Barbara Corcoran was on NBC's TODAY show this morning talking about the $8000 first-time home buyer tax credit.According to Mrs. Corcoran First-time buyers accounted for 1/3 of all home sales this past July and more than 1.4 million Americans have qualified for the tax credit this year. She also stated that she wanted home buyers to know that "it's a tax credit, not a deduction."When asked is there enough time for home buyers to run out there and find a home? Mrs. Corcoran answered "if you believe in miracles and you can find a really good foreclosure where the bank has sweaty palms yes its not too late but for the most part its impractical. Most homes take 60-90 days to close and the banks don't lend the money so readily so the whole process has slowed down. So if you found a house this weekend, chances are very good that you wouldn't get the tax credit."

Mrs. Corcoran went on to say " there are 12 bills on the floor to extend the deadline. I think it will happen because every congress guy out there or gal wants to tie their name onto this very popular bill. So, I fully expect that this is going to be extended."

Having the tax credit extended would be great news in my opinion because it would continue to stimulate the housing market as well as the economy and improve consumer confidence.

Also, on the table is increasing the tax credit from $8000 to $15,000 and extending it to all home buyers. When asked if she thought that this would happen, Mrs. Corcoran stated that "there is a lot of talk about this, that or the other thing but anything that will stir up the housing market is a good thing and probably will pass."

If you are a home buyer this is great news. Continue your search for a home because home prices are back to where they should be which means they are not ridiculously over priced as they were last year, rates are still at an all-time low, there is still plenty of inventory and if this tax credit is extended that just sweetens the deal all the more. Home buyers should rejoice!

If you have any questions about buying a home or have any comments, please feel free to contact me at reneeporsia@mac.com or feel free to visit my web site at www.reneeporsia.com.

If you are a first-time home buyer and want to take advantage of the $8000 tax credit, this may be your last chance.The deadline to take advantage of this credit is before December 1, 2009.What does this mean to first-time home buyers? 

Well, it takes about 30-60 days to close on a home barring any issues that may arise. It’s now September 17, 2009. A buyer must find their home now in order to close on either October 17, 2009 or November 30, 2009. That's just a little over 60 days people.

If you are someone who doesn’t like to be rushed, perhaps this time crunch is not for you but if you are someone who wants to buy their first home and feels that this credit is well worth this final push, then get out there with your buyer agent today and find your home.

This also means that you need to have your financial situation already taken care of. You will only delay your process more if you go out to view homes without first being approved for your mortgage.

A few other quick facts worth mentioning are that a first-time home buyer is a buyer who has not owned a "principal" residence during the last three years prior to this purchase. This also means that if you are married and one of you has never owned a home but the other has, neither of you are qualified for this tax credit.

The amount of the credit is equal to 10% of the purchase price with a maximum credit of $8000.

How can you claim your tax credit? You can claim your tax credit by completing form 5405 to determine first, how much of the credit you will receive and then claim that amount on line 67 of the 1040 tax form for 2009 tax returns.

I would advise speaking with a qualified, licensed accountant to answer all of your questions.

I hope my article answers some of your questions. Now, get out there and find your dream home. Feel free to write to me if you have further questions.

It seems as though every time I post my professional opinion either in my own personal blog or in a public forum about how I feel about dual agency, a bunch of Realtors jump all over me because they just can't understand how a Realtor can have such an opinion.

The problem is that most Realtors do not actually understand what dual agency really is or the consequences thereof.

Dual agency is very complicated so it is easy to see how most Realtors wouldn't understand it however due to their lack of understanding, it hurts consumers.

I wanted to explain what dual agency is and why I do not practice it.

Dual agency occurs when a Realtor represents both parties. Further, since Realtors do not own their listings and the Broker does, the entire office then becomes a dual agent. So, are you confused yet? Obviously, you are not alone because most Realtors don't even understand.

I will try to break it down for you. Each real estate office must have a Broker of Record who is responsible for all of the agents. So, when one of the Broker's agent's takes a new listing, even though the agent met with the sellers and was hired by the sellers, it's actually the Broker of Record who owns that listing. Are you still with me?

Upon taking that listing, the entire office in effect becomes a dual agent. A dual agent in name only. Think of it as an umbrella. Some Realtors will argue that what one Realtor knows in the office every Realtor knows in the office. Meaning that the agent who took the listing came back and shared all of the seller's personal and confidential information with every single agent in the office. Not only is that not true but if it were true, that would be unethical on the listing agent's part because they have a fiduciary duty to their seller to keep the seller's information confidential. And in an office where there are 200 plus agents that would just be silly to think. How am I doing?

