Wednesday, August 24, 2011
Tuesday, August 23, 2011
“Just What Does It Take To Become Adopted?”
“Just What Does It Take To Become Adopted?”
The first year we lived here, we were trying to start up a small restaurant (“Mountain Tymes” for those of you who may remember). One day a big white man walked into the door of the restaurant with a cute little black boy (Preston). They looked like Mutt and Jeff. It turns out that both of Preston’s parents had died leaving him basically as an orphan. The white man knew Preston through a sports league in Birmingham and also knew of the fine ministry performed by the WVRanch (becoming home to children from bad situations but not bad children). On that particular summer day when I met him, Preston was arriving to make Wears Valley Ranch his home.
Preston lived at the Ranch and graduated from St. Andrews School there a few years ago. He is presently attending Lee University, and is now the adopted son of Jim and Susan Wood. How did that happen?
One day Preston was riding along in a car with the Woods as they were discussing their plans to adopt two brothers and a sister from Romania. Preston listened with interest as Jim and Susan excitedly shared with him their plans to bring these siblings to Wears Valley and add them to their family (the Woods already had three biological sons of their own).
Preston thought for a few minutes and then asked Jim and Susan this question: “Just what does it take to become adopted?” Taken by surprise the Woods immediately answered Preston’s question not only with words but with actions. They began the adoption process, and today the Woods family consists of Jim and Susan, their three sons, two daughters-in-law, two grandchildren and another due next month, Stephen, Elizabeth and Peter (Romanian siblings), and Preston. Truly a family made by God.
The Ranch children continue to thrive. I am honored to know several who have reached adulthood and are productive and successful young adults. Preston is one of those. There are also several younger ones presently “at home on the Ranch.” Would you like to get to know some of these precious children? Would you like to support the Ranch in its endeavors? If so, please let me know. It would be an honor to show you around the Ranch, introduce you to the Woods, the children, the house parents, and the staff members who all work so diligently in behalf of these children.
And, by the way, there is now an active non-denominational church located on the Ranch property. It is Christ Covenant Church. Jim Wood is the pastor, and Sunday services are at 10:30 a.m. Come any time!
“ON MY FRONT PORCH”
And then there are “the locals,” the dear folks who befriended and welcomed my family and me when we chose to make the Valley our home over twelve years ago. I can still remember when the late Ina Bryan and our “new friend” Judy Roland (formerly of Georgia) came up to the porch for a visit. Ina had never seen the Valley from the angle of our house, and I really enjoyed her pointing out to me various peoples’ homes and farms.
On another visit with Ina, I asked her if she grew up here (in Wears Valley). She said, “Oh, no.” That surprised me since I had assumed she had lived here her whole life. Naturally, I asked her, “So where did you grow up?” And Ina quickly replied, “Happy Hollow.”
Now Ina’s answer really made me stop and think. In my mind Happy Hollow was a part of Wears Valley just the same as say the Thunder Mountain neighborhood is. But not to Ina…when she grew up here it was a long ways from Happy Hollow to Wears Valley!
Pondering our conversation later, I really understood Ina’s perspective. I, too, grew up in a little small town in rural Mississippi. When we had the opportunity to go to the next town over (10 miles away), that was a real treat. And if you went on a weekday, you must really need to do or get something badly. No one ever drove that ten miles unless there was an important reason to do so!
Some rural areas like Wears Valley and Happy Hollow have seen a lot of growth; others like my Mississippi hometown have not. What has not changed, though, and the major reason I am honored to call Wears Valley home, are the people like Ina and W.B. Bryan. Wonderful, salt of the earth folks who have blessed me by being my “friends and neighbors.”
About Fran: Fran Troxler, husband David, and their 5 children moved to the Valley in Jan. 1999. The children have attended Wearwood Elementary School and Gatlinburg-Pittman High School. Fran is the owner of East Tennessee Realty Group. She lives in the Hideaway Mountain Subdivision off Little Cove Road.
Friday, June 10, 2011
Real Estate for sale in East Tennessee
Few were braced for a market correction lasting this long. The latest Standard and Poor’s Case-Shiller index shows that prices have hit a new market low, values declining back to levels not seen since 2002 nationally and in some regions, prices are back to levels not seen since the 1990’s.
