when applying for a mortgage:

1. Copy of your Purchase & Sale Agreement.
2. Your present mortgage information.
3. Two-year history of employment and verification of all income sources.
4. If self-employed, copies of past two years Federal Income Tax Returns.
5. Information about your checking, savings and credit card accounts.
6. Name, account number and outstanding balance of each of your debts.
7. Application deposits.
8. Information about any assets, including information regarding any other assets that will be used as funds to close.
9. If FHA - Copy of Social Security card and photo ID.
10. If VA - Certificate of Eligibility or DD214If Employee Relocation Client.
11. Include relocation information and copy of offer, promissory note and copy of check on bridge loan.

The following are some good questions to discuss with your lender when applying for a home loan:

Are both fixed-rate and adjustable mortgage loans available?

1. What is the interest rate?
2. How long can I "lock-in" the financing at the current interest rate?
3. Is a float down lock available in case rates drop after I have locked in?
4. What are the other fees a lender may charge me in conjunction with my loan?
5. Are funds for a second mortgage available?
6. On adjustable loans, how often will the interest rate be adjusted?
7. Is there a maximum limit on each rate change?
8. How often will the monthly payment be adjusted?
9. Is there a ceiling on payment adjustments?
10. Can the term of the loan be extended?
11. What is the maximum rate that can be charged over the life of the loan?
12. Is there any potential for negative amortization?
13. Is there a pre-payment penalty clause? This involves extra charges for paying off the loan before maturity. About 80% of all loans in the United States are paid off early.
14. What is the "grace" period?
15. How late can a monthly payment be made before a late charge is assessed?
16. What will happen if a payment is missed?
17. If you sell your house, will the new buyer (if he/she qualifies) be able to assume your mortgage at the same interest rate?
18. Do you have to pay "points" to get your new mortgage?
19. Usually lenders charge points for the cost of giving you a mortgage loan. A "point" is 1% of the loan.
20. Will the lender require mortgage insurance?
21. Is the loan serviced locally or is the servicing sold? Ask for a written "good faith deposit".

I learned a long time ago that the mortgage business is not all about numbers and interest rates. It's about people and their dreams. I don't trust my dreams to just anyone and I don't expect you to, either. That's why I'd like an opportunity to demonstrate my knowledge and ability as well as earn your friendship and trust... So you will be able to do business with someone you can trust and depend on.

Thank you for time and I hope the information below will be beneficial to you. Please feel free to call with any questions.

The most important decision you will make in the sale of your home is the REALTOR® you choose. Be sure to find someone you feel comfortable with. If you don't feel you can ask questions or go to your REALTOR®, you have the wrong person. Your REALTOR® should show you research to back up any recommendations. This includes information about recent sales, current listings, and recently expired listings in your neighborhood.

Choose a local REALTOR®. He or she will know your area better than an outsider, will be seen as a source for people looking to relocate in your neighborhood, and will get better co-operation from other agents. It is likely that any amount you might save by having a friend or relative from outside the area serve as your REALTOR® will be lost in their lack of knowledge about your specific local market.

Dont forget to ask for references from the REALTOR®. He or she should be willing to give you names of previous clients. Ask your friends and acquaintances for recommendations, but make your final choice based on your needs. Ask the REALTOR® to show you what will be done to market your home. Consider the office and company support available to him or her as well as the initiative and professionalism shown by the individual.

Look for a REALTOR® who tells you what he or she knows from experience in the market, and not what they think you want to hear. Flattery may sometimes get the listing, but it doesn't sell the home!

The most important decision you will make in the sale of your home is the REALTOR® you choose. Be sure to find someone you feel comfortable with. If you don't feel you can ask questions or go to your REALTOR®, you have the wrong person. Your REALTOR® should show you research to back up any recommendations. This includes information about recent sales, current listings, and recently expired listings in your neighborhood.

Choose a local REALTOR®. He or she will know your area better than an outsider, will be seen as a source for people looking to relocate in your neighborhood, and will get better co-operation from other agents. It is likely that any amount you might save by having a friend or relative from outside the area serve as your REALTOR® will be lost in their lack of knowledge about your specific local market.

