Showing posts with label Lexington County. Show all posts
Showing posts with label Lexington County. Show all posts
Friday, September 24, 2010
Tuesday, September 7, 2010
Thursday, September 2, 2010
Home AUCTIONS
So you have been trying to sell your home for quite some time without success, and you are wonder if you are marketing the house properly. Perhaps it is time to look into an alternate method of selling your house. Let’s take a look at putting your house up for auction.
As a seller, there are some real benefits to selling your home through an auction. Unlike the usual home sale process there is no negotiation. You know your buyers are serious and the competition of an auction may increase the price your home sells for.
There are three common types of auctions:
Absolute Auction
- house will sell to the highest bidder, regardless of price.
- marketplace response is strong, as buyers know a sale will be made.
Minimum Bid Auction
- protects the seller from selling below a set price.
- usually has fewer prospective buyers
Reserve Auction
- the highest bid at the auction is considered an offer.
- seller has a couple of days to accept or reject the offer.
- down side of this type of sale is that not many buyers may be willing to risk the sale being turned down
Above all, always work with a REALTOR® who knows the auction process. He or she may already have a relationship with an auction company and can assist in organizing the sale. Remember, the property needs to be in saleable condition to get the best price; your REALTOR® can discuss staging the home with you.
As a seller, there are some real benefits to selling your home through an auction. Unlike the usual home sale process there is no negotiation. You know your buyers are serious and the competition of an auction may increase the price your home sells for.
There are three common types of auctions:
Absolute Auction
- house will sell to the highest bidder, regardless of price.
- marketplace response is strong, as buyers know a sale will be made.
Minimum Bid Auction
- protects the seller from selling below a set price.
- usually has fewer prospective buyers
Reserve Auction
- the highest bid at the auction is considered an offer.
- seller has a couple of days to accept or reject the offer.
- down side of this type of sale is that not many buyers may be willing to risk the sale being turned down
Above all, always work with a REALTOR® who knows the auction process. He or she may already have a relationship with an auction company and can assist in organizing the sale. Remember, the property needs to be in saleable condition to get the best price; your REALTOR® can discuss staging the home with you.
Wednesday, September 1, 2010
Thursday, August 19, 2010
Being prepared
Being prepared for a natural disaster may not seem to be a priority; however, a disaster can strike at a moment’s notice. During a disaster you and your family members may not have electrical power or running water for up to three days. Relief workers will be on scene but may not be able to access everyone immediately. Having a well stocked Disaster Supply Kit is a great way to insure you and your love ones have the necessities required while waiting for assistance. Better to be prepared than caught off guard.
Some items your Disaster Supply Kit should have are as follows:
WaterIt is recommended that you use commercially purchased bottled water that will only be opened as required. Have at least a three-day supply of water and you should store one gallon of water per person per day. Keep in mind a normal, healthy adult requires approximately one half gallon of water daily.
Food
Store a minimum of a three day supply of non-perishable food. Choose foods that require little or no refrigeration, preparation or cooking and little or no water. Make sure to avoid foods that will make you thirsty or are high in salt as this will increase your water intake. High energy foods such as peanut butter, jelly, crackers, granola bars and trail mix will go a long way.
First Aid
People in your home may have been injured so it is always best to have a first aid kit ready. In fact, have two kits prepared – one for your Disaster Kit and one in your car. At any point you may need to travel.
FEMA.gov recommends the following items be in your first aid kit:
• Sterile adhesive bandages in assorted sizes
• 2-inch sterile gauze pads (4-6)
• 4-inch sterile gauze pads (4-6)
• Hypoallergenic adhesive tape
• Triangular bandages (3)
• 2-inch sterile roller bandages (3 rolls)
• 3-inch sterile roller bandages (3 rolls)
• Scissors
• Tweezers
• Needle
• Moistened towelettes
• Antiseptic
• Thermometer
• Tongue blades (2)
• Tube of petroleum jelly or other lubricant
• Assorted sizes of safety pins
• Cleansing agent/soap
• Latex gloves (2 pair) Sunscreen
Clothing / Bedding
If you are living in a climate where temperatures drop then coats, sweaters and heavy bedding are required. Include one change of clothing for every person in your home.
Special Needs
Remember to have your special needs items packed in your kit if you have an infant child, elderly or disabled person living in your home.
Those items may include:
• Formula
• Diapers
• Bottles
• Medications
Important Documents
Gather copies of all of your family’s important personal documents and place them in a waterproof lock box. This lock box should be place with your disaster kit.
Your documents should include:
• Will, insurance policies, contracts, deeds, stocks and bonds
• Photo IDs, passports, social security cards, immunization records
• Bank account numbers
• Credit card account numbers and companies
• Inventory of valuable household goods, important telephone numbers
Remember, we all face the risk of being the victim of a large scale disaster and a little bit of preparation beforehand will go a long way in easing the stress.
For a comprehensive list on planning and preparing for disaster, please go to FEMA’s – Prepare For A Disaster web page by clicking here http://www.fema.gov/plan
Some items your Disaster Supply Kit should have are as follows:
WaterIt is recommended that you use commercially purchased bottled water that will only be opened as required. Have at least a three-day supply of water and you should store one gallon of water per person per day. Keep in mind a normal, healthy adult requires approximately one half gallon of water daily.
Food
Store a minimum of a three day supply of non-perishable food. Choose foods that require little or no refrigeration, preparation or cooking and little or no water. Make sure to avoid foods that will make you thirsty or are high in salt as this will increase your water intake. High energy foods such as peanut butter, jelly, crackers, granola bars and trail mix will go a long way.
First Aid
People in your home may have been injured so it is always best to have a first aid kit ready. In fact, have two kits prepared – one for your Disaster Kit and one in your car. At any point you may need to travel.
FEMA.gov recommends the following items be in your first aid kit:
• Sterile adhesive bandages in assorted sizes
• 2-inch sterile gauze pads (4-6)
• 4-inch sterile gauze pads (4-6)
• Hypoallergenic adhesive tape
• Triangular bandages (3)
• 2-inch sterile roller bandages (3 rolls)
• 3-inch sterile roller bandages (3 rolls)
• Scissors
• Tweezers
• Needle
• Moistened towelettes
• Antiseptic
• Thermometer
• Tongue blades (2)
• Tube of petroleum jelly or other lubricant
• Assorted sizes of safety pins
• Cleansing agent/soap
• Latex gloves (2 pair) Sunscreen
Clothing / Bedding
If you are living in a climate where temperatures drop then coats, sweaters and heavy bedding are required. Include one change of clothing for every person in your home.
Special Needs
Remember to have your special needs items packed in your kit if you have an infant child, elderly or disabled person living in your home.