And just like the stock market, when prices decline to a level which represents value, it is indicative that it is indeed the time to buy before home prices begin to creep upward. And in the East Tennessee market, we believe that to be the case. Naturally we can only guestimate the exact bottom of this market but for a long term purchase, the real estate buyer who pulls the trigger NOW and makes that purchase is going to be happy they capitalized on the downturn and took advantage of solid values in the marketplace.
Enters the upturn.
16 million new housing units will soon be needed to meet population growth and shifting demands, according to Harvard University’s Joint Center for Housing Studies in its latest annual "State of the Nation's Housing" report.
Predictions are that we will see distressed properties taper off and our market begin to revive itself. As more inventory decreases, real estate prices will steady. Once the inventory lessens, prices will begin to inch upwards as supply and demand takes a reverse role. With the evolvement of many Baby Boomers retiring and looking to relocate to specific regions of the U.S. (East Tennessee being among the top 5 choices) – this has and will continue to provide a steady stream of buyers into the market place as there is a definite migration pattern occurring in certain areas of the U.S, primarily East Tennessee.
Over the longer term, the number of younger households is set to rise sharply, supporting growth in the population that fuels growth in both new renters and first-time buyers. The report also predicts a need for greater housing units for several reasons. For example, the report projects demand for 1 million new homes a year is needed to meet population growth in the coming decade. The report also predicts a surge in smaller homes, estimating that 3.8 million baby boomers will be looking to downsize their homes within the next decade. Also in adding to the increase in housing units needed, Immigration growth, the need to replace existing homes, and demand for second homes will contribute to rising demand, the report notes. Therefore, researchers conclude at least 16 million new housing units will soon be needed.
We have witnessed a shift in the East Tennessee housing market to accommodate the demand for long term rental housing, especially in and near Pigeon Forge, Tennessee, Sevierville, Tennessee, as well as other areas like Knoxville, Tennessee. East Tennessee Realty Group averages upwards of 10 calls per day from prospective lease tenants looking for long term rental property in the Sevier County, Tennessee area. Sadly, most stories are the same. They come from the Northern region where industries have taken a punch resulting in job loss, and the loss of housing. They come to this area seeking employment and new start but can't buy due to the blow to their credit thus, they are forced to rent.
East Tennessee Realty Group has been soliciting property owners of vacation property to convert their property to long term rental, especially those that may be experiencing a higher vacancy rate. We are also encouraging investors to pursue long term rental property. East Tennessee Realty Group offers full property management services from marketing to background checks for absentee owners. We are taking the necessary steps to transition with the ever changing market and continue supporting our growing clientele and customer base. Customers know where to turn for help with their real estate needs as East Tennessee Realty Group covets the reputation for going above and beyond the call of duty to take care of our clients and customers.
If you own a property and would be interested in converting it to long term rental we would be glad to work with you. If you are looking for a solid real estate investment, we encourage you to consider the long term rental market. Contact East Tennessee Realty Group for more information 865-774-7764 or email to: info@easttnexperts.com
www.easttnexperts.com
Wednesday, February 9, 2011
1 in 4 mortgages are underwater
Today’s statistics lesson is from an error at HuffPo. It begins with the statement “Nearly one in every four homeowners across the country owe more on their home than it’s worth.”
That’s actually incorrect. It is based on the assumption that every home has a mortgage. What the author should have written was “Nearly one in every four homeowners WITH A MORTGAGE owe more on their home than it’s worth.”
We see this exact error all the time in the real estate/mortgage industry.
Here is the actual data source: Over 30% of homes are owned outright, without any mortgage. The 2009 Census data shows that of 76,428,000 million occupied homes, there were 50,300,000 homes with some form of mortgage, and 24,206,000 houses owned free and clear — that is about 31.67% of homes.
Back out the unencumbered homes, and you end up with the figure that homes with mortgages that are underwater are about 17% of all homes — a little less than 1 in 6. (You can get this data from this Census page: Go to the spreadsheet marked “Mortgage Characteristics.”)
UPDATE: The crack team at HuffPo immediately corrected this. Nice!
Monday, February 7, 2011
New Sevier County Commission development regulations
Friends of Wears Valley
Example of what developers have done to ruin the scenic vista outside the Great Smoky Mountains National Park, the most visited park in America.
John Edwards February 6th, 2011
Sevier County Commission approved a set of regulations this past December that will govern future developments on many of the mountains and hillsides in the county.
