Real Estate Blog

Wednesday, 28 October 2009

As November 30th approaches many have wondered will lawmakers extend the tax credit to first time home buyers. It looks like we are getting close! Although a final deal has not been reached, there are encouraging signs that a deal is likley.

The proposed deal (which is still subject to change) would extend the tax credit until April 30,2010 and also expand it to “move up” borrowers (yeah!).

Details of the revised homebuyer credit are as follows:

Credit would be 10% of sales price up to $7290
For first time homebuyers, the income level to qualify is $ 75,000 single/150,000 married.
For “move up” buyers the income level to qualify is $ 125,000 single/250,000 married.
For “move up” buyers, they must have been residing in their primary residence for 5 years.
The credit would run from Dec. 1, 2009 to April 30, 2010.

Bonus Bonus!! They are talking about adding to the proposed plan that all sales contracts signed as of April 30, 2010 would have 60 days to close.

Although this is all real exciting news until it's signed into law, it is all subject to change.

Make it a great day!

POSTED BY: Yvette Allen AT 03:54 pm | Permalink | 0 Comments | E-mail this

Friday, 01 May 2009

Get Pre-Approved

Having a pre-approval letter gives you leverage when making an offer on a property. Here’s how:

1. Sellers prefer to negotiate with pre-approved buyers because they know the buyers are financially qualified and that results in the closing of the transaction.

2. A pre-approval letter can make or break a multiple offer situation. Be the one with the letter!

3. Time saved is another great advantage. If you have a seller motivated to move or has already moved, your offer will look more attractive since you already completed one of the more time consuming steps. In the seller’s eyes it could mean a quicker close.

For a seller it’s about selecting a buyer who can close the deal. Be the buyer who can accomplish that by being pre-approved.

POSTED BY: Yvette Allen AT 03:48 pm | Permalink | E-mail this