Taunton MA/ Berkley MA Real Estate, Bristol County Realtor - Bobbie Files Keller Williams Realty

My son was in a car accident last night...

2008-12-03T07:15:33Z

My 17 year old son was in a car accident last night. He is okay (thankfully) and to the best of my knowledge so are the people in the other car. He was heading home from Middleboro on Rt. 105 on the small portion that is considered state highway which is 4 lanes - 2 going one way 2 going the other - someone was taking a right turn so he went into the other lane and unfortunately he did not notice the car ahead of him. He stepped on his brakes but his truck didn't stop (we think that because the truck had Anti Lock Brakes he didn't understand that you need to release the brake and re-step on it), he went to swerve around them and clipped their driver's side rear.

Accidents happen that is why they are called accidents not "on purposes".

This was his first accident. He will be 18 in a month and has been driving for almost 1.5 years. In kid time he has done pretty good so far.

Needless to say he was very upset, scared, nervous. He immediately told the Police what had happened and didn't try to lie or make excuses. He's a good kid, yes I am biased, but he really is a good boy. We have never had the least bit of a problem with him, no principal visits or detentions.

What has me concerned enough to write this is the fact that the Police left him there on the side of this "state highway" alone until my husband arrived. My son called us and my husband immediately loaded up his flatbed to go get him, my husband even spoke with the Police to let them know he was coming and bringing his flatbed to grab the vehicle and my son. The Police determined (after speaking to my husband) that is was too unsafe to leave the truck until my husband could arrive so had the wrecker come and get it. I DO UNDERSTAND THAT. But what I just can't swallow is that it was okay to leave a 17 year old there alone in the dark and the cold after an accident, but not okay for the truck.

Why the Police couldn't wait with him astounds me!?!?!

He is still a child, my child, would they want that done to their own???

BERKLEY - MARKET REPORT NOVEMBER 2008

2008-12-02T16:32:11Z

Total Market Report is provided to give you an overall picture of the current market conditions.The following report is for single family homes sold in Berkley from November 1, 2008- November 30,2008.

Single Family Homes

Number of Homes on Market              39 (up 1 from last report)

Average Days on the Market             172 - down 10 (Let's keep on going!)

Number of Homes U.A.G                     3

Average Price of U.A.G. Homes        $324,900

Number of Homes Sold                        2

Average Sold Price                       $361,250

                                                             ~$259,125 As of November 2, 2008
                                                             ~$312,913 As of October 3, 2008
                                                             ~$435,000 As of September 3, 2008
                                                             ~$0           As of August 16, 2008
                                                             ~$334,250 As of July 9, 2008
                                                             ~$317,800  As of June 12, 2008
                                                             ~$418,333 As of May 1, 2008
                                                             ~$286,833  As of April 8, 2008
                                                             ~$180,000 As of March 8, 2008
                                                             ~$344,250 As of February 7, 2008
                                                             ~$349,000 As of January 8, 2008
                                                             ~$262,442 As of December 9, 2007
                                                             ~$243,125 As of November 7, 2007
                                                             ~$645,500 As of October 4, 2007
                                                             ~$331,000 As of Sept.1, 2007
                                                             ~$349,073 AS OF AUG. 4, 2007
                                                             ~$356,473 AS OF JUNE 24, 2007

Average Asking Price                       $385,831

Lowest SALE Price                            $340,000
Highest SALE Price                           $382,500

Unfortunately based on the facts of record our absorption rate went up again. Now we are at a 7 month absorption rate, up 1 month from last month's market report. My prior 3 reports had shown a decrease in the absorption rate so I am hoping that this is only a hiccup.

How does this effect you?

Well it is a fairly easy computation. When a market is losing value any additional time on the market COSTS you money. As a homeowner that needs or wants to sell you need to take a long hard look at the homes that have sold and look objectively not emotionally at your property. If your neihbor's home sold for $285,000 2 months ago you need to add an additional month to that (for the time between when the offer was made and accepted and the closing actually takes place) than add up the decreasing percentage and subtract that amount off of the neighbor's sale price. Any higher of an asking price may result in your home selling for substantially less money many months later.

Remember: Time is NOT on your side in a declining market.

Price it ahead of the curve and you will open your home up to the largest pool of potential buyers which will sharply lessen your market time AND increase your bottom line! I would rather see any seller get multiple offers to choose from than no offers at all.

Call me for a competent, accurate analysis of your home.