Read the full article here:
http://www.knoxnews.com/news/2011/feb/06/020611hillsides/
Wednesday, September 22, 2010
10 Reasons to buy NOW
- GOOD DEALS ARE EVERYWHERE! No matter which direction you look, you will find a good deal. Prices and interest rates are at all time lows and the inventory is up. You don't have to look very far to find a good deal. Let East Tennessee Realty Group find it for you.
- When have mortgage rates been so low? Two years ago rates were around 6.3%! Now you can get a 30 fixed for under 4%.
- Tax Savings - Yes, I said tax savings! Mortgage interest payments are tax deductible.
- It's all yours! No landlords and you can renovate or remodel the way you want and put "you" in to the house you have always wanted!
- You get a better home. Some rentals are not the best properties to live in and not all landlords really care about their properties as they should.
- Inflation Protection - Studies have shown that over the long-term housing has tended to beat inflation by a couple of percentage points a year. That's what we call inflation insurance.
- It's Risk Capital. No, your home isn't the stock market and you shouldn't view it as the way to get rich. Real estate prices will head up again. One lesson from the last few years is that stocks are incredibly hard for most normal people to own in large quantities - for practical as well as psychological reasons. Equity in a home is another way of linking part of a portfolio to the long-term growth of the economy.
- It's Forced Savings If you can rent an apartment for $2,000 a month instead of buying one for $2400 a month, renting may make sense. Will you save that $400 in the future? Most people won't. You have to do the math! The part of your mortgage payment that goes to principal repayment isn't a cost. You're paying yourself by building equity. As a forced monthly savings, it's a good discipline.
- So many to choose from Most of the country is seeing a glut of inventory and according the NAR the current inventory is around 4 million homes for sale. Great choice at great prices!
- The Market will clear Supply and Demand will eventually meet and the good deals may be no more.
Long story short, now is the time to jump in and make that purchase! With over 4 million properties on the market, there is at least one out there with your name on it and any one of our skilled agents can help you locate it! Give us a call today 865-774-7764 info@easttnexperts.com
ETRG hosts Keep Sevier Beautiful Roads/Rivers Clean Up day
This event brought in a total of 15 volunteers and over 45 bags of garbage collected from the road sides of Wears Valley. Volunteers were treated to a complimentary lunch consisting of BBQ sandwiches, chips, and a drink. Lunch sponsors include Roger Meier and Dave Bryan - Smoking Pig BBQ at Wears Valley Farmer's Market, Tennessee State Bank (Wears Valley Branch), and ETRGs own Michele Bryan and Jerry Sandifer.
A recent Facebook posting from Owen Poveda stated that one of his buyers commented on the cleanliness of the Wears Valley community while looking at property here last week. Thanks Owen!
The residents of Wears Valley along with East Tennesse Realty Grouop puts great emphasis on the appeal of the community and several roads have been adopted through an effort of East Tennessee Realty Group to keep the roads in Wears Valley litter free year round.
Here is a message from a group of dedicated volunteers:
Monday, August 16, 2010
Another satisfied ETRG client
The Chapmans operate a Christian camp in Smithville, Tennessee (www.lighthousechristiancamp.com).
When they walked into our office they were only looking for vacant property to park their RV on when in Sevierville.After looking at several properties they decided the best route to take was to purchase a foreclosure house that they could rehab the way they wanted.
On the second trip to Sevierville from Smithville and two days of looking they found their hidden treasure with the help of their agent, Michele Bryan...a home in the Strawplains area with more than enough room to accomodate their RV and would also allow them to bring along ranch guests from time to time.
This great price at $62,000 was hard to pass up! This home has 5 bedrooms in the main house, a den, and separate living room. There is a separate one bedroom apartment/rec room with adjoining two car garage, and additional garage/storage.
They love the property, were tickled pink with Town and Country Title for closing 20 days early, and now will be working on the rehab of their new found treasure!
We would love to help you find your hidden treasure!
Any one of our well qualified agents will be happy to assist you with all of your real estate needs and answer any questions you have.
Thursday, April 29, 2010
The Social Media Revolution
The real estate world has truly evolved from old school print ads to total online marketing media.
Who knew 20 years ago that magazines and newspapers would transform into something so small as an iPhone!
Blogs, FaceBook, LinkedIn, and all the others are the new resources for cutting advertising costs in such a tight economy.
I can't wait for new apps to be released!
