This question had crossed most Sellers' minds at least once or twice in the decision-making process when thinking about selling their homes. Whether it's selling their first home or their 6th house. Now, know that I am a real estate agent and the reasons I share may sometimes sound biased but have an open heart to receive the information below. It is written only after I know what it truly takes to sell a home. Now, I can say, I got that T-shirt, been there and done that.
It is not to deter any Seller who may want to consider this option. But here are some things to consider when selling your Home For Sale By Owner.
Bottom line
When you are ready to put your home on the market, your home is no longer "your home". It now becomes a property and inventory in the marketplace. However, I do understand "in that home, memories are made". For that reason, it may not be as easy for you to disengage your heart from your mind in looking at this solely from a business standpoint. Here is how your real estate agent can help you focus.
In business, it is ALL about the BOTTOM LINE. There are several statistics show when utilizing the services of a real estate agent can sell your home faster and net you more. In fact, on average, it should net you 16% more (estimate). Sellers are concerned about Realtors' fees, but after paying the realtors' fees, you should still come out ahead than you would doing it yourself.
Negotiations & Probing Questions
Because this is an emotional process for you, you should always use a third-party negotiator to negotiate your contract. You could be strong and get into hard core negotiations to save a few bucks but this process can be draining if you have tough buyers. Buyers in any economy would not want to pay more than he/she has to. Worst still, if the buyers are represented while you are not, negotiating may seem one-sided.
Here in Texas, we are a non-disclosure state. This means sales prices are not made public unless you have access to the Realtor MLS system. We have used this as a guide with SOLD prices published in them. As a seller, you would at most know how much your neighbors listed their homes for sale through Internet sites such as Trulia, Zillow, etc. but you would not have accurate information. You do not even know what is the average sellers before you get in terms of sold price versus list price. Zillow has NOT been accurate information for North Texas.
Information is power to the one who has more.
During a negotiation, agents gather information to get ready for a negotiation. When you start "talking", you gather alot of voluntary information that you could use for your negotiation. A good negotiator has already gather so much information by asking probing questions, yet the average buyer does not even know he/she has volunteered that information for the negotiation.
Negotiation is a honed skill. The more you practise, the better you get at it. When selling your home, if you would agree with me, it's not the time you want to practise. You pretty much want to make sure You're right.
Contingencies
Even if you know that the sale of your home is a business transaction, it's about the bottom line (ie how much you net) and you are an expert negotiator, real estate contracts are written with many contingencies along the way. Contingencies - in layman terms are called weasel clauses to let Buyers get out of the contract should things go wrong. Most contingencies are to protect the buyers from losing their earnest monies. In order to play fair, Sellers curb the contingencies to make sure they are not out of the ordinary and reasonably to expect from the buyers.
Here in Texas, we have our Option period where the Buyers pay some monies to purchase a time period to consider and to inspect the property. The option fee purchased them an unrestricted right to terminate the contract during which the Sellers cannot accept another offer. If you are not familiar with this process, you would not know how much is norm to expect to charge for how long. We have an industry expected amount for earnest monies also. If too little, the buyers have no fear of losing it and if too much, it might scare the buyers away altogether.
We also have Buyer needing to sell a home Contingency, we have buyer financing approval contingency, we have a property approval contingency, we have a title objection, survey objection and HOA objection contingencies. We have an interest rate cap objection, we have short sale addendums, we have many other forms that realtors use to protect both parties to the transaction.
Most buyers use Realtors because their fees are paid by the Sellers (normally). To the buyers, it's almost a non-issue to consider. Buyers represented by agents are now geared up and ready for this showdown.
How about the Seller who may consider doing this his/ her own? Are you ready to take on the challenge on your own?
Here is also another reason how an agent to watch your back.
Convenience
Okay now. Even if you are a sophisticated seller and you are truly an experienced seller. The next question is: Do you want to do it all or hire a professional to take care of the nitty-gritty of the real estate transaction for you? Would you see the VALUE of not having to worry about the transaction but instead focus on where you want to go?
Remember, the sale of your home is just an obstacle to stop you from going where you want to go. Where you want to go is really the result you desire.
Many homeowners hire house cleaners to clean their houses and landscapers to mow their yards. You could do it yourself but you rather spend your time doing something else. In other words, you pay for convenience. You let someone else worry about the sale of your home.
