Kimberly Harris

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3 Real Estate Deals and 2 Funerals

I continue to get asked the question of why did you get into real estate at a time like this. My initial reaction is to say that I like sales and I like meeting new people. I get the nodding heads to say that my answer has satisfied the question.

In the last 2 months-I am new at this-I closed 3 deals and have attended 2 funerals. You might be wondering where this story is going....Well we know when you hear that someone has passed away from this life, you start to reflect on your past relationship with the deceased. Your mind may conjure up memories that were so distant that you are almost amazed that you had forgotten such a time. Although the funerals may bring about great sorrow, the memories make me smile.

I draw a huge correlation with the relationships that are formed through real estate transactions. I draw on memories of the initial conversation, the property showings, the accepting of the offer. I remember one of my buyers told her husband that I was her new "best friend". We share stories, we laugh, and sometimes we might have to share some disappointments (the inspector found something wrong). This is the making of a true relationship!

Then there is the time to close the deal-(the funeral). It is bittersweet, of course everyone is overjoyed (the buyer is in their new home-I made a commission) but it also brings some sorrow.


So the next time someone ask me the question of why did you get into real estate....I can honestly answer it's for the RELATIONSHIPS!

Sunny Day in Macomb County,MI

Decided to take a break from real estate today(unless someone wants to make an offer). I had committed myself to volunteering at my 7 yr old's school and I needed to run some errands too. The weather man said "make sure you take your sunglasses, because it will be sunny all day!" I am so glad that he got it right today.

I have learned that the smallest things can make me smile all day. A sunny November day and good music on the car radio-got me beaming!

Life is Good!

~Remember to embrace those things that make you smile~

Tired of Throwing Your Money Away

Today, I had a closing with a First Time Home Buyer. She was a nervous wreck. I remember the smile on her face when she was handed the key to her NEW HOME. She was renter who wanted and needed more space for her and her 2 dogs. She wanted a place to call her home.

She was tired of throwing money away.

Today may be your lucky day! You have lucked up on some information that may change your life as a renter as you know it. You might be on your way to buying your first home versus throwing you money away I mean writing you last rent check to your landlord.

The First Time Home Buyer credit has been extended- (with extra perks for current homeowners). So this is your 2nd Chance to jump on this opportunity! I know the idea of the home buying experience seems scary, but it does not have to be.

The look on my First Time Home Buyer's face, let me know that I am in the right business -to help make dreams come true!

Her monthly mortgage payment is less than her monthly rent payment. She qualified for the $8,000 tax credit too!

Click to see if you should rent or buy

Don't Continue to Do This!

Do This !

Click Here for your Buying Guide

TAX CREDIT OVERVIEW

Who Get What? First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines? In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

What are the Income Caps?
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
What is the Maximum Purchase Price?
Qualifying buyers may purchase a property with a maximum sale price of $800,000.

What is a Tax Credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.
How Much are First-Time Homebuyers (FTHB) Eligible to Receive?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is Eligible fort FTHB Tax Credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.
This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.
As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How Much are Current Home Owners Eligible to Receive?
The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.
According to the IRS, factors that would demonstrate the ownership of the property would include:
1. Right of possession,
2. Right to obtain legal title upon full payment of the purchase price,
3. Right to construct improvements,
4. Obligation to pay property taxes,
5. Risk of loss,
6. Responsibility to insure the property, and
7. Duty to maintain the property.
Are There Other Restrictions to Taking the FTHB Credit?
Yes. According to the IRS, if any of the following describe a homebuyer's situation, a credit would not be due:
They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from "step-relatives.")
They do not use the home as your principal residence.
They sell their home before the end of the year.
They are a nonresident alien.
They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?
Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?
Yes, provided that the child meets the other requirements for the tax credit.