Monday, March 22, 2010
ETRG Hosts Wears Valley Clean Up Day
This has been the best participation thus far and we are already looking forward to the next clean up this coming fall.
Participants were treated to a free lunch sponsored by Tennessee State Bank and Wears Country Market.
Hamburger and Hot Dogs were the meal of the day for all tired and hungry participants.
The free lunch was prepared by East Tennessee Realty Group's own Lloyd Terry, Michele Bryan, Barbara McDonald, and ETRG Co-Owner, Jerry Sandifer.
ETRG Broker & Co-Owner, Fran Troxler was hard at work making sure every participant recieved the credit due them for all their hard work!
Mrs. Nell O-Connell from Wears Valley Antiques participated by driving her Gator around Wears Valley collecting all the bagged garbage from the participants. She made several trips bringing garbage back to ETRG's office where it was collected on a utility trailer for transport to the local convenient center.
True partners in grime!
Local Wearwood 4-H students participated in the valley wide clean up and received credit for their 4-H club.
Wednesday, February 24, 2010
ETRG Sale-A-Bration! Congratulations to Jerry Sandifer!
East Tennessee Realty Group congratulates it’s very own Jerry Sandifer, co-owner, on his million dollar sale of property in Wears Valley!
Despite several stumbling blocks in his path, Jerry persevered straight to the closing table with his buyers.
The entire East Tennessee Realty Group family along with the Town and Country Title crew surprised Jerry with a celebratory lunch at the Chop House restaurant in nearby Sevierville.
Monday, February 22, 2010
East Tennessee Realty Group; Now HUD Certified
What is a HUD Property?
Are you interested in HUD property but aren’t quite ready to purchase?
Maybe you want some assistance and information about the following:
· Personally viewing HUD properties
· Submitting a bid on a home or preparing to purchase a home
· Understanding how the buying process works
Allow us to clarify some things first.
People think that buying a HUD home is as simple as finding one they like online and buying it…Not true. People also think that HUD forecloses on properties thus resulting in HUD foreclosures…Not true.
First of all you should know that HUD does not foreclose on homes.
There are no HUD foreclosures despite the advertisements you see floating around.
There are HUD owned properties. Sorry to be the bearer of bad news.
Truth; a home becomes a HUD Home because someone that had a FHA Insured loan, defaulted on the loan from their lender (not HUD) and was foreclosed by their lender, not HUD. The lender in turn collects from FHA (Federal Housing Administration) any losses they incurred from foreclosing.
FHA is part of HUD. But FHA only insures mortgages. They are not a lender. HUD in turn eventually gets the deed to the property and offers it for sale to the general public after much red tape is gone through, typically taking from 8 to 12 months.
Understanding HUD owned properties
If the house you are interested in is a HUD owned property, it was last purchased with a Federal Housing Administration (FHA) insured mortgage. The Federal Government insured the loan and agreed to repay the lender for all money lost if the property is foreclosed on. This made the previous mortgage possible. The Federal Government protects itself by
collecting a mortgage insurance premium at the time of purchase of a FHA insured home. The MIP rate is typically 2.25% of the financed amount and helps the buyer reduce their initial out of pocket expense to as little 3% of the purchase price, making it possible for many more buyers to buy homes. This mortgage insurance premium is combined with the monthly mortgage payment.
| Benefits to buying a HUD owned property: · No Appraisal required · Instant equity · Flexible Credit requirements · Low money down. · HUD will pay all closing costs. (Up to 5% in some states) The flip side of the coin HUD homes have typically been vacant for the length of time it takes them to get the deed which, as previously mentioned, could be as long as 12 months. During this time the property has sat without any utilities being on such as heat and air or water. This is one reason all HUD homes are sold “as is” with no condition warranties at all. That said, should repairs be necessary there is a FHA program available for buyers that will allow for up to $5,000 in repair costs through a program called FHA 203K rehab loan program. |
| Two types of properties offered through HUD: Insured Properties: HUD’s preliminary inspections and appraisals indicate that there is less than $5,000 in repairs needed for the property to meet HUD’s minimum property standards. This is important because you need to know that the minimum property standards are, in fact very minimum. Un-insured Properties: These homes need more than $5,000 in repairs and often need $10,000 to $20,000 or more. This is where the FHA 203k rehab loan comes into play. A good qualified lender, experienced in FHA financing can help you with this. The interest rates and the amount of loan discount points are usually a little higher than a standard FHA loan, but you can often buy these properties at significant, below market prices if you are willing to put up with the higher fees and the hassle of making the repairs. As a HUD Certified Selling Agency we can show and sell any property in the state of Tennessee. Contact us today! 865.774.7764 Local 888.662.3874 Toll Free info@easttnexperts.com |
Friday, February 19, 2010
Monday, January 25, 2010
New IRS tax credit forms and instructions
WASHINGTON — The Internal Revenue Service today released the new form that eligible homebuyers need to claim the first-time homebuyer credit this tax season and announced processing of those tax returns will begin in mid-February. The IRS also announced new documentation requirements to deter fraud related to the first-time homebuyer credit.