Bobbie Files
Your Bristol and Plymouth County Realtor

Visit my website at www.BerkleyMass.com

Search for Berkley Ma Homes at: http://BerkleyHomes.BerkleyMass.com

Search for Taunton Ma Homes at: http://TauntonHomes.BerkleyMass.com

For those struggling to pay your mortgage payments please visit: www.ShortSaleMassachusetts.com

Let's get more taxes in Massachusetts

2008-12-02T07:05:55Z

With the economy in the state it is and people's available cash shrinking on a daily basis our wonderful State House Representatives want us to pay even more taxes!!

The unfortunate mess known as the Big Dig has become the Big Drain. What started out as an Infrastructure Goal and Dream, to be the nation's biggest successful transportation project, has turned out to be the most crooked cash cow in Massachusetts history.

But now to bail out the disaster it has become our government is contemplating raising the gas tax to pay for this nightmare?!?!?!

There are plenty of people in this state that do NOT use or benefit from this colossal mistake. Why on earth should they be paying for something they do not benefit from?

Our state is lovingly know as "Tax-a-chusetts" for good reason. We pay more taxes and fees than almost any other state. We pay Income Tax. Sales Tax, Excise Tax, Property Tax, Gas Tax, tax, tax, tax and fees for anything and everything that the government can think of. We are currently paying 23.5 cents on every gallon of gas as tax to Massachusetts, they are considering raising it to 35.0 cents per gallon.

If you add up all the taxes and fees we pay to live in this fine state, including Federal Tax, more than 52% of our income is taxes!!! Yes 52%!! WHAT?!?!!?

As residents we need to stop this increase in the tax. Make the government clean up their mess. Before hitting us up a committee should be formed by the citizens to look into their books to see where money can come from. After all inside money is corrected and re-appropriated then, and only then, should the taxpayers be hit up for more money!

Bobbie Files
Your Bristol and Plymouth County Realtor

Visit my website at www.BerkleyMass.com

Search for Berkley Ma Homes at: http://BerkleyHomes.BerkleyMass.com

Search for Taunton Ma Homes at: http://TauntonHomes.BerkleyMass.com

For those struggling to pay your mortgage payments please visit: www.ShortSaleMassachusetts.com

Just because you're a lawyer you think you can do what???? ...A recent short sale closing

2008-11-21T06:05:48Z

As I have said before, I negotiate a lot of short sales for homeowners in financially challenging situations. But this recent one really got me all riled up!! Another agent in my office asked me to co-list the property as he had minimal experience with short sales.

Not a problem!!

A buyer calls him on the home and he shows her the home, a couple of times this happened.

Then he gets an offer on the home from this buyer, but with her Attorney representing her as a buyer's agent.

I know it happens and we just got to suck it up and get over it, at least I would accept it easier if he had even
seen the home, but it still stinks!

Geez, here's a new thought "a lazy attorney who doesn't want to work but wants to collect a large check". Hmmmmmmmm

Well let me stop ranting and get to the actual story.

This attorney faxed over an agency disclosure representing the buyer along with the offer. Okay good, at least he knows who he is representing...so I thought. He also was a good dooby and had his buyer fill out the short sale disclosure form that I require from all buyer's and agents. But then the fool calls me up asking to have the file turned over to him so that he can negotiate the short sale with the bank.

He proceeded to tell me that basically all agents are incompetent and short sales don't close because of us.

Well, needless to say I told him where to go and how to get there and offered detailed directions. Because of my duties to my seller I also informed them of his generous offer and they respectfully declined it as well. Well low and behold I successfully negotiate the offer with both of the banks and get short sale approval. Yes it was an amazing occurrence in the eyes of this gifted and talented attorney.

The next thing I find out is this wonderous attorney is now representing the buyer's bank as the closing attorney. Yes, he is the buyer's real estate agent, the buyer's attorney and now the bank's attorney. How many people can you represent in one transaction??? Well, than the twit has the testicular fortitude to send me over an authorization form for the seller's to sign allowing him to speak to the lenders as their representative!!!!!!!!!!!!!!!!!!!!!!!!! Since it is a short sale as I previously indicated there is no mortgage payoff to order, no equity to freeze and no reason for him to speak with the seller's lender. Yes he wanted to represent every party of the transaction.

Like I was going to let that happen! Yes, let's play risk our real estate license by going into dual agency without proper informed consent prior to the transaction.

I wonder what the Board of Realtors would think about an agent representing everybody in a transaction without proper permission and disclosure.