So, yes in theory and in name only, every single agent in that office is deemed a "dual agent" because the Broker of Record owns every single listing in the office. So, if a buyer wants to purchase a listing that belongs to their buyer agent's office, the agent's must disclose that dual agency exists within the entire office but neither agent is personally acting as a dual agent.

Are you dizzy yet?

Real dual agency occurs when a Realtor is hired by a seller to sell their home and then secures a buyer who wants to buy that seller's home and wants the Realtor who took the listing to also represent the buyer at the same time. At that point, the Realtor is working both sides of the table and now can no longer negotiate for either side but instead acts as a mediator. Dual agency.

In my professional opinion, dual agency is not in anyone's best interest, not even the Realtor. The seller doesn't have fair representation anymore even though when the listing agent was hired, promised to get the seller the highest price the market would allow and vowed to protect their best interest but as soon as a buyer comes along, the agent just throws all of that out the window and wants to represent a buyer who never wants to pay the highest price for the home.

Years ago, buyers didn't have the right to representation, only the seller was represented. The playing field was not level. Now, the field is level. Both sides can have equal representation.

I do not see any good in dual agency. I feel that nobody wins when both sides are represented by the same Realtor as someone usually gets hurt. I will certainly not promote it and will stand up against it when the need arises.

Consumers are always concerned about their rights and I write this blog to make consumers aware that they do have rights. They have the right to be represented by their own Realtor. They have the right to have someone look out for their best interests. But most importantly, they have the right, finally, so why not use that right?

Realtors are supposed to put their client's best interest first all of the time. By participating in dual agency, I feel that neither client's interests are put first. The agent basically sits on the fence and is neutral. How does that help anyone when the Realtor basically sits on the fence and says to the seller, "the buyer wants to offer you this, do you want it?" And then goes back to the buyer and says "the seller says no, are you good with that?" The Realtor is just acting as a paper pusher. The best quality a Realtor is supposed to have is their negotiating skills. Take negotiating out of the equation and then what good is the Realtor? I suppose dual agency is the way to go for those Realtors who are just not comfortable with the negotiating process.

Keep in mind that when a Realtor enters into a dual agency relationship, the Realtor keeps the entire commission which leads many to believe that is the sole incentive for a Realtor wanting to partake in dual agency because it can cloud the Realtor's judgment.

In closing, I say to all buyers and sellers, if you want the best deal, hire your own Realtor and stay away from dual agency.

$8000 First-Time Home Buyer Credit, The Clock Is Ticking.

If you are a first-time home buyer hoping to take advantage of the $8000 tax credit, I hope you have done your homework and are out there looking for your home because time is quickly running out.

If you haven’t been preapproved for a mortgage, you should find yourself a reputable lender and get yourself preapproved. It takes time and there may be some issues you need to address before you can get your approval.

Find yourself a buyer agent and get out there looking. If you are not aware, it takes 30 or more days to close on your new home so if you are looking at the calander that only leaves a little more than 4 months. That really isn’t a lot of time. Make sure you have a plan and know what you want and don’t want. There are many issues that could come up during the home buying process and the more time the better to take care of them. This is a great opportunity for first timers. The credit combined with the low rates, reasonable home prices and the amount of inventory equals happy home buyers.

I am writing this blog with the hopes of saving many home owners a lot of aggravation, stress, time and attorney fees.

Before you sign the listing contract with that Realtor you have been so gracious to allow in your home, there are some very important things you should be aware of.

1. Make sure the listing contract is a PAR form (Pennsylvania Association of Realtors) If you do not see that anywhere on the contract. Do not sign it. That means that that listing agent's Broker's office created their own contract which could contain clauses that may take away your rights.

2. Make sure that the contract says what you agree upon. If the Realtor told you the contract is only for 6 months make sure it states a start date and and end date equalling 6 months and nothing more.

3.  If the you agree to a 1 year listing contract, make sure the contract does not exceed 1 year. It must expire exactly 1 year from the start date otherwise it is not valid. Do not let the Realtor intimidate you into believing that they can list your home for anything beyond 1 year. One important fact worth mentioning is that there is no need for a 1 year listing. If your Realtor prices your home properly and realistically, your home should sell. If not, it's time for a new Realtor. Keep in mind that you also must be realistic with your listing price.

4. Make sure the amount of the commission is what you agreed to pay. You as the home owner have the right to decide just how much of that commission your Broker receives. If you only want your Realtor to receive 2% and a buyer agent to receive 4% then make sure it's in the contract that way. Spell it out. Any reasonable request that you want your Realtor to do or be responsible for must be in writing in the listing contract otherwise it was never requested.

