House OKs extension of tax credit closing deadline
In a 409-5 vote, House lawmakers have passed a standalone bill that would extend for three months Wednesday's deadline for closing on a home purchase in order to claim the federal homebuyer tax credit.
The Senate could vote on the bill, HR 5623, as soon as tomorrow, although the death of Sen. Robert Byrd, D-W.Va., has slowed the pace of work in that chamber.
Without an extension, the National Association of Realtors estimates as many as 180,000 homebuyers who were under contract by April 30 may miss the June 30 closing deadline, including 17,700 in California, 15,340 in Texas, 14,830 in Florida and 9,130 in New York.
"Keep your fingers crossed," said Lucien Salvant, an NAR spokesman, who said prospects for quick passage of the bill are mixed.
While some observers think HR 5623, "The Homebuyer Assistance and Improvement Act," could sail through without further delay, there's no guarantee it will come to a vote, Salvant said.
The Senate is already on record supporting an extension, having amended a bill on June 16 to push the deadline back to Sept. 30. But other provisions of that bill, the "American Jobs and Closing Tax Loopholes Act of 2010," have proved controversial, prompting House lawmakers to introduce a standalone bill.
· FANNIE MAE CRACKS DOWN ON WALK-AWAYS
This is an interesting article. Fannie Mae announced policy changes this week designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure. This is an attempt to combat the strategic foreclosures that may be on the rise. Click the link below to read the article.
Richard Lecinski
Long Realty Company
520-834-4663
Tax Breaks for Military Families: Homeowner breaks.
outside the U.S. for at least 90 days between
December 31, 2008, and May 1, 2010, have an extra
year to qualify for the $8,000 first-time home-buyer
credit or the $6,500 credit for current homeowners.
They have until April 30, 2011, to sign a contract and
until June 30, 2011, to close on the new house.
Normally, if homeowners don't live in the new house
for at least three years, they have to repay the tax
credit. But there's an exception for members of the
military who have to relocate because of government
orders.
Military families also get a special break when they
sell their homes. Most homeowners need to live in a
house for at least two of the five years leading up to
the sale in order to claim tax-free profits of up to
$250,000 ($500,000 if married filing jointly). But
because they move frequently, military families need
to live in the house for only two of the preceding ten
years in order to qualify if they are on qualified
official extended duty, which means living at least 50
miles from home or in government quarters.
For additional information please email or call:
Rich Lecinski
Long Realty
Tucson, Az 85755
520-834-4663
http://rlecinski.longrealty.com
Real Estate Tips for Senior Citizens
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Real Estate Tips for Seniors
Richard Lecinski - Long Realty
Oro Valley - Tucson Arizona
Because this is an important and life changing decision, do not just pick a real estate agent out of the phone book, and/or stick with the first agent you meet - interview at least two agents. Make sure that you feel comfortable with the agent you will be working with. In the interview question the agents about their experience in handling clients dealing with the issues that you are dealing with. Try to get a sense of whether or not the agent would be sensitive to your needs; and make sure the agent is willing to deal with other family members if necessary. When selecting an agent, discuss the percentages that the agent will charge you for selling your property. If an agent tells you he/she is charging you a "standard" percentage rate for services, be weary, this is false. A percentage rate is negotiable by federal law. The length of the contract in which you list with the agent is negotiable as well. Pick a real estate agent who is willing to show you a marketing plan. A solid marketing plan demonstrates a commitment and willingness that will be instrumental in selling your property in a timely manner, eliminating unnecessary expenses related to utilities, real estate taxes, interest expense and lost interest income. A marketing plan should include advertising in a variety of venues, (for example flyers, the newspaper, open houses, the Internet). The property should always be listed in the local MLS, which is the industry standard publication that is utilized by all agents. Although a real estate agent is not a financial advisor, attorney or tax consultant, a good agent should possess basic knowledge in these matters. The agent should possess enough knowledge to let you know which expert you need to consult with should any issues or questions arise related to those topics.
Following these guidelines will go a long way towards creating a positive experience when buying or selling property. As an older American you deserve peace of mind during this time of transition.
Email: rlecinski@longrealty.com
Quick links for Retirement Communities in Tucson - Oro Valley Arizona
http://rlecinski.longrealty.com
Direct Line 520-834-4663
Finding a real estate agent who understands the unique needs of older Americans is a crucial component in having a successful real estate transaction. Life changing events such as the passing of a loved one, illness, downsizing, and/or retirement are a unique set of issues that often accompany the buying and selling of property for older Americans.
A few simple real estate tips for seniors (edit/delete)
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Real Estate Tips for Seniors
Finding a real estate agent who understands the unique needs of older Americans is a crucial component in having a successful real estate transaction. Life changing events such as the passing of a loved one, illness, downsizing, and/or retirement are a unique set of issues that often accompany the buying and selling of property for older Americans. Because this is an important and life changing decision, do not just pick a real estate agent out of the phone book, and/or stick with the first agent you meet - interview at least two agents. Make sure that you feel comfortable with the agent you will be working with. In the interview question the agents about their experience in handling clients dealing with the issues that you are dealing with. Try to get a sense of whether or not the agent would be sensitive to your needs; and make sure the agent is willing to deal with other family members if necessary. When selecting an agent, discuss the percentages that the agent will charge you for selling your property. If an agent tells you he/she is charging you a "standard" percentage rate for services, be weary, this is false. A percentage rate is negotiable by federal law. The length of the contract in which you list with the agent is negotiable as well. Pick a real estate agent who is willing to show you a marketing plan. A solid marketing plan demonstrates a commitment and willingness that will be instrumental in selling your property in a timely manner, eliminating unnecessary expenses related to utilities, real estate taxes, interest expense and lost interest income. A marketing plan should include advertising in a variety of venues, (for example flyers, the newspaper, open houses, the Internet). The property should always be listed in the local MLS, which is the industry standard publication that is utilized by all agents. Although a real estate agent is not a financial advisor, attorney or tax consultant, a good agent should possess basic knowledge in these matters. The agent should possess enough knowledge to let you know which expert you need to consult with should any issues or questions arise related to those topics. Following these guidelines will go a long way towards creating a positive experience when buying or selling property. As an older American you deserve peace of mind during this time of transition. http://rlecinski.longrealty.com Rich Lecinski Long Realty Company OroValley - Tucson Arizona Direct Line 520-834-4663 |
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Real estate services in the Oro Valley, Greater Tucson, Vail and Marana areas. I work with a team and we can cover much of Southern Arizona including Rio Rico and Nogales. My phone is always on.
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