Bobbie Files
Your Bristol and Plymouth County Realtor

Visit my website at www.BerkleyMass.com

Search for Berkley Ma Homes at: http://BerkleyHomes.BerkleyMass.com

Search for Taunton Ma Homes at: http://TauntonHomes.BerkleyMass.com

For those struggling to pay your mortgage payments please visit: www.ShortSaleMassachusetts.com

A reminder on our Code of Ethics Training

2008-11-18T08:23:02Z

I just wanted to take a moment to remind all of us (myself included) that we need to complete our Quadrennial Code of Ethics training.

This is free and can be done online at www.realtor.org

It must be completed by December 31st by all existing REALTORS.

I also want to take a moment to remind the public that all Real Estate Licensees are NOT REALTORS. REALTORS take a further step to abide by a Code of Ethics in how we treat Clients/Customers, the General Public and other REALTORS.

All REALTORS subscribe and uphold the Golden Rule and always seek to do what is in the best interest of the parties we represent while maintaining honesty and fairness with others.

Please make sure that you complete the online class and quizzes before the end of the year.

Bobbie Files

Your Bristol and Plymoouth County REALTOR

www.BerkleyMass.com

How do I know if my short sale or foreclosure loss is taxable?

2008-11-15T16:41:42Z

As an agent that handles a lot of short sales I come across many questions regarding the possible tax implications. The Mortgage Forgiveness Debt Relief Act of 2007 which covers all homes sold or modified in 2007, 2008, and 2009 has cancelled out many homeowners obligation to pay income taxes on the so called "gifted" income (the difference between what you owe and what it sells for).

Unfortunately, this new law does not cover all homeowners.

The next challenge is to figure out how much of the "gifted" money is taxable.

In the eyes of the IRS if you bought the home in 2005 and paid $300,000 and are currently unable to pay for your mortgage and due to the market value declining the home is now only worth $250,000 you would in the past been taxed on the $50,000 of "gifted" income. With the Mortgage Forgiveness Debt Relief Act of 2007 that income is no longer taxable IF this home is your primary residence.

What about a situation in which you bought the same home in 2000 for $200,000 and subsequently refinanced it to $300,000 and now are in a situation where you can no longer afford the payments and the home has declined in value to $250,000?

This is where it gets sticky! Because... the IRS views this as self induced debt and they will treat that amount as taxable.

Well than why would you want to do a short sale instead of just letting the bank take it by foreclosure???

Actually this is rather simple, the IRS treats the short sale the same way it treats the foreclosure. In the eyes of the IRS they are both sales. PERIOD.

So, when the bank forecloses and finally places it back on the market several months later all the while property values are still dropping the home that WAS worth $250,000 now is only worth $225,000 and that's hoping that it wasn't ransacked while it sat vacant.

Now what do you have? A MUCH bigger loss to be paying taxes on.

Now I am not a CPA or a tax professional and this is only a very simplistic version and I always recommend people to speak to "their people".

If you or someone you know is upside down on their home value and needs to sell please have them contact me at bobbiefiles@kw.com.

Visit my website at www.BerkleyMass.com for more information on short sales and information on Bristol / Plymouth County Real Estate.

Help me and a customer on the tax implications of a short sale vs. foreclosure

2008-11-07T07:08:53Z

I do a great many short sales in my area, an unfortunate result of the economic situation. I am aware of the Mortgage Debt Forgiveness Act http://www.irs.gov/individuals/article/0,,id=179414,00.html

I know I am not a lawyer or a tax specialist and never advise clients on the possible ramifications, I advise them to seek advise from the appropriate professionals and also have a disclosure notice signed that indicates that as well.

It has been brought to my attention recently that a few attorneys are indicating that a foreclosure will not result in tax implications.

My reading of the first paragraph of the Act:

Mortgage Forgiveness Debt Relief Act

What is the Mortgage Forgiveness Debt Relief Act of 2007?
The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007 (see News Release IR-2008-17). Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence.

and my questioning of a few attorneys and tax specialists indicates that not only is the short sale "forgiven" amount potentially taxable (based on certain situations) but also any amounts "forgiven" as a result of a loan modification AND any amounts not recoverable after a foreclosure.

Can anyone give me clarification on these situations?

Any and all help or advice is greatly appreciated.