Those items may include:
• Formula
• Diapers
• Bottles
• Medications
Important Documents
Gather copies of all of your family’s important personal documents and place them in a waterproof lock box. This lock box should be place with your disaster kit.
Your documents should include:
• Will, insurance policies, contracts, deeds, stocks and bonds
• Photo IDs, passports, social security cards, immunization records
• Bank account numbers
• Credit card account numbers and companies
• Inventory of valuable household goods, important telephone numbers
Remember, we all face the risk of being the victim of a large scale disaster and a little bit of preparation beforehand will go a long way in easing the stress.
For a comprehensive list on planning and preparing for disaster, please go to FEMA’s – Prepare For A Disaster web page by clicking here http://www.fema.gov/plan
Thursday, June 3, 2010
Housing Stays Highly Affordable for Fifth Consecutive Quarter
Housing Stays Highly Affordable for Fifth Consecutive Quarter
RISMEDIA, May 29, 2010—Nationwide housing, bolstered by favorable interest rates and low house prices, hovered for the fifth consecutive quarter near its highest level of affordability since the series was first compiled 19 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
The HOI showed that 72.2% of all new and existing homes sold in the first quarter of 2010 were affordable to families earning the national median income of $63,800, slightly higher than the previous quarter and near the record-high 72.5% set during the first quarter a year ago.
“Today’s report is very encouraging because it indicates that home ownership continues its more than year-long trend of remaining within reach of more households than it has for almost two decades,” said NAHB Chairman Bob Jones, a home builder from Bloomfield Hills, Mich. “With interest rates still hovering at low levels, companies starting to hire new employees and the economy beginning to rebound, this should encourage more home buyers to enter the market and help further stabilize housing and the economy.”
Indianapolis-Carmel and Youngstown-Warren-Boardman, Ohio-Pa., shared the ranking as the most affordable major housing markets in the country. In Indianapolis, which has held this top ranking for nearly five years, almost 95% of all homes sold were affordable to households earning the area’s median family income of $68,700. In Youngstown, the same percentage of homes were affordable to households earning a median $53,500.
Also near the top of the list of the most affordable major metro housing markets were Syracuse, N.Y.; Dayton, Ohio; and Grand Rapids-Wyoming, Mich.
Five smaller housing markets posted even higher affordability scores than Indianapolis and Youngstown. Among them, Bay City, Mich., where 98.7% of homes sold during the first quarter of 2010 were affordable to median-income earners, was the most affordable market in the country. Other smaller housing markets near the top of the index included Kokomo, Ind.; Davenport-Moline-Rock Island, Iowa-Ill.; Sandusky, Ohio; and Elkhart-Goshen, Ind., respectively.
New York-White Plains-Wayne, N.Y.-N.J., continued to lead the nation as its least affordable major housing market during the first quarter of 2010. Slightly less than 21% of all homes sold during the quarter were affordable to those earning the New York area’s median income of $65,600. This was the eighth consecutive quarter that the New York metropolitan division has occupied this position.
The other major metro areas near the bottom of the affordability scale included San Francisco; Honolulu; Santa Ana-Anaheim-Irvine, Calif.; and Los Angeles-Long Beach-Redwood City, Calif.
San Luis Obispo-Paso Robles, Calif. was the least affordable of the smaller metro housing markets in the country during the first quarter. Others near the bottom of the chart included Ocean City, N.J; Santa Cruz-Watsonville, Calif.; Napa, Calif.; and Flagstaff, Ariz.
For more information, visit www.nahb.org (http://www.nahb.org).
RISMEDIA, May 29, 2010—Nationwide housing, bolstered by favorable interest rates and low house prices, hovered for the fifth consecutive quarter near its highest level of affordability since the series was first compiled 19 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
The HOI showed that 72.2% of all new and existing homes sold in the first quarter of 2010 were affordable to families earning the national median income of $63,800, slightly higher than the previous quarter and near the record-high 72.5% set during the first quarter a year ago.
“Today’s report is very encouraging because it indicates that home ownership continues its more than year-long trend of remaining within reach of more households than it has for almost two decades,” said NAHB Chairman Bob Jones, a home builder from Bloomfield Hills, Mich. “With interest rates still hovering at low levels, companies starting to hire new employees and the economy beginning to rebound, this should encourage more home buyers to enter the market and help further stabilize housing and the economy.”
Indianapolis-Carmel and Youngstown-Warren-Boardman, Ohio-Pa., shared the ranking as the most affordable major housing markets in the country. In Indianapolis, which has held this top ranking for nearly five years, almost 95% of all homes sold were affordable to households earning the area’s median family income of $68,700. In Youngstown, the same percentage of homes were affordable to households earning a median $53,500.
Also near the top of the list of the most affordable major metro housing markets were Syracuse, N.Y.; Dayton, Ohio; and Grand Rapids-Wyoming, Mich.
Five smaller housing markets posted even higher affordability scores than Indianapolis and Youngstown. Among them, Bay City, Mich., where 98.7% of homes sold during the first quarter of 2010 were affordable to median-income earners, was the most affordable market in the country. Other smaller housing markets near the top of the index included Kokomo, Ind.; Davenport-Moline-Rock Island, Iowa-Ill.; Sandusky, Ohio; and Elkhart-Goshen, Ind., respectively.
New York-White Plains-Wayne, N.Y.-N.J., continued to lead the nation as its least affordable major housing market during the first quarter of 2010. Slightly less than 21% of all homes sold during the quarter were affordable to those earning the New York area’s median income of $65,600. This was the eighth consecutive quarter that the New York metropolitan division has occupied this position.
The other major metro areas near the bottom of the affordability scale included San Francisco; Honolulu; Santa Ana-Anaheim-Irvine, Calif.; and Los Angeles-Long Beach-Redwood City, Calif.
San Luis Obispo-Paso Robles, Calif. was the least affordable of the smaller metro housing markets in the country during the first quarter. Others near the bottom of the chart included Ocean City, N.J; Santa Cruz-Watsonville, Calif.; Napa, Calif.; and Flagstaff, Ariz.
For more information, visit www.nahb.org (http://www.nahb.org).
