Silver Sage Realty » For Sellers

Home Buyer’s Tax Credit Ending Soon

Connie Herbert — Tue, 30 Mar 2010 21:11:32 +0000

The First Time Home Buyer’s Tax Credit of up to $8,000 and the expanded credit of up to $6,500 for existing homeowners who qualify is approaching an important deadline. A buyer wanting to qualify for the credit, must have the home they are purchasing under contract by April 30th. That means you need to find the home, make an offer, and have it accepted by the seller by April 30th. If you aren’t working with an agent and need help finding a home or need your questions answered, any of the agents at Silver Sage Realty, Inc. would be happy to talk to you. Call 208-837-6153 to talk to the agent on call or request the agent of your choice.

Guidance on New $6,500 Tax Credit for Repeat Home Buyers

Connie Herbert — Mon, 25 Jan 2010 21:10:47 +0000

If you have questions about the the $6,500 tax credit for repeat home buyers, the IRS has published guidance to help consumers better understand the requirements. This Washington Post article gives an explanation of the credit and provides a link to the IRS for more information. A little research led me to this IRS link IRS link which provides the most information. As always we recommend that you consult with your accountant to determine if you are elegible for the credit. I might be a good idea to print the information found at these links and take to your accountant so that you can have any issues in the articles addressed. Our staff is ready to help you with your home purchase whether you are a repeat buyer or and first time buyer looking to take advantage of the $8,000 first time homebuyer tax credit.

January 1, 2010 HUD-1 and GFE Changes

Connie Herbert — Mon, 18 Jan 2010 20:04:13 +0000

Effective January 1, 2010 a new Good Faith Estimate (GFE) and HUD-1 (closing statement) are required. These updated forms are designed to better inform borrowers and to restrict fee increases that borrowers have experienced in the past. It should help to eliminate surprises at the closing table in relation to fees the borrower pays or costs of getting the loan. The following video from REALTOR TV explains some of the changes.

Explanation of New HUD-1 and GFE

Fed Interest Rates to remain at Historic Low

Connie Herbert — Wed, 16 Dec 2009 23:08:19 +0000

I just read about the Federal Reserve’s announcement that they will leave key interest rates unchanged for an extended period. With low mortgage rates to continue, and the homebuyer’s tax credit for those who qualify, purchasing a home is still a viable option.

MSNBC wrote, “just in time for the holidays, a gift from the Federal Reserve: interest rates will remain at historic lows for an “extended period” in the hopes that cheap credit for car loans, mortgages and other consumer debt will help prod the recovery.

The Fed pledged Wednesday to hold rates down to help cut double-digit unemployment. Its key bank lending rate has stood at zero to 0.25 percent since last December.” Read the entire article.

Homebuyer Tax Credit Update

Connie Herbert — Wed, 09 Dec 2009 23:28:18 +0000

NAR Issue Brief

Homebuyer Tax Credit Changes

National Association of REALTORS® Government Affairs Division
500 New Jersey Avenue, NW, Washington DC, 20001

Congress has extended and expanded the homebuyer tax credit. The modifications in the 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.

FEATURE	Jan 1 – November 30, 2009Rules as enacted February 2009	December 1 – April 30, 2010 Rules as enacted November 2009
Firsttime Buyer – Amount of Credit	$8000 ($4000 married filing separate)	$8000 ($4000 married filing separate)
Firsttime 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	$6500 ($3250 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
Antifraud Rule	None	Purchaser must attach documentation of purchase to tax return

Twin Falls FSA Newsletter on “Selling Land”

Connie Herbert — Sun, 06 Dec 2009 00:20:22 +0000

I just received a newsletter from Twin Falls Farm Service Agency (FSA). It included an article about some issues to be aware when selling farmland that is in a Conservation Program. The article said, “If you are planning to sell farmland, there may be some program consequences you should be aware of. Fore example, if you’re planning to sell land that’s enrolled in the Conservation Reserve Program, the buyer must agree to continue the enrollment. If the buyer doesn’t want to continue the CRP contract, you might have to refund all the payments you’ve received to date.

Reviewing program implications with your local Farm Service Agency staff before completing a sale of farmland is always a prudent precaution.”

This post written by: Silver Sage Realty

Home Buyer Tax Credit Not Just for First Time Buyers

Connie Herbert — Sat, 28 Nov 2009 06:00:33 +0000

The Extended Home Buyer Tax Credit: Find the basics for homebuyers, and home owners from the National Association of REALTORS®. They provide some valuable information. NAR further info

This post written by: Silver Sage Realty

Magic Valley Parade of Homes

Judy Osborne — Thu, 24 Sep 2009 04:16:19 +0000

This is the last weekend for the Magic Valley Parade of Homes. Friday and Saturday it runs from 1-7 pm, and on Sunday from 1-5 pm. It is free and a fun time to see new and remodeled homes with decorating and landscaping ideas. For more information visit www.mvparade.org .

This post written by: Judy Osborne

The difference between a Client and a Customer

Connie Herbert — Sun, 20 Sep 2009 02:29:29 +0000

Idaho real estate law requires that at the first substantial discussion with a potential buyer or seller, that you be given what we call the “Blue Brochure”. The Blue Brochure explains the agent’s responsibilities to you and how they differ if you are a Client or a Customer. My job is to educate you about the difference and give you an opportunity to decide what our relationship will be. Watch for further posts explaining the difference between a Client or a Customer or click here to read the Blue Brochure for yourself.

This post written by: Connie Herbert

Property Lines

Connie Herbert — Sun, 20 Sep 2009 02:09:57 +0000

Much controversy can come from property lines. Sellers are not always aware of the exact property lines. It is so important that before listing a property seller’s know where their property lines are. A plat map can be a guide for finding the property lines; planning and zoning for the area may be able to help; or the best solution is to hire a surveyor to identify the corners or resurvey the property if necessary. Many property line problems and possible legal action may be avoided if a survey is completed prior to the sale.

This post written by: Sandy Gleason