Thanks!

http://berkleymass.com

BERKLEY - MARKET REPORT OCTOBER 2008

2008-11-06T06:51:12Z

Total Market Report is provided to give you an overall picture of the current market conditions.The following report is for single family homes sold in Berkley from October 1, 2008- October 31,2008.

Single Family Homes

Number of Homes on Market              38 (down 2 from last report)

Average Days on the Market             182 - down 6 (Let's keep on going!)

Number of Homes U.A.G                     2

Average Price of U.A.G. Homes        $324,900

Number of Homes Sold                        4

Average Sold Price                        $259,125

                                                             ~$312,913 As of October 3, 2008
                                                             ~$435,000 As of September 3, 2008
                                                             ~$0           As of August 16, 2008
                                                             ~$334,250 As of July 9, 2008
                                                             ~$317,800  As of June 12, 2008
                                                             ~$418,333 As of May 1, 2008
                                                             ~$286,833  As of April 8, 2008
                                                             ~$180,000 As of March 8, 2008
                                                             ~$344,250 As of February 7, 2008
                                                             ~$349,000 As of January 8, 2008
                                                             ~$262,442 As of December 9, 2007
                                                             ~$243,125 As of November 7, 2007
                                                             ~$645,500 As of October 4, 2007
                                                             ~$331,000 As of Sept.1, 2007
                                                             ~$349,073 AS OF AUG. 4, 2007
                                                             ~$356,473 AS OF JUNE 24, 2007

Average Asking Price                       $404,026

Lowest SALE Price                            $185,000
Highest SALE Price                           $315,000

MY LAST MARKET UPDATE WAS October 3rd AND THE AVERAGE SALE PRICE WAS $312,913 which represented 4 homes that sold. 2 Months in a row with a respectable number of home sales.

The number of home on the market is remaining relatively steady, but thankfully continuing to go down. The absorption rate has risen a bit, to slightly over 6 months of inventory. My prior 3 reports had shown a decrease in the absorption rate so I am hoping that this is only a hiccup.

How does this effect you?

Better your odds for a more timely sale by pricing your home ahead of the curve! Pricing it AT the curve in a declining market will put you in line to sell on the 6th month at a lower price than what you would have received had it been priced competitively in the beginning. Remember: Time is NOT on your side in a declining market.

Call me for a competent, accurate analysis of your home.

To view all Berkley homes on the market visit http://berkleyhomes.berkleymass.com

Visit http://www.berkleymass.com/ for all your Bristol County Real Estate Needs!

Bobbie Files
REALTOR
Keller Williams Realty
508-238-5000 x.296 Office
508-789-0217 Direct
bobbiefiles@kw.com Email

5 Things You Never Knew Your Cell Phone Could Do

2008-10-29T11:30:19Z

5 Things You Never Knew Your Cell Phone Could Do

For all the folks with cell phones. (This should be printed and kept in your car, purse, and wallet. Good information to have with you.)

There are a few things that can be done in times of grave emergencies .

Your mobile phone can actually be a life saver or an emergency tool for survival. Check out the things that you can do with it:

FIRST
Emergency

The Emergency Number worldwide for Mobile is 112. If you find yourself out of the coverage area of your mobile network and there is an Emergency, dial 112 and the mobile will search any existing network to Establish the emergency number for you, and interestingly, this number 112 can be dialed even if the keypad is locked. Try it out.

SECOND
Have you locked your keys in the car?

Does your car have remote keyless entry? This may come in handy someday. Good reason to own a cell phone: If you lock your keys In the car and the spare keys are at home, call someone at home on their cell phone from your cell phone. Hold your cell phone about a foot from your car door and have the person at your home press the unlock button, holding it near the mobile phone on their end. Your car will unlock. Saves someone from having to drive your keys to you. Distance is no object. You could be hundreds of miles away, and if you can reach someone who has the other 'remote' for your car, you can unlock the doors (or the trunk).

Editor's Note: It works fine! We tried it out and it unlocked our car over a cell phone!.

THIRD
Hidden Battery Power

Imagine your cell battery is very low. To activate, press the keys *3370#.  Your cell phone will restart with this reserve and the instrument will show a 50% increase in battery.

This reserve will get charged when you charge your cell phone next time.

FOURTH
How to disable a STOLEN mobile phone?

To check your Mobile phone's serial number, key in the following Digits on your phone: *#06#. A 15-digit code will appear on the screen. This number is unique to your handset.

Write it down and keep it somewhere safe.

