Joan Rogliano

Has your year gotten off to a good start? 2012 appears to be more encouraging on the home front! If you recall, last year FHA, in all its wisdom, announced intentions to drastically reduce the maximum seller concessions from 6% to 3%. Not good news for buyers, sellers or the industry in general. So many transactions rely on FHA and seller contributions, and couldn't happen without them. Well the troops mobilized with voices from lenders, Realtors, builders and consumers and HUD wants you to know they're listening. The details haven't been finalized, but word is out that there will be higher seller concessions allowed than originally proposed. They're talking between 4 and 5% rather than 3%. Stay tuned for the formal announcement intended to offer a good compromise for continued recovery of our fragile economy, and protection for the FHA insurance fund. More good news yesterday from the Federal Reserve. They plan on expanding the time frame to keep the prime rate very low, through at least the end of 2014! Share this news with your clients and sphere, so you become their trusted resource for real estate insights!

A beautiful 70 degree Saturday in Denver offered a test drive for our support group. We are single women homeowners who are independent, spirited and have a can do attitude. We had agreed that if any of us had a repair problem, particularly those just required an extra set of hands, we'd be there for each other. While the afternoon was balmy, the forecast called for a snowstorm that evening, to continue on into Sunday. Hard to believe, but that's the mercurial nature of nature in Colorado. That wouldn't ordinarily be a concern, but today I had a problem. My sliding glass door was jammed and wouldn't close completely. Not conducive to comfort or conservation of energy with a major storm rapidly approaching. What's a woman to do , especially on a Saturday. I fiddled with the door and tried to locate the source of the problem for quite a while. It was futile, the door wouldn't budge. It appeared the door would have to be removed for further diagnosis and I certainly couldn't manage that task solo. So, I called Charlotte. A Southern belle who exudes charm and confidence, Charlotte arrived a short time later with her tool belt fashionably slung around her tiny waist. We had a good laugh at the contradiction and went to work. Literally minutes later, Charlotte assessed the situation. A pin had come out of its slot and was jamming the path of the door. Charlotte whipped out her crow bar and jimmied the door a bit so I could push the wayward pin back in its proper place. Of course we sat and talked awhile, decided we'd worked up an appetite, and went out for dinner. Mission accomplished, plus we enjoyed an impromptu glass of wine and dinner! So suggest to your single women clients and friends that they establish this valuable network for themselves. It doesn't take much time and provides peace of mind and security that there will be help when you need it. I know I'm heading to the store for a tool belt, just as soon as I finish shoveling the eight inches of snow off the deck!

Do you ever get the question from home sellers, “Is this deductible?” While as a Realtor it’s wise to never offer tax advice, you can pass along these ten tips from the IRS for home sellers. You can also refer your clients directly to the IRS website http://www.irs.gov/newsroom/article/0,,id=243682,00.html. 1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale. 2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases). 3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home. 4. If you can exclude all of the gain, you do not need to report the sale on your tax return. 5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses. 6. You cannot deduct a loss from the sale of your main home. 7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude. 8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time. 9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return. 10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change. For more information about selling your home, see IRS Publication 523, Selling Your Home. This publication is available at www.irs.gov or by calling 800-TAX-FORM (800-829-3676). Links: Publication 523, Selling Your Home ( PDF) Form 5405, First-Time Homebuyer Credit and Repayment of the Credit ( PDF) Form 8822, Change of Address ( PDF) Comments 0

Practicing Safe Real Estate With Apps In a strange house with a client you don’t really know and feeling a little threatened? Our business offers more challenges than I can remember in 25 years, and safety has risen on the list. Never before would I lock the door after entering a home with a buyer, and now it’s part of my showing process. Most of us have Smartphones and here’s another reason why they can be your best friend. Please, just take a minute and download one of the following apps to ensure your safety and increase your comfort level on the job. Most are free or have minimal cost, and work with Blackberrys, iPhones or Androids. Real Alert- For iPhone: http://itunes.apple.com/us/app/real-alert/id436455476?mt=8 Androids- https://market.android.com/details?id=com.realalert.android This offers some unique tools for a variety of situations. The push of a button notifies your emergency contact and two taps contacts 911. You can convert your phone to a flashlight, locate the nearest hospital or set off an alarm to deter a potential attacker. Cost $1.99 Moby- www.mymoby.com With this app you’ll have to be mindful because it asks you questions at predetermined times. If two are unanswered it will automatically notify your designated contact and send your GPS location. It includes a tracking tool and a message system so you can let contacts know where you’re heading. The upgrade also connects to a 24/7 monitoring system. Cost- Free or $9.95 per month or $99.94 annually for upgrade Safe TREC- http://safetrec.com With the push of the panic button an alert is instantly sent noting your location through your GPS. If you upgrade, a message will be sent to the 24/7 live call center which can notify emergency responders. In addition, you can upload your medical information such as blood type, physical conditions and allergies. Free and $9.95 per month for upgrades. Share this information with your family, friends and clients too! Comments 0