Most of the time, selling a home is a stressful process. Thinking about where to go next already require alot of time, effort, energy and emotions to ponder. Even after you receive a contract, it is time to pack. There are just many parts to a "move" and the actual selling process is just a part of the equation. It is not the end-all.
Here is how the agent can take that stress away from you to let you focus on where you should go next.
I hope I have written this article with you having an objective and open heart to receive this information. Prior to getting into real estate, I never knew how much it takes to get a transaction closed. It is more than decluttering, staging, getting the contract, putting a yard in the sign. It requires extensive marketing knowledge about the neighborhood and years of home selling experience to know what to protect in a real estate transaction. It is also about handing off the process to a qualified professional.
Because in the end, all you care about is your home sold.
Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.
This is not a rant, but rather a lesson learnt, obviously very much needed to share with all agents - especially when you plan to represent your clients in a specific neighborhood, be it if you are a listing or a buyer's agent.
Over the weekend, I showed a property in a Frisco TX neighborhood. The agent called for a feedback Monday afternoon. There's 2 things I learnt from the conversation:
(1) The buyer is ALWAYS right.
The listing agent went on and on the phone the whole time explaining to me what are the upgrades in the house. No question about that. However, in a home, whether it is a $1,000 custom made chandelier, or a $100 light bought from Home Depot, Buyers still expect lighting fixtures around the house.
The kitchen is installed with granite counter tops, stainless steel appliances and just tastefully done. But would you expect to sell the house without a proper kitchen? The conversation with this particular listing agent sounded as if these were "bonuses" to the house that you otherwise would not expect.
(2) Listing Agents must know the inventory in the neighborhood.
This neighborhood has high foreclosure inventory. Builders decided NOT to build in this neighborhood temporarily. The foreclosures are not rare-occasions. The only ones that are selling are foreclosures.
I explained that we acknowledged that this home is offered by a regular seller and he would never want to see an offer coming in with a foreclosure pricing. (Note that in presenting offers, Buyers seem to go much lower just to see how low the banks will go).
The question that appalled me in my 15 minute conversation was: How many foreclosures are there in the neighborhood?
I couldn't believed this question and my filters didn't work that afternoon. This is what I blurted out of my mouth:
"You are the listing agent for this house in this community. You should know your neighborhood invntory. I wont tell you how many foreclosure inventories are there because you can find it out on your own. I'm just going to say that there are a few too many".
Well, those that know me know that I'm not a rude, or straight in your face person. But I could sense some anger/ resentment/ disappointment in my tone because I was clearly upset that this agent knows nothing about selling homes in this neighborhood. I looked up his phone number. Sure enough, it was listed with a different area code, his office, some 45 minutes away.
What can I say? This home has been sitting on the market for over 150 days. It is clearly overpriced just with the market conditions and the listing agent is trying to get offers from any showing agents with no very good persuasion skills.
So, here's how you can become the best agent for your sellers:
(1) Set yourself up on property alerts for that neighborhood.
(2) Know every movement in the neighborhood.
(3) Make sure you stay on top of things by evaluating/ reviewing pricing at least every 2 weeks.
Until then, you havent deserve to earn your paycheck from your sellers. Be either very good or don't play. Don't ever let your Sellers know more or sooner than you do in his/ her neighborhood.
Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.
I never knew the effects of success until I found myself absorbing in it. I've always been a perfectionist and I've always challenged to do better than myself. I've never competed with others, just with me but somehow, raising the bar to soar higher had very much its own horrific side effects.
I talked about how I never quite believed in a BALANCED life because I felt that was life at mediocrity. I felt that philosophy was never good enough for me because I'd be holding myself back in equilibrium.
Coincidentally, I'm living a whacked out life right now with all things just seems out of balance. So, I must say I learnt first hand what it means needing to find a balance despite my challenges of understanding needing to be the best at what I do.
The Best for God, The Best Wife for my Husband, The Best Mother for my son, The Best Realtor for my clients, The Best Cleaner for my Home, The Best Blogger for my subscribers. I just have lots to live up to and I truly dont know how to be balanced.
