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Homebuyer tax Credit extended

11-09-09
Marty Gale

Home Buyer Tax Credit Extended

Last week, a new Homebuyers Tax Credit bill was signed into law. The bill extends the tax credit for first-time homebuyers (FTHBs), as well as opens it up to current homeowners who are looking to buy. And even if you aren't looking to purchase - pass on this article to anyone you think might be in the market to do so. This is information that might benefit them greatly, and I'll be happy to be of service to them.

Here is a brief overview of the Homebuyers Tax Credit - and its benefits - based on the new bill.

Tax Credit for First-Time Homebuyers

FTHBs (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.

Tax Credit for Current Homeowners

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. Those in the military do have some special extensions on the timelines available.

What's So Great About a "Tax Credit"?

The benefit of a tax credit is that it's a dollar-for-dollar benefit, rather than a "tax deduction", or reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer who qualified for the entire benefit were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little or no income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

Higher 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.

Maximum Purchase Price

Qualifying buyers may purchase a property with a maximum sales price of $800,000

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New Property Investment

10-25-09
Marty Gale
329 E Greenwood Ave
Midvale, Ut 84047
Cozy eastside Cottage
Home
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Contact Me


Laurie & Marty Gale
Gale Team


Mobile:801-205-3500
Website:Visit Website


Price : $149,900
Bedrooms : 2
Bathrooms : 1
Square Foot : 765
Lot Size : 11,325
County : Salt Lake
Property Type : Detached
Year Built : 1947
MLS Number : 921601



click for more information and pictures
Property Description
This Cottage is right in the middle of $300,000 plus homes and has the value just in the lot. Lot is just over a quarter acre.
Features List
  • over sized garage
    		•
  • Extra large lot
    		•
  • Partial fencing
    		•
  • covered patio
    		•
  • Secluded back yard
    		•
    Equal Housing Opportunity.
    		RE/Max Metro : Salt Lake City UT : 801-205-3500
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    The beggining of a Short Sale Saga ….. Featuring Bank of America

    10-13-09
    Marty Gale

    A post and journal of the life and a day for a short sale client. Watch as the drama and trauma occurs. Will Bank of America (BOA) perform with style and grace in a timely manor? Will they just act Retarded? Follow the blog to see. The first Call is about to begin.....

    As I researched BOA's web site I did not find any reference to a short sale package for my seller to fill out. :(

    So here is the link to that page. https://homeloanbusiness.bankofamerica.com/ShortSaleInformation.aspx

    The information they provide as follows: I am going have to call to get their short sale package "ug" :(

    Initiating a Short Sale


    Customers should call the Workout/HOPE call center at 1.800.669.0102 to discuss their workout options after becoming delinquent. If other workout options do not apply, then the Short Sale process is discussed. We can discuss Short Sale transactions with the customers or their authorized agent. Our Short Sale team can be reached at 1.866.880.1232. A discussion is held regarding the Short Sale process and the documents that need to be faxed to Bank of America Home Loans to begin the process.

    Please Note: The borrower must have a current or eminent financial hardship and the loan must be delinquent.

    While the discussion and upfront verbal agreement to begin the process are important, the formal process officially starts when we receive the signed purchase contract, listing agreement, copy of MLS history and preliminary HUD 1 statement.

    Property appraisals


    Once we have received a copy of the signed purchase contract:
    • Within approximately 2 days of receiving the faxed documents, the customer or agent will receive confirmation of the received purchase contract. If the offer is possibly viable, an interior appraisal will be ordered.
    • Within an additional 3 days an appraiser will be assigned, they will contact the customer or their agent to schedule an appointment to conduct an interior appraisal.
    • Approximately 7 to 10 days after the appraisal is ordered, the results of the appraisal will be received by us. This is absolutely dependent on obtaining access to the property in a timely manner.
    • Upon receipt of the appraisal, we will conduct an analysis to determine if the Short Sale offer is aligned with the fair market value.
    Additional negotiations or information may be requested, (examples of but not limited to):


    • Purchase price
    • Changes to the HUD 1 statement
    • Funds and/or a promissory note from the borrower
    • Information about the buyer
    • A deficiency letter signed by the borrower
    • Explanation of the hardship
    • Most recent month's income verification or if self employed, last 3 months P&L
    • Most recent year's tax return.

    Finalizing the request


    Once all parties, including additional lien holders, have agreed to the negotiations, Bank of America Home Loans and/or its investors/insurers will render a decision within approximately business 5 days.
    The decision to accept or decline the short sale will be communicated to the customer and/or their agent within approximately 48 hours of the decision.
    Short Sale Customer Service - 1.866.880.1232
    Short Sale Fax -1.888.491.4947


    9:00 MST 1st call Requesting short sale documentation on BOA forms. 9:00 MST . Placed on hold after automated message. ah lovely hold music a little western tune.
    9:04 Linda picked up and was very helpful and polite :) My call was transferred, now back on hold. hmmm moving right along
    9:07 Foreclosure( loss Recovery Dept) dept picked up and said they could sent me a package but I had to be transfered to the short sale department.(please stay on the line we will assist you momentarily played about 14 times That nice wester mu) it seems we have come to a screaching halt. Good thing my moble phone account has unlimited minutes. um mabe I could go work out or somthing while I wait.
    9:21 Brittney is going to send me an email requiring the list needed to complete Brittney says the process takes about 10 days to get in the system. then identify a negociator the second phase. and their are 3 phases and some time the nego are re-assigned if work load is too heavy. The manager may re-assign to a different party. Short sales are 3 to 4 months to get to the closing phase. Brittney P. handled my phone call very well. :)




    Attached is the contents of the email from Brittney P.

    Short Sale Packet (no BOA special forms)

    -purchase agreement (all signatures and addenda)

    -HUD-1 (buyer and seller information)

    -Listing Agreement (Realtor and Seller)

    -Pay Stub (2 months most current )

    -Bank Statement (2 months current)

    -Tax Returns (2 years most current)

    -PNL statement from mortgagor

    -Pre approval letter from buyer

    -Hardship Letter from mortgagor

    -3rd party Authorization from mortgagor allowing realtor to talk to BOA

    Fax to 888.491.4947

    You can reach short sales dep’t at….866.880.1232

    TBC

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    Utah is getting a Pulse Rate

    02-06-09
    Marty Gale

    I don't know about the rest of you out there but it seems to me that the Salt Lake City Real Estate Market is starting to see some life again. Laurie and I have place under contract in 2009 3 properties. One is a Short sale for $139900, another is a place in Holladay Utah for $299,000 and the third is in Sandy Utah for about $350,000. We are currently working on placing under contact a large 5200 acre ranch under contact. I hope the news Channels can keep the doom and gloom comments under raps.

    Later

    Marty Gale

    Branch Broker, CRS, e-Pro

    Re/Max Metro

    801-205-3500 - Direct

    801-327-3245 - Faxw

    www.realestatesource.com - search for Homes in Utah

    www.martygale.com - Listings

    www.galeteam.com

    marty@galeteam.com

    http://www.linkedin.com/in/martygale

    http://activerain.com/martygale

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