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Home Buyer Tax Credit FAQ's

11-07-09
Akron Ohio Homes for Sale David M. Childress
Akron Ohio Homes for Sale David M. Childress: Real Estate Agent in Akron, OH
  • view my blog
  • Office: (877) 896-5225
  • Mobile: (330) 620-8460
  • Secondary: (330) 620-8460

This list of the most asked questions has been provided to us Akron Ohio Realtors to assist our clients in understanding the changes and time limits on the recent legislation passed and signed by the President on Friday, November 6, 2009. You may contact me or any Realtor in your area for any further questions or concerns you may have. Good luck in your home search!

NAR Frequently Asked Questions

Homebuyer Tax Credit Changes

National Association of REALTORS® Government Affairs Division

Question: Existing homeowner credit: Must the new house cost more than the old house?

Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a firsttime homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?

Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phaseout range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?

Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?

Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.

Question: I am an eligible firsttime homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?

Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

2 Comments
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PORTAGE LAKES, OHIO Lakefront Market Report for October 2009

11-05-09
Caren Wallace-Real Estate Agent
Caren Wallace-Real Estate Agent: Real Estate Sales Person in Akron, OH
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  • Office: (330) 835-4900
  • Mobile: (330) 697-3227
  • Secondary: (330) 644-3337

sunrise

******OCTOBER 2009 PORTAGE LAKES, OHIO LAKEFRONT MARKET REPORT*****

Active Listings.........................55

Lowest Price............................$75,000

Highest Price...........................$1,180,000

Average Days on Market..........156 days

Average Price per SF................$133

Contingent Listings..................2

Average Days on Market..........164

Pending Listings.......................8

Lowest Price............................$104,000

Highest Price...........................$375,000

Average Days on Market...........48

Average Price per SF................$114

Sold Listings............................5

Lowest Price............................$80,000

Highest Price...........................$435,000

Average Days on Market..........103

Average Price per SF...............$121

At 5 sales per month we have an inventory of Portage Lakes lakefront homes of

11 months. What this means for buyers is a great selection and sellers who are

motivated. It is a great time to buy a lakefront home in Portage Lakes, Ohio.

We have so many different homes to choose from for all economic groups.

There is no time like the present, with mortgage ineterst rates still at or around

5% fixed for 30 years! Consult a Realtor today to get into the Portage Lakes

lifestyle!

Call or email me for a list of Portage Lakes Lakefront homes for sale!

Caren@CarenWallace.com

4 Comments
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Unexpected Results In Hudson Ohio

11-03-09
Dawn Maloney, CDRS Elite
Dawn Maloney, CDRS Elite: Real Estate Agent in Hudson, OH
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  • Office: (330) 990-4236
  • Mobile: (330) 990-4236
  • Secondary: (330) 929-9278

7297 Darien Drive Hudson Ohio

It's always good to hear from a happy client...especially when that person has become a dear friend in the process. Thank you, Norm! You were wonderful to work with and I'm very glad to know you!

"Hi Dawn,

Just wanted to drop you a long overdo note of thanks for your very effective work in getting my house in Hudson sold. While your marketing plan was good, your hard work and effort on my behalf both getting me a contract and then seeing it through to closing was special. With the housing market the way it was ,I did not think I would get 3 offers and a sale in three and a half months.


Please feel free to use me as a reference to any of your prospective clients. Selling a house is tough on the seller even in a good market but you got me through it in fine shape.

Best regards,
Norm Vernon"

4 Comments
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Halloween Parties in Portage Lakes for" Big Kids!"

10-29-09
Caren Wallace-Real Estate Agent
Caren Wallace-Real Estate Agent: Real Estate Sales Person in Akron, OH
  • view my blog
  • Office: (330) 835-4900
  • Mobile: (330) 697-3227
  • Secondary: (330) 644-3337

Veronica Krug and the Back Alley Gatorz

Look for Veronica Krug and the Back Alley Gatorz at the Innfield Lounge at

861 Wooster Road West in Barberton on Friday night for a Halloween Party

with prizes for best costume and good food and cheap drinks! Come on out

for a great night with Veronica and the Back Alley Gatorz!! Come in costume and

join in the Halloween fun!

Highway 61 Band

Halloween Night ,Saturday, will be a fun night with Highway 61 at Club Maxx at Dietz's

on Rt. 619 in Portage Lakes, Ohio. Highway 61 delivers R & B with gusto and you will

have a great time dancing to their tunes! Club Maxx offers a large dance floor and

is on West Reservoir in Portage Lakes. We will all be in costume to frighten and scare

you. hahahahahahahaha!

6 Comments
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A Nice Testimonial from a Short Sale Seller in Cuyahoga Falls Ohio...

10-28-09
Dawn Maloney, CDRS Elite
Dawn Maloney, CDRS Elite: Real Estate Agent in Hudson, OH
  • view my blog
  • Office: (330) 990-4236
  • Mobile: (330) 990-4236
  • Secondary: (330) 929-9278

"Dawn Maloney is one of the few realtor's who will take the time to work with 'short sales'. Her drive and determination to get the best possible settlement for her clients is unsurpassed! She worked with us for over nine months and challenged the bank with unwaivering determination to avoid foreclosure. She didn't stop there! She also negotiated a deal with a builder/contractor for us so that we would not have to move to low-income housing or live with relatives.


We would highly recommend Dawn to anyone who is facing foreclosure problems or just looking for a new home!"

2136 Mayfield Ave Cuyahoga Falls
Marg and Randy Simon

9 Comments