CHECK IT OUT! FIRST TIME BUYER - TAX CREDIT
As part of the Housing Stimulus Bill, Congress created a tax credit for first time buyers who purchase a home prior to July 1, 2009
What is the tax credit? Eligible tax payers will receive a "refundable" credit of up to $7,500 or 10% of the purchase price of their home, whichever is less.
Who is eligible? Any person who has not owned a principal residence in the three years prior to closing and meets the income limitations $75,000 individual and $150,000 for married couples. Also 95,000 individual and $170,000 married can receive a partial credit.
How do I qualify? Meet the definition of "first time buyer" you must purchase and close on a home prior to 7/01/09. Homes, condominiums and manufactured homes qualify.
How do I get the money? You will receive a credit against your 2008 or 2009 Federal income Tax. It will reduce your tax bill and increase the amount of your refund.
Do I have to pay the money back? Yes - but not immediately. The credit is really an interest free loan for up to 15 years. The credit must be repaid at a rate of 6.67% per year starting two years after the purchase. Unpaid balance due at time of sale.
You could actually pay the full $7,500 by increasing your Federal withholdings by $20 per paycheck.
Livingston County MI Rocks!
"Professionally Bringing Home Buyers & Sellers Together"
Okay, we are down to the last 28 days until a new President is elected. Who believes that the bail out OOPS correct me "Rescue Plan" and the change in presidency will affect our economy?
I do believe that after the election there will be a "weight lifted off" peoples' shoulders. Those will be the folks who think that it is government's responsiblity to take CARE of us. In the Livingston County Press today there is an article about the RESCUE PLAN, and they state that NAR (National Assocation of Realtors) told government that the liar loans were going to an issue.
I feel sad that so many people have lost their homes during this economic turmoil, but on the other hand, I LOVE that I am able to sell homes to people who normally would not be able to afford a home because of the wages they earn.
Get out and VOTE!
"Professionally Bringing Home Buyers & Sellers Together"
I meet with a first time home buyer yesterday. During our initial meeting, as I went over my buyer presentation, he told me that he HAD an offer in on a house but had not heard anything back from the agent. I questioned him further to find out if he had a buyer contract or if he had the purchase agreement with him. He told me he never signed anything.....the purchase agreement was over the phone. I explained to him that verbal is not an agreement....to have a binding contract everything needs to be in writing. Well, the buyer called the agent and asked about his offer.....the agent told him that he would need to up his offer substantially for his offer to be considered....buyer than told the agent he was talking to a qualified agent....meaning ME! I take great pride in being a realtor and expect other realtors to do the same.
After my presentation, the buyer told me he learned so much about the process and really appreciated my explaining how the process works.
I love working with first time buyers. I love "teaching" them about the home buying process and helping them make the right decision for them. I just wish all buyers understood the importance of working with a competent agent. Competent doesn't always mean length of time in the business!
"BRINGING HOME BUYERS & SELLERS TOGETHER"
Livingston County MI Real Estate
Hi Everyone!
Do you or someone you know need counseling? Can't afford it? Well today is your lucky day!
The School of Education and Human Services at Oakland University provides free counseling to individuals, couples and families.
Please call for an appointment. Mention that CHANDRA POLEY referred you! (she'll receive credit)
248-370-2633
Oakland Universtiy
250 Pawley Hall
Rochester, MI 48309
www.oakland.edu/sehs/cc
Or you can sign up online at this website:
http://www2. oakland. edu/sehs/forms/cc/register. cfm
Bringing Home Buyers & Sellers Together!
The Livingston County Diversity Council is hosting a FREE seminar to discuss the hot topics of today's MI sluggish economy. Maybe you aren't being affected by the high price of gas or food or a recent layoff, but you know someone who might be.....come to this conversation/seminar to learn what is available to help folks get through this crisis or just to talk about the frustration and helplessness you are feeling trying to survive in this crazy economy. Financially Shocked?
Budget Issues
Gas Prices
Grocery Costs
Recent Layoff
Sluggish Home Market
You know someone dealing with these issues! You are welcome to join
us for a community conversation to share with others and learn about
resources that are available to those that may not typically be eligible
for assistance!
Quickly becoming the most diverse group
in Livingston County ...
"THE FINANCIALLY SHOCKED!" Join the Livingston County Diversity Council June 28th, 2008 from 1:00 PM - 3:00 PM Brighton District Library 100 Library Drive Brighton, Mi 48116
Register at www.livingstondiversity.com
or by calling (517) 338-5015
 |
|
|
I unite home buyers and home sellers SUCCESSFULLY in Michigan's challenging real estate market! As a CDPE and SFR I can help homeowners avoid foreclosure & save their credit.
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
