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Paul N. Pate…, Real Estate Pro in Long Grove, IL

The Truth on the New Home Buyer Tax Credit

Thanks for making this information so easy to understand! Sharon GoThanks ... to qualify for the credit. So they can't apply for it until AFTER they purchase a home. However ... Read more

Blogged Mon Mar 2, 2009 by Paul N. Paterakis • Home Buying

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Mcmasters TE…, Real Estate Pro in Summerville, SC

The New York Times' online edition 12/05/08: It May Be Time to Think About Buying a House

Check this out: it's an article that I share w/ everybody that I possibly can, ... now on any project to improve your credit score because it may take several months to get it above the ... Read more

Blogged Wed Dec 10, 2008 by Mcmasters TEAM • Market Conditions

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Wade Wilcox, Real Estate Pro in Atlanta, GA

First-Time Homebuyer Credit Questions and Answers: Basic Information

First-Time Homebuyer Credit Questions and Answers: Basic InformationÂ Q. ... people buy a house together, how do they determine how much each may take of the credit?A.Â IRS Notice ... Read more

Blogged Fri Aug 28, 2009 by Wade Wilcox • Home Buying

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Malik Crichl…, Real Estate Pro in Maplewood, NJ

ALL YOU NEED TO KNOW ABOUT THE FIRST TIME HOME BUYER'S $8000 TAX CREDIT!!!

The Obama $8000 tax credit is a great incentive for a first time home buyer to g ... 2008 return claiming the tax credit. You should consult with a tax professional to determine how to ... Read more

Blogged Sun May 3, 2009 by Malik Crichlow • Home Buying

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Tara-Nicholle…, Real Estate Pro in San Francisco, CA

14 Post-Recession Real Estate Terms, Translated

BTVAI - they might as well write "buyer beware!" RkdmorrisI see often see "pr ... . Paint walls $2,000/$7,500/45 days. You get the idea. Based on this information they can decide how to ... Read more

Blogged Wed Nov 2, 2011 by Tara-Nicholle Nelson • Home Buying • Home Selling • Foreclosure

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President Obama signs stimulus bill into law

I don't like that this bill was pushed through before anyone had a chance to re ... don't understand why I have to repay the 7,500 first time homeowner credit but other's will get a ... Read more

Blogged Tue Feb 17, 2009 by Katie Wickham • Home Buying

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Tom Ramsey, Real Estate Pro in Portland, OR

203k Rehab Loans

I have had a lot of people asking about rehab loans lately - the idea is that ... situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to ... Read more

Blogged Wed Jul 13, 2011 by Tom Ramsey • Home Buying • Home Selling • Foreclosure

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Steve Quinta…, Real Estate Pro in Albuquerque, NM

What Can a Homeowner Deduct from Taxes?

What You Can and Cannot DeductHardest Hit Fund and Emergency Homeowners' Loan Pr ... the CreditBasisFiguring Your BasisAdjusted BasisKeeping Records How To Get Tax HelpLow Income ... Read more

Blogged Sun Jun 10, 2012 by Steve Quintana • Home Buying • Financing • Home Ownership

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Vicky Gkiza, Other/Just Looking in San Francisco, CA

what do home buyers search on trulia voices?

Are people still interested in buying? Just check out whatthey are searching f ... $30,000 a yearhow long does it take to buy a short sale homehow does one go about buying a bank owned ... Read more

Blogged Fri Feb 20, 2009 by Vicky Gkiza • Home Buying

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Shalabh Gand…, Home Buyer in Sunnyvale, CA

Shalabh Gandhi answered:

Doing a Short Sale and Loan Mod at the same time.

Hi Larry, Would you mind sharing a conclusion to this matter. I am exactly in the similar situation and want to learn from your experience. So was it finally a short sale or loan mod ? ... more

0 votes • Share • Flag • Thu Mar 21, 2013 • Foreclosure in Sacramento

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Chad Gray, Real Estate Pro in Fort Lauderdale, FL

Chad Gray answered:

Where are the best places to live and why in the $900-1.1M range when exploring moving from LA to South Flo ...