Friday, February 12, 2010
Fed sees signs of recovery
Fed sees signs of recovery
The Federal Reserve offered its most upbeat economic outlook in nearly a year at the conclusion of its regular two-day policy meeting recently. After emerging from the closed-door assembly, the Fed committee issued a statement that touted improvements in the labor market and business spending, but cautioned, recovery is likely to be moderate for a time." Taken directly, it may not sound like a rave review, but when you compare it to what Fed officials have been saying since last April-Economic activity is likely to remain weak for a time-it's certainly an improvement.Even with the rosier outlook, the Federal Reserve committee voted to keep the target range for its benchmark federal funds rate at 0 to 0.25 percent, and noted that "economic conditions...are likely to warrant exceptionally low levels of the federal funds rate for an extended period." The decision to maintain the near-zero rate, though, was not unanimous - the first dissenting vote among Fed policymakers since January 2009, according to a CNN report. Thomas M. Hoenig, Kansas City Fed president, said economic conditions had improved enough to make exceptionally low rates "no longer warranted," according to the central bank's statement. Fed officials are holding to their plans of pulling back from the secondary market in the coming months. The committee confirmed that its program to purchase mortgage-backed securities (MBS) and debt from the GSEs will come to a close on March 31, as previously signaled. By that time, the Fed says it will have bought $1.25 trillion of MBS and about $175 billion of agency debt. The Federal Reserve has already begun to slow the pace of these purchases to help facilitate a smooth transition when the agency makes its exit.
Source: DSNews.com, Carrie Bay (01/27/2010)
The Federal Reserve offered its most upbeat economic outlook in nearly a year at the conclusion of its regular two-day policy meeting recently. After emerging from the closed-door assembly, the Fed committee issued a statement that touted improvements in the labor market and business spending, but cautioned, recovery is likely to be moderate for a time." Taken directly, it may not sound like a rave review, but when you compare it to what Fed officials have been saying since last April-Economic activity is likely to remain weak for a time-it's certainly an improvement.Even with the rosier outlook, the Federal Reserve committee voted to keep the target range for its benchmark federal funds rate at 0 to 0.25 percent, and noted that "economic conditions...are likely to warrant exceptionally low levels of the federal funds rate for an extended period." The decision to maintain the near-zero rate, though, was not unanimous - the first dissenting vote among Fed policymakers since January 2009, according to a CNN report. Thomas M. Hoenig, Kansas City Fed president, said economic conditions had improved enough to make exceptionally low rates "no longer warranted," according to the central bank's statement. Fed officials are holding to their plans of pulling back from the secondary market in the coming months. The committee confirmed that its program to purchase mortgage-backed securities (MBS) and debt from the GSEs will come to a close on March 31, as previously signaled. By that time, the Fed says it will have bought $1.25 trillion of MBS and about $175 billion of agency debt. The Federal Reserve has already begun to slow the pace of these purchases to help facilitate a smooth transition when the agency makes its exit.
Source: DSNews.com, Carrie Bay (01/27/2010)
Friday, February 5, 2010
Short Sales don't relieve Deficiency Judgement
You lost your house – but you still have to pay?
As terrible as it is to lose your house to foreclosure, at least it's a relief to put your biggest financial headache behind you, right?
Former homeowners may still be on the hook if there's a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these "deficiency judgments" are ticking time bombs that can explode years after borrowers lose their homes.
It can even happen to people who got their bank to approve them selling their home for less than it is worth. Some banks issue 1099 for the difference and make home owners pay taxes on the short amount as well
Sad Examples are that
Mr. Jones does a Short Sale, His bank 2-4 years latter sends a letter demanding 1- Payment of short sale amount or them to claim Bankrupcy. This is the dark cloud that looms over the future Short Sales
Whether banks can and will pursue deficiency judgments depends on many factors, including what state the borrower lives in and whether there's a second mortgage or other liens. But if borrowers ignore the possibility of deficiencies, it could haunt them
Lenders may release property liens in order to facilitate short sales without releasing borrowers from their obligations to pay under the promissory notes. The secured debt can convert to an unsecured one after the sale
Releasing title does not necessarily end the debt. It's complicated because of variations in state law, but, generally, a mortgage has two parts: a pledge of collateral, represented by the home, and a promise to pay off the loan
Saturday, November 14, 2009
Showing your House Tips
1. Remove clutter and clear off counters. Throw out stacks of newspapers and magazines and stow away most of your small decorative items. Put excess furniture in storage, and remove out-of-season clothing items that are cramping closet space. Don’t forget to clean out the garage, too.
2. Wash your windows and screens. This will help get more light into the interior of the home.
3. Keep everything extra clean. A clean house will make a strong first impression and send a message to buyers that the home has been well-cared for. Wash fingerprints from light switch plates, mop and wax floors, and clean the stove and refrigerator. Polish your doorknobs and address numbers. It’s worth hiring a cleaning service if you can afford it.
4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows to air out the house. Potpourri or scented candles will help.
5. Brighten your rooms. Put higher wattage bulbs in light fixtures to brighten up rooms and basements. Replace any burned-out bulbs in closets. Clean the walls, or better yet, brush on a fresh coat of neutral color paint.
6. Don’t disregard minor repairs. Small problems such as sticky doors, torn screens, cracked caulking, or a dripping faucet may seem trivial, but they’ll give buyers the impression that the house isn’t well-maintained.
7. Tidy your yard. Cut the grass, rake the leaves, add new mulch, trim the bushes, edge the walkways, and clean the gutters. For added curb appeal, place a pot of bright flowers near the entryway.
8. Patch holes. Repair any holes in your driveway and reapply sealant, if applicable.
9. Add a touch of color in the living room. A colored afghan or throw on the couch will jazz up a dull room. Buy new accent pillows for the sofa.
10. Buy a flowering plant and put it near a window you pass by frequently.
11. Make centerpieces for your tables. Use brightly colored fruit or flowers.
12. Set the scene. Set the table with fancy dishes and candles, and create other vignettes throughout the home to help buyers picture living there. For example, in the basement you might display a chess game in progress.
13. Replace heavy curtains with sheer ones that let in more light. Show off the view if you have one.
14. Accentuate the fireplace. Lay fresh logs in the fireplace or put a basket of flowers there if it’s not in use.
15. Make the bathrooms feel luxurious. Put away those old towels and toothbrushes. When buyers enter your bathroom, they should feel pampered. Add a new shower curtain, new towels, and fancy guest soaps. Make sure your personal toiletry items are out of sight.
16. Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (ideally in the basement), and let the real estate practitioner know where they’ll be to eliminate surprises.
17. Lock up valuables, jewelry, and money. While a real estate salesperson will be on site during the showing or open house, it’s impossible to watch everyone all the time.
18. Leave the home. It’s usually best if the sellers are not at home. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.
Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permissionof the National Association of REALTORS. Copyright 2008. All rights reserved
2. Wash your windows and screens. This will help get more light into the interior of the home.
3. Keep everything extra clean. A clean house will make a strong first impression and send a message to buyers that the home has been well-cared for. Wash fingerprints from light switch plates, mop and wax floors, and clean the stove and refrigerator. Polish your doorknobs and address numbers. It’s worth hiring a cleaning service if you can afford it.
4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows to air out the house. Potpourri or scented candles will help.
5. Brighten your rooms. Put higher wattage bulbs in light fixtures to brighten up rooms and basements. Replace any burned-out bulbs in closets. Clean the walls, or better yet, brush on a fresh coat of neutral color paint.
