First time home buyer

Short Sales and the Banks

Nancy Austin There’s going to be a revolution. There are 180,000 people waiting to close on short sales. Banks are not moving quickly enough to close by the June 30 deadline. It turns out that Congress hasn’t fully approved the extension of that deadline. Does anyone remember how revered the banks used to be? Does anyone wonder why they aren’t anymore?

Tagged as: Short Sale

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First Time Home Buyers Tax Credit Extended

Congress has extended and expanded the homebuyer tax credit.  The Modifications in column labeled “December 1 – April 30, 2010″ become effective when president Obama signs the bill.  All Changes made to the current credit become effective on that date, as well.  Source: NAR Issue Brief Homebuyer Tax Credit Changes
Features enacted February 2009 December 1 – April 30, 2010 Rules as enacted November 2009
First time
Buyer – Amount of Credit		 ($4000 married filing separate) $8,000 ($4,000 married filing separate)
First time Buyer – Definition for Eligibility May not have had an interest in a principal residence for 3 years prior to purchase Same
Current Homeowner – Amount of Credit No Provision $6,500 ($3,250 married filing separate)
Effective Date – Current Owner No Provision Date of Enactment
Current Homeowner – Definition for Eligibility No Provision Must have used the home sold or being sold as a

principal residence consecutively for 5 of the

previous 8 years
Termination of Credit Purchases after November 30, 2009

(becomes April 30, 2010 on Date of Enactment.

 Purchases after April 30, 2010
Binding Contract Rule None So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Income Limits (Note: Increased income limits are effective as of date of enactment of bill) $75,000 – single$150,000-married

Additional $20,000 phase out

 $125,000 – Single

$225,000 – married

Additional $20,000 phase out
Limitation on Cost of Purchased Home None $800,000

Effective Date of Enactment
Purchase by a Dependent No Provision Ineligible

Effective Date of Enactment
Anti fraud Rule None Purchaser must attache

documentation of purchase to tax return

For more information about Plymouth Canton area real estate, Contact Nancy Austin

Buyer Information Request

First Name *
Last Name *
E-mail Address *
Phone Number *
Property Type:  Residential Income Condo Vacant Land
Search Area:
Bedrooms:
Bathrooms:
Minimum Square Feet:
Comments:
Timeframe:  LESS than 6 months MORE than 6 months
Home Buyer's Guide:  FREE Buyer's Guide

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First Time Home Buyer Credit Extended, Expanded-Update

Here is the latest update to the legislation extending the home buyers tax credit.

The extension was approved by the House of Representatives yesterday afternoon and could be voted on by the Senate as early as Wednesday. Once approved by the Senate, it goes back to the House for final approval and then to the President to sign.

A recap of the extension is below:

The Extended and Expanded Tax Credit agreement includes the following provisions:

Amount: $8,000

Who: First-time Homebuyers — same definition as current law

Amount: $6,500

Who: Repeat purchaser. They must have used a previous home as a principal residence for 5 of the 8 previous years.

$125,000 for single filers/$225,000 for joint filers. Same for both first-time and repeat/move-up buyers  Purshased home: $800,000

Buyer Information Request

First Name *
Last Name *
E-mail Address *
Phone Number *
Property Type:  Residential Income Condo Vacant Land
Search Area:
Bedrooms:
Bathrooms:
Minimum Square Feet:
Comments:
Timeframe:  LESS than 6 months MORE than 6 months
Home Buyer's Guide:  FREE Buyer's Guide

Tagged as: First time home buyer, tax credit

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