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Thursday, April 09, 2009

Buying or Selling a Home in Today's Market

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The United State Government has $8000 for Buyers to Purchase Homes*

There is NO Better time to buy a home than right now.
Prices are reasonable, interest rates are low, the market is full of anxious sellers and the government will reward you as a first time home buyer with up to $8000 tax credit or rebate.Sellers that need action and can't wait for prices to climb again, now is the time to sell. Literally hundreds of thousand new buyers are now on the Market.

*$8000 Home Buyer Tax Credit is for "first-time" home buyers only. Don't Stop Read More!
A first-time home under the rules of IRS (Internal Revenue Service) is someone who has not owned a principal residence during the three-year period prior to the purchase.The tax credit available is equal to 10% of the purchase price up to a maximum of $8000. A tax credit should not be confused with a tax deduction. A tax credit will be added to any other federal income tax withheld or paid during the year.(example: estimates & withholdings) A tax deduction is a qualified payment you made during the year and reduces the amount you are taxed upon. "Adjusted Gross Income"

A single taxpayer with income up to $75000 ($4000 tax credit) and married couples with incomes up to $150,000 ($8000 tax credit) qualify for the tax credits on homes purchased after January 1, 2009 and the sale closed by December 1, 2009. Don't wait, it will take you time to find the right home, complete the negotiations, arrange financing and close the sale before December 1....this year.

Unlike the earlier legislation this "Tax Credit" is not a loan to be repaid to the government later. The tax credit enacted in July 2008 had to be repaid and was just a tax free loan. The home buyer under this new program must use the home as their principal residence for at least three years or have a liability to pay back the tax credit. (However, certain exceptions apply.)

You can leverage your down payment with a loan from a number of different sources, your IRA, a relative or even the seller. You can purchase the home on a land sales contract or trust deed with the seller financing until you can refinance and cash them out. Any bank or mortgage company can qualify you for a mortgage in advance. Qualifying in advance will provide you and your seller the reasonable assurance that you will be able to payoff contract within a reasonable time after you receive your tax refund in 2010.
(Give yourself plenty of time and do not commit to more than the cash you have for a down payment plus the tax credit coming in 2010.)

In addition to the federal tax credit different local and state governments have low income incentives for home buyers. Depending on how you finance your purchase there are a number of mortgage plans that you can talk to your bank or mortgage agent about including 100% Veterans Loans to low down payment FHA loans. In many cases the sellers are willing to help with the cost of obtaining financing. Just make sure you have any agreement for the seller to help with any costs as part of the purchase agreement.

Sellers does this add up to your advantage? You bet!
Let me relate a personal experience. I had a rental property go vacant this past month and decided it's time to sell. Using FREE online services, home made signs on the property we found a buyer and by saving on not paying a commission by selling it ourselves. We felt our final cash settlement was about the depreciation we had suffered with the recent market decline. How did we do it, we advertised the available $8000 tax rebate...and did our phone ring off the hook. Selling time approximate two weeks while we were painting and fixing up after the previous tenant moved.

Tips & Warnings

**Check out free ad sites such as "Craig's List"
**Dandy Dime or such online ads.
**Check around for recommendations for a real estate person to help you shop.
**Ask around at work or Church for someone that may want to sell but just didn't think the time was "right".
**Check with your local housing authorities for additional programs for home buying.
**Do not enter into any contract without competent advice.

**If you use seller financing, "pre-qualify" for a mortgage in advance.

2009 1st time home buyer (Government)
Other Federal Government Grants
Information by States
Various State First Time Home Buyer Programs

Secrets of Buying Investment Rental Properties in today's Market. ACT FAST: The publishers are temporarily providing a very substantial discount for a few days to see if the response will outweigh the price difference. This means the complete system is immediately available to you today for not $159.95

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Important Notice:
Consultation with a professional tax, accounting, legal or other competent adviser is recommended. Your particular situation needs to be addressed prior to entering into a purchase or sales contract.

All material herein © 2007-2009 "Harvey Akeson Tucson Calling"Reprint right by permission: harvey@harveyakeson.com