6. Don’t disregard minor repairs. Small problems such as sticky doors, torn screens, cracked caulking, or a dripping faucet may seem trivial, but they’ll give buyers the impression that the house isn’t well-maintained.
7. Tidy your yard. Cut the grass, rake the leaves, add new mulch, trim the bushes, edge the walkways, and clean the gutters. For added curb appeal, place a pot of bright flowers near the entryway.
8. Patch holes. Repair any holes in your driveway and reapply sealant, if applicable.
9. Add a touch of color in the living room. A colored afghan or throw on the couch will jazz up a dull room. Buy new accent pillows for the sofa.
10. Buy a flowering plant and put it near a window you pass by frequently.
11. Make centerpieces for your tables. Use brightly colored fruit or flowers.
12. Set the scene. Set the table with fancy dishes and candles, and create other vignettes throughout the home to help buyers picture living there. For example, in the basement you might display a chess game in progress.
13. Replace heavy curtains with sheer ones that let in more light. Show off the view if you have one.
14. Accentuate the fireplace. Lay fresh logs in the fireplace or put a basket of flowers there if it’s not in use.
15. Make the bathrooms feel luxurious. Put away those old towels and toothbrushes. When buyers enter your bathroom, they should feel pampered. Add a new shower curtain, new towels, and fancy guest soaps. Make sure your personal toiletry items are out of sight.
16. Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (ideally in the basement), and let the real estate practitioner know where they’ll be to eliminate surprises.
17. Lock up valuables, jewelry, and money. While a real estate salesperson will be on site during the showing or open house, it’s impossible to watch everyone all the time.
18. Leave the home. It’s usually best if the sellers are not at home. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.
Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permissionof the National Association of REALTORS. Copyright 2008. All rights reserved
Wednesday, November 11, 2009
Green Alternatives and Healthy Home Tips for South Carolina Homeowners
Green Alternatives & Healthy Home
Tips for South Carolina Homeowners
With its location on the southern part of the United States, South Carolina is highly regarded for its beautiful mountain ranges, national parks and monuments. With many great historical qualities and geographic location, it is easy to see why many want to call the state their home.
Although purchasing a home is an exciting time for you and your family, many additional responsibilities may arise. Having the assistance of an honest and reliable South Carolina real estate agent can be a big part in accumulating the right information to making the crucial decision.
Homes built prior to 1980 still have the potential of containing asbestos. However, this should not make you feel too concerned because exposure can be prevented by taking simple precautions. There are many environmentally friendly, green forms of insulation that not only are healthy alternatives to asbestos, but may even help reducing annual energy costs. The implementation of eco-construction and green energy home solutions will play an important role in the transformation to a healthier and sustainable world.
Asbestos Tips
Asbestos is a fibrous mineral that was a prominent building application throughout the 20th century. Even if asbestos shingles are on your home, if they are in good condition and left undisturbed, they are not a serious problem. The mere presence of asbestos in a home or a building is not hazardous. Most professionals suggest leaving the asbestos alone. A home inspector can determine the proper course of action. In many cases, asbestos removal may prove to be costly, but a worthy scenario for achieving a healthy and safe home.
Damaged asbestos may release asbestos fibers and become a health hazard, leading to the development of asbestosis mesothelioma. Diagnosis of these forms of asbestos lung cancer has been a difficult task because mesothelioma symptoms are so similar to other, less serious conditions. There are many factors that may impact patient’s mesothelioma survival rate
The South Carolina Department of Health and Environmental Council promote the health and safety of the public and environment. These public organizations assist the disposal and removal of asbestos and other harmful materials. If asbestos removal is deemed necessary, it should be performed by licensed abatement contractor who is trained in handling hazardous materials.
Green Eco-friendly Alternatives
Once the removal process is completed, green insulation alternatives should be given serious consideration. Building green with proper insulation will save you on bills. Implementing green methods of building can have positive environmental, health and economic benefits. These include: Conservation of natural resources, enhancement of air quality, energy sustainability, increase property value, improve quality of life, improvement of pulmonary/cardiac health and reduction of waste.
These alternatives include: cellulose, cotton fiber and lcynene. These eco-friendly insulation options possess the same flame resistant durable qualities as asbestos, minus the health and environmental concerns. Cotton fiber is also becoming a favorite insulation method. Made from recycled batted material, it is then treated to be fireproof. Water based spray polyurethane foam, lcynene, is a healthy insulation which contains no toxic components.
The United Nations Environmental Program states that the use of recycled building materials such as cotton fiber insulation can reduce energy use by 25 percent. With growing education and technology, green sustainable methods of industry and construction need the support of the whole world and it is definitely getting a significant boost through states such as South Carolina.
Tips for South Carolina Homeowners
With its location on the southern part of the United States, South Carolina is highly regarded for its beautiful mountain ranges, national parks and monuments. With many great historical qualities and geographic location, it is easy to see why many want to call the state their home.
Although purchasing a home is an exciting time for you and your family, many additional responsibilities may arise. Having the assistance of an honest and reliable South Carolina real estate agent can be a big part in accumulating the right information to making the crucial decision.
Homes built prior to 1980 still have the potential of containing asbestos. However, this should not make you feel too concerned because exposure can be prevented by taking simple precautions. There are many environmentally friendly, green forms of insulation that not only are healthy alternatives to asbestos, but may even help reducing annual energy costs. The implementation of eco-construction and green energy home solutions will play an important role in the transformation to a healthier and sustainable world.
Asbestos Tips
Asbestos is a fibrous mineral that was a prominent building application throughout the 20th century. Even if asbestos shingles are on your home, if they are in good condition and left undisturbed, they are not a serious problem. The mere presence of asbestos in a home or a building is not hazardous. Most professionals suggest leaving the asbestos alone. A home inspector can determine the proper course of action. In many cases, asbestos removal may prove to be costly, but a worthy scenario for achieving a healthy and safe home.
Damaged asbestos may release asbestos fibers and become a health hazard, leading to the development of asbestosis mesothelioma. Diagnosis of these forms of asbestos lung cancer has been a difficult task because mesothelioma symptoms are so similar to other, less serious conditions. There are many factors that may impact patient’s mesothelioma survival rate
The South Carolina Department of Health and Environmental Council promote the health and safety of the public and environment. These public organizations assist the disposal and removal of asbestos and other harmful materials. If asbestos removal is deemed necessary, it should be performed by licensed abatement contractor who is trained in handling hazardous materials.
Green Eco-friendly Alternatives
Once the removal process is completed, green insulation alternatives should be given serious consideration. Building green with proper insulation will save you on bills. Implementing green methods of building can have positive environmental, health and economic benefits. These include: Conservation of natural resources, enhancement of air quality, energy sustainability, increase property value, improve quality of life, improvement of pulmonary/cardiac health and reduction of waste.