If your phone gets stolen, you can phone your service provider and give them this code. They will then be able to block your handset so even if the thief changes the SIM card, your phone will be totally useless. You probably won't get your phone back, but at least you know that whoever stole it can't use/sell it either. If everybody does this, there would be no point in people stealing mobile phones.

And Finally.....

FIFTH
Free Directory Service for Cells

Cell phone companies are charging us $1.00 to $1.75 or more for 411 information calls when they don't have to. Most of us do not carry a telephone directory in our vehicle, which makes this situation even more of a problem. When you need to use the 411 information option, simply dial: (800) FREE411, or (800) 373-3411 without incurring any charge at all.

Program this into your cell phone now.

BERKLEY - MARKET REPORT SEPTEMBER 2008

2008-10-03T05:31:34Z

Total Market Report is provided to give you an overall picture of the current market conditions.The following report is for single family homes sold in Berkley from September 1, 2008- September 30,2008.

Single Family Homes

Number of Homes on Market              40 (down 1 from last report)

Average Days on the Market             188!!!!!!!! (up 2)

Number of Homes U.A.G                     5

Average Price of U.A.G. Homes        $297,740.00

Number of Homes Sold                        4

Average Sold Price                            $312,913

                                                             ~$435,000 As of September 3, 2008
                                                             ~$0           As of August 16, 2008
                                                             ~$334,250 As of July 9, 2008
                                                             ~$317,800  As of June 12, 2008
                                                             ~$418,333 As of May 1, 2008
                                                             ~$286,833  As of April 8, 2008
                                                             ~$180,000 As of March 8, 2008
                                                             ~$344,250 As of February 7, 2008
                                                             ~$349,000 As of January 8, 2008
                                                             ~$262,442 As of December 9, 2007
                                                             ~$243,125 As of November 7, 2007
                                                             ~$645,500 As of October 4, 2007
                                                             ~$331,000 As of Sept.1, 2007
                                                             ~$349,073 AS OF AUG. 4, 2007
                                                             ~$356,473 AS OF JUNE 24, 2007

Average Asking Price                         $410,400

Lowest SALE Price                            $180,000
Highest SALE Price                           $408,650

MY LAST MARKET UPDATE WAS September 3rd AND THE AVERAGE SALE PRICE WAS $435,000 which represented 1 home that sold. I guess it was 1 better than what had sold in July. But September was an Okay month, 4 homes sold is a nice solid performance.

The number of home on the market is remaining relatively steady, but thankfully going down slightly. Right now there is less than 5 months worth of inventory on the market, which is, by numbers a Neutral Market. A Neutral Market indicates that we have finally hit the axis point of home price to affordability. Home prices have adjusted to the point that the median income buyer can afford to own. This is now 3 months in a row of less than 6 months of inventory, we may have finally arrived at a neutral market. What that means is, if no more homes came on the market and all the current homes stayed on the market until they sold it would take 4.5 months for all the homes to be sold, assuming that they are all priced correctly. It is a widely accepted rule that if we have less than 6 months but more than 3 months worth of inventory we are in a neutral market. A neutral market means that home prices are in line with affordability and are being absorbed at a moderate pace.

For the past 3 months we have not seen a sharp increase in the absorption rate and to the contrary we have seen a decrease, which is very good news. The law that Massachusetts passed requiring banks to give homeowners an additional 90 days to cure default prior to foreclosing did not have the impact on 9/1 as it was projected to do. However, do not be fooled to think that there isn't an onslaught of foreclosures yet to come on the market.

How does this effect you?

Call me for a competent, accurate analysis of your home.

Visit http://www.berkleymass.com/ for all your Bristol County Real Estate Needs!

Bobbie Files
REALTOR
Keller Williams Realty
508-238-5000 x.296 Office
508-789-0217 Direct
bobbiefiles@kw.com Email

The Sweetners to the Bail Out Plan

2008-10-02T14:28:53Z

Just so we are all clear and on the same page, albiet there are over 451 of them in the bail-out package, below are the artificial sweeteners added on the the "Financial" Bail Out Package.

_Provide business tax breaks, including for production of, investment in, and use of renewable fuels.

_Require group health plans that include mental health or addiction treatment to provide coverage for those conditions that is equitable to other medical coverage.

_Increase personal credits against the AMT, shielding more than 20 million taxpayers from the tax.

_Grant tax relief to victims of natural disasters in the Midwest and elsewhere.

_Extend through 2011 a program that funds rural schools and local governments that have low property-tax bases because they lie within or are adjacent to federal lands.