5. Make sure there is no variable commission rate written into the listing contract. For example seller agrees to pay between 2%-8%. That is ambiguous at best. Make sure it is a fixed commission fee written into the contract. For example a total of 3%.

6. Make sure the listing price matches what the Realtor is agreeing to list your home for.

7. Make sure there is an exit strategy. What happens if your Realtor is not doing what you hired them to do? How do you fire them?  What will be the consequences to you if any?

Understand that the Realtor you hire does not own your listing.  The Broker of Record of that office owns your listing so if you do have an issue with your Realtor, find out who the decision maker is, your Realtor or their Broker. The last thing you need if a problem should arise is to get the run-around. Trust me, this happens all to often.

I felt the need to put this out there due to the many phone calls I keep getting from home owners who hired a Realtor to list their home and then felt that their Realtor was not doing what they were hired to do or that the paperwork wasn't what they thought they agreed to. Remember, you do have the right to take a day or two to review the paperwork. You do not have to sign the paperwork that same day. If you like the Realtor and you feel like you want to hire them, just tell the Realtor your intentions to hire them but that you need time to re-read all of the paperwork again and perhaps write down more questions for them. A professional Realtor who has nothing to hide, will have no problem with this reasonable request.

Not every Realtor is out to get you. There are many, many great, honest, ethical, loyal Realtors out there but as with any profession, there are many bad apples in the bunch. You should just be aware of what to look for. Remember, the more you know, the better off you will be.

It is your legal right to have an attorney review the listing contract before you sign and the Realtor should have no problem with that. When in doubt contact an attorney.

I hope you find my blog to be helpful. If you should have any questions, feel free to contact me.

What are closing costs is a question I get almost every day.  Many home buyers are not aware that in addition to their down payment, they will also need money for closing costs and are very shocked when they find out just how much they will need in order to settle on their home.

Closing costs are fees paid at the time of settlement (when you sign the papers for your new home). These fees could include, points, origination fees, title search, insurance, taxes, appraisale fees, insurance, recording fee, notary, credit report, endorsements and conveyancing to name a few.

These fees are common but can add up to thousands of dollars.

Closing costs are foreign to most people so I figured i would list what you can expect to pay at closing. Keep in mind that not everything may be on your settlement sheet that I list or perhaps you may have more items depending on where you live.

I will break the fees up to make it a bit more simple:

Items Payable In Connection With The Loan such as:

• any loan origination fees
• loan discount points
• appraisal fees
• credit report
• any inspection fees not already paid
• mortgage application fee
• flood certifciation fee
• tax service fee
• underwriting fees

Items Required By Lender To Be Paid In Advance:

• any interest per day from the day of closing to the end of the month
• mortgage insurance
• hazzard insurance premium 

Reserves Deposited With Lender (lso known as escrows:)

• hazard insurance for 3 months
• mortgage insurance for 2 months
• county property taxes for 7 months
• school taxes
• city taxes

Title Charges:

• settlement or closing fee
• abstract or title search
• title examination
• title insurance binder
• document preparation fee
• notary fee
• attorney fees (if you used an attorney)
• title insurance
• lender's policy
• owner's policy
• closing service letter fee
• record mortgage

Government Recording And Transfer Charges:

• recording fees deed/mortgage
• city/county/tax/stamps
• state tax/stamps
• transfer tax

Additional Settlement Charges:

• survey
• pest inspection
• fed ex mortgage pkg/payoffs
• reimburse seller for taxes paid through the end of the year
• gas balance due
• water service balance due
• reimburse cert fees/use and occupancy 
• real estate office conveyancing fee
• commission

This list is not only for buyers or only for sellers. I have included what a buyer and a seller can expect to pay.

You should have an idea of all of these costs prior to settlement because you should have met with your lender and received a Good Faith Estimate.

I do hope this helps you understand a bit better about what closing costs are.

Real estate is the only profession where people clearly do not value a Realtor's time. Just because many Realtors do not charge an hourly fee for their time and choose to be paid out of the proceeds at settlement, consumers feel they can just waste a Realtor's time.

This is the fault of Realtors because many Realtors need business, any business, so they will run out at all hours of the day or evening to meet with consumers at the drop of a dime, putting no value on their time.

If a Realtor doesn't put a value on their time or services, don't be too surprised when you get what you pay for.