Michael, Our clients in similar situations to you have tended to lean towards luxury condo buildings either in Downtown Fort Lauderdale or Fort Lauderdale Beach. Condo buildings in ... more

0 votes • Share • Flag • Tue Oct 16, 2012 • Home Buying in Fort Lauderdale

45 answers

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Aimee Anders…, Real Estate Pro in Raleigh, NC

Aimee Anderson answered:

In this situation, by how much should an agent reduce their commission so I can win the house for $640,000 ...

No, you thinking is not fair. Honestly, you should be ashamed of yourself! First off, you were looking in the wrong price range and of course you fell in love with a home that you cou ... more

0 votes • Share • Flag • Fri Nov 30, 2012 • Home Buying in Huntington Beach

259 answers

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Antonio Vega-Pacheco answered:

When should one get pre-approved for a mortgage? And typically how long does the pre-approval last?

Jme: The pre-approval will be good for 90 days from issued. However if your credit is not that great, start right now by talking to a mortgage broker who can give you pointers on how ... more

0 votes • Share • Flag • Tue Oct 18, 2011 • Home Buying in Boynton Beach

20 answers

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homebuyingha…, Home Buyer in Massachusetts

homebuyingharo answered:

Should the $8,000 federal tax credit be extended beyond November 30?

"All this gov't plans are ONLY benefit to the low income or no income. It is like penalizing the ones that who work hard for a living and struggle to live a better live." Sean my hus ... more

0 votes • Share • Flag • Fri Nov 11, 2011 • Home Buying

213 answers

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Kps answered:

Interest rate up, home price down and when to buy?

Hi 828, I hope you realize that everyone telling you here that it is a good time to buy has either a direct or indirect interests in keeping sales volume up in the peninsula. Besides, some the answers are simply astounding in their idiocy...Take Kimberley Brandon who claims that interest rates have no relation to housing prices. Now that I have gathered the pieces after my head exploded after reading this, the fact that we have NATIONAL housing bubble that is now in the process of correcting is precisely because of the reckless availability of credit at very low interest rates. Also take the comments of other realtors here that claim that prices are low in palo alto. I beg to differ. Take a look at pricing in crescent park and use 1 crescent as an example: Year # of Sales Median Price Median Sq. Ft. Median $ per Sq. Ft. This Property at Median $ per Sq. Ft. 2009 32 $1,538,000 1,793 $823 $3,972,678 2008 124 $1,950,000 2,024 $1,050 $5,066,898 2007 30 $1,542,500 1,849 $914 $4,411,936 2006 31 $1,475,000 1,595 $913 $4,406,981 2005 45 $1,550,000 1,816 $809 $3,906,095 2004 46 $1,080,000 1,710 $666 $3,213,548 2003 45 $1,095,000 2,207 $551 $2,659,337 2002 47 $925,000 1,782 $609 $2,939,146 2001 25 $830,000 2,116 $540 $2,605,124 2000 29 $1,025,000 1,882 $641 $3,092,064 1999 42 $702,000 1,736 $446 $2,155,545 1998 37 $695,000 1,587 $435 $2,099,825 1997 41 $750,000 2,210 $375 $1,809,431 1996 34 $480,000 1,723 $337 $1,627,168 1995 36 $485,000 2,167 $304 $1,467,583 1994 38 $490,000 1,778 $302 $1,457,499 1993 40 $420,000 1,641 $281 $1,356,468 1992 30 $541,000 2,296 $280 $1,351,742 1991 25 $499,000 1,957 $256 $1,236,243 1990 24 $480,000 1,946 $313 $1,513,814 1989 22 $650,000 2,196 $314 $1,515,423 1988 31 $490,000 2,039 $270 $1,306,096 It has been stated many times in this forum that pricing started to deviate from historical norms circa '96 with a CAGR of 8% to date. Prior to this (prior 50 years!) the CAGR has been 4%. The median price per sqft is $823 today. It would have to drop to $537 next year to reach again a historically fair price. So prices indeed are still very high. I do feel sorry for anyone who paid $1K/ square foot during the boom...They will never get their money back. Finally Pietro is probably right that Palo Alto will simply correct very slowly. It could very well stay flat for the next four years, which will also enable pricing to reach historically fair values. Flat prices, however, do not mean that you are not losing equity. When you take into account the full cost of ownership: taxes, interest expense, and the opportunity cost of not renting, you are losing on average 9% a year. If you really wish to jump into the market, you could consider building your own home. I was in a similar position to you earlier this year, and was willing to wait out the market and continue to rent. I did find a good opportunity to build a home in los altos hills. This recession has affected contractors disproportionately and you can get very competitive rates $/sqft today. To give you some numbers, I'll have a 5000K+ property at ~$410/sqft. The price is well below the historical value for a comparable property, and I have exactly the home I want to live in. ... more

