Wisconsin

New Tax Credit Changes

11-07-09

Tim Hagedorn

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Office: (715) 848-8009

Mobile: (715) 571-4700

Here are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit

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.

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Saturday with my son Spencer in Waukesha County to Dodge County: Our trip to the Widmer's cheese factory

11-07-09

Tom Braatz, Waukesha County Real Estate,WI

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Office: (262) 377-1459

Mobile: (262) 377-1459
Secondary: (800) 800-7140

If you never have been in a cheese factory and totally got the scope of what they do I would suggest one time in life that you do. We work really hard during the week and I just needed a little more bonding time with my son Spencer. In the Waukesha County real estate market it gets pretty hectic and when I have a moment I like to hang out with my little guy. When he got up this morning I mentioned to him that we should go for a ride and look at the country side and possibly go to Theresa, Wisconsin, which is home to Widmer's Cheese Cellars

Widmer's Cheese Factory Tour

These folks make amazing cheese and as I drove I thought about the packages I am going to put together for some agent friends; friends that live in too much desert, agent friends that think their state makes good cheese, and unexpected friends that will just enjoy it. Lots of fields went by, many beautiful and glorious cows, rolling hills and meadows, Waukesha County real estate market streams and lakes; it was just what makes an afternoon with ones son that more enjoyable.

Widmer's still has the tours while making the cheese and I can tell you their brick cheese, cheddar, muenster cheese is superb, and my son Spencer has been eating cheese curds all day non stop; that leads me to believe they hit home and he gives his approval.

Widmer's has been in business for a long time and they are master cheesemakers. In fact, Wisconsin is the only state that has a master cheesemakers program required. The story of Widmer's Cheese begins over 80 years ago, finding a Waukesha County real estate agent?,Waukesha Real Estate,WaukeshaCounty Real Estate, homes for sale in Waukesha County when our founder, John O. Widmer, left Switzerland to come to America. Dodge County Wisconsin was already one of the most famous cheese producing regions of the world, . As did many finding a Waukesha County real estate agent?,Waukesha Real Estate,WaukeshaCounty Real Estate, homes for sale in Waukesha County Swiss immigrants, John O. Widmer became a cheese maker. John worked in various cheese factories as an apprentice before settling in Theresa Wisconsin in 1922. Widmer's Cheese Cellars offers a Wisconsin original, Wisconsin Brick cheese, a cheese of unsurpassed distinction. Methods for making cheese vary according to the type of cheese, but the basic manufacturing process for all cheese is essentially the same as the one we use to make Widmer Brick. The fresh, sweet milk is picked up at nearby farms and brought to the cheese factory via bulk truck.

finding a Waukesha County real estate agent?,Waukesha Real Estate,WaukeshaCounty Real Estate, homes for sale in Waukesha County

Check out some past Cheese blog posts!

Hey Tom, Why is Wisconsin called America's Dairyland?

The Cheese Factories in Waukesha County and America's Dairyland

Wisconsin Attractions: Wisconsin Cheese Factories

Widmer's Cheese Factory Tour Wisconsin Cheese

Widmers Cheese Factory Tour
10 min - Apr 24, 2007
www.youtube.com

Wishing you a productive day, and see you at closing!

Tom Braatz

Looking at finding a Waukesha County real estate agent? Like to know what your Waukesha Real Estate or WaukeshaCounty Real Estate , or what your homes for sale in Waukesha County are worth on-line? Get it on-line: Market Analysis Want to find that right home? Dream Home Finder

www.waukeshacountylife.com www.twitter.com/tombraatz www.facebook.com/tombraatz www.linkedin.com/in/tombraatz

Find the home you want at www.buyingvip.com or www.myhomevaluesource.com

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Fall Squirrel Hunting

11-06-09

Jason Simonson Menomonie WI, Realty Executives

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Office: (715) 505-9212

Mobile: (715) 505-9212
Secondary: (715) 231-9212

Fall Squirrel Hunting

Sneaking through the forest in fall is a rewarding hunting technique that gives you the feeling you are outwitting and ambushing your prey.