If I knew if I was going to be a stay-at-home mom, my house would be squeeky clean. If I was going to be a rose enthusiast, my garden would be filled with 88 rose bushes and I would get up at 5am every Saturday morning to spray. If I was going to be a Realtor, I'm just going to set out to just be the best. Instant communication and making my clients feel extremely valued and my presence would make a difference.
People find motivation in becoming successful, inspired and motivated to stay the course. On the other hand, my struggle is to do less of these things.
I never understood how people could work so much, that in the end, they find themselves in a hollow relationship with their family. I've always thought it was the financial success they were after. I was WRONG. I would never look at a Successful person in the same light again. Until I walked the path of Becoming the Best at Whatever I do, I thought they had all done it for money. WRONG.
There is something about leaders wanting to push the envelope. Wanting to see how far they can go. Wanting to see what they could do with their God-given talents. So, they try to excel in everything they do. I, for one belong to this category and monetary success has nothing to do with the intended motivation, although it is a rewarding by-product of the success.
In the bible, it said that we cannot serve both God and money and I took the context "money" literally. I saw people who strived for success are people who longed for materialism. I excluded myself from that group. Yet, I found myself in this same place, back to this scripture. I know I cannot serve 2 masters and I'm still finding it a struggle to understand this concept.
I do believe I'm serving God through my business. Hence, I put my best foot forward every single day. But my family life may have suffered along the way. God first, my husband second, my son third. Sometimes, I'm torn about this very concept. Knowing that I'm called to serve Him, that makes His works first. I guess that's where I find it confusing to draw the line between people and God.
I begin my week here on Active Rain with my God First posts, written every Sunday once a week. My promise to you is that the messages I share will be day-to-day related, often times related to real estate. If these topics are important to you also, I'd love for you to subscribe to my blog.
Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.
Barely lived in, almost new 2-story traditional brick home accented with Austin stone elevation is ready for her new homeowners. Still under the 1st year builder's home warranty, this wonderful 5-bedroom, 4 full baths with an upgrade study/ office boast of luxury at its finest.
Priced attractively and almost $20K lower than brand-new with the builder, there is no reason why not to purchase this barely-lived in home (built in 2008). The owner has only lived in there for 8 months and have since left the property. Utilities will be turned on for buyer's inspection. First Texas Homes with Stonehaven floorplan with the media option and butler pantry's with living & dining options.
Special accent features of home:
The beautiful austin stone fireplace wall draws your eye up to feel the openness and majesty of the home as you enter.
Granite countertops with high-end custom kitchen cabinetry.
Stainless steel Maytag appliances with kitchen island for extra counterspace
Built-in microwave and oven
Faux textured walls in kitchen area
Iron balusters on stairs and stained baseboards along staircase
Large media room with scone lighting and 2-step theater seating. Large media closet storage for your equipment and movies.
4 secondary bedrooms upstairs. 2 on each side shared with jack-n-jill bathrooms. Separated with upstairs gameroom or additional upstairs living area.
Bookcases in gameroom upstairs.
Open formal living and formal dining.
Large walk-in pantry for ample kitchen storage.
Butler's pantry along with wine glass storage with granite countertop
8-foot iron-lead glass front door.
Front porch seating to enjoy the front yard.
Backyard greens and patio for outdoor entertainment.
Large master retreat suite with double scalloped vanity sinks on granite and large stand-up shower area with large garden tub. Yours for the enjoyment.
Full bath downstairs with standing shower.
Built-in cabinets in laundry room.
Pet-free and smoke-free home.
Walking distance to swimming pool from the house.
Warranty Information:
Should buyer be interested in requesting for repairs, Seller will make repairs, as per approval by Builder before February 12 2010 . 10-year structural foundation warranty is transferable to new owner.
Middle School:Stafford Middle School (TEA Recognized status) 2288 Little River Rd. |Frisco, Texas 75034 Phone: 469-633-5100| Fax: 469-633-5110 Principal: Robin Scott
High School:Wakeland High(TEA Recognized status) 10700 Legacy Rd. |Frisco, TX 75034 Phone: 469.633.5700 |Fax: 469-633-5750 Principal: Mike Farish
More Information:
This property is offered as a short sale. Hence, buyer's patience in awaiting for lender's approval is crucial. Must include short sale addendum and buyer's pre-approval letter along with contract.