These alternatives include: cellulose, cotton fiber and lcynene. These eco-friendly insulation options possess the same flame resistant durable qualities as asbestos, minus the health and environmental concerns. Cotton fiber is also becoming a favorite insulation method. Made from recycled batted material, it is then treated to be fireproof. Water based spray polyurethane foam, lcynene, is a healthy insulation which contains no toxic components.
The United Nations Environmental Program states that the use of recycled building materials such as cotton fiber insulation can reduce energy use by 25 percent. With growing education and technology, green sustainable methods of industry and construction need the support of the whole world and it is definitely getting a significant boost through states such as South Carolina.
Monday, November 9, 2009
Free Home Buyer Seminar Nov and Dec
PRESS RELEASE
Columbia, SC – November 9, 2009 - FREE homebuyer seminar will discover the Home Buying Process from beginning to end.
Seminar to include these three important steps. First step is Home Buying process and explain the changes in the Tax Credit and the how to buy a home. Second, step the mortgage process, and the potential FREE GRANT MONEY.
Third step would be the closing process in buying home.
The seminar will host professionals in the home buying process to offer FREE information about the home buying process. There will be professionals in those areas to answer questions about those areas. There will be information about the $8,000 Tax Credit, who qualifies and who is eligible for the new tax credit
Time is still essential come to the seminar to find out why
Free Home Buyer Seminar is being offered in Lexington, West Columbia, Columbia, and Irmo.
This is an informational FREE seminar about the home buying process.
The seminar will be available for groups, civic organizations and others on request.
The schedules for the following seminars are as follows:
November 16, Lexington Library 6:00pm-7:30pm Call Edwin Gerace for details 803-957-5566
November 19, West Columbia Library, 6:00pm -7:30pm Call Jason Compton 803-957-5566
November 23, Lexington Library 6:00pm-7:30pm Call Craig Connelly for details 803-957-5566
November 23, Irmo Library 6:30pm-7:30pm Call Jeff Riley for details 803-467-6440
December 7, Lexington Library 6:00pm-7:30pm Call Edwin Gerace for details 803-957-5566
December 14, Lexington Library 6:00pm-7:30pm Call Craig Connelly for details 803-957-5566
This seminar is FREE but please RSVP is suggested due to the demand.
Follow us on Twitter http://twitter.com/freehomeseminar
Follow us on FaceBook Home Buyers Seminar
For more information 803-957-5566
#####
Free Home Buyer Seminar Nov and Dec
PRESS RELEASE
Columbia, SC – November 9, 2009 - FREE homebuyer seminar will discover the Home Buying Process from beginning to end.
Seminar to include these three important steps. First step is Home Buying process and explain the changes in the Tax Credit and the how to buy a home. Second, step the mortgage process, and the potential FREE GRANT MONEY.
Third step would be the closing process in buying home.
The seminar will host professionals in the home buying process to offer FREE information about the home buying process. There will be professionals in those areas to answer questions about those areas. There will be information about the $8,000 Tax Credit, who qualifies and who is eligible for the new tax credit
Time is still essential come to the seminar to find out why
Free Home Buyer Seminar is being offered in Lexington, West Columbia, Columbia, and Irmo.
This is an informational FREE seminar about the home buying process.
The seminar will be available for groups, civic organizations and others on request.
The schedules for the following seminars are as follows:
November 16, Lexington Library 6:00pm-7:30pm Call Edwin Gerace for details 803-957-5566
November 19, West Columbia Library, 6:00pm -7:30pm Call Jason Compton 803-957-5566
November 23, Lexington Library 6:00pm-7:30pm Call Craig Connelly for details 803-957-5566
November 23, Irmo Library 6:30pm-7:30pm Call Jeff Riley for details 803-467-6440
December 7, Lexington Library 6:00pm-7:30pm Call Edwin Gerace for details 803-957-5566
December 14, Lexington Library 6:00pm-7:30pm Call Craig Connelly for details 803-957-5566
This seminar is FREE but please RSVP is suggested due to the demand.
Follow us on Twitter http://twitter.com/freehomeseminar
Follow us on FaceBook Home Buyers Seminar
For more information 803-957-5566
#####
Friday, October 23, 2009
US HOME SALES UP
U.S. Home Resales Up 9.4%;
Resales Hit Highest Mark in More Than 2 Years; Median Prices Down 8.5% From Last Year
(CBS/AP) Updated at 10:19 a.m. EDT U.S. home resales rose far more than expected last month to the highest level in more than two years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires. The National Association of Realtors says sales rose 9.4 percent to a seasonally adjusted annual rate of 5.57 million in September, from a downwardly revised pace of 5.1 million in August. Sales had been expected to rise to an annual pace of 5.35 million, according to economists surveyed by Thomson Reuters. The median sales price was $174,900, down 8.5 percent from a year earlier, but the smallest annual drop in 13 months. The greater-than-expected jump in resales may have been fueled by booming foreclosure sales in cities like Los Angeles, San Diego and Las Vegas. "There's a mini-boom going on in the housing market," said Thomas Popik, of research firm Campbell Communications. First-time homebuyers and investors are snapping up those homes and taking advantage of low mortgage rates. These buyers can also take advantage of a tax credit of 10 percent of the sales price, up to $8,000, if the deal is completed by the end of November. The tax credit is so important to some buyers that they are adding a clause to their contracts, allowing them to back out if the sale doesn't close by Nov. 30. While home sales and housing construction have risen steadily after hitting bottom earlier this year, most economists believe that the worst isn't over for home values. In August, the median price was $177,700, down from the peak of $230,300 in July 2006, but still above the bottom of $164,800 in January, according to the Realtors group. Prices could see a double dip because rising unemployment is having a ripple effect on foreclosures. The jobless rate, currently at 9.8 percent is expected to rise as high as 10.5 percent next year, causing more people to be unable to afford their monthly mortgage payment. Unemployment Figures Cloud Recovery Hopes "There's more supply that's going to come into the marketplace," said Stan Humphries, chief economist at real estate Web site Zillow.com. "That additional supply will outpace demand." Some signs of softer prices may already be appearing. A government index released Thursday showed U.S. home prices dipped 0.3 percent from July to August. That drop "supports our view that the housing recovery will be slow and bumpy," wrote Paul Dales, U.S. economist with Capital Economics. With concerns about the housing market still prominent, Congress is considering several proposals to extend the tax credit for first-time buyers. Senators Johnny Isakson, R-Ga., and Christopher Dodd, D-Conn., want to extend it through June 30, and expand it to include all home buyers, at an estimated cost of $16.7 billion. One potential roadblock, however, emerged this week. There are concerns that some of the 1.5 million applications for the tax credit are fraudulent. At a hearing before a House subcommittee Thursday, J. Russell George, the Treasury Department's inspector general for taxes, questioned the legitimacy of some 100,000 claims for the credit, potentially including some illegal immigrants and 580 people under 18. The youngest taxpayers to apply for the credit were 4 years old, his office said. While the program has widespread support in Congress, there are growing concerns about the costs. The cause, said Sen. Jack Reed, D-R.I., "is a worthy one." But "I hope we can find ways to pay for it."