_Extend until end of 2009 the deduction for state and local general sales taxes.

_Extend until end of 2009 individual tax breaks, including deductions for higher education costs and teachers' personal expenses.

_Increase, from $100,000 to $250,000, the limit on federal bank deposit insurance.

Now please excuse my ignorance, or my lack of a Washington D.C. education, but the way I see all those sweet little nuggets is that they have nothing at all whatsoever to do with the Wall Street crisis.

Where is there anything to help, I don't know, maybe the average Joe?

Even better than that is their wonderful tired old cliche of "I'm for Main Street not Wall Street"!

Well, based on what I see, they are helping the people that work on Pennsylvania Ave. more than anyone!

According to the Drudge Report McCain never even read the bill he is so forcefully backing and promoting.

It would be a cheaper scenario to just give every taxpaying homeowner who is over 30 days late on their mortgage a check to pay the entire mortgage off, than it would be to allow this package.

Bobbie Files
www.BerkleyMass.com

Let's drown ourselves while getting bailed out

2008-10-02T07:00:39Z

I am not a typically political person and know it is never wise to bring political discussions into business BUT with what is going on now I can't bite my tongue any longer.

This bail out package is about the biggest show of crony backing garbage I have EVER heard of!

I am not an unsympathetic person but please tell me what victims of natural disasters has to do with the financial crisis our world is in??? Well our fine Senators think it is ok to attach those type of additional bills to the financial relief bail out bill.

In all areas that there is real estate we see homeowners struggling....whether it is due to a bad mortgage coming due....or it is to losing their job because of the economy....or it is just someone that bought a home that they absolutely should have been denied financing for....the end result is the same. They are struggling and have few if any options available to them.

While these homeowners are struggling, our moronic Senators are creating bills that are filled with such pork and garbage that menial homeowners will get no benefit from.

Then to add insult to injury those Senatorial fools went on t.v. last night puffing with pride in a display of grotesque windbaggery I almost lost my dinner!! What a group of pompous, self absorbed windbags. The back patting and complimenting of each other for their job well done.....Well done????? By whose opinion??? Certainly not the opinions of the people who elected these fools to office.

I am mad, I am ranting. These morons need to go!

Let's take a moment to remember

2008-09-11T06:10:36Z

Take a moment to Remember!!!

All the men, women and children that were killed when our country was attacked by such a fierce display of evil!

You will always be in my heart!!

9/11/01

NEVER to be forgotten!

What is this Fannie, Freddie Bailout? And does it help me?

2008-09-09T06:51:10Z

First I want to let you know who Fannie and Freddie are:

Fannie was created during the depths of the Great Depression, and Freddie in 1970, to help make mortgages more affordable for homeowners. The companies buy billions of dollars in mortgages each month from commercial lenders. Some are sold to investors as mortgage-backed securities; others are held by the companies in their own investment portfolios. These 2 companies back almost 80% of all mortgages generated so their failure would be catastrophic. Bailing our private companies is not a path I want our government to go down BUT and this is a big BUT not bailing out Fannie and Freddie has a far more negative impact to the global economy than letting them fail. The plan represents a cease-fire in a decades-long ideological battle over the proper role of the companies. Free-market conservatives see the companies as extensions of "big government," while Democrats have protected them as the main vehicle to promote affordable housing for middle- and lower-income people.

Does this bailout help me?

Well the short answer is - Probably, not definitely, but economists and other people with more knowledge than myself say it will and it was necessary to prevent an economic meltdown.

How will it help me?

The government plans to buy significant amounts of their mortgage-backed securities on the open market, beginning with the purchase of $5 billion worth this month. This step, never before undertaken by the government, could begin to restore some confidence in the credit markets and lead to lower interest rates for home mortgages.

Both of these giants, who got too big for OUR good, needed to be bailed out - for the best interest of all of us. Hopefully, the government really cleans their homes out and disciplines the babies for bad behavior!!

Home Buyers and Homeowners Economic Relief and Stimulus Act of 2008

2008-09-07T18:44:50Z

Do I qualify for the new First-Time Homebuyer Tax Credit?
What is the Housing Rescue Bill just passed into law?

With the Congress recently passing the new Housing Relief Act of 2008 I have been asked many questions by both home buyers and homeowners as to how this effects them.

These are the most frequenty asked questions:

How do I qualify for the first time buyer credit?
How can the Housing Rescue bill help me?

