World War 1 ended at the 11th hour on the 11th Day of the 11thmonth in 1918. Germany signed an armistice agreement with the Allies in a railroad car just outside Compiegne, France on November 11, 1918. Check out the listing of community events, click on the link for additional information about the event.
Thank you Veterans for your service to our great country!
Serving Buyers and Sellers in the following Ohio Communities
Akron, Canton, North Canton, Barberton, Cuyahoga Falls, Stow, Munroe Falls, Silver Lake, Fairlawn, Green, Hudson, Macedonia, New Franklin, Northfield, Norton, Tallmadge, Twinsburg, Bath, Boston, Copley, Coventry, Northfield Center, Richfield, Sagamore Hills, Springfield, Hartville, Uniontown, Jackson, Kent, Ravenna, Portage Lakes, Wadsworth, Seville, Medina and more. Just visit my website or email me for information on any home in NE Ohio.
This list of the most asked questions has been provided to us Akron OhioRealtors to assist our clients in understanding the changes and time limits on the recent legislation passed and signed by the President on Friday, November 6, 2009. You may contact me or any Realtor in your area for any further questions or concerns you may have. Good luck in your home search!
NAR Frequently Asked Questions
Homebuyer Tax Credit Changes
National Association of REALTORS® Government Affairs Division
Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.
Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.
Question: I am a firsttime homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?
Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phaseout range).
Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.
Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.
Question: I am an eligible firsttime homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?
Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.
Serving Buyers and Sellers in the following Ohio Communities
Akron, Canton, North Canton, Barberton, Cuyahoga Falls, Stow, Munroe Falls, Silver Lake, Fairlawn, Green, Hudson, Macedonia, New Franklin, Northfield, Norton, Tallmadge, Twinsburg, Bath, Boston, Copley, Coventry, Northfield Center, Richfield, Sagamore Hills, Springfield, Hartville, Uniontown, Jackson, Kent, Ravenna, Portage Lakes, Wadsworth, Seville, Medina and more. Just visit my website or email me for information on any home in NE Ohio.
Serving Buyers and Sellers in the following Ohio Communities
Akron, Canton, North Canton, Barberton, Cuyahoga Falls, Stow, Munroe Falls, Silver Lake, Fairlawn, Green, Hudson, Macedonia, New Franklin, Northfield, Norton, Tallmadge, Twinsburg, Bath, Boston, Copley, Coventry, Northfield Center, Richfield, Sagamore Hills, Springfield, Hartville, Uniontown, Jackson, Kent, Ravenna, Portage Lakes, Wadsworth, Seville, Medina and more. Just visit my website or email me for information on any home in NE Ohio.
Serving Buyers and Sellers in the following Ohio Communities
Akron, Canton, North Canton, Barberton, Cuyahoga Falls, Stow, Munroe Falls, Silver Lake, Fairlawn, Green, Hudson, Macedonia, New Franklin, Northfield, Norton, Tallmadge, Twinsburg, Bath, Boston, Copley, Coventry, Northfield Center, Richfield, Sagamore Hills, Springfield, Hartville, Uniontown, Jackson, Kent, Ravenna, Portage Lakes, Wadsworth, Seville, Medina and more. Just visit my website or email me for information on any home in NE Ohio.
Serving Buyers and Sellers in the following Ohio Communities
Akron, Canton, North Canton, Barberton, Cuyahoga Falls, Stow, Munroe Falls, Silver Lake, Fairlawn, Green, Hudson, Macedonia, New Franklin, Northfield, Norton, Tallmadge, Twinsburg, Bath, Boston, Copley, Coventry, Northfield Center, Richfield, Sagamore Hills, Springfield, Hartville, Uniontown, Jackson, Kent, Ravenna, Portage Lakes, Wadsworth, Seville, Medina and more. Just visit my website or email me for information on any home in NE Ohio.
Serving Buyers and Sellers in the following Ohio Communities
Akron, Canton, North Canton, Barberton, Cuyahoga Falls, Stow, Munroe Falls, Silver Lake, Fairlawn, Green, Hudson, Macedonia, New Franklin, Northfield, Norton, Tallmadge, Twinsburg, Bath, Boston, Copley, Coventry, Northfield Center, Richfield, Sagamore Hills, Springfield, Hartville, Uniontown, Jackson, Kent, Ravenna, Portage Lakes, Wadsworth, Seville, Medina and more. Just visit my website or email me for information on any home in NE Ohio.
Serving Buyers and Sellers in the following Ohio Communities
Akron, Canton, North Canton, Barberton, Cuyahoga Falls, Stow, Munroe Falls, Silver Lake, Fairlawn, Green, Hudson, Macedonia, New Franklin, Northfield, Norton, Tallmadge, Twinsburg, Bath, Boston, Copley, Coventry, Northfield Center, Richfield, Sagamore Hills, Springfield, Hartville, Uniontown, Jackson, Kent, Ravenna, Portage Lakes, Wadsworth, Seville, Medina and more. Just visit my website or email me for information on any home in NE Ohio.
Serving Buyers and Sellers in the following Ohio Communities
Akron, Canton, North Canton, Barberton, Cuyahoga Falls, Stow, Munroe Falls, Silver Lake, Fairlawn, Green, Hudson, Macedonia, New Franklin, Northfield, Norton, Tallmadge, Twinsburg, Bath, Boston, Copley, Coventry, Northfield Center, Richfield, Sagamore Hills, Springfield, Hartville, Uniontown, Jackson, Kent, Ravenna, Portage Lakes, Wadsworth, Seville, Medina and more. Just visit my website or email me for information on any home in NE Ohio.
Serving Buyers and Sellers in the following Ohio Communities
Akron, Canton, North Canton, Barberton, Cuyahoga Falls, Stow, Munroe Falls, Silver Lake, Fairlawn, Green, Hudson, Macedonia, New Franklin, Northfield, Norton, Tallmadge, Twinsburg, Bath, Boston, Copley, Coventry, Northfield Center, Richfield, Sagamore Hills, Springfield, Hartville, Uniontown, Jackson, Kent, Ravenna, Portage Lakes, Wadsworth, Seville, Medina and more. Just visit my website or email me for information on any home in NE Ohio.
It's Halloween week in Akron Ohio homes, have fun and be safe!
Orson Welles performed his "War of the Worlds" radio broadcast on October 30th, 1938 causing widespread panic when listeners believed the radio performance was actual news reports of an invasion from Mars. Would we still fall for that one????
Check out the listing of community events, click on the link for additional information about the event.
Serving Buyers and Sellers in the following Ohio Communities
Akron, Canton, North Canton, Barberton, Cuyahoga Falls, Stow, Munroe Falls, Silver Lake, Fairlawn, Green, Hudson, Macedonia, New Franklin, Northfield, Norton, Tallmadge, Twinsburg, Bath, Boston, Copley, Coventry, Northfield Center, Richfield, Sagamore Hills, Springfield, Hartville, Uniontown, Jackson, Kent, Ravenna, Portage Lakes, Wadsworth, Seville, Medina and more. Just visit my website or email me for information on any home in NE Ohio.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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