Homebuyer Tax Credit Update  

Here are some pointers for the extended & expanded tax credits.

*First Time buyers 10% of Purchase price with a maximum of $8000.  

*Current Owners have an incentive up to $6500-Qualifed buyer must have owned /occupied a primary residence 5 of the last 8 years.   

*Income limits are expanded to $125,000 on a single return with a cap of $145,000 & $225,000 on a joint return with a cap of $245,000.

  *Maximum purchase price is $800,000.

  *New Deadline ...contracts needs to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

  *A tax credit is a direct reduction in tax liability owned by an individual to the IRS. In the event that no taxes are owned then the IRS will issue a check for the amount of the credit back to the buyer. This credit does not require repayment unless at any time in the first 36 months of ownership the property is no longer your primary residents.

* IRS Form 5405 is used to determine your tax credit amount.

For all your Real Estate needs Call

The Valerie Belardo Team

ReMax Tri County

Res (609) 298-4283

(609) 587-9300 X420

Tips for the 1^st Time Home Buyers in the Marketplace today. 

1. Make sure that your finances are in order. Get a copy of your credit report and see what it looks like. Correct any blemishes on your credit.  

2. Mortgage and down payment is the next step in preparing to purchase a home. Talk with a qualified loan officer to get preapproved for a mortgage. Your Realtor can help you locate a qualified loan officer. 

3. Do your homework before looking at houses. What is important to you in a home? Let your Realtor know exactly what you are looking for in your first home.

 4. What is your move in date? When must you be in your new home? That will help determine what kind of listing you should see and if you may need a place to stay while waiting for closing.

 5. How long are you planning to stay in your first house? This will influence the type of mortgage and home that you buy.

 6. Review the total cost of all expenses involved in owning a home.  Don't become house poor.

 7. What professional are you going to hire to help with home inspections?? Is a home warranty a good thing to buy? Ask questions. 

8. Remember that there may not be the perfect house out there. Try to be realistic about what type of home you can afford at this time.  

9. Choose the best Realtor in your marketplace to help you.   

Extension of 1^st time Buyers Tax credits.

The Senate and the House have both passed legislation containing an extension and expansion of the homebuyer tax credit, sending this bill to President Obama for him signature. OBAMA SIGNED THE BILL

The $8000 tax credit (10% or the purchase price with a maximum of $8000) was due to expire November 30 will be extended through April 30 and buyers will have until June 30, 2010 to close. Making the mad rush to close deal prior to the November 30 deadline go away.

The legislation passed the bill that first time homebuyers (or buyers that have not owned a home in the last 3 years) will increase the income limit for couples to $225,000 and single buyers to $125,000. The move in buyer who has lived in a home for 5 out of the last 8 years will also be eligible for a tax credit of up to $6500 but must remain in the new residence for at least 3 years. This legislation is suppose to take effect December 1 and will not be retroactive and is available for primary residences only.

This new legislative package will also contain an expansion of unemployment benefits as well.      

Call if you have any questions relating to the FTB tax credit.

Call Valerie Belardo, ReMax Tri County, Res 609-298-4283

House Extends Tax Credit to Active Military for One More Year

An extension, which applies to military personnel who spent at least 90 days of the current calendar year oversees, was passed unanimously by the House of Representatives.  The extension also was approved for foreign service and intelligence officers.  HR 3590 extends the existing tax credit to this group until November 30th, 2010.

 The bill now goes to the Senate, and is expected to pass with the same ease. 

The bill was introduced by Rep. Charles Rangel (D-NY) because it was thought that military personnel serving oversees this year did not have the same opportunity to take advantage of the tax credit.

Read more at... http://www.mortgagenewsdaily.com/10132009_house_passes_legislation_extending_fthb_tax_credit_for_veterans.asp

Green Websites for Business

Energy Star for Small Business

www.energystar.gov/index.cfm?c=small_business.sb_index

Institute for Green Business Certification

www.gbcertified.com - For a small fee this company provides third party certification for green businesses

EarthRight Business Institute

www.earthrightinstitute.com - Offers certification and business tips

Green Business

www.greenbiz.com - An information resource for environmental responsibility and business

Green Websites with Tips for Green Living

National Geographic Green Guide

www.TheGreenGuide.com

Consumer Reports Green Solutions

www.GreenerChoices.org

Tree Hugger, a Discovery Company

www.treehugger.com

The Sierra Club

www.SierraClub.org

Daily Fuel Economy Tip

www.dailyfueleconomytip.com

Here's the link to find places to get your flu shot this year!

http://web.doh.state.nj.us/apps2/flu/fluschedules.aspx

This is a term we hear everyday in the Real Estate world. What actually is a short sale. NJAR has defined a short sale as a tranaction where title transfers, where sale price is insufficient to pay the total of all liens and costs of sale and where the seller does not bring sufficient liquid assets to the closing to cure all deficiencies.  