Resales Hit Highest Mark in More Than 2 Years; Median Prices Down 8.5% From Last Year
(CBS/AP) Updated at 10:19 a.m. EDT U.S. home resales rose far more than expected last month to the highest level in more than two years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires. The National Association of Realtors says sales rose 9.4 percent to a seasonally adjusted annual rate of 5.57 million in September, from a downwardly revised pace of 5.1 million in August. Sales had been expected to rise to an annual pace of 5.35 million, according to economists surveyed by Thomson Reuters. The median sales price was $174,900, down 8.5 percent from a year earlier, but the smallest annual drop in 13 months. The greater-than-expected jump in resales may have been fueled by booming foreclosure sales in cities like Los Angeles, San Diego and Las Vegas. "There's a mini-boom going on in the housing market," said Thomas Popik, of research firm Campbell Communications. First-time homebuyers and investors are snapping up those homes and taking advantage of low mortgage rates. These buyers can also take advantage of a tax credit of 10 percent of the sales price, up to $8,000, if the deal is completed by the end of November. The tax credit is so important to some buyers that they are adding a clause to their contracts, allowing them to back out if the sale doesn't close by Nov. 30. While home sales and housing construction have risen steadily after hitting bottom earlier this year, most economists believe that the worst isn't over for home values. In August, the median price was $177,700, down from the peak of $230,300 in July 2006, but still above the bottom of $164,800 in January, according to the Realtors group. Prices could see a double dip because rising unemployment is having a ripple effect on foreclosures. The jobless rate, currently at 9.8 percent is expected to rise as high as 10.5 percent next year, causing more people to be unable to afford their monthly mortgage payment. Unemployment Figures Cloud Recovery Hopes "There's more supply that's going to come into the marketplace," said Stan Humphries, chief economist at real estate Web site Zillow.com. "That additional supply will outpace demand." Some signs of softer prices may already be appearing. A government index released Thursday showed U.S. home prices dipped 0.3 percent from July to August. That drop "supports our view that the housing recovery will be slow and bumpy," wrote Paul Dales, U.S. economist with Capital Economics. With concerns about the housing market still prominent, Congress is considering several proposals to extend the tax credit for first-time buyers. Senators Johnny Isakson, R-Ga., and Christopher Dodd, D-Conn., want to extend it through June 30, and expand it to include all home buyers, at an estimated cost of $16.7 billion. One potential roadblock, however, emerged this week. There are concerns that some of the 1.5 million applications for the tax credit are fraudulent. At a hearing before a House subcommittee Thursday, J. Russell George, the Treasury Department's inspector general for taxes, questioned the legitimacy of some 100,000 claims for the credit, potentially including some illegal immigrants and 580 people under 18. The youngest taxpayers to apply for the credit were 4 years old, his office said. While the program has widespread support in Congress, there are growing concerns about the costs. The cause, said Sen. Jack Reed, D-R.I., "is a worthy one." But "I hope we can find ways to pay for it."
Wednesday, October 7, 2009
Short Sale Lexington, SC
Last year I had clients wanting to buy a short sale home. The contract was ratified mid July and we finally heard from the bank after my clients had given up. They had waited close to 4 months. My client selling his home in a short sale has been assured by his bank that they can give an answer back to the buyers in less than 30 days. What a difference a year makes! Completed short sales in the first half of 2009 was up over 208 % over the first half of 2008. Banks are understanding that the foreclosure process does not bring a higher price than a simpler, less costly short sale.
Monday, October 5, 2009
First Time Home Buyer Lexington SC
FIRST TIME HOME BUYERS..........DON'T WAIT IF YOU WANT TO RECEIVE THE $8000 TAX CREDIT. THE DEADLINE IS NOVEMBER 30,2009. THE HOUSE HAS TO BE CLOSED BY NOVEMBER 30. BANKS HAVE GIVEN THE ALERT THAT PROCESSING TIME WILL BE TIGHT AND AT A CERTAIN POINT THEY GIVE NO GUARANTEE THAT THE LOAN CAN BE PROCESSED AND CLOSED BY DEADLINE
Thursday, October 1, 2009
October 2009 Sales
The October 2009 Edition of the Quick Report, gave stats showing that the lower price homes sales are up. Prices up to 100K are up by 38.8%. The price range of 100K to 250K sales are up by 8.7%. That is the good news but for homes in the 250K and higher range sales are down. The percentage of decline gets higher as the price range gets higher. The rebound has only affected the lower price homes. Sellers in the upper price ranges need to be aware that the rebound for them has not arrived, but hopefully is around the corner.
In my recent blog post on short sales, I mentioned educating yourself on the process. The process changes everyday. Most agents see short sales as a nuisance but I see it as an opportunity to become a specialist in a growing area of real estate. I read in the October 2009 Keeping Current Matters, Quick Report a quote by Albert Einstein that made me think of my short sale learning experience. " If you can't explain it simply, you don't understand it well enough." Edwin Gerace will understand short sales well enough to explain it simply to buyers and sellers! Thanks Albert Einstein for helping me define my goal in short sale training!
Friday, September 11, 2009
FREE Home Buyer Seminar
PRESS RELEASE
Community Service Information Summit
Columbia, SC
Ph. (803) 957-5566 Fax (803) 957-4759
For Immediate Release
Community Service Information Summit
Columbia, SC
Ph. (803) 957-5566 Fax (803) 957-4759
For Immediate Release
For More Information, contact Edwin Gerace, 803-609-7653
Free Home Buyer Seminar in a Location near you.
Learn about the Home Buying Process
Learn about the Mortgage Process
Columbia, SC - August 15, 2009 - This FREE homebuyer seminar will focus on 3 areas of the Home Buying Process. First step is Home Buying. The second step the mortgage process, and the potential FREE GRANT MONEY. Step 3 would be the closing process in buying home. The seminar will host professionals in the home buying process to offer FREE information about the home buying process. There will be professionals in those areas to answer questions about those areas. There will be information about the $8,000 Tax Credit, who qualifies and who is eligible for the credit. TIME IS RUNNING OUT ON THE TAX CREDIT
Free Home Buyer Seminar will be offered in Lexington, West Columbia, Columbia, and Irmo. This is an informational FREE seminar about the home buying process. The seminar will be available for groups, civic organizations and others on request. The schedules for the following seminars are as follows:
September 21, Lexington Library 6:00pm-7:30pm Call Edwin Gerace for details 803-957-5566
September 28, Irmo Library 6:30pm-8:00pm, Call Jeff Riley for details 803-467-6440
September 29, Elgin Library 6:00pm-7:30pm Call Craig Connelly for details 803-957-5566
October 5, Lexington Library 6:00pm-7:30pm Call Edwin Gerace for details 803-957-5566
Free Home Buyer Seminar in a Location near you.
