Just got done watching the CBS evening news here in Chicago. I haven't watched the news in Chicago in many years. I must say, I remember sitting at the foot of my mom and dad's bed watching the 10:00 pm news and seeing Bill Curtis and Walter Jacboson. Let's just say that it was like it never ended tonight. They even through in "Walter's perspective" a little commentary that blasted Mayor Daley's handling of the unions in Chicago and how they're forcing the blow up of Chicago, plus the loss of so many convention jobs.
Although it was only for a night, I have to say, Thanks Walter and Bill, it felt good to take a step into my past.
My dad served in the military during Viet Nam. My Grandpa Bettag in World War II. I know my dad didn't see any combat, but his experience in the military was so bad that he forbid us to go to the local Military Academy for High School.
Don't get me wrong, my dad is so patriotic. He understands the need for a strong military, but probably like others back then, probably didn't understand the need for the war and...I think any parent wants to shelter their own from combat. Even though he wasn't pleased with his experience, he's proud to be a vet and he's proud of what the military does for our country.
The freedoms we have are 100% a result of the efforts of those who fight to protect our freedoms. I'm grateful for those freedoms. I can't imagine the losses that families have experienced in losing loved ones while protecting our country and freedoms.
To All Military Veterans....thank you!!!!!
From now til the end of the year, I will waive all closing costs for all veterans that I do a V.A. loan for. It's not much, but there will be no closing costs to the veteran working with me. It's the smallest way for me to say thank you for allowing me to work freely for my country and my family. God Bless you and thank you!
Don't get pulled over and get a ticket fromt the $17,000 seat belt study. It appears that the Campton Hills Police Department will be pulling over a lot of people for seat belt violations over Thanksgiving. In an article by the Chronicle entitled:
Campton Hills to begin stepped-up traffic enforcement
see www.kcchronicle.com/articles/2009/11/09/14576137/index.xml
the author wrote:
If you're tooling down Route 64 through the Village of Campton Hills this Thanksgiving season, better have your seat belt on, your child properly restrained and do the speed limit.
If you don't and get caught by police, expect not only to get a citation, but a lecture and educational material on speeding and the use of restraint devices.
Campton Hills Police will conduct the first of five enforcement campaigns on seat belt and speeding violations during the Thanksgiving period beginning Saturday, Nov. 14, through Saturday, Dec. 5. The additional enforcement will be in areas where accidents involving serious injury and death occurred, Police Chief Greg Anderson said.
It really amazes me that the voters choose to incorporate a village, can't afford the village, are now defending a $10,000,000 dollar lawsuit against the village and now plan on exercising a enforcement campaign between November 14th and December 5th. What is most astounding is that the department received over a $17,000 grant to conduct the campaign.....wow!!!!! Now at least I know where part of the stimulus package is going. Nothing better than a seat belt ticket campaign.
So, while your thankful for all your blessings over the holidays, make sure that you take time to give thanks that the stimulus package is spending $17,000 to educate our drivers on the importance of wearing your seat belt.
Nothing surprises me anymore!
The National Association of Realtors (also known in the industry as NAR) has a great Frequent Asked Questions communique for the consumer. Things are so different from the current version of the bill that consumers need to be aware of what this bill encompasses.
YOUR CONTRACT NEEDS TO BE SIGNED BY APRIL 30th and Closing by June 30th.
Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.
Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.
Question: I am a firsttime homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?
Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phaseout range).
Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.
Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.
Question: I am an eligible firsttime homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?
Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.
Well...it's almost here. According to Bloomberg, it appears likely that Obama will have the bill on his desk next week to extend the first time home buyer tax credit. Needless to say, this bill, in it's current form extends the tax credit to:
Non-First Time Homebuyers can get a $6,500 tax credit as well!!!!
Check out the article from Bloomberg since it was released last evening. Homebuyer Tax Credit, Unemployment Bill Advances in Senate.
Lawmakers voted 85-2 to move closer to a final vote on the bill, which would extend until April 30 the $8,000 homebuyer credit that otherwise would expire at the end of this month. Homebuyers who have lived in their prior residence for at least five years could receive a credit of $6,500. Couples earning as much as $225,000 a year and individuals earning up to $125,000 would qualify. That's up from the current $75,000 limit for individuals and $150,000 for couples.
It'll be interesting to see how the final version of this bill looks when it's finally signed into law.
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