Contact Listing Agent for survey and seller's disclosure.
Driving Directions:
North of Panther Creek Pkwy, turn right into Grayhawk Blvd. Right onto Polo Heights and left onto Plum Valley. House is on your LEFT.
Photos:
Custom cabinetry with graniter countertops, kitchen island for additional food preparation space, Maytag stainless steel appliances. Kitchen vent mechanism. Gas stove.
Faux textured light color walls in kitchen area. Bronze lighting package.
As you enter the home, your eye is drawn to the beautiful Austin stone fireplace wall with wood mantel. This features accentuates the beauty and openess of the great family room.
Wrought-iron balusters as some of the upgrades in the property. Upstairs gameroom open to the family room downstairs.
Formal Dining room opens to kitchen.
Formal living room at the front of the property.
Master Retreat with bay window and lots of space for seating area.
Luxurious master bathroom with granite countertop and black scallop sink.
Covered patio for backyard entertaining. Two outdoor ceiling fans for our hot Texas summers.
Lot size is 68.5ft x 120 ft. Larger than typical size for new Frisco backyards.
Front porch for seating to enjoy the front yard.
8-foot front door with Austin stone exterior accent.
Just waiting for her new homeowners!
Call to make an appointment for a private showing and at your convenience today.
Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.
My Realtor friend, Janna Rankin of Coeur d Alene ID shared a beautiful short sale success story on her blog recently. She helped her clients tirelessly fight through some challenging times with the bank. But in the end, when the short sale was approved and the sale was successfully closed and funded, Janna mentioned that she didn't find a cure for cancer that day, or pulled someone out of a burning building. But to these frazzled homeowners, she was a hero. A hero because she found a solution to their never ending nightmare. A hero because after fighting for so long (with their lender), they finally found someone who listened and helped.
If I never worked a short sale selling side, I thought a buyer's agent role in a short sale process was challenging. So many times, I heard that buyer's agents deter their clients from showing short sales because the truth is that, the sale may not be approved. In the end, the buyer waited all these times only to NOT have a house to call their own. That is difficult. And no buyer's agent wants to constantly calm an impatient buyer - "Have we heard back yet?" I'm sorry Buyer's agent. It's not about you and it's not about me. It's about helping the seller get out of a financial calamity while your client purchase a property lower than the fair market value.
If I never worked a short sale selling side, I never knew the mountainous side of paperwork that is involved. The paperwork nightmare begins on Day 1 when the listing is taken. Don't forget, this is still a normal sale. Hence, the short sale selling agent would still need to actively market the property. However, it is a race against time. Like any other sale, we don't know when the buyer would show up with an offer in hand so the seller can begin the approval process. Until then, some banks wont even talk about a resolution. By the 3rd or 4th month of non-payment, the foreclosure notice is sent out. The pressure is really on by then. I'm a highly organized person in nature. Hence, it's my nature to document my transactions - especially with short sale transactions. I have a escrow checklist. But that still doesn't ease the pressure of needing to get the short sale approved before foreclosure proceedings takes place.
If I never worked a short sale selling side, I never knew how much time I had to spend on the phone. Time spent to check on status, time spent to verify that documents have been received, time spent just to reach the right person. I've heard of every listening music tone there is! Some I like as background music, some I dont.
If I never worked a short sale selling side, I didn't realize how much more REAL work is involved when compared to working a regular sale. Yes, I actually have to work this time. So, go figure. Then, only to find that lenders try to stop bleeding from ALL sides (try to get sellers to foot a small bill, the buyer to pay a little more and the agents to reduce their paychecks).
Serious dedication is needed to work on the short sale selling side. No question about that. But, those of us to have a heart to serve the communities we live in would do that in a heart beat, for all the reasons Janna talked about. If we didn't love our people, our clients, we would never venture into unchartered territories to potentially find that we may earn less, work more or worse yet - find our clients be foreclosed upon simply because the numbers may not have worked for the lender.
Yes, in the business world, it's all about the numbers. That's where we the agents come as a bridge between numbers and real people, with real problems that they didn't want to be in in the first place.
Ahhhhhhh ------ It may seem that I think too highly of myself (ourselves) as heroes to our short sale selling transaction. But because I take pride in helping sellers do that, even if it is pride for some to think, so be it. I (We) know our hearts and I (we) will always help. That's what we are here for.
Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.
Sellers are often confused and mis-informed during a short sale process. This article is in hopes that the myths are debunked.
In a short sale transaction, the Seller owes more than he/she can sell the property for. For whatever reason, the seller may not have enough money to break even on the transaction - whether it is a decline in property value, income loss or short of finances to pay the cost of selling the property.
When a real estate broker is hired to put the property on the market, the broker signs a listing agreement with the seller. The seller is still the seller, and a responsible party to the transaction. The seller did not sign away the property or ownership rights to the lender. The seller still has legal responsibilities to perform on the contract when the buyer purchases the property.
The seller's lender role in this transaction is only to approve the "short" amount. Hence, "short sale" approval. The property is NOT handed off to the lender like most sellers think. The seller is still the legal owner of the property.
When a short sale is approved, the seller may have additional tasks to fulfill in the contract. All these depends on how the contract was accepted by the Seller. The seller signs legal documents to transfer title to the new buyer. The bank does not. The seller still shows up at the title company.
The seller may have to bring additional funds to the closing, the seller may sign a promissory note for the "short" amount or the seller may just walk away. The outcome depends on the negotiation of the short sale.
More often than not, as soon as the seller signs authorization for the real estate broker to speak/ deal on behalf of the seller, the seller thinks that his/ her role is handed off to the broker. Not the case.
Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.
An implied agency in Texas is a broker and buyer relationship where there is no express agreement for broker to act as agent for the buyer.The actions, conversations and activities may lead to an "implied agency". However, the buyer may have a different set expectations from that meeting. than the broker performing the service.
"We saw a house on the internet and called the broker who listed it to set up an appointment to see it. The listing agent sent another agent to show. We have not engaged in a buyer's representation. After showing the house, the agent mention that he would write up the offer for us. We are interested in the house but we want to use a different agent to represent us".
When a broker/ agent have not discuss and confirm the relationship and representation at the first meeting, the unrepresented buyer may assume that the broker/ agent is just out there to merely show houses to him/ her. The "bigger" issue of the unrepresented buyer will then be working for the Seller - whether or not, the broker/ agent is the listing broker/ agent. Thus, anything that the buyer says to the broker/ agent The "bigger" issue of the unrepresented buyer will then be working for the Seller - whether or not, the broker/ agent is the listing broker/ agent. Thus, anything that the buyer says to the broker/ agent could potential be too much information that may hurt the intention of purchasing the property.
In an "implied" agency relationship, this relationship is successful when both parties are in agreement to enter an "implied agency" relationship. However, more often than not, buyers simply want access to the property and not necessarily be in a business relationship with the broker/ agent who showed the property.
Implied agency or Buyer's agency is one of the clarifications needed in the example above. However, when the Buyer is interested with the property and wants to purchase the property now has a procuring cause issue. Procuring Cause is how a broker/ agent gets paid. Thus, if this agency relationship is not clearly defined at the beginning, it can cause Procuring cause commission disputes among agents. Disputes arise when "showing" agents think that they are the procuring cause to the sale while procuring cause is clearly defined as the agent who ultimately brought the buyer that cause the sale of the home, presented the offer, successfully negotiated the acceptance of the offer hence earned the commission he/she deserves.
Most consumers do not understand how brokers are paid. Hence, it is the agent's duty to explain. Buyers do not know that they open themselves to a can of worms when they speak to agents in which they have no desire to get in a business relationship with. The best way to protect yourself against procuring cause is:
Get into an implied agency specifically discussing buyer representation
Sign a buyer's agent agreement
Do not ask the listing agent to show you the property
Do not let another agent that you have no desire to get in business with to show you properties
I do not like implied agency and the problems it may cause. Upfront disclosures are needed to clarify the relationship so that there is no mis-communication or mis-representation or there lack of. The best relationship is affirmed in writing with a Buyer Representation agreement.
Some consumers (including brokers and agents) find it difficult to get into a signed buyer's representation agreement. They (both parties) feel like they are getting themselves tied down in a committed relationship without knowing each other. One way to resolve this issue is for both parties to sign a one-day buyer's representation agreement or representation based on the properties that were shown that day. That way, no parties are obligated to each other should that relationship not work out.
Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.
