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 Real Estate Blog 
Friday, August 28 2009
Plano Career Fair
 
Wednesday, September 2, 2007
10:00 am – 2:00 pm
 
An excellent opportunity to for you to meet face-to-face with Plano/Dallas area employers. 
 
Free Admission
 
To pre-register and see a full list of available jobs visit www.choicecareerfairs.com or call 830.393.7401 for more information.
 
Location: Plano Centre; 2000 E. Spring Creek Parkway
 
Posted by: Debbi Mortus AT 03:12 pm   |  Permalink   |  0 Comments  |  Email
Friday, August 21 2009

 

The tax credit only applies to first-time home buyers. The law defines a "first-time" buyer as any buyer who has not owned a home within the previous three tax years. For married couples, the homeownership history of both individuals must meet this qualification.

 

The tax credit is only available for homes purchased between January 1, 2009, and December 1, 2009. For the purposes of this credit, the purchase date is the date when closing occurs and the title to the property transfers to the new home owner.

 

As long as the property is purchased by a qualified buyer for use as a principal residence, any type of home, including single-family detached homes, townhouses, condominiums and manufactured homes can qualify for the credit.

 

The tax credit does not have to be repaid provided that the buyers use the home as their principal residence for at least three years.

 

The full tax credit is only available for individuals with an adjusted gross income of up to $75,000 and for married couples with a combined adjusted gross income of up to $150,000. The tax credit phases out for anyone above those income thresholds.

 

The tax credit applies for up to 10 percent of the home's purchase price, with a maximum of $8,000. For example, a first-time buyer of a $50,000 home would be eligible for a tax credit of $5,000 while a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000.

 

Call me today and we will start the process so you can be settled in your new home by the holidays!  

 

Part 1

Part 2

 

 

Plano Real Estate

Posted by: Debbi Mortus AT 02:14 pm   |  Permalink   |  0 Comments  |  Email
Thursday, August 20 2009
In our last article we discussed how soon it will be too late to use the $8,000 tax credit for first time home buyers. Today we want to review things that may cause a delay in closing and being qualified for the credit.  
 
Buying a home is a complicated process, and it is not unusual for purchases involving first-time buyers to take slightly longer than those involving experienced buyers. Some of the delays that first-time buyers may face over the coming months:
 
Competition with Other Buyers
While home may be selling at a lower rate than in years past, in many areas changes in inventory have created extremely competitive buying environments. Foreclosures or other homes with greatly lowered asking prices are particularly sought after, and in many cases investors are very active in the marketplace.
 
Disclosures & Contingencies
The seller is obligated to disclose any material facts about the property, including any property defects or any lawsuits regarding claim to ownership on the property. Disclosures can stall negotiations and delay the contract signing depending on their nature and severity. Contingencies (written clauses in the sales contract that give protection to both the buyer and the seller of a home) can also result in some delay in negotiation, particularly if the contingency requires the seller to make specific repairs.
 
Appraisal
 The lender will arrange for appraisal of the property, which will include a thorough inspection of the home's interior and exterior. The appraiser's report will describe the physical characteristics of the property and comparable property values will be used to determine the value of the property. If the appraisal of the home's value is lower than the agreed upon sales price, the buyer's chance of loan approval can be in jeopardy. In addition, recently added rules for appraisers have been causing some delays based upon anecdotal evidence.
 
Loan Approval
While interest rates remain advantageous for buyers, lenders are being much more fastidious during the approval process. Obtaining pre-approval can help prevent many delays.
 
The Holiday Season
Buyers who submit an offer in mid-fall may likely run into another roadblock to a pre-December 1st closing date: the approaching holiday season. Closing a real estate sale requires the work and attention of a number of professionals; from real estate agents to attorneys to bankers. Like many Americans, it is not uncommon for individuals in these fields to use up vacation time in the last few weeks of November. Securing a closing date during Thanksgiving week may be something approaching miraculous.
 
Additional Delays for Short Sales and Foreclosures
Buyers who make an offer on a short sale property or bank-owned foreclosure may find that it takes a significantly longer time to receive a reply than expected. Overall, buying these types of properties is a longer process than buying homes listed on the market by individual owners.
 
 
Let’s get started today, call us and let us help you through the home buying process! 
 
Reechia & Keith
Posted by: Debbi Mortus AT 02:53 pm   |  Permalink   |  0 Comments  |  Email
Friday, August 14 2009
 While the economy continues to show signs of improvement and many housing markets are beginning to heat up, scores of would-be buyers are still waiting on the sidelines for further positive housing trends. But for first-time buyers, time is running short on the federal government's $8,000 tax credit.

Though the official expiration date of the credit is December 1, in reality on-the-fence buyers will need to make a decision one way or the other fairly soon. The reason: in order to qualify for the credit, the home purchase must close by December 1st. Merely having loan approval, an accepted offer or a signed contract won't be enough to qualify for the Housing and Economic Recovery Act.

Decision-Making Timeline - While each transaction is unique, closing a real estate deal is no speedy matter. On average, closing takes place 45 to 60 days after the date that the contract is signed. In order to meet the December 1st deadline, this would mean having a signing date in late September or early October. Those who consider the tax credit an important incentive but are still unsure about entering the market will need to make a decision one way or another before many more summer days pass.

To have any chance at finding a home and having an offer accepted by early October, buyers will want to wade into the home buying process right away. The immediate steps include making a final list of desired home attributes, scouting favorite neighborhoods and areas, starting the mortgage pre-approval process and beginning the home search process online.

Posted by: Debbi Mortus AT 04:35 pm   |  Permalink   |  0 Comments  |  Email
Tuesday, August 11 2009
Stoney Hollow Open Houses – Saturday, August 15th
2:00pm – 5:00pm
 
Join Us to See these Amazing Homes for Yourself!
 
3616 Trail Walker Drive in Plano is a wonderful custom home that features one-level living at its best! Freshly painted and ready for new owners! 
 
3621 Trail Walker Drive is just down the street and just as amazing! A lovely 2-story home with many elegant features!  
 
4124 Kite Meadow Drive a wonderful 4 bedroom home with a pool & hot tub! This one has something for everyone! 
 
All 3 homes will be open and we look forward
to sharing their special features with you!
 
Posted by: Reechia Powell AT 03:33 pm   |  Permalink   |  0 Comments  |  Email
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Reechia Powell

Reechia Powell Realty Group
301 S. Watters Road #100
Allen, TX 75013
Phone: (972) 979-9978
Email: Reechia@Reechia.com

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