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Houston Real Estate for Sale offered by Irena Gorski 281-610-4524 from Trend Setter Realty. Unique and huge house for sale in desirable neighborhood of Concord Bridge in Houston. Located within short driving distance to Houston Energy Corridor, Hwy I-10, Hwy 6, Hwy 290, Beltway 8.
This 3098 SF house features wood floors throughout, 5 Bedrooms, 2.5 Bathrooms, 2 Car Garage, Formal Living Room, Formal Dining Room with mirrored wall and wet bar, Large Family Room with gas log Fireplace surrounded by marble tiles, extra large Game Room, huge custom added Sun Room overlooking Swimming Pool with Waterfall.
4 Bedrooms and Game Room are located on the second floor. 1 Bedroom (not Master Bedroom) is located on the first floor and can be used also as an office or study room. Utility room is conveniently located between this bedroom and kitchen. Wood Floors throughout the house make this house easy to maintain. Two bedrooms have laminate floor. Ceramic tile floors are installed in all bathrooms, kitchen, utility room and Sun Room. House was recently painted inside. Kitchen has island and beautiful Silestone countertops with pieces of quartz. Large Master Bedroom has sitting area and Balcony with view to the backyard and swimming pool. Master Bathroom has double vanities, separate shower and separate bath tub with jets. Cool off during hot Houston summer days in sparkling swimming pool with waterfall and keep your lawn green with automatic Sprinkler. House has 30 years roof installed in year 2009.
Open House 24/7 in Houston Real Estate Video http://IAmOpenHouse.com.
For more information please call Houston real estate listing agent Irena Gorski 281-610-4524 , http://IrenaGorski.com .
To get information about this house on your cell phone, Text: 2129 to: 79564 .
Wednesday, August 17, 2011
Tuesday, July 26, 2011
Mortgage Interest Tax Deduction Under Attack
Homeowners, beware! As part of the budget deal, your mortgage interest may no longer be a deduction for you to take on your 2011 tax form.
Congress and the White House are discussing putting a cap on the mortgage interest deduction (MID) and eliminating it altogether for home equity loans and second homes. A similar proposal was made last year, but the housing industry, Realtors and lenders opposed it.
The current cap for mortgage debt is $1 million, and the interest on home equity loans and second homes is also deductible. Housing industry leaders fear that lowering the cap and cutting out the second home and home equity loans will hurt the slow market even more.
If you would like to sell or buy a house in the Greater Houston area, or if you have any questions regarding Houston Real Estate please contact Irena Gorski 281-610-4524, http://IrenaGorski.com
Congress and the White House are discussing putting a cap on the mortgage interest deduction (MID) and eliminating it altogether for home equity loans and second homes. A similar proposal was made last year, but the housing industry, Realtors and lenders opposed it.
The current cap for mortgage debt is $1 million, and the interest on home equity loans and second homes is also deductible. Housing industry leaders fear that lowering the cap and cutting out the second home and home equity loans will hurt the slow market even more.
If you would like to sell or buy a house in the Greater Houston area, or if you have any questions regarding Houston Real Estate please contact Irena Gorski 281-610-4524, http://IrenaGorski.com
Monday, July 25, 2011
Why Home Staging is Important?
Home Staging® is the process of preparing your home for sale. The purpose of Staging® is to make your home look like a model home, appealing to as many buyers as possible. It is simply a redesign that will show off your home's best features and minimize any flaws. Staging® is becoming very common these days and a variety of articles can be found in The New York Times, Washington Post, and Money Magazine. Even HGTV and TLC have homes shows dedicated to Staging® with "Designed to Sell" and "Sell This House".
Staging Criteria
By Barb Schwarz, The Creator of Home Staging®, the author of the boook
"Home Staging - The Winning Way to Sell Your House for More Money"
Things to keep in mind:
1. Buyers only know what they see, not how it's going to be
2. You can't sell it if you can't see it
3. You can't sell it if you can smell it
4. The way you live in your home and the way we market and sell your
house are two very different things.
When you get ready to place a home on the market for sale it becomes a product, just like any product on the shelves at your local store it has features and benefits, pluses and minuses and there are other products to compete with. To gain an edge in your marketplace you must be priced right and look better than the competition. Sometimes it's difficult to think of a home as a mere product, but it helps to think that way so that you can get top dollar for your property and sell it in a reasonable amount of time.