0 votes • Share • Flag • Tue Sep 15, 2009 • Market Conditions in Palo Alto

39 answers

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Mack McCoy, Real Estate Pro in Seattle, WA

Mack McCoy answered:

how much does a home inspector cost?

By now, attentive readers have noticed that there is an informal classification of inspector called the "Deal-Killer," and in my opinion, if you want a "deal-killer," ... more

0 votes • Share • Flag • Thu Dec 3, 2009 • Home Buying in Chicago

69 answers

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Rachel Anker-johnson answered:

Hi, I'm hoping you can explain about the tax credit. Is it true that I can get $8K in cash if I buy now? ...

Hello Cashseeker, thanks for your question. You are not alone if you are confused about the tax credit - there is a lot of misinformation floating around. Hopefully, I can help you understand if you qualify for the tax credit, and explain how you can take advantage of it. First, let's discuss who is eligible for the tax credit: 1) First time homebuyers OR buyers who have not owned a home in the past 3 years. In other words, if you have not owned a home in the 3 year period prior to your closing date, you are qualified to take the tax credit. For example, if you sold a home in May 1, 2005, then rented for awhile, then purchased another home on May 2, 2008, you qualify for the tax credit. AND 2)Your adjusted gross income cannot exceed $95,000 if you are single, or $170,000 if you are married filing jointly. Now, there are two forms of the tax credit, depending on when you purchase(d) your home. If your closing date was between April 9, 2008 and December 31, 2008, you may take the $7,500 refundable tax credit. If you ordinarily get a refund at the end of the year, you will receive $7,500 MORE than you normally would! BUT, this credit is refundable, meaning you will have to pay it back if you take it. The payment schedule is very simple - starting with your 2010 tax year filing (in 2011), you will pay back $500 per year for 15 years, but you don't have to write a check - it is withheld from your normal tax refund for each of those 15 years. This is an INTEREST-FREE LOAN, people! If you sell your home before you've fully paid back the $7,500, the balance will be taken out of your profit, but if you don't have enough profit to cover the balance, the remainder is forgiven. The second type of tax credit is the $8,000 NON-REFUNDABLE tax credit. This tax credit applies to purchases closed between January 1, 2009 and December 1, 2009. Unlike the first type of tax credit, this one DOES NOT have to be repaid - THIS IS FREE MONEY, HONEY! It's simple, just buy a home between January 1st and December 1st of this year, and you will be entitled to receive a check for $8,000 from the government! The best part is this: you don't have to wait to file your 2009 taxes to get the money - you can amend your 2008 return (consult a qualified tax professional), claim the 2009 tax credit, and get your money as soon as your amended return is processed by the IRS! SERIOUSLY, FREE MONEY that you can use to fix up your new home, or pay someone back who loaned you the money for your down payment! And they say money doesn't grow on trees...! The only catch is this: the amount of the tax credit may be less than $8,000 (or $7,500, which ever type of tax credit applies to you). The amount of the tax credit you may take is the lower of $8,000 ($7,500 if applicable), or 10% of the purchase price. In other words, if you bought a home for $50,000 (good luck finding that home!), you could only take a $5,000 ($50,000 X 10%) tax credit. As long as the home you purchase is $80,000 or more, you qualify for the FULL tax credit! Now, with interest rates and prices so low and FREE MONEY waiting to be claimed by qualified home buyers, what are you waiting for?!?! Pick your share off the money tree - Call a REALTOR today! ... more

