Archive for the ‘tax credits’ Category
$15,000 Tax Credit for Housing. Would it Help?
Johnny Isakson, a Republican Senator for Georgia has a solution for jump starting the housing market. Tax credits for everyone. And, double down.
As the housing recovery continues to falter in the face of rising interest rates, fuel prices, unemployment and continuing foreclosures. A Republican Senator has introduced legislation that expands the $8000 tax credit program for first time buyers.
- The proposal increases the tax credit for purchasing a home to $15,000. Nearly double the current $8000 credit.
- The proposed bill would allow everyone who buys real estate to qualify for the credit. It waives the requirement that disqualifies buyer’s who have owned property in the last 3 years.
- Income Requirements are out the window, too. Even Donald Trump, and other millionaires, would qualify for the $15,000 incentive.
- Landlords and Investors are Welcome. Multi-family units qualify for the tax credit, as long as the owner lives in one of the units.
- Deadline for Purchasing is Extended. The plan would extend the generous benefit for up to one year, after the bill passes. Buyer’s could extend closings well into 2010, if the bill passes.
- Taxpayers can Collect Early. The bill allows taxpayers to earn the credit now, by amending their 2009 tax return for purchases made in 2010. Also, no waiting until you file your in 2010 return in April of 2011 to collect the $15,000.
The bill has a lot of respected, powerful, co-signers on board, including Senators Lamar Alexander (R-TN); Jim Bunning (R-KY); Saxby Chambliss (R-GA); Chris Dodd (D-CT); John Ensign (R-NV); Joe Lieberman (ID-CT); Lisa Murkowski (R-AK); James Risch (R-ID); David Vitter (R-LA). Also, giving two thumbs up to the plan is the National Association of Realtors (although, not a surprise).
In light of the stalled US economy, what do we have to lose? The costs of carrying distressed property are staggering, both financially and emotionally. Millions of vacant neglected homes are a blight on otherwise good neighborhoods. Distressed properties continue to drag down home values across the board. Getting rid of excess inventory improves cash flow for lenders, gets bad assets off the books and encourages more lending.
If providing a tax credit to any buyer willing to jump into this uncertain market environment will help the American taxpayer, then why not? We have certainly spent much more money witjout the prospect for doing this much good!
Thank you for visiting Why 6 Percent. We have a marketing program which exposes your real estate to over 10 million homebuyers each month. Best of all, the cost is only $399. You can’t sell your home by waiting on a drive by. Call us today at 1-800-381-9496 to learn how we can help you succeed, like we have helped thousands of other seller’s.
Time to Buy a Home Now? The Ship maybe Sailing by.
Although all the news about real estate, housing and lending isn’t particularily bullish, there are some compelling new motivations for buying now. Namely, Rising Interest Rates, Inventory Decreases, Price Stabilization and the $8000 tax credit which expires December 1.
Thank you for visiting Why 6 Percent. Our job is saving you money and connecting buyers with sellers. Call 1-800-381-9496 today to learn how we can help you.
Goverment to Assist in Short Sales to Avoid Foreclosures
On Thursday, the government announced two programs that may help thousands of homeowners, that are sinking in debt, avoid foreclosure.
The new program increases the odds of closing a short sale by streamlining the process and offering incentives to lenders for participation. The program is designed for homeowners who are eligible for a loan modification, but can not qualify for one.
Under the new program, lenders may receive compensation up to $1000 for completing a short sale. Borrower’s may receive up to $1500 for relocation expenses. Holders of 2nd mortgages will receive up to $1000, if they agree to the terms of a short sale. Read More
Thank you for visiting Why 6 Percent. If you are serious about selling your home, we are here to assist you with a listing on your local MLS, Realtor.com and dozens of real estate websites with the click of your mouse.
Good Ways to Declutter and Get Rid of Unused Items
Depersonalizing, organizing and decluttering are key to making sure that your home makes a good first impression on a prospective home buyer. But, what do you do with all your unwanted stuff? Don’t stack it in the garage or basement. The goal is to get rid of it, not move it. But, you can get rid of it and do a good thing, too.
Find out what organizations in your area pick up unused or unwanted items. These type of organizations often include Goodwill, Salvation Army, Habitat for Humanity, Veterans Associations, Churches, Hospice Groups and other local non-profit organizations.