A squirrel will always feed with it's back to the trees trunk

This brand of squirrel hunting requires woodsmanship and a keen sense of hearing and eyesight. A silent approach requires stalking skills -- concentration on slipping silently through underbrush, calculating each footstep, selecting the best silent route through the forest -- while searching for game. It's not an easy task, but it's very exciting and rewarding. It requires agility, strength, coordination and attention to details as you silently glide along the forest floor.

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What kind of activity took place last week in the Jefferson County real estate market Tom Braatz?

11-06-09

Tom Braatz, Waukesha County Real Estate,WI

view my blog
Office: (262) 377-1459

Mobile: (262) 377-1459
Secondary: (800) 800-7140

If you are looking for homes for sale in Watertown, Wisconsin, or any homes for sale in Jefferson County,Wisconsin if you need information on selling a home in Watertown,Wisconsin then the following information per the MLS may be of help to you. The information is for single family, two family, multi family, business property, commercial property, vacant land, and everything in the MLS for this period from 10/31/2009 to 11/06/2009

homes for sale in Watertown, Wisconsin,homes for sale in Jefferson County,Wisconsin

In the Jefferon County Real estate market 9 properties sold. 0 were list and sold by the same company, and 9 were sold by co-brokes.

In the Jefferson County Real Estate market there were 21 new listings.

In the Jefferson County Real Estate market there were 7 pending listings.

In the Jefferson County Real Estate market there were 0 withdrawn listings.

In the Jefferson County Real Estate market there were 0 canceled listings.

In the Jefferson County Real Estate market there were 91 expired listings.

In the Jefferson County Real Estate market there were 11 back on market listings.

In the Jefferson County Real Estate market there were 13 extended listings.

In the Jefferson County Real Estate market there were 1,257 active listings.

In the Jefferson County Real Estate market it is a great time to call Tom Braatz to buy and sell!

homes for sale in Watertown, Wisconsin

Wishing you a productive day, and see you at closing!

Tom Braatz

Looking for Jefferson County real estate agents? Like to know what your Jefferson Real Estate or Jefferson County Real Estate , or what your homes for sale in Jefferson County are worth on-line? Get it on-line: Market Analysis Want to find that right home? Dream Home Finder

www.waukeshacountylife.com www.twitter.com/tombraatz www.facebook.com/tombraatz www.linkedin.com/in/tombraatz

Find the home you want at www.buyingvip.com or www.myhomevaluesource.com

Subscribe in a reader Follow our podcasts below: Stream all articles

Check out my Google profile http://www.google.com/profi...

6 Comments

Washington County real estate is selling Tom Braatz: What took place last week in activity?

11-06-09

Tom Braatz, Waukesha County Real Estate,WI

view my blog
Office: (262) 377-1459

Mobile: (262) 377-1459
Secondary: (800) 800-7140

If you are looking for homes for sale in Hartford, Wisconsin, Germantown, Wisconsin, or Slinger, Wisconsin or if you need information on selling a home in Washington County,Wisconsin then the following information per the MLS may be of help to you. The information is for single family, two family, multi family, business property, commercial property, vacant land, and everything in the MLS for this period from 10/31/2009 to 11/06/2009

homes for sale in Hartford, Wisconsin, Germantown, Wisconsin, or Slinger, Wisconsin

In the Washington County Real estate market 13 properties sold. 4 were list and sold by the same company, and 9 were sold by co-brokes.

In the Washington County Real Estate market there were 63 new listings.

In the Washington County Real Estate market there were 9 pending listings.

In the Washington County Real Estate market there were 0 withdrawn listings.

In the Washington County Real Estate market there were 0 canceled listings.

In the Washington County Real Estate market there were 89 expired listings.

In the Washington County Real Estate market there were 14 back on market listings.

In the Washington County Real Estate market there were 71 extended listings.

In the Washington County Real Estate market there were 2,290 active listings.

In the Washington County Real Estate market it is a great time to call Tom Braatz to buy and sell!

homes for sale in Hartford, Wisconsin, Germantown, Wisconsin, or Slinger, Wisconsin

Wishing you a productive day, and see you at closing!

Tom Braatz

Looking for Washington County real estate agents? Like to know what your Washington Real Estate or Washington County Real Estate , or what your homes for sale in Washington County are worth on-line? Get it on-line: Market Analysis Want to find that right home? Dream Home Finder