Learn about the Home Buying Process
Learn about the Mortgage Process
Columbia, SC - August 15, 2009 - This FREE homebuyer seminar will focus on 3 areas of the Home Buying Process. First step is Home Buying. The second step the mortgage process, and the potential FREE GRANT MONEY. Step 3 would be the closing process in buying home. The seminar will host professionals in the home buying process to offer FREE information about the home buying process. There will be professionals in those areas to answer questions about those areas. There will be information about the $8,000 Tax Credit, who qualifies and who is eligible for the credit. TIME IS RUNNING OUT ON THE TAX CREDIT
Free Home Buyer Seminar will be offered in Lexington, West Columbia, Columbia, and Irmo. This is an informational FREE seminar about the home buying process. The seminar will be available for groups, civic organizations and others on request. The schedules for the following seminars are as follows:
September 21, Lexington Library 6:00pm-7:30pm Call Edwin Gerace for details 803-957-5566
September 28, Irmo Library 6:30pm-8:00pm, Call Jeff Riley for details 803-467-6440
September 29, Elgin Library 6:00pm-7:30pm Call Craig Connelly for details 803-957-5566
October 5, Lexington Library 6:00pm-7:30pm Call Edwin Gerace for details 803-957-5566
This seminar is FREE but RSVP is suggested due to the demand.
Follow us on Twitter http://twitter.com/freehomeseminar
Follow us on FaceBook Home Buyers Seminar
For more information contact Edwin Gerace at 803-609-7653
#####
Follow us on Twitter http://twitter.com/freehomeseminar
Follow us on FaceBook Home Buyers Seminar
For more information contact Edwin Gerace at 803-609-7653
#####
Thursday, September 3, 2009
Straight Talk with Edwin Gerace
Let us look at the big picture that the economy we are in is not in the shape it was in 2008. Does that mean 100% doom and gloom? No, what that means is opportunity. The federal government and local governments are looking for ways to stimulate the economy with housing being the vehicle. Right, wrong or indifferent about your political views or opinions, things are happening.
Recently in housing, some great opportunities were available to many home buyers. Many of these opportunities were time sensitive and did not have unlimited amount of funds. Were they there, yes they were. Did many people take advantage? Yes, they did and many missed the chance.
Example of missed opportunity. I do A FREE HOME BUYER SEMINAR 2-3 times a month at Lexington County Library. I explained the home buying process and the steps involved. Then I have a mortgage professional explain mortgages and the process in buying a home. A local attorney explained the closing process. At the conclusion, we explained how a home buyer that qualifies could receive up to $30,000 in FREE GRANTS AND OTHER SOURCES ( Rural Housing, Lexington County Grant, and Tax Credit) on a $100,000 home. That is 30% pure equity for buying a home now vs. waiting.
As of today (August 26, 2009) that $30,000 is down to $18,000. On December 1st that amount goes down to $10,000. I cannot predict the future of the remaining or if other sources will appear. What I can tell you is that in July, you could have received $30,000 and in December, you can only get $10,000. In an economy where money matters, I would think some people were concerned about a $20,000 loss.
What I am trying to say is, call you local real estate professional, and call your local mortgage professional and say, do I qualify for grants and local funds? If they say they do not know, you need to talk to someone else!!!!!
Let us look at the big picture that the economy we are in is not in the shape it was in 2008. Does that mean 100% doom and gloom? No, what that means is opportunity. The federal government and local governments are looking for ways to stimulate the economy with housing being the vehicle. Right, wrong or indifferent about your political views or opinions, things are happening.
Recently in housing, some great opportunities were available to many home buyers. Many of these opportunities were time sensitive and did not have unlimited amount of funds. Were they there, yes they were. Did many people take advantage? Yes, they did and many missed the chance.
Example of missed opportunity. I do A FREE HOME BUYER SEMINAR 2-3 times a month at Lexington County Library. I explained the home buying process and the steps involved. Then I have a mortgage professional explain mortgages and the process in buying a home. A local attorney explained the closing process. At the conclusion, we explained how a home buyer that qualifies could receive up to $30,000 in FREE GRANTS AND OTHER SOURCES ( Rural Housing, Lexington County Grant, and Tax Credit) on a $100,000 home. That is 30% pure equity for buying a home now vs. waiting.
As of today (August 26, 2009) that $30,000 is down to $18,000. On December 1st that amount goes down to $10,000. I cannot predict the future of the remaining or if other sources will appear. What I can tell you is that in July, you could have received $30,000 and in December, you can only get $10,000. In an economy where money matters, I would think some people were concerned about a $20,000 loss.
What I am trying to say is, call you local real estate professional, and call your local mortgage professional and say, do I qualify for grants and local funds? If they say they do not know, you need to talk to someone else!!!!!
Monday, August 10, 2009
How the homebuyer tax credit works
How the homebuyer tax credit works
Sources: National Association of Home Builders and the Internal Revenue Service
Published: Sun, Aug. 09, 2009 02:00AM
Are you considering a leap to homeownership? Here is some information about the tax credit to help you with your decision.
Q: Who is eligible? Anyone who has not owned a home for the previous three years. The home must be purchased on or after Jan. 1 and before Dec. 1, 2009. For the purposes of the tax credit, the purchase date is when closing occurs and the title to the property transfers.
Q: How is the amount of the tax credit determined? The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
Q: Are there income limits? Yes. The limit for single taxpayers is $75,000; $150,000 for married taxpayers filing a joint return. You cannot have a modified adjusted gross income above $95,000 (single) or $170,000 (married), and the credit is reduced proportionally for taxpayers whose modified adjusted gross income is between these amounts.
Q: What is "modified adjusted gross income"? Modified adjusted gross income is defined by the IRS. To find it, first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions") but before itemized deductions from Schedule A or personal exemptions are subtracted. AGI includes all income including wages, salaries, interest income, dividends and capital gains.
Q: How is this homebuyer tax credit different from the tax credit that Congress enacted in July of 2008? The most significant difference is that this one does not have to be repaid.
Q: How do I claim the tax credit? Claim it on your federal income tax return by completing IRS Form 5405, then claim this amount on line 67 of your 1040 for 2009 returns (line 69 of the 1040 income tax form for 2008 returns).