I have read and re-read the bill and this is my brief summary of it.

The "let's get this economy moving and help prevent many more foreclosures" stimulus act - or as titled "The Housing and Economy Recovery Act" kicks off on October 1, 2008 and is designed to:

help troubled homeowners avoid foreclosure, and
help the economy to generate home buyer demand through a $7500 tax credit

1. Help troubled homeowners avoid foreclosure
If you feel you are in need of some rescuing from your current mortgage payment, you may be in luck with some help from our federal government.

If you live in your home, can prove you cannot afford to continue paying your existing loan, and are paying at least 31% of your gross monthly income on mortgage debt, you are eligible for help; assuming your mortgage was issued between January 2005 and June 2007

If your current lender chooses to participate, the program requires your lender to write down the value of your loan to 90% of your home's current (appraised) value. Assuming your lender agrees to write down the value of your loan, a new FHA lender buys the old loan and takes over the reworked mortgage.

All new loans will be underwritten by FHA on a case-by-case basis. This means you will be required to obtain a new appraisal on your property and will have to provide verification of your income by providing income statements, bank account information, job histories, and credit scores. Sorry ... no stated income loans available this time.

The purpose of obtaining a new Fixed-Rate FHA loan through the program is to reduce the amount of your mortgage payment and/or save you from those rising ARM rates so that you can afford to stay in your home and therefore avoid foreclosure.
So, what's the catch?
- You will have to pay FHA a 1.5% insurance premium AND agree to share any profits with FHA from future home appreciation. You will be required to pay a 3% "exit fee" of the mortgage principal to FHA when you resell or refinance. Additionally, you will have to agree to pay FHA 100% of any profits you realize if you sell or refinance within a year; 90% after two years, and so on. For example, if you sell within a year with an original loan principal of $175,000 and a sales price of $225,000, you will owe FHA $50,000, minus costs, upon sale.

Is it worth it?
- This is a personal question you have to ask yourself. What is it worth to save you from foreclosure?

2. Help the economy to generate home buyer demand through a $7500 tax credit
If you are a "first-time homebuyer" and have been ‘waiting' to buy, wait no longer. Take advantage of an interest-free loan from our government! Do you qualify?

You must be a "First-Time Homebuyer" .... Now, "first time" homebuyer to the government means something different than what "first time" means to you and me. You are a First Timer according to Uncle Sam if you have not purchased or owned a home in the past three years.
As a "first-timer" you can receive up to a $7500 tax credit by purchasing a home between April 2008 and June 2009.
What is a tax-credit?
- This is called a ‘credit' but it isn't really. You will have to pay the amount back over 15 years. In other words, the tax credit is more of an ‘interest-FREE' loan. If you take the $7500 tax credit, your income tax bill will increase by $500 a year for 15 years.
So, what's the catch?
- If you sell the house before the 15 years of paying back the ‘loan' you will have to pay the remaining balance after you sell.

For more detailed explanations of the new bill, visit the following links:

National Association of Realtors® Summary of Key Provisions - the Housing Stimulus Bill (realtor.org)

How Housing Rescue Bill Can Help You (cnnmoney.com)

How many of these did YOU know about?

