Suzanne Strickler - Assoc. Broker for Philadelphia, PA Area Real Estate

Congress heard our plea to extend and expand the First Time Buyer's Tax Credit. Here are the details:

Who Qualifies for the Extended Credit?

• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
  
• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold as a principal residence for 5 consecutive years within the last eight.

To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer's tax credit is determined by two additional factors:

1. The price of the home.
2. The buyer's income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000-may receive the maximum tax credit.

If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Elections for judicial, county, school district and municipal positions will be held this Tuesday, November 3, 2009.

Haverford Township · 1st Ward, 3rd Precinct, Haverford Nursing and Rehabilitation, 2050 Old West Chester Pike (Community Room) ·

1st Ward, 4th Precinct, Manoa Fire Company, 115 South Eagle Road (Board Room) ·

2nd Ward, 4th Precinct, Manoa School, 201 South Manoa Road (LGI-Cafeteria). Be aware that this is the NEW Manoa Elementary School.

Marple Township Note: All three precincts in the third ward for which polling was previously held in the Community Hall on West Chester Pike have new polling locations. ·

3rd Ward, 1st Precinct, St. Pius X Roman Catholic Church, 220 Lawrence Road (Pope John Paul II meeting room) ·

3rd Ward, 2nd Precinct, St. Pius X Roman Catholic Church, 220 Lawrence Road (Pope John Paul II meeting room) ·

3rd Ward, 3rd Precinct, St. Pius X Roman Catholic Church, 220 Lawrence Road (Pope John Paul II meeting room)

Darby Creek Valley Association: Celebrating 25 Years of Connecting and Protecting In the Darby Creek Watershed

DCVA will be celebrating its 25th anniversary with a Luncheon on Sunday, November 15th, 2009. Rev. Dr. Bob Edgar, former US Congressman for Delaware County, will be a guest speaker at the event.

The luncheon will be held at 1:00 p.m. at the McCall Golf and Country Club, 201 North Lynn Boulevard, Upper Darby, PA 19083. More information about the venue can be found at www.mccallgolf.com. If interested, please reserve a seat by October 31st.

For reservations and more information, please contact Robin Mann at robinlmann@gmail.com (or by phone at 610.527.4598), or Jan Marie Rushforth at rushforth@comcast.net.

More information can also be found at http://www.dcva.org.

I just passed my Broker's Exam! Talk about 'a long time coming'. I took the classes years ago by going the slowest route possible, one day a week for 18 months. I was fortunate that the school had them available that way. I was a single mom with a mortgage, selling real estate in a booming market. There had to be time to be with my family, my clients and settlements.

Passed all 8 finals one after the other, then the market boomed and there was no time to think about preparing for and taking the exam.

A few years passed, the boom busted and here we are in a better atmosphere to concentrate on the Broker's Exam. To all things there is a season.

Got all my paperwork together. Found all my past Brokers of Record to sign off on my transactions. I was grateful that they were all cooperative and wished me well. After all was said and done with paperwork, phone calls and checks; I passed with flying colors.

I can only compare that feeling of elation and relief like the day after my income taxes are done and mailed. Another major hurdle has been cleared.

If anyone else is working their way through the classes, homework and exams, KEEP PRESSING ON. This is a great time to become a real estate broker. When the market booms again, we'll be riding the crest instead of paddling like crazy.

The National Association of Realtors estimates that over 85,000 people would NOT have bought a house without the tax credit.

If you want to have a voice in the decision to extend the first time home buyer's credit, go to

http://takeaction.realtoractioncenter.com/campaign/hbtc?qp_source=dotorg

I support this tax credit because I'm professionally involved and deeply committed to helping my clients achieve the American Dream. What I don't waste my time thinking about are people who want to scam the system. If you are an honest person, you probably think honestly. Spending time mastering plans to rip off other people is not on my To Do List at all.

The following CBS article opened my eyes to what problems Congress has to consider about the bill extension

http://www.cbsnews.com/stories/2009/10/22/ap/congress/main5408507.shtml?tag=contentMain;contentBody

Some people abusing the tax credit already have a house, some are illegal aliens, some are under age. It takes all kinds.