The new form and instructions follow major changes in November to the homebuyer credit by the Worker, Homeownership, and Business Assistance Act of 2009. The new law extended the credit to a broader range of home purchasers and added new documentation requirements to deter fraud and ensure taxpayers properly claim the credit.
With the release of Form 5405, First-Time Homebuyer Credit and Repayment of the Credit, and the related instructions, eligible homebuyers can now start to file their 2009 tax returns. Taxpayers claiming the homebuyer credit must file a paper tax return because of the added documentation requirements.
The IRS expects to start processing 2009 tax returns claiming the homebuyer credit in mid-February after it completes the updating and testing of systems to meet the law’s new requirements. The updates allow the IRS to put in place critical systemic checks to deter fraud related to the homebuyer credit.
Some of these early taxpayers claiming the homebuyer credit may see tax refunds take an additional two to three weeks.
In addition to filling out a Form 5405, all eligible homebuyers must include with their 2009 tax returns one of the following documents in order to receive the credit:
A copy of the settlement statement showing all parties' names and signatures, property address, sales price, and date of purchase. Normally, this is the properly executed Form HUD-1, Settlement Statement.
For mobile home purchasers who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase.
For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.
In addition, the new law allows a long-time resident of the same main home to claim the homebuyer credit if they purchase a new principal residence. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. The IRS has stepped up compliance checks involving the homebuyer credit, and it encouraged homebuyers claiming this part of the credit to avoid refund delays by attaching documentation covering the five-consecutive-year period:
Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,
Property tax records or
Homeowner’s insurance records.
The IRS also reminded homebuyers that the new documentation requirements mean that taxpayers claiming the credit cannot file electronically and must file paper returns. Taxpayers can still use IRS Free File to prepare their returns, but the returns must be printed out and sent to the IRS, along with all required documentation.
Normally, it takes about four to eight weeks to get a refund claimed on a complete and accurate paper return where all required documents are attached. For those homebuyers filing early, the IRS expects the first refunds based on the homebuyer credit will be issued toward the end of March.
The IRS encourages taxpayers to use direct deposit to speed their refund. In addition, taxpayers can use Where's My Refund? on IRS.gov to track the status of their refund.
More details on claiming the credit can be found in the instructions to Form 5405, as well as on the First-Time Homebuyer Credit page on IRS.gov.
The National Association of Realtors
Updated Real Estate Foreclosure List
For more information about these or any other property call East Tennessee Realty Group at 865.774.7764
www.easttnexperts.com
Friday, January 1, 2010
Five mistakes that make house flipping a flop
Do your research and make sure you have what it takes before you try to turn a profit with real estate.
more on Investopedia.com
· 7 tips on buying a home in a down market
· 6 tips on selling your home in a down market
· Home renovations that don't pay
House flipping has become the day trading
of the 2000s. But in the rush to make a profit, far too many would-be real-estate moguls overlook the basics and end up failing. Here are the five biggest mistakes investors make in this market and how to avoid them.
1. Not enough money
Dabbling in real estate is an expensive proposition. The first expense is the property acquisition cost. While low- and no-money-down financing claims abound, finding these deals from a legitimate vendor is easier said than done. Also, if you're financing the acquisition, that means you're paying interest. Although the interest on borrowed money is tax deductible, it is not a 100% deduction. Every dollar spent on interest adds to the amount you will need to earn on the sale just to break even.
Paying cash eliminates the interest, but even then, there are costs to holding a property, such as taxes and utilities. Renovation costs must also be factored in. If you plan to fix the house up and sell it for a profit, the sale price must exceed the combined cost of acquiring the property, holding it and renovating it. Even if you overcome these hurdles, don't forget about capital gains taxes, which will chip away at your profit.
