The Consequences Of Foreclosure

Foreclosure can be a stressful process and it can also stick with you for a long time.  Give us a call at 208-869-3469 if you are facing foreclosure so we can see if we can help.  There are some options that you need to explore such as loan modifications and short sales.

First Time Home Buyer $8000 Tax Credit

First Time Home Buyer $8000 Tax Credit is still available, but quickly coming to an end.  You must close on your new home by December 1, 2009.  Keep in mind that most transactions take about 30 days.  So, time is really running out.

The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.

Home Selling Quick Tip 3

Make sure to clear out the clutter.  You want your home to shine above and beyond the other homes on the market.  Remember that the average home buyer is going to look at 10-20 homes that meet their criteria before they make a decision.  This is a case of first impressions.  If you don’t make the list of top 2-3 homes on their list, your home will be forgotten and discarded from their search.  You usually only get one chance.  Make it count.

By taking 4-5 hours upfront to fix up your home and stage it a bit can go a long way.  Even $200 – $500 in staging can end up netting you thousands more on your house.  It is so worth it.

HomeBuyer Big Mistakes

The best way to avoid making a mistake it to learn from the mistakes others have made. Buying a home in a desirable location is your best defense. Remember: location, location, location.

* First-Time Home Buyer Tips.
Start your search online, and don’t rely on print because most homes are not advertised in the newspaper.

* Preview Homes for Sale.
Ask your agent to look at homes before showing them to you, and tour only those that fit your parameters.

* Avoid the Top 3 Home Buying Blunders.
Protect your earnest money deposit by writing contingencies into your contract.

Don’t go at it alone.  One of the most important steps if finding the right buyer’s agent to help you along the way.

Make sure you know the difference between the signing time and the actual closing date.   This can help you avoid a ton of frustration.

How To Pick An Agent

With so much information available online, you might wonder why you need an agent at all. But all local markets vary from one another, and a good agent can guide you by giving you information based on experience and market knowledge.

* Why Hire an Agent?.
An agent with experience can help you to avoid making mistakes such as choosing the wrong home or offering too much.

* Find a Real Estate Agent.
Start by asking your friends and family member for referrals. Make sure you are comfortable with your agent before committing to work with that person.

* Follow Protocol for Working with Agents.
Here are 10 tips to prevent you from messing up or saying the wrong thing to an agent.