Don’t forget to ask for references from the REALTOR®. He or she should be willing to give you names of previous clients. Ask your friends and acquaintances for recommendations, but make your final choice based on your needs. Ask the REALTOR® to show you what will be done to market your home. Consider the office and company support available to him or her as well as the initiative and professionalism shown by the individual.

Look for a REALTOR® who tells you what he or she knows from experience in the market, and not what they think you want to hear. Flattery may sometimes get the listing, but it doesn't sell the home!

In today's age of consumerism, every buyer is comparative shopping. Make a small investment in time, money and effort to give your home a solid advantage over competing properties.

Pay attention to detail now because first impressions count with buyers. You only have one chance and it starts with what often referred to as "curb appeal". Some tips to create a better curb appeal are:

Create A Buying Mood.

1. Turn on lights.
2. Turn on air conditioner/heater.
3. Open the drapes.
4. Light the fireplace.

Exterior Appearance

1. Keep lawns cut.
2. Trim hedges and shrubs.
3. Weed and edge gardens.
4. Clear driveway and clean up oil spills.
5. Clean out garage.
6. Touch up paint.
7. Make repairs where needed Create Space.
8. Clear halls and stairs of clutter.
9. Store surplus furniture.
10. Clear kitchen counter and stovetop.
11. Clear closets of unnecessary clothing.
12. Remove empty boxes and containers.

Maintenance

1. Repair leaking taps and toilets.
2. Clean furnace and filters.
3. Tighten doorknobs and latches.
4. Repair cracked plaster.
5. Touch up paint.
6. Clean and repair windows.
7. Repair seals around tubs and basins.
8. Replace defective light bulbs.
9. Oil squeaking doors.
10. Repair squeaking floorboards.

Squeaky Clean

1. Clean and freshen bathrooms.
2. Clean fridge and stove (in and out).
3. Clean around heating vents.
4. Clean washer and dryer.
5. Clean carpets, drapes and window blinds.

At The Front Door

1. Clean porch and foyer.
2. Ensure doorbell works.
3. Repair screen on door.
4. Fresh paint or varnish front door.
5. Repair door locks and key access

When your home sells faster, you save carrying costs, mortgage payments and other ownership costs. A quicker sale creates less inconvenience for you. If you've moved before, you know the energy it takes to prepare for showings: keeping the home clean, making childcare arrangements, and altering your lifestyle. Proper pricing reduces these demands on you, by helping your home sell faster. At market value your home will gain exposure to more prospects that can afford the price.

Sellers who list at a high price are looking for that one buyer who will pay it, often not realizing that they have discouraged many potential buyers who could have afforded the home. The final sales price is probably one that will be affordable by more purchasers. This is because sellers many times accept a much lower price at a much later date since that one buyer willing to pay the higher price never comes.

When salespeople are excited about a home and its price, they make special efforts to contact all of their potential buyers. Knowing that it is priced properly for its market, they expect it to sell soon and encourage their prospects to act quickly. Their excitement is contagious!

Ad calls and sign calls to REALTORS® turn into showings when price is not a deterrent. Most serious prospects are well educated about asking prices in the areas they are seeking. They will not waste their time on a home they consider overpriced.

Buyers fear they might lose out on a good home when it is priced right. They are less likely to make "low ball offers." Better pricing attracts multiple offers!

Time to Buy & Testimonials

If you're a first-time home buyer you've probably had friends, family and coworkers attempt to advise you on the best reasons to purchase a home. However, you may still be wondering if buying a home is the right move for you. This is a valid concern and having reservations about purchasing a home is normal. However, the more you understand about the home-buying experience, the less intimidating the entire process will be.

Listed below are eight good reasons why you should purchase a home:

American Recovery and Reinvestment Act

The American Recovery and Reinvestment Act offers an $8,000 dollar tax credit for aspiring first-time (within the last three years) home owners who find their goal stubbornly elusive. But, like so many of the good things in life, time is of the essence. Buyers who wish to take advantage of this outstanding opportunity to get 8 grand back from the government must purchase a primary residence on or after Jan 1, 2009 and before Dec. 1, 2009.

Breaking news: HUD Secretary Donovan announces that the $8,000 tax credit may be used as a downpayment!

Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

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.

Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer's tax credit is determined by two factors:

The price of the home-the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income-single buyers with incomes up to $75,000 and married couples with incomes up to $150,000-may receive the maximum 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 $75,000 and $95,000 for single buyers and between $150,000 and $170,000 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 $95,000 for singles and over $170,000 for couples are not eligible for the credit.

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 the three-year period, the credit will be recouped on the sale.

Asset Appreciation

Unlike most things one may purchase with their money - cars, boats, stereo equipment - a home will not usually depreciate in value over time. In fact, real estate has proven to be one of the most valuable investments a person can make and owning land is still one of the few ways to acheive true wealth. By purchasing a home and investing in that property you will not only be providing a stable environment in which to grow and mature but you will also be sewing the seeds of financial independance. Although real estate moves in cycles, sometimes up, sometimes down, over the years, real estate has consistently appreciated. Many people view their home investment as a hedge against inflation.

Pride in Ownership

Pride of ownership is the number one reason why people yearn to own their home. It means you can paint the walls any color you desire, turn up the volume on your MP3 player, attach permanent fixtures and decorate your home according to your own taste. Home ownership gives you and your family a sense of stability and security. It's making an investment in your future.

Mortgage Interest Tax Deductions

Home ownership is a superb tax shelter and our tax rates favor homeowners. As long as your mortgage balance is smaller than the price of your home, mortgage interest is fully deductible on your tax return. Interest is the largest component of your mortgage payment.

Property Tax Deductions

IRS Publication 530 contains tax information for first-time home buyers. Real estate property taxes paid for a first home and a vacation home are fully deductible for income tax purposes. In California, the passage of Proposition 13 in 1978 established the amount of assessed value after property changes hands and limited property tax increases to 2% per year or the rate of inflation, whichever is less. Click here for more info.

Preferential Tax Treatment

If you receive more profit than the allowable exclusion upon sale of your home, that profit will be considered a capital asset as long as you owned your home for more than one year. Capital assets receive preferential tax treatment.

Capital Gain Exclusion

As long as you have lived in your home for two of the past five years, you can exclude up to $250,000 for an individual or $500,000 for a married couple of profit from capital gains. You do not have to buy a replacement home or move up. There is no age restriction, and the "over-55" rule does not apply. You can exclude the above thresholds from taxes every 24 months, which means you could sell every two years and pocket your profit--subject to limitation--free from taxation.

Mortgage Reduction Builds Equity

Each month part of your monthly payment is applied to the principal balance of your loan, which reduces your loan obligation. The way amortization works is that the principal portion of your principal and interest payment increases slightly every month. It is lowest on your first payment and highest on your last payment. On average, each $100,000 of a mortgage will reduce in balance the first year by about $500 in principal, bringing that balance at the end of your first 12 months to $99,500. It is advisable to pay extra on your mortgage every month and specify that the extra amount goes to pay down the principal. This way you can pay off your mortgage in less time, saving you thousands of dollars in interest charges over the life of the loan.

Equity Loans

Consumers who carry credit card balances cannot deduct the interest paid, which can cost as much as 22%. Equity loan interest is often much less and it is deductible. Consumers can borrow against a home's equity for a variety of reasons such as home improvement, college or medical bills. Some state laws restrict home equity loans.

Some information from about.com

SOUTHERN HOSPITALITY

A family friend from Washington D.C. recommended you to me. When I contacted you, you were able to pinpoint exactly what we were looking for. The service you gave was friendly and professional. We would like to recommend it to others who are wishing to buy or sell property in your area. We also found the after sales & service was straightforward & seamless.Mr. & Mrs. Michael Motch

Silverdale, Lancashire England

SERVICE

As first time homebuyers, we needed an experienced realtor to guide us through the real estate process. Your knowledge of the local market was extremely helpful in finding our home. When our offer was accepted, you kept us informed and provided expert advise on what to expect throughout. We'll be recommending your service to our family and friends. Thanks for all your help.

Mr. & Mrs. Joshua Maitland

Apollo Beach, Florida

PROFESSIONAL - SERVICE

Fred,

It's good to see you have your own site now. Thanks again for making our closing on Mulholland go so well. We appreciate everything that you did. If you come across a really good deal that you think we might be interested in, let us know. We are always looking for investments. Again, thanks for being such a good agent and making life much simpler. Martha & David Jackson Tampa, Florida