Our clients may not necessarily remember what you did to market his or her home. In the end, I believe they will remember if you were responsive to their questions and concerns, if you returned their phone calls in a timely manner.
Now, that's a secret. (Insert sarcasm here)
I say, if you want to deliver a Level of Service your clients will rave about, Pick up your phone when it rings or if you have to return the call, do it in the next 10 minutes. Now, that's something to remember. Something they will tell their friends about. They wont remember Marketing Plan A from B.
Sometimes, we don't need out of the box thinking. We just need to do what's right. Get back to basics. Answer that darn phone! Even if you are on an appointment with someone, simply excuse yourself for 1 minute, tell the caller that you will return his/ her call in X hours. I let my clients know that I take other calls when I am with them. When it's their turn, they know they will get to speak to me also. All my clients are important.
A human voice is important to hear.
There's nothing more frustrating than leaving a message on a voice message especially with technology working for you. "Wait while I connect you to the party you're calling..." Why cant I just leave a message if you didn't answer. Why let me sit through all the connect, and disconnect? Okay, that's an unintended rant. But you get what I mean.
We always crack our head to do this social media right, create unforgettable moments with "stuff". I think the answer lies within simple basic stuff. Answer that darn phone.
If you could answer your phone, or reply your client's email as soon as you receive it, now that's something to rave about. Dont you think so?
Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.
First Time Home Buyer & Repeat Buyer Tax Credit QUESTIONS & ANSWERS Explained
All new first time home buyer and repeat buyer Tax Credit are effective immediately. It does not have to occur on December 1 2009 in order to qualify. All closings occurred on November 6 2009 qualifies for the new & improved first time home buyer and repeat buyer tax credit.
First Time Home Buyers
The $8,000 first time home buyer tax credit applies to home buyers that purchase homes at $80,000 or more. Anything less than $80,000, the tax credit that applies is 10% of the purchase price.
Repeat Buyers
There is NO PROVISION that stipulates that the Repeat Buyer must purchase a home more expensive than the one sold.
There is NO PROVISION that says the Repeat Buyer must sell the home before the new one close.
Qualifying sale of existing principal residence must be any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.
New Income Limits
For home purchases on or after November 6 2009, new income limits raised to Modified Adjusted Gross Income of $125,000 for a full refund and phase out adjustment up to $145,000 for single taxpayer.
Modified Adjusted Gross Income of $225,000 and phase out adjustment up to $245,000 for married taxpayers.
Purchase by a Dependent
There was no age limitation on the original bill and amended for the November Tax Credit. Taxpayer must be at least 18 years old to qualify for the credit. For married taxpayers, the taxpayer shall be treated as meeting the age requirement if the taxpayer or spouse meets the age requirement.
Repeat Buyers
There is no criteria that home buyers must "move up" in house. Only that they lived in the house for the past 5 out of 8 years as a primary residence. The new purchase price must not exceed $800,000.
Date of Enactment = November 6 2009.
For 2008 Purchases
For home purchases in 2008, the tax credit works as if it is a 15-year no-interest loan up to $7,5000. The total amount of tax credit equals 10% of home purchase price.
For 2009 Purchases
For home purchases in 2009, the tax credit is 10% of purchase price to a maximum of $8,000. On or after November 6 2009, repeat buyers qualify also.
Tax credit:
Applies to taxpayer's principal residence
Reduces taxpayer's tax bill, dollar for dollar
Is fully refundable which means if the taxpayer is eligible and owes no tax, taxpayer will receive a full refund.
When to File For This Tax Credit
First time home buyers who purchase a home in 2009 can claim the tax credit on 2008 tax return by filing for an amended return or 2009 tax return. Credit may not be claimed before closing.
The credit is claimed using Form 5405 with an original or amended tax refund.
Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.
It's my heart's desire that I bring my son up to know the Lord and to love Him with all of his heart. To want to serve Him, please Him and follow Him.
Today, I'm able to witness a young servant's heart. We (my husband and I) want to start young to build a heart full of others.
It is my duty to bring him up well everyday of my life.
As a mother, I am truly proud of my son for cleaning tables and chairs at our Hope Cafe every week (2-year old style). But it's always an awesome start. After his morning milk, he walks to the kitchen to help me put silverware back into the cabinets. He sits with me in the morning as he writes and colors while I check my morning emails. Then, we play and have breakfast.
