By now, word has traveled throughout the housing industry about the extension of the 2009 First Time Home Buyer Tax Credit. An added feature to the act is the inclusion of move-up buyers, those who have lived in their existing homes for a minimum of five years. These buyers, most of them anyway, will be eligible to receive a maximum of $6,500 tax credit.

There are income limits for both categories of buyers - $125,000 for singles and $225,000 for married couples. And there is a cap on the price of the home of $800,000.

Homes should be "under contract" by April 30, 2010 and must close by June 30, 2010 to be eligible for the credit.

Visit the website for the Federal Housing Tax Credit.

As a Realtor and someone concerned about our economy, I am happy to see the government extend and modify the existing tax credit. However, my personal opinion is that it is unfortunate so many potential buyers will be left out.

Don't most homeowners trade up every three to five years? Those who tend to move more frequently will not be allowed to participate in the tax credit. On the other hand, will $6,500 induce a family to trade up if they normally live in their home for historically longer periods?

I would have preferred to see the tax credit awarded to any move-up buyer. Or at least those who had lived in their homes for a shorter timeframe. Three years might have been more equitable.

At any rate, this is important, welcome news for the real estate industry and many homebuyers throughout the country.

This is a rare opportunity to enjoy relaxed waterfront living on the Ross Barnett Reservoir in Brandon, MS. This property will be available for viewing Sunday, October 25th between 3-5 p.m.

304 Forest Point Drive

$247,500

Directions to 304 Forest Point

• Completely Updated - Approximately 2200 square feet
• Formal living room with hardwood flooring
• Formal dining
• Great room with fireplace, hardwood floors, and lots of windows
• 3 BRs/ 2 Baths
• 2 Car attached garage
• Waterfront Deck
• 150 feet of waterfront on Ross Barnett Reservoir
• Private Boat Slip
• Scenic Nature Island behind property

Listing compliments of Rita McIntosh, McIntosh and Assoc., LLC

Contact Pat Starnes at 601-278-4513 for further information

The Home Builders Association of Jackson will showcase their members' craftsmanship this weekend during the Fall Parade of Homes. Homes are available for viewing Saturday and Sunday (October 24-25) from 1-5 p.m.

126 Huntington View, Brandon, MS 39047

New homes throughout Hinds, Madison, and Rankin counties will be on tour. Click on this link for a map and list of properties.

Prices start in the mid $150s.

Photo compliments of Deep South Custom Homes

Hot off the press! The weekly HUD list has been published and there are some great foreclosures available in central Mississippi.

Many of these listings are new to the market, and won't be around for very long. Whether you are looking as an investor or as someone wanting a primary residence, check out HUD Foreclosures in metro Jackson MS. The list is published each Friday.

From Madison, Pearl, and Ridgeland, to Brandon, Byram, and Jackson, the savvy homebuyer can find investing in the Mississippi real estate market rewarding.

To learn more about the foreclosure process, please refer to previous Foreclosure Friday articles.

I represent a seller who's home recently went under contract. The sales agreement is contingent upon a satisfactory home inspection, a common stipulation.

The report was sent to me via e-mail. Usually the repair list is summarized within the report and I can print a one or two page summary that addresses the primary issues/repairs. Unfortunately, the report was lengthy and I couldn't find the summary. To save myself time and eyestrain, I hit the print button on my computer so I could carry the report with me for later review.

Since the house was 35 years old, the seller and I expected there would be repair issues, along with some minor wear and tear. Imagine my surprise when I discovered the home inspection report was 69 pages long! Really! SIXTY NINE pages!

The report contained 147 photos. While reviewing the report, I did notice a summary, which included duplicates of the aforementioned photographs.

My home inspector friends might object to my critique, but this post is not meant as a personal attack. Home inspectors offer a valuable service. And if I represented the buyer side of this transaction, I might feel differently. But a sixty-nine page report seems excessive, in my humble opinion.

The real problem with the report, despite it's length, was that it was difficult to extract the issues! Many of the photos were taken, I believe, to CYA or to justify the cost of the inspection. There were numerous plumbing and electrical issues addressed (multiple times throughout), duplicate photographs, duplicate commentary, etc.

Fortunately, the buyer and seller are behaving professionally and each want a mutually acceptable resolution to the home inspection, so this house WILL close. However, if the buyer wanted to be a snoot about it, there could be a different outcome.

What do you think? Could a sixty-nine page report kill the deal? Hopefully, it won't kill THIS one!

Last week in preparation for several closings, I coined a phrase "the real estate dance" because of all the last minute hurdles, struggles, and documents that MUST be obtained mere moments before closing.

If a closing goes smoothly, happens as scheduled, without any glitches, (impeccably choreographed) then everyone from the lender, appraiser, attorney, inspectors, Realtor, AND the buyer has performed their duties as expected.

If a closing is delayed, someone failed to do their job. It's frustrating, yet humorous to watch the finger-pointing begin when there is a delay.