Q: I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. Can I claim the new $8,000 tax credit instead? You may file an amended 2008 tax return. Consult with a tax adviser to ensure you file this return properly.
Q: Is a tax credit the same as a tax deduction? No. A tax credit is a dollar-for-dollar reduction in what you owe. That means if you owe $8,000 in income taxes and receive an $8,000 tax credit, you'd owe nothing to the IRS. A tax deduction is subtracted from the amount of income that is taxed.
Q: I bought a home in 2008. Do I qualify for this credit? No, but if you purchased your first home between April 9, 2008, and Jan. 1, 2009, you may qualify for a different tax credit. Consult with a tax adviser for more information.
Q: Is there any way to get the money before filing a 2009 tax return? If you believe you qualify for the tax credit, you can reduce your income tax withholding. Reducing tax withholding (up to the amount of the credit) will allow you to accumulate cash by raising your take-home pay. This money can then be applied to the down payment.
Adjust the withholding amount on your W-4 or through your quarterly estimated tax payment; IRS Publication 919 contains rules and guidelines. If you end up not buying the house, you'll have to repay the IRS income tax and possibly interest charges and penalties.
Q: The Secretary of Housing and Urban Development has announced that HUD will allow "monetization" of the tax credit. What does that mean? It means that HUD will allow buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 income taxes to receive a refund. These funds may be used for certain down payment and closing cost expenses.
Under the guidelines announced by HUD, nonprofits and FHA-approved lenders will be allowed to give homebuyers short-term loans of up to $8,000.
The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.
Housing finance agencies and other government entities may also issue tax credit loans, which homebuyers may use to satisfy the FHA 3.5 percent down payment requirement.
In addition, approved FHA lenders will also be able to purchase a homebuyer's anticipated tax credit to pay closing costs and down payment costs above the 3.5 percent down payment that is required for FHA-insured homes.
Q: If I'm qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return? Yes. The law allows you to choose to treat qualified home purchases in 2009 as if the purchase occurred on Dec. 31, 2008. This means that the 2008 income limit applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns).
If you want to do this but have already filed your 2008 return, you may file an amended 2008 return claiming the tax credit. Consult with a tax professional.
For more information email Edwin mailto:mail@609sold.com
or visit http://www.edwingerace.com/homebuyerseminar
Follow the Home Buyer Semina on Twitter at www.twitter.com/FREEHomeSeminar
Sources: National Association of Home Builders and the Internal Revenue Service
Published: Sun, Aug. 09, 2009 02:00AM
Are you considering a leap to homeownership? Here is some information about the tax credit to help you with your decision.
Q: Who is eligible? Anyone who has not owned a home for the previous three years. The home must be purchased on or after Jan. 1 and before Dec. 1, 2009. For the purposes of the tax credit, the purchase date is when closing occurs and the title to the property transfers.
Q: How is the amount of the tax credit determined? The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
Q: Are there income limits? Yes. The limit for single taxpayers is $75,000; $150,000 for married taxpayers filing a joint return. You cannot have a modified adjusted gross income above $95,000 (single) or $170,000 (married), and the credit is reduced proportionally for taxpayers whose modified adjusted gross income is between these amounts.
Q: What is "modified adjusted gross income"? Modified adjusted gross income is defined by the IRS. To find it, first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions") but before itemized deductions from Schedule A or personal exemptions are subtracted. AGI includes all income including wages, salaries, interest income, dividends and capital gains.
Q: How is this homebuyer tax credit different from the tax credit that Congress enacted in July of 2008? The most significant difference is that this one does not have to be repaid.
Q: How do I claim the tax credit? Claim it on your federal income tax return by completing IRS Form 5405, then claim this amount on line 67 of your 1040 for 2009 returns (line 69 of the 1040 income tax form for 2008 returns).
Q: I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. Can I claim the new $8,000 tax credit instead? You may file an amended 2008 tax return. Consult with a tax adviser to ensure you file this return properly.
Q: Is a tax credit the same as a tax deduction? No. A tax credit is a dollar-for-dollar reduction in what you owe. That means if you owe $8,000 in income taxes and receive an $8,000 tax credit, you'd owe nothing to the IRS. A tax deduction is subtracted from the amount of income that is taxed.
Q: I bought a home in 2008. Do I qualify for this credit? No, but if you purchased your first home between April 9, 2008, and Jan. 1, 2009, you may qualify for a different tax credit. Consult with a tax adviser for more information.
Q: Is there any way to get the money before filing a 2009 tax return? If you believe you qualify for the tax credit, you can reduce your income tax withholding. Reducing tax withholding (up to the amount of the credit) will allow you to accumulate cash by raising your take-home pay. This money can then be applied to the down payment.
Adjust the withholding amount on your W-4 or through your quarterly estimated tax payment; IRS Publication 919 contains rules and guidelines. If you end up not buying the house, you'll have to repay the IRS income tax and possibly interest charges and penalties.
Q: The Secretary of Housing and Urban Development has announced that HUD will allow "monetization" of the tax credit. What does that mean? It means that HUD will allow buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 income taxes to receive a refund. These funds may be used for certain down payment and closing cost expenses.
Under the guidelines announced by HUD, nonprofits and FHA-approved lenders will be allowed to give homebuyers short-term loans of up to $8,000.
The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.
Housing finance agencies and other government entities may also issue tax credit loans, which homebuyers may use to satisfy the FHA 3.5 percent down payment requirement.
In addition, approved FHA lenders will also be able to purchase a homebuyer's anticipated tax credit to pay closing costs and down payment costs above the 3.5 percent down payment that is required for FHA-insured homes.
Q: If I'm qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return? Yes. The law allows you to choose to treat qualified home purchases in 2009 as if the purchase occurred on Dec. 31, 2008. This means that the 2008 income limit applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns).
If you want to do this but have already filed your 2008 return, you may file an amended 2008 return claiming the tax credit. Consult with a tax professional.
For more information email Edwin mailto:mail@609sold.com
or visit http://www.edwingerace.com/homebuyerseminar
Follow the Home Buyer Semina on Twitter at www.twitter.com/FREEHomeSeminar
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About Me
- Lexington Real Estate with Edwin Gerace
- Lexington, SC, United States
- Edwin Gerace is Realtor with Holiday Builders in Lexington South Carolina. Edwin specializes in New Construction and 1st Time Home Buyers. Edwin is very active in Lexington South Carolina and is knowledgeable about the surroundings. Edwin is very active in his profession and community such as: On active committees with the Columbia Home Builders, active and on committees with Lexington Chamber of Commerce, Town of Lexington Performing Arts Center, Green Building Council of HBA, LORADAC, State Association of Realtors on State and Local Level, and many other community oriented service groups.