Never underestimate what you can teach a child, even at 2-years old.
Scripture of the Week:
Train a child in the way he should go, and when he is old he will not turn from it. Proverbs 22:6
I begin my week here on Active Rain with my God First posts, written every Sunday once a week. My promise to you is that the messages I share will be day-to-day related, often times related to real estate. If these topics are important to you also, I'd love for you to subscribe to my blog.
Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.
I am an encourager. That's what you can expect from me. I'm a Half Full person rather than Half Empty. I choose to make those around me better because I can. Whomever and wherever they are. Sharing my views about what I'm passionate about. This is my blog. With a
servant's heart, I only have one goal in mind. To serve you wherever you may
need me the best way I know how. Whether it is your real estate needs or your
strive for business excellence. This is what you could expect from me.
For your real estate needs, this is a great opportunity to participate in the Frisco, Plano, McKinney, Allen &
northern suburbs of greater Dallas. real estate market if you are financially and emotionally ready. Specializing in first time home buyers' needs, luxury homes, short sales and pre-foreclosures, multi-offer negotiations. Sellers can expect a carefully crafted
systematic market approach in marketing homes. Hence work with the realtor who does it like none other. You can expect advice and opinions of a conservative perspective on this blog. There are so many things I could do, but I CHOOSE to serve your real estate needs. I couldn't think of anything else I rather do more passionately.
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This neighborhood has high foreclosure inventory. Builders decided NOT to build in this neighborhood temporarily. The foreclosures are not rare-occasions. The only ones that are selling are foreclosures.
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I talked about how I never quite believed in a BALANCED life because I felt that was life at mediocrity. I felt that philosophy was never good enough for me because I'd be holding myself back in equilibrium.
I begin my week here on Active Rain with my 
Barely lived in, almost new 2-story traditional brick home accented with Austin stone elevation is ready for her new homeowners. Still under the 1st year builder's home warranty, this wonderful 5-bedroom, 4 full baths with an upgrade study/ office boast of luxury at its finest.
The beautiful austin stone fireplace wall draws your eye up to feel the openness and majesty of the home as you enter.
If I never worked a short sale selling side, I never knew the mountainous side of paperwork that is involved. The paperwork nightmare begins on Day 1 when the listing is taken. Don't forget, this is still a normal sale. Hence, the short sale selling agent would still need to actively market the property. However, it is a race against time. Like any other sale, we don't know when the buyer would show up with an offer in hand so the seller can begin the approval process. Until then, some banks wont even talk about a resolution. By the 3rd or 4th month of non-payment, the foreclosure notice is sent out. The pressure is really on by then. I'm a highly organized person in nature. Hence, it's my nature to document my transactions - especially with short sale transactions. I have a escrow checklist. But that still doesn't ease the pressure of needing to get the short sale approved before foreclosure proceedings takes place.
If I never worked a short sale selling side, I didn't realize how much more REAL work is involved when compared to working a regular sale. Yes, I actually have to work this time. So, go figure. Then, only to find that lenders try to stop bleeding from ALL sides (try to get sellers to foot a small bill, the buyer to pay a little more and the agents to reduce their paychecks).
In a short sale transaction, the Seller owes more than he/she can sell the property for. For whatever reason, the seller may not have enough money to break even on the transaction - whether it is a decline in property value, income loss or short of finances to pay the cost of selling the property.
When a broker/ agent have not discuss and confirm the relationship and representation at the first meeting, the unrepresented buyer may assume that the broker/ agent is just out there to merely show houses to him/ her. The "bigger" issue of the unrepresented buyer will then be working for the Seller - whether or not, the broker/ agent is the listing broker/ agent. Thus, anything that the buyer says to the broker/ agent The "bigger" issue of the unrepresented buyer will then be working for the Seller - whether or not, the broker/ agent is the listing broker/ agent. Thus, anything that the buyer says to the broker/ agent could potential be too much information that may hurt the intention of purchasing the property. 
I do not like implied agency and the problems it may cause. Upfront disclosures are needed to clarify the relationship so that there is no mis-communication or mis-representation or there lack of. The best relationship is affirmed in writing with a Buyer Representation agreement.