0 votes • Share • Flag • Sat May 2, 2009 • Home Buying in 24073

4 answers

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Naima Sumner, Real Estate Pro in Dallas, TX

Naima Sumner answered:

I need some help for a real estate / mortgage pro. I am a first time buyer and single with 2 kiddos th ...

Hello BH, You have received some good information below. Your first step is to get pre-qualified for a loan so you know where you stand financially. I work the Frisco & McKinney & ... more

0 votes • Share • Flag • Wed Aug 8, 2012 • Home Buying in Prosper

10 answers

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Steve Ornell…, Real Estate Pro in Fremont, CA

Steve Ornellas answered:

I am a cosigner for a friends home loan, I will be buying a home do i qualify as first time buyer

Hi Vijay, the key to understanding whether you qualify as a First Time Homebuyer is not clear based on the information provided. So, we need to go through a "guided discovery" process of sorts. I’m not a lawyer nor am I a tax professional. So, any action you decide to take after reading the following should be reviewed by both of these professions before taking any action. First, we need to clearly define what you really mean when using the term "Co-signer." There are various loan programs available today, and for our purposes I’m going to define these as FHA and Non-FHA. In the Non-FHA world there is no such thing as a defined “Co-signer”, there is only a Borrower and Co-borrowers. However, in the FHA world Co-signers are additionally defined. Here are the different distinctions: Borrowers and Co-Borrowers take title to the property, are obligated on the mortgage note and must also sign the security instrument. The Borrower/Co-Borrower’s income, assets, liabilities, and credit history are considered in determining total creditworthiness of the transaction. On the other hand (just FHA world now), Co-signers do not hold ownership interest (title) in the property, but are liable for repaying the obligation and must sign all documents with the exception of the security instrument. The Co-signer's income, assets, liabilities, and credit history are considered in determining creditworthiness for the mortgage and the co-signer must complete and sign the loan application. So, are you a Co-signer or Co-borrower? Now let’s move on to the FTHB question. A "first-time home buyer" is defined as a buyer who has not owned a principal residence during the three-year period prior to the purchase. If you were a Co-signer on a FHA loan, and you did not buy a personal residence over the last 3 years you are very likely a FTHB. In my opinion, a Co-signer is not a buyer because there is no transfer of title, and therefore, the three-year period test is a mute point. On the other hand, if you were a Co-borrower on a Non-FHA loan, and it is still within the three-year window, you are likely NOT a FTHB. The only way that I am aware of where one can be a Co-borrower and treated as a FTHB is if the buyer can substantiate via records/tax returns they rented out their portion of the house. This is because ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time homebuyer. Best, Steve ... more

0 votes • Share • Flag • Tue Apr 21, 2009 • Home Buying in 94539

5 answers

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Lee Taylor, Real Estate Pro in Atlanta, GA

Lee Taylor answered:

What does everyone think about the new $15,000 Homebuyer Tax Credit approved by the Senate last night? ...

"...Senator Johnny Isakson, Republican of Georgia, a former real estate broker, who was the prime sponsor of the homebuyer credit, said it was modeled after a similar, $2,000 homebuyer ... more

0 votes • Share • Flag • Thu Feb 5, 2009 • Home Buying in Atlanta

9 answers

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