2008-09-06T18:19:52Z

A sealed envelope - Put in the freezer for a few hours, then slide a
knife under the flap. The envelope can then be resealed.
===========
Use Empty toilet paper roll to store appliance cords. It keeps them
neat and you can write on the roll what appliance it belongs to.
=========
For icy door steps in freezing temperatures: get warm water and p ut
Dawn dish washing liquid in it. Pour it all over the steps. They won't
refreeze. (wish I had known this for the last 40 years!)
=========
To remove old wax from a glass candle holder, put it in the freezer for
a few hours. Then take the candle holder out and turn it upside down. The
wax will fall out.
=========
Crayon marks on walls? This worked wonderfully! A damp rag, dipped
in baking soda. Comes off with little effort (elbow grease that is!).
=========
Permanent marker on appliances/counter tops (like store receipt
BLUE!) rubbing alcohol on paper towel.
=========
Whenever I purchase a box of S.O.S Pads, I immediately take a pair of
scissors and cut each pad into halves. After years of having to throw
away rusted and unused and smelly pads, I finally decided that this would
be much more economical. Now a box of S.O.S pads last me indefinitely!
In fact, I have noticed that the scissors get 'sharpened'' this way!
=========
Blood stains on clothes? Not to worry! Just pour a little hydrogen
peroxide on a cloth and proceed to wipe off every drop of blood. Works
every time! (Now, where to put the body?) LOL
=========
Use vertical strokes when washing windows outside and horizontal
for inside windows. This way you can tell which side has the streaks.
Straight vinegar will get outside windows really clean. Don't wash windows
on a sunny day. They will dry too quickly and will probably streak.
=========
Spray a bit of perfume on the light bulb in any room to create a lovely
light scent in each room when the light is turned on.
=========
Place fabric softener sheets in dresser drawers and your clothes will smell freshly washed for weeks to come. You can also do this with towels and linen.
=========
Candles will last a lot longer if placed in the freezer for at least 3
hours prior to burning.
=========
To clean artificial flowers, pour some salt into a paper bag an d add the
flowers. Shake vigorously as the salt will absorb all the dust and dirt
and leave your artificial flowers looking like new! Works like a charm!
=========
To easily remove burnt on food from your skillet, simply add a drop or two of dish soap and enough water to cover bottom of pan, and bring to a boil on stove top.
=========
Spray your TUPPERWARE with nonstick cooking spray before pouring in tomato based sauces and there won't be any stains.
=========
Wrap celery in aluminum foil when putting in the refrigerator and it will keep for weeks.
=========
When boiling corn on the cob, add a pinch of sugar to help bring out the
corn's natural sweetness
=========
Cure for headaches: Take a li me, cut it in half, and rub it on your
forehead. The throbbing will go away.
=========
Don't throw out all that leftover wine: Freeze into ice cubes for future
use in casseroles and sauces.
=========
To get rid of itch from mosquito bites, try applying soap on the area
and you will experience instant relief.
=========
Ants, ants, ants everywhere ... Well, they are said to never cross a chalk line. So, get your chalk out and draw a line on the floor or wherever ants tend to march. See for yourself.
=========
Use air-freshener to clean mirrors. It does a good job and better still,
leaves a lovely smell to the shine.
=========
When you get a splinter, reach for the scotch tape before resorting to
tweezers or a needle. Simply put the scotch tape over the splinter, and
then pull it off. Scotch tape removes most splinters painlessly and easily.
=========
Now look wha t you can do with Alka Seltzer........ Clean a toilet.
Drop in two Alka Seltzer tablets, wait twenty minutes, brush and flush.
The citric acid and effervescent action clean vitreous China .
=========
Clean a vase.
To remove a stain from the bottom of a glass vase or cruet, fill with water
and drop in two Alka Seltzer tablets.
=========
Polish jewelry.
Drop two Alka Seltzer tablets into a glass of water and immerse the
jewelry for two minutes.
=========
Clean a thermos bottle.
Fill the bottle with water, drop in four Alka Seltzer tablets, and let soak
for an hour (or longer, if necessary).
=========
Unclog a drain.
Clear the sink drain by dropping three Alka Seltzer tablets down the
drain followed by a cup of Heinz White Vinegar. Wait a few minutes,
and then run the hot water.
=========
Do your friends a favor. Pass this timely (and some not-so-timely)
information on to a friend! I just did.

East Bridgewater Great Starter or Wind-down

2008-09-06T17:52:54Z

Commuter Friendly Living

2008-09-05T06:30:33Z

Bobbie Files | Keller Williams Realty | 508-238-5000 x.296

79 Richmond Street, Weymouth, MA

Energy Conscience ~ Character Yearning People!!

3BR/1BA Single Family House

offered at $308,000

Year Built	1868
Sq Footage	1,234
Bedrooms	3
Bathrooms	1 full, 0 partial
Floors	2
Parking	2 Car garage
Lot Size	13,068 sqft
HOA/Maint	$0 per month

DESCRIPTION

Calling all energy conscience, character yearning people! This lovely older colonial maintains much grace and charm of years gone by with energy saving new windows and heating system. Gleaming original hardwood floors throughout first floor. The parlor greets you at the front door with unique wood ceilings and flooring, family sized livingroom and formal dining room. All this and a fenced in yard with a generous sized deck, cobblestone patio and beautiful perennial gardens!

see additional photos below

PROPERTY FEATURES

Central heat	Hardwood floor	Living room
Dining room	Stove/Oven

ADDITIONAL PHOTOS

Seller contact info:

Bobbie Files

Keller Williams Realty

508-238-5000 x.296

For sale by agent/broker

Equal Opportunity Housing

Posted: Sep 5, 2008, 1:36am PDT