Sellers may feel that they do not have any options when they are in this position.It is our job to guide them throught this situation. Here are a few options that the seller has while talking about a short sale.

1. Keep the property

2. Sell the property and pay the balance

3. Negotiate a workout with the lein holder

4. Negotiate with lien holder to close as short sale

5. Deed in Lieu of Foreclosure

6. Lien Holder can foreclosure

What is the best solution for you?

If you have questions about short sales call your local Realtor.

Make sure that you ask whether your agent has experience in working with short sales.   

Whether you've spent years saving and preparing to buy a home, or you're unsure if you can afford it, the questions surrounding home buying can feel endless. You can find the answers - and peace of mind - by working with RE/MAX, the industry leader in experience and service. Here are some tips to help you become your own landlord through home buying.

Hire a real estate professional An important first step is selecting a home buying professional to help you find your dream home and fine-tune your financial expectations. Working with a buyer agent is worth consideration because he or she is legally responsible for representing the buyer's interest in a real estate transaction. Your RE/MAX Associate can guide you through every step of home buying.

Shop for mortgage rates and terms and get pre-qualified for a loan A difference of even a half a percentage point can mean a considerable savings over the life of a loan.  For Example, the difference in the monthly payment on a $100,000 mortgage at 8 percent versus 7.5 percent is about $35 per month. Over 30 years, that's over $12,000. Also early on, you'll want to get pre-qualifies for a mortgage loan which determines how much you can afford.

Outline what you want The next step in home buying is to create a realistic idea of the property you'd like to buy. Outline what you need versus what you want. Your real estate professional can then show you houses that meet your criteria.  

Visit properties Now you're ready to visit houses. Your RE/MAX Agent will arrange showings to visit the homes that meet your expectations. Be sure to keep track of the properties you've seen. Each time you venture out to see new properties, revisit your notes to eleminate any that do not meet your standards.

Know the features that help or hurt resale In some areas, a swimming pool actually detracts from a home's value and makes it harder to sell. In neighborhoods with two car, attached garages, a single car or detached garage may affect the home buying prospects and future value. Your RE/MAX professional can point out features that hurt or help resale. '

Make an offer Once you've pinpointed your dream house, it's time to get serious about the financial and contractual side of the purchase. Let your RE/MAX Associate guide you through this sensitive home buying process. Because you and the seller have different goals, rely on your RE/MAX agaent's experience and expertise to bring order and calm to the process - and help both parties reach a favorable outcome.

Arrange for a home inspection After you offer is accepted you can then set up a home inspection. It's common to find problems, including leaky roofs, cracked walls, insect infestation and foundation problems. Your real estate professional can help find a reputable inspector, and will negotiate to get you the most for your money once the inspector's report is final. If you negotiate repairs as part of the purchase, ask for a "walk through" before finalizing the home buying paperwork. Ask your real estate expert about home protection plans, which may save you money in the near future.

Close Before your closing date, make sure you've made all necessary deposits and completed the paperwork- including mortgage, title, homeowner's insurance and any other paperwork required by local or state governments when home buying. Your RE/MAX agaent will be there to help you complete that closing checklist and avoid any last minute snags.

Prepare for life in your new home Before rolling out the welcome mat, consider some moving basics: arranging for an alarm company, turning on electricity, water and gas, cleaning or replacing the carpet, and notify your local post office of your new address. The best time for renovations is often before you move in.

First Time HOMEBUYER'S Tax Credit

 The opportunity of a lifetime is at hand- right now.

 Plenty of homes are available at affordable prices.

Interest rates remain historically low.

And to sweeten the pot, there's the tax credit- up to $8,000 for qualified first-time buyers whose income is within IRS- established limits. This is money that never has to be repaid, provided you live I the home for three years.

Tax Credit Basics

•   You are considered a first-time buyer if neither you nor your spouse has owned a principal residence in the U.S. within the last three years.

•  You must close on your home purchase no later than Nov. 30, 2009.

• There is no minimum income for claiming the credit. If you don't owe any taxes, you can receive it in cash.

• You can claim the credit when you file your 2009 tax return- or, if you'd rather not wait, file an amended 2008 return and receive the money upon purchasing your home. There are also programs that will advance the money to help on your down payment.

• If you co-sign a mortgage to help your child buy his or her first home, your eligibility does not affect your child's ability to qualify for the credit.

 I can provide every detail of the program here- and I'm not qualified to give you tax advice- but I can help you make sense of the regulations.

 Don't wait. Give me a call and I can help you decide whether now is the time for you to become a homeowner. And if the time is right, I'd be honored to represent you as you seek out your dream home.

Come visit our open houses this weekend!

September 13, 2009

1 to 3 pm

3035 RT 206 Columbus, NJ 08022

83 Chesterfield Crosswicks Rd. Chesterfield, NJ 08515

218 Bordentown Chesterfield Rd. Chesterfield, NJ 08515