Donations to non-profits are tax deductible for the donor; most provide hassle-free pick up at your door; people need the items that you no longer use; recycling unused items is good for the environment. So donate that stuff you never use. You have everything to gain and nothing to lose.
Another way to get rid of stuff you no longer need is on the internet at Freecycle. At Freecycle.org, you list items you no longer need and select someone from a list of takers to donate them to. Freecycle has local branches, so check out their site for a location near you.
Thank you for visiting Why6Percent.com, your flat fee MLS listing source for owners, investors and builders. Call us today at 1-800-381-9496 to maximize the marketing exposure of your property.
Obama’s Loan Modification Program Gets Green Light
The first phase of the Foreclosure Prevention Program (Existing Loan Modification) has been given the “Go Ahead” by the Obama Administration.
To read about eligibility, qualifications and note worthy incentives for refinancing now. Click here.
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The Empty Nester: Facts About Todays Home Buyers
As we learned yesterday, 60 percent of today’s home buyers were born after 1964. And, 54 percent of them are under the age of 34. We learned that it is crucial to understand the interests of the young adult, and learn where they are likely to shop for a home, in order to successfully market our homes.
Today, we focus on the fact that a large percentage of buyers are empty nesters. They have no children living at home. As you tailor your advertising to attract the empty nester, consider that single females are twice (24 percent) as likely to buy a single family residence than their single male (12 percent) counterparts. Married couples prefer single family homes 86 percent of the time. If you own a townhouse or condominium, your home will be likely be purchased by a single person, either male or female.
This information is important in your efforts to “niche” market to the type of property you are attempting to sell. For example, younger and single buyers hate print and newspapers. They love the internet and video clips, so use these tools in your niche marketing. They are social. Be sure to include pictures of people, in their age group, enjoying all the benefits of living in your area. Video is a great tool for this. Record some local scenes thatare favored by young adults and upload the video to InfoTube.net.
If you picture that the buyer for your home is likely to be an older empty nester, focus on downsizing benefits, safety and the convenience of your neighborhood. It is also a good idea to emphasize cost savings factors and completed updates to this cost conscience group. While this group is not likely to shop on youtube, they love to see pictures. Include some people in their age group and make up, enjoying the lifestyle in your area.
Thank you for visiting Why6Percent.com. Our unique marketing program can place your home listing in front of 10 million buyers each month. Call 1-800-381-9496 today for the details.
Short Sale or Deficiency Judgment. The Difference is Big.
With approximately 3800 homeowner’s a day heading toward foreclosure, the issue of short sales versus deficiency judgment’s is a hot topic for good reason. The difference’s between the two terms are significant, but can be summed up as follows.
A Deficiency Judgement is a court order that lenders can obtain after foreclosing on a borrower, if the lender receive’s less money at a foreclosure sale than is owed on the property. For example, if your outstanding loan balance is $300,000 and the lender sells the property for $250,000, the lender can seek a judgment against the defaulting borrower for the $50,000 difference.
A Short Sale is a negotiated agreement between the lender and borrower. In a Short Sale, the lender agrees to accept the sales price, with or without additional cash from the borrower, as full payment for the loan. With a Short Sale Agreement, the lender waives their right to foreclose and the borrower is protected against a Deficiency Judgement.
While lenders may be more willing to make a Short Sale agreement on a Primary residence, if the lender does not agree to a Short Sale, the borrower is not protected from a deficiency judgment, even if the property is their primary residence.
If you need to sell your home now , and/or you intend to approach your lender about a short sale, it would be to your advantage to have the property listed on the MLS, or at least Realtor.com. Why 6 Percent can Help.
Phone 1-800-381-9496 during business hours or email info@why6percent.com.
First-Time Home Buyer Tax Credit
This could be the opportunity of a lifetime for first-time buyers. For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of as much as $7,500 for first-time buyers might just be the break they need.
Here’s the scoop on the first-time home buyer tax credit:
- The tax credit is available for first-time home buyers only
- The maximum credit amount is $7,500
- The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit
- Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible. Visit the Federal Housing Tax Credit website to learn more about the tax credit.
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