Lawyers put a value on every single thing they do such as talk on the phone, write or respond to emails, write letters, attend a meeting with you, file faxes, copies etc. Consumers just know that if they need to hire an attorney, it will be costly and so they know not to waste an attorney's time. If Realtors put a value on their time, consumers wouldn't be so quick to just want to go out and view homes before they were actually ready to buy a home or list their home.

A Realtor's job is to provide representation for a buyer and seller. From the initial consultation at either a listing presentation, which by the way, can take up to three hours to the initial meeting with a buyer, the clock starts ticking. Every showing, every email, every text, every phone conversation, meetings to put together an Agreement of Sale, follow-ups for changes, faxes, printouts of properties everything should have a fee attached to it. As a general rule though, Realtors do not charge but instead choose to get paid when and if the buyer or seller goes to settlement and even on the day of settlement, sometimes the Realtor doesn't get paid. But a seller will choose to have five different Realtors out to their home to see which Realtor will charge the least to them, knowing that they won't be charged for their time.

I worked extremely hard to obtain my real estate license and then my broker's license. I go to continuing education classes, keep up with all the current laws, rules, trends and take ethics classes. People feel that anyone can go get their real estate license and therefore anyone can become a Realtor. And due to that way of thinking, consumers just do not value a Realtor's time.

If Realtor' actually charged for their time, consumers would then do their homework ahead of time and make their choices wisely of who to have out to their home. They wouldn't play the Realtor roulette game. Buyers wouldn't call every single Realtor in the area to take them to see every home they see listed for sale. Instead they would want to find the best buyer agent their money could pay for. After all, buying a home is probably the most valuable asset you will purchase.

There are hundreds of bad to mediocre Realtors out there who are willing to work like a dog for free and could care less about a buyer or seller's best interests. A Realtor who is an expert at their craft will put a value on their time and will provide professional services and if the buyer or seller wants great representation, they will be willing to pay for the service the same way would pay for an attorney.

If an attorney doesn't win a case, they still get paid so if a buyer or seller doesn't go to settlement for whatever reason, why shouldn't a Realtor be paid? They still did all of the work.

I'd like to pose these questions to you. Do you value your Realtor's time? More importantly, does your Realtor value their time? The next time you meet with your Realtor, keep track of the time you spend with him or her. How many times do you speak with your Realtor per week, per day, per hour?

If you had to pay an hourly fee to hire a Realtor, would you treat Realtor's differently or change the way you do business with them or even the way you go about finding one? I invite you all to comment.

Renee Porsia is a Realtor in Philadelphia. Visit her website to learn more or follow her on Twitter @ http://www.twitter.com/reneeporsia.

You have to be living under a rock if you haven't heard of Twitter lately. Everyone is tweeting these days, even celebrities.

But why would a celebrity want to use Twitter? Don't we give them enough attention already? Aren't they always whining every day that they have no privacy? Why then would they go on Twitter and tell whoever wants to listen what they are doing or where they are eating dinner? Obviously for the attention. You want attention or you don't want attention? I can't tell.

I myself am following many celebrities on Twitter. It seems as though all they do is tweet amongst each other, which makes me ask the question, why can't they just call each other?

You may have heard recently that Ashton Kutcher was in a race with CNN to get to one million followers. Of course, once the word got out, Ashton was able to pass his goal. And strangely enough, when people tried to unfollow Kutcher, they received a message that said there was an error. I myself was following Kutcher and read his tweets. His tweets weren't words of wisdom but I wanted to know what all the hype was all about. I attempted to ask Kutcher a few questions as well as what his name on Twitter meant (aplusk) and never received anything back. Of course having over one million followers, perhaps my questions got lost in the mix. Does having so many followers defeats the purpose of Twitter in the first place, which is to network? If you have so many followers that you can't keep up with them, what is the use?

Celebrities are now taking over Twitter, from Miley Cyrus to Nicole Richie. Some are saying how Twitter is quickly becoming a celebrity playground. I guess fan pages aren't enough for celebrities anymore. Now they want to take over the social networking world. The more followers on Twitter or the more friend requests on Facebook, the more popular the celebrity, even if they don't talk to anyone other than their elite group of peers.

The best thing about these social networking sites is that we can choose to unfriend or unfollow these celebrities. After all, I am looking to network with people, not to be a groupie. I give everyone a chance though. If I attempt to talk with a certain celeb a few times and they do not respond, I then unfollow them and I think that is what everyone should do. If they do not want to network with "regular" folk then nobody should follow them.

Renee Porsia is a Realtor in Philadelphia. Visit her website to learn more or follow her on Twitter @ http://www.twitter.com/reneeporsia.