Yes, the economy is struggling, yes we are currently experiencing one of the longest recessions in American history; but like Buffini, (one of the real estate gurus in the US) says, "a recession is a horrible thing... to waste!" Turn off the news & listen to the experts in the investment industry, the real estate market professionals, and the top economists in the nation.
Interests rates are lower than they have been in the last 30 years and home prices have dropped in the past 2 years to some of the most affordable prices in ages! It is expected that home prices will begin to increase in the next 5 years, so why wait and waste this unbelievable opportunity to buy?? Make the best investment to your future, buy a home today!
Gina M. Tufano attends an ample amount of real estate related seminars monthly and is up to date on the latest real estate & market conditions, and is more than happy to help you find the home of your dreams today!
Want more information on the current real estate market?
Please feel free to contact Gina M. Tufano, a trusted Realtor in Virginia since 1996.
gina@ask-gina.com * (703) 574-3478 * www.ask-gina.com
Q: I lost my job last month. To cut expenses and avoid foreclosure, I want to sell my house, extract the equity and move down to a lower-priced short sale or bank-owned house. But because I don't have a steady income anymore, no bank seems to want to let me buy either type of home, even though when I sell my current place, I'll have enough equity to cover the entire cost of the new home. Is there anyway I can buy a short sale or bank-owned home contingent on the sale of my current home?
A: Unfortunately, you are caught in a bind that's common these days. Though you can make an offer contingent on the sale of your home, practically speaking, no lender will accept a bid from a person who doesn't have a job or other regular income stream.
Matt McCabe, chief executive officer of the National Short Sale Center in Scottsdale, Ariz., says that's because "such a contingency isn't time-specific." In this market, it could take you months or even years to sell your current home. In the meantime, any lender that accepts your offer would have to pay for the taxes and upkeep of the home, and perhaps watch it drop further in value in a declining market. That's too much of a risk for most lenders to take.
But you do have some options. Mr. McCabe suggests concentrating on short sales rather than foreclosures, since they usually take longer to sell-usually a month or two. If you're able to sell your own house during that time, you'll be able to submit a non-contingent offer. Keep in mind that lenders often only respond to the bidder who's made the highest offer on the property, and that desirable properties may even be the subject of bidding wars, despite the weak economy--so don't set your heart on any particular house.
Another consideration: If you sell your old house before the lender accepts your offer, you may have to arrange to rent it back, or perhaps rent another house in the interim. Another possibility is to take out a home equity line of credit (HELOC) against your existing house, and use that, perhaps supplemented by savings, to buy a new one. Of course, that may be tricky, since lenders have been reducing or freezing HELOCs. Bear in mind that if your house doesn't sell right away, you'll need funds to pay off that line of credit.
Finally, there's private money. Armed with an appraisal of your existing home, you may be able to convince a hard-money lender to make you a short-term loan, also known as a bridge loan, that will cover the cost of the new house--though you'll almost certainly have to pay above-market interest rates. (Usury laws in some states prohibit hard-money loans). A more economical approach: See if family or friends can front the funds. Article taken from http://online.wsj.com/article/SB123636616440255701.html
Editor's note: The original article contained an error. Those homebuyers who are eligible for the $8,000 tax credit can claim that credit when filing their 2008 tax return.
As we move further into tax season, Treasury and IRS employees have been busy filling in the missing pieces on all of the new tax laws that were passed as part of the recent stimulus package.
When it comes to real estate, the rules are at best confusing. Let's shed a little compact fluorescent light on the subject:
2008 $7,500 tax credit vs. 2009 $8,000 tax credit
If you were a first-time buyer who purchased a home after April 8, 2008 through the end of the year, you might have realized that you could get a $7,500 tax credit on your 2008 tax return. This is a nonrefundable tax credit, which means that even if you don't pay $7,500 in taxes you'll still get that much in the way of a refund, provided you meet other qualifying details, according to Mark Luscombe, principal analyst for the tax and accounting group at CCH.
However, the 2008 $7,500 tax credit must be paid back in $500 equal installments over 15 years, which means that this tax credit effectively functions as a zero-interest loan. (Luscombe said the fine print in the new law says that if the taxpayer dies, the rest of the payback is forgiven. It's unclear whether both homeowners have to die if the property is owned jointly -- or just one of the homeowners.)
If you chose to close on Dec. 31, 2008, rather than Jan. 2, 2009 (perhaps to be able to itemize the interest and points on your 2008 tax return), you may be kicking yourself. The recently signed stimulus bill took the $7,500 tax credit and turned it into an $8,000 tax credit -- one that doesn't need to be repaid, Luscombe said.
But there are some wrinkles that require you to pay attention. To qualify for the $8,000 tax credit, you must earn less than $150,000 in adjusted gross income for couples filing jointly. Also, you must stay in the house (assuming it's your primary residence) for three years or there may be some payback requirement, according to Luscombe. (He's unclear how the IRS would be able to follow up, and some of the regulations and filing requirements aren't fully explained at the moment.)
The $8,000 first-time-buyer credit is good only for homes purchased by first-time buyers (or anyone who hasn't owned a home in the last three years) from Jan. 1, 2009 through Nov. 30, 2009 -- so don't wait to close in December or you'll miss out.
