November 05 2009
NAR Frequently Asked Questions
Homebuyer Tax Credit Changes
National Association of REALTORS® Government Affairs Division
500 New Jersey Avenue, NW, Washington DC, 20001
Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.
Question: I am an existing homeowner. On October 25, 2009, I signed a contract …Read the rest of this entry...
Tagged Under : Buying Houses, Omaha Market Update, tax credit
November 05 2009
After a couple of week delay the Senate voted 98 – 0 on the Unemployment Insurance Bill that contained the provision to extend and expand the Homebuyer Tax Credit. The next step is for the legislation to go to the House for a vote and then on to the President for his signature at the end of this week or beginning of next week.
As a recap of the provisions as they now stand in the legislation. The tax credit …Read the rest of this entry...
Tagged Under : 8000 tax credit, Buying Houses, Omaha Market Update
November 02 2009
Everything is looking more promising that the extension and new provisions as noted below will be passed by the Senate and the House possibly by weeks end. The President has stated that in its current form he will sign the legislation. I assume the concession on the combined income from $300,000 then to $250,000, to now $225,000 was a concession made to insure this and that the combined income will be far enough away from that wealthy income definition of …Read the rest of this entry...
Tagged Under : 8000 tax credit, Buying Houses, financing a home, first time home buyers
Today’s big news is the new federal regulations regarding real estate mortgage closings.
The fours key elements you need to know:
1. If the homebuyer is financing the property, these new regulatory and investor guidelines will impact and will dictate the closing date.
2. Upfront fees cannot be collected by the lender (except for credit report fee) until initial disclosures are received.
3. The homebuyer must be provided with a copy of their appraisal a minimum of 3 business days …Read the rest of this entry...
Tagged Under : Buying Houses, closing on a home, financing a home, loans, Mortgage
July 26 2009
Choosing a real estate agent, whether in Omaha or elsewhere in the USA, is not always as easy as looking through the paper or calling the name on the sign. Sometimes other people’s personal experience is the best reference for choosing an agent.
When choosing a real estate agent, what should you look for? According to Realtor.org there are 12 questions to ask an agent that will help you in the decision making process.
Certainly connecting with an agent …Read the rest of this entry...