As a real estate professional, I've taken my "dance lessons" and know each step by heart. Everyone in the closing process has a role to play. I do my job and expect others to do theirs. But instead of "assuming" the lender, inspector, appraiser, etc. will do their jobs, I follow-up and communicate with everyone to be sure there are no surprises.

But I can't MAKE someone do their job. I cannot force a buyer to deliver his/her documents to the lender on time, nor can I strong-arm a lender to submit the closing documents to the attorneys office 24 hours before closing.

My readers might suggest that if I'm having difficulty with a particular service provider, I shouldn't use their services anymore. Period. That's a valid point. But in some cases, "you have to dance with the one that brought you". Realtors can make recommendations, but our clients, as well as the folks on the other side of the transaction, have free-will to choose. Once that choice is made, it is my job to professionally and skillfully work with the service providers to bring the transaction to a successful close.

I could make a campy joke about my dance card not being full, or that my dancing shoes are ready for the next waltz. Instead, I'll leave you with this thought...

"Work like you don't need the money, love like you've never been hurt, and dance like no-one is watching"...Alfred D. Sousa

Several years ago, I learned what a hat-trick meant as it related to the game of hockey. If a player scores three goals in one game, it is considered a "hat-trick" and fans throw their hats onto the ice as a form of congratulations and celebration.

Today was a hat-trick kind of day for me in real estate. Three closings in one day! Although this isn't the first time in my career that I've had three closings in one day, admittedly it has been a while. And boy, did it feel GOOD! And best of all, at the end of the day, I am pleased to know that I did my very best for each client.

Now, as my reward, I plan to take the rest of the day off. I'll be back in the field tomorrow, working toward the next possible hat-trick!

Have you always wanted to live on the water, but thought owning a slice of paradise was out of your financial reach? I thought so, too, until I came across this amazing waterfront unit in 2006. Located on the Ross Barnett Reservoir, this condo has breathtaking, panoramic views from the balcony of the two-bedroom unit. There are fabulous views from inside the family room, kitchen, and dining room as well.

As delightful as this condo has been, the time has come for me to sell. Look through these photos and let me know if you, or someone you know, is interested in a personal tour.

The 2 Bedroom/ 2 Bath condo, located at Woodlake Condominiums in Brandon, MS, is on the Rankin County side of the Ross Barnett Reservoir. This unit is available for $149,000. Monthly association fees of $160 include exterior maintenance, groundskeeping, and use of pool. Clubhouse available for private parties at a small fee.

Property is owned by a licensed real estate agent in the State of Mississippi.

Side View of Condo Overlooking Ross Barnett Reservoir

View of Front Door and Balcony

Front Door Photo Expanded to show panoramic water views

 Living room, dining room, and kitchen overlook balcony and have full water views.

Both bedrooms are spacious and offer lots of storage. Each BR has it's own bathroom.

Views...

Views... and more views!

It's time for the weekly update on HUD foreclosures in the Metro Jackson area. Several newly listed properties are available for bids in Pearl, Jackson, Brandon, and Raymond.

The property I've selected to feature today is in the Live Oaks Subdivision in Pearl off Hwy 468. The home, built in 2006, has 1467 square feet and 3 bedrooms, 2 baths, with a double garage. This property is available for "bids" to individuals who will live in the home as their primary residence, and is listed for $120,000. View current Mississippi foreclosures here.

Another property available through HUD in the city of Jackson, near the Beasley Road exit, is 5704 Fernwood. Priced at $122,400, bids will be considered from investors as well as homeowners. With 3 BRs and 2 baths, is has 1605 square feet and a double garage.

One other property for sale is located at 377 Lakebend in the Crossgates Subdivision of Brandon. This is a 3 BR/ 2.5 Bath townhome listed for $96,000. It is also open to all bidders.

Buying a foreclosure can give a purchaser immediate equity in a home if you are willing to make some improvements after closing. It can be a complicated process and is not suitable for every homebuyer. By studying the market and shopping by comparison, you can recognize a good value when you see one.

Choose a Realtor who will counsel you throughout the process and address your questions and concerns with patience, knowledge and understanding.

You may find it helpful to refer to previous issues regarding the foreclosure process.

Tips to Buying a Foreclosure

Understanding the Bid Procedure

Be ready to pounce - get pre-approved

Today is a glorious, sunny Sunday, and a great opportunity to stop by and see the house for sale at 369 Sundance Circle in Richland, MS. The house will be open for viewing between 2-4 p.m.

Recently reduced to $129,900, this property sits on a large corner lot in a sleepy Jackson metro suburb. Homes in the area are priced between the mid $120s upwards of $200,000, making this property a great value.

369 Sundance Circle, Richland, MS

Open Sunday, June 7, 2009; 2-4 p.m.

Features include:

3 BRs, 2 Baths, side-entry garage

Fireplace with gas logs & starter

Plush carpeting, trey ceilings, walk-in closet in master bedroom

New roof, fresh paint

Corner lot, privacy fence, covered patio, covered front porch

LOW Richland taxes and quiet community near shopping and convenient to major highways

100% Financing available to qualified buyers through USDA Rural Housing.

Come see me!