You can elect to take the credit on your 2008 taxes -- if you bought your house in 2009, you'll still qualify for the $8,000 tax credit on your 2008 tax return.
Going Green? Take a Tax Credit
The stimulus package eased requirements on energy tax credits. The $500 lifetime tax credit for building improvements has been increased to $1,500 for such improvements as the installation of energy-efficient windows, insulation, doors and mechanical systems.
In addition, you can take a 30 percent tax credit for every dollar you spend on things like solar heaters, fuel cells and heat pumps, Luscombe explained. The individual limits on particular expenditures have mostly been eliminated.
Foreclosure and Short-Sale Forgiveness
For those who are going through foreclosure or a short sale, where the house is selling for less than the amount owed on the mortgage, the forgiven debt will not be taxed as income through 2012.
"Up to $2 million of mortgage debt on the principal residence that has been forgiven can be excluded from income," Luscombe explained. "Taxpayers do not have to put it on their tax form," even if the lender has sent an IRS Form 1099.
***
Article taken from http://www.inman.com/buyers-sellers/columnists/ilyceglink/understanding-housing-tax-credits?page=0%2C1
Hello from the Loudoun Foundation! For those of you who don't know us, the Loudoun Foundation is a non-profit community based organization working to bring great events and National talent to Loudoun County. Our goal is to provide an affordable safe family atmosphere to listen to music with family and community.
We are looking forward to our Summer '09 Concert Series. In the past years we have had great success and brought great music to Loudoun County. This year we are opening our season in June. Last year's weather cancellations left us with less than expected resources. This has put a strain on this year's events. This year we are looking to add to our list of national performing artists, make improvements and offer more services. We are also looking to the future to hold the series in a new larger upscale venue in the Eastern Loudoun Dulles corridor in the coming years. To continue with our plans and raise the necessary resources to enhance the experience and keep prices low , we are opening up a "Friends of the Loudoun Summer Music Fest" membership through a special limited offer.
For a limited time we are offering a Life-Time Membership and an All-Concert Access Pass. If you buy before April 1st, 2009, you will enjoy special VIP Privileges for Life.
Friend of the Loudoun Summer Music Fest Privileges Include:
The cost is $400.00 per "Friends" Member Pass. You can purchase your pass by April 1st for the first 1,000 members.
You can also purchase the Friends Pass on our web site at: www.LiveAtBelmont.com. The Loudoun Foundation can be contacted directly at 703-327-9096 or e-mail Tracey Parent at: tparent@integrity.com
The stars are aligning in Loudoun in the name of luxury accommodations.
Celebrities the likes of Sheila Johnson, Jack Nicklaus and Donald Trump have had a hand in Loudoun's expanding stay-and-play market of luxury resorts and golf courses.
Johnson, of Black Entertainment Television fame, is building the posh Salamander Resort & Spa in Middleburg. A design company owned by legendary golfer Nicklaus was behind a new course at the Ritz-Carlton Creighton Farms development south of Leesburg. Meanwhile, last month, real estate mogul Trump bought Sterling's Lowes Island Club with promises to turn it into one of his most luxurious properties.
Throw in the Lansdowne Resort, which recently marketed an all-inclusive inauguration vacation package valued at $200,900, and Loudoun soon could give Beverly Hills a run for its money in the market of leisurely opulence.
But why Loudoun? When the question was posed to several lodging and travel industry insiders, the answer that rose above the rest is the mantra of the development business: location, location, location.
"Loudoun has the proximity to Washington, D.C.," said Prem Devadas, president of Salamander Hospitality. "And Washington is becoming the place to be in the U.S."
Regarding Loudoun, he said the county's burgeoning wine industry, discount shopping in Leesburg and historical sites make the area a desirable place for destination resorts.
David Gabri, the company's president and chief executive, said the region is popular among resort developers because of its central location on the East Coast. The region's affluent demographics, which include Loudoun's position as the country's wealthiest county of its size, also are a factor, he said.
What makes Loudoun attractive, he said, is its rural setting out west and its proximity to the region's many association and corporate headquarters, many of which are in need of meeting space.
Finally, he stressed that Washington Dulles International Airport is big in the eyes of developers because it ensures the area has a steady stream of travelers.
Lansdowne Resort general manager Peter Faraone called the importance of having a major international airport in the county "huge."
"We get a lot of business because of our proximity to Dulles," he said, adding that the airport allows the resort to tap into overseas markets.
He also touted Loudoun's expanding reputation among savvy travelers. Many, he said, are now aware of Loudoun as a place to tour historical sites, sample wine and stroll through a small town while still being a short drive from the nation's capital.
"We really sit in a pretty nice area," he said.
By Jason Jacks Source: Loudoun Times-Mirror MONDAY, MARCH 2 2009 Article taken from: http://www.loudountimes.com/news/2009/mar/02/loudoun-luxe-countys-high-end-resort-golfing-indus/
Successful Northern Virginia Agent since 1996. When you want to buy or sell a home - Ask Gina 1st! My expertise & knowledge on the real estate industry, will make home buying or selling painless!
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