Pocono Real Estate: Short Sale or Foreclosure???
Today’s Buyers need to know the difference between a Foreclosure and a Short Sale. Get your foreclosure list here!!!
The BIGGEST difference can be TIME!
Foreclosures, while some may not be in the best of shape, can be purchased in a shorter amount
Be prepared to wait 90 days to close....as a Short Sale approval is a sometimes multi layered process. 
Click here to get free information on avoiding Foreclosures!!!
An $8000 Tax credit is the WRONG reason to Rush out an Buy a Home!
Buying a home JUST to receive a Tax credit is not a very wise idea. You may find yourself at a disadvantage when negotiating the price or Terms as the “Clock is Ticking.” You may end up “settling”, “paying more than your have too” or worse yet, closing on a home with “defects” by December 1 in order to get your Tax Rebate. Then after closing you will REGRET your decision! Slow Down, Think it through and remember.....there is PLENTY of time ....Housing Affordability is the BEST it has been in over 20 YEARS!! And it is Getting BETTER! Look for the House that makes Economical sense for Today and Tomorrow! Look at the “Carrying costs” like taxes, heat cost, and short term repair items before you make the commitment.
Save a few more dollars for your down payment and/ or closing costs. Research the BEST mortgage Products available, and don’t think you Can Not or Should NOT use an FHA Loan because your credit is TOO good or you have more than the required 3.5% down payment! Did you know you can put down MORE that the 3.5% and STILL take advantage of the flexible qualifying guidelines?? If you follow a few simple guidelines your Long term Tax Credit and Benefits will be FAR more than $8000!!
Search Homes here!!!
This information has been around for a while but I wanted to remind everyone that time is running out!!!
IF you are thinking of buying a home and are financially ready do not hesitate.
Or have a list of foreclosures emailed to you.
This article is from the PMAR
POCONO REALTORS® BUYERS WHAT THEY NEED TO KNOW ABOUT 2009 TAX CREDIT
STROUDSBURG, Pa. -- (March 1, 2009) – In its ongoing effort to share current information on homeownership with area individuals, the Pocono Mountains Association of REALTORS (PMAR), is alerting first-time home buyers about the American Recovery and Reinvestment Act and the latest tax credits enacted within it as an incentive to purchase now.
“This is an unprecedented time in history for the first-time homebuyer,” said Vickie Brockelman, chair of the Public Relations Committee of PMAR. “Firstly, there are many homes on the market giving buyers an edge, secondly, interest rates are super low and thirdly, in its efforts to stimulate the economy and revive the housing market, Congress enacted this $8,000 tax credit. This creates an excellent situation for first-time homebuyers to buy now.”
The tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Qualifying taxpayers who buy a home before the deadline can claim the credit on either their 2008 or 2009 tax returns. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
According to the National Assocation of REALTORS, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase. In addition, there are some income limitations and other specifications to the bill, however, generally, each dollar of the tax credit reduces income taxes by $1. Therefore, a qualified purchaser would figure out their tax liability and once the total taxes owed has been computed, tax credits are applied to reduce the total tax bill. For example, a $9,500 total tax liability for the year would be reduced to $1,500 for a first-time buyer who purchased a home of $80,000 or more and fell within the income ranges of $75,000 for singles and $150,000 for those filing married. In addition, this tax is considered a refundable credit, so if the purchaser’s total tax liability was $6,000, the IRS would send them a check for $2,000.
“If first-time buyers don’t act now, I suspect many will regret their hesitation in the future,” added Brockelman.
To learn more about the tax credit and available homes, contact an area REALTOR® by visiting the PMAR Web site for a complete list of members at poconorealtors.com. For additional details for the tax credit, visit www.IRS.gov or www.realtor.org to review the FAQ document which outlines the tax credit and compares it against the 2008 tax credit as well as the tax credit features chart outlining the 10 provisions of the American Recovery and Reinvestment Act.
###
So what are you waiting for???
POCONO MOUNTAIN REAL ESTATE
Or have a list of foreclosures emailed to you.
Please keep this list as you look for a home. It will provide you with information for the communities within the Pocono Region.
Community Profiles and Websites
Pocono Mountain Communities
POCONO MOUNTAIN REAL ESTATE
Or have a list of foreclosures emailed to you.
Please keep this list as you look for a home. It will provide you with information for the communities within the Pocono Region.
Community Profiles and Websites
Pocono Mountain Communities
1 LANDMARK CENTER EAST STROUDSBURG, PA 18301
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