Read: House flipping makes a comeback
2. Not enough time
Renovating and flipping houses is time-consuming. It can take months to find and buy the right property. Once you own the house, you'll need to invest time to fix it up. Before you can sell it, you'll need to schedule inspections to make sure the property complies with applicable building codes. If it doesn't, you need to spend more time and money to bring it up to par. Next, you'll need to invest time to sell the property. If you show it to prospective buyers yourself, you'll spend plenty of time commuting to and from the property and meeting with potential buyers.
If you are able to make a 10% profit on a house that cost $50,000, you'll make a $5,000 profit. For many people, it might make more sense to get a good job, where they can earn that kind of money in a few weeks or months via a steady paycheck -- with no risk and a consistent time commitment.
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3. Not enough skills
Professional builders and skilled professionals, such as carpenters and plumbers, often flip houses as a sideline to their regular jobs. They have the knowledge, skills and experience to find and fix a house. Some of them also have union jobs that provide unemployment checks all winter long while they work on their side projects.
The real money in house flipping comes from sweat equity. If you're handy with a hammer, enjoy laying carpet, can hang drywall, roof a house and install a kitchen sink, you have the skills to flip a house. On the other hand, if you have to pay a professional to do all of this work, the odds of making a profit on your investment will be dramatically reduced.
House Flipping Back?
View more MSN videosGo to CNBC
4. Not enough knowledge
To be successful, you need to be able to pick the right property, in the right location, at the right price. In a neighborhood of $100,000 homes, do you really expect to buy at $60,000 and sell at $200,000? The market is far too efficient for that to occur frequently.
Even if you get the deal of a lifetime, you need to know which renovations to make and which to skip. You also need to understand the applicable tax laws and know when to cut your losses and get out before your project becomes a money pit.
5. Not enough patience
Professionals take their time and wait for the right property. Novices rush out and hire the first contractor that makes a bid to address work they can't do themselves. Professionals either do the work themselves or rely on a network of prearranged, reliable contractors.
- Facebook users: Become a fan of MSN Real Estate
Novices hire a real-estate agent to help sell the house. Professionals rely on "for sale by owner" efforts to minimize their costs and maximize profits. Novices expect to rush through the process, slap on a coat of paint and earn a fortune. Professionals understand that buying and selling houses takes time and that the profit margins are sometimes slim.
Bottom line
Before you get involved in flipping houses, do your research. Like any other business venture, flipping requires time, money, patience and skill, and it will definitely be more difficult than you imagined.
Tuesday, November 24, 2009
FW: Check out new RetireToTennessee.com! Enter to win FREE full pg ad!
Let me know you got this via the blogger site.
-----Original Message-----
From: Russell Haskins, Homes & Land [mailto:leads@retiretotennessee.com]
Sent: Tuesday, November 24, 2009 9:56 AM
To: fran@easttnexperts.com
Subject: Check out new RetireToTennessee.com! Enter to win FREE full pg ad!
Have you seen the new RetireToTennessee.com? |
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Monday, November 23, 2009
First-Time Homebuyer Tax Credit Extended & Expanded
The bill also instantly expanded the program, offering up to $6,500 in tax credits for qualified repeat home buyers, swinging open the door for even more qualified homebuyers to take advantage of this valuable opportunity at a time when mortgage rates are still near historical lows.
First-Time Buyers
For FTHBs (defined as someone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title), the basic rules remain the same, with one important exception – higher income limits are now in place, increasing the pool of potential buyers eligible for the tax credit of up to 10% of the purchase price or up to $8,000. This is money that does not have to be repaid as long you stay in your new home for at least 36 months.
Single tax filers who earn up to $125,000 are now eligible for the total credit amount. Those who earn more than this cap (but less than $145,000) can receive a partial credit. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap (but less than $245,000) can receive a partial credit.
Repeat Buyers
The new homebuyer program offers an exciting new opportunity missing from the previous incentives – a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. This gives those who already own a qualifying residence some additional reasons to take advantage of lower home prices and interest rates and finally move up to the home of their dreams.
Important Deadlines
Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.
Get the Facts
There are other important rules and guidelines you must meet to qualify for this great opportunity. So, if you or someone you know has missed out on the first two home buyer tax credit programs in the last two years, don't wait. Give us a call today. We'll gladly review your situation and see if you can benefit from this new and improved program.
