Geri Doyle

Well I'm trying to be positive here but here is a good one. I've been searching for my daughter and her boyfriend a home for he is a first time home buyer. We looked for 6 weeks we finally find a home that he fell in love with. But guess what, a foreclosure full of mold, leaking roof and a few other things. Home is 4 years old and a heck of a deal. I've sold Real Estate for 10 years so I knew this would not pass for a first time home buyer loan and there were multiple offers.My husband and I decided to put a cash offer on it. we really wanted them to get this home. We put a full price on it 120,000.00. Offer was accepted 2 weeks ago. I'm closing on it next week and in turn will sell it to them for the price I paid so they can take advantage of the tax credits. Today I get an email from the listing agent. The company is assetlink's a gal says that works there says I will not recieve any commission because I'm the buyer.

I told the listing agent which it's not her fault I was using that money to buy them appliances. They are first time home buyers they have no money! And why am I just finding out now! I told Sharon the listing agent, are they going to reduce the price now since their not paying me commission?

So does anyone have any suggestions?

Thanks in advance!

Geri

www.doyledevoe.com

www.newtoniowarealty.com

First Time Home Buyers in Newton

We've been asked a few questions about the new Stimulus bill and how it affects Newton, Colfax & Baxter Iowa Buyers.

1. Who qualifies for the $8000.00 credit on the purchase of a new home?

You must be a first-time home buyer, which the law defines as someone who hasn't owned a primary home for 3 years. You must buy the home between Jan 1st and Dec 1st of 2009. If you haven't owned a home for past 3 years but your spouse has neither of you qualifies. The New credit does not have to be repaid.

2. I'm planning to buy a home for $50,000. Will I get the tax credit for $8000?

No. The credit is equal to 10 percent of the home's purchase price, up to the maximum of $8,000. You would be limited to $5,000.

3. I'm buying a new home from a builder. Will I qualify for the credit?

Yes, as long as you close on the purchase between Jan 1st and Dec 1st

As always check with your local Tax Advisor before purchasing. Each State also has their own tax laws.

It's pretty cold here in Newton,Ia so our office goes above and beyond our scope of customer service.

When I say cold, it was -10 below this weekend.

The past few weeks we have gone to all our vacant homes which is plenty and put batteries in their thermostats to make sure they continue to work. We've found a couple homes that the furnaces weren't working and pipes were froze which eventually when it gets warm in the home your bound to have leaks when the pipes unthaw. Which leads to new sheetrock, sometimes flooring, painting the list goes on.

So if your a homeowner and it is vacant for the winter you might have some one check on it periodically or if it's on the market with a Realtor ask them if they can check it.

Another thing you might want to do if your home is vacant for the winter. Have some one winterize it that way you don't have to worry about your furnace going down or pipes freezing. In the end it could be a money saver for you.

Happy Winter!

Geri Doyle

www.newtoniowarealty.com and www.doyledevoe.com