When you sell your home you're going to have to move. When you move you're going to have to pack. Most of the principles of Staging just mean that you're going to pack up some of your things early. It's a little bit of work, but you're going to have to do it anyway, so let's do it now so you can get top dollar for your property in your marketplace.
General Comments:
In every room...stand at the doorway and look at the room through the eyes of a buyer. What do you see? Be tough on yourself: What can you live without while your home is on the market?
Most carpets need to be cleaned. Have them professionally cleaned before coming on the market.
Check all light fixtures. Are they working properly? replace all burned out light bulbs. Look for dark hallways and corners and increase the wattage of bulbs in those areas. Make sure there are lamps with adequate bulbs in dark corners that are turned on for showings.
Repair and repaint cracks on all walls and ceilings.
Repair or replace broken light switches and switch plates. Clean any dirty areas around them.
Keep all curtains and blinds open during the day to let light and Check all light fixtures. Are they working properly? replace all burned out light bulbs. Look for dark hallways and corners and increase the wattage of bulbs in those areas.
Make sure there are lamps with adequate bulbs in dark corners that are turned on for showings.
Repair and repaint cracks on all walls and ceilings.
Repair or replace broken light switches and switch plates. Clean any dirty areas around them.
Keep all curtains and blinds open during the day to let light and views.
The extra cost of additional heating or air conditioning is a necessary cost of selling.
Reduce the number of pillows on couches to zero or two. Remove all afghans and blankets.
Pack up all valuable items to protect them. If necessary, take them to a safe deposit box.
Take a hard look at those beloved houseplants. In most cases they need to be pruned and/or the number of plants reduced to create more space. If plants don't look healthy and are just barely clinging to life give them away.
Fireplaces need to be cleaned out. Glass doors should be cleaned. Mantels and hearths need to be cleared off except for a very few necessary items.
To create more space you may want to remove a chair, a loveseat or other pieces of furniture.(Remember the model home!)
Pack up all collections (You're going to need to pack them up sooner or later). They become a distraction for buyers from the desired focal point...your home.
Reduce the number of books on bookshelves. Pack up extra books early!
Reduce the number of family pictures on shelves, pianos, and tables.
Reduce the number of wall hung photos and paintings in every room to one large piece on a wall or a small group of three. Make sure they are hung at eye level.
Keep soft music playing at all times for showings. Easy-listening or light jazz, not hard rock or funeral music.
Be sensitive to odors, because your buyers are! Excessive cooking or smoking odors, dog or cat odors, baby, laundry and mildew odors will turn off buyers. If there is a challenge with odors in your home use room deodorants or disinfectant sprays and keep windows cracked open for ventilation even in very hot or cold weather. (There are great products in pet stores for pet odors, and many professional carpet cleaners have special ozone machines that can really help with difficult odors.) You can't sell it if you can smell it!
Wash all windows and make sure they operate freely. If the seal is broken on a double-pane window, replace it now.
Repair items that are broken. This will show that your home is well-taken-care-of. In most cases, buyers will ask for them to be repaired anyway, so do it now.
Don't be afraid to move furniture from room to room. That extra chair from the living room or dining room may just look great in the master bedroom.
In general pack up the little things. Little things create clutter and they need to be packed up anyway, so pack them up now.
Home Staging Guidlines Inside The House
Living Room
Clear off all coffee tables and end tables to just 2 or 3 magazines and one nice vase or statuary.
Remove all ashtrays.
Family Room, Den, Bonus Room, or Rec Room
Same as Living Room
Dining Room
Clear off dining room table except for one nice centerpiece.
Remove tablecloths from table.
Remove extra leaves from the table to make the room look bigger.
Remove extra dining room chairs if they crowd the table or fill up the corners of the room. Four or six chairs are plenty. It will make the room look bigger and you can put the extra chairs in the garage or a storage unit.
See the Living Room section above concerning removing or reducing the number of items, valuable items, and collections. It all applies here too, especially in a buffet.
Kitchen
The main question in the kitchen is...What can you live without? Clear off counters leaving only a very few items that you have to use on a daily basis. Everything else should be kept off the counters to create space. Most homes have far too many small appliances and other items out that should be stored out of sight. Leave out a few large decorative items like a bowl of fruit or a basket with bread in it.
Repair any tile or Formica counter tops and edges that have been damaged or come unglued.
Clean tile grout with bleach if it is stained.
Remove all magnets, photos, children's drawings, etc., from the front of the refridgerator. If there are a couple of truly necessary items put them on the side of the refridgerator.
Clean the stove top and oven. Replace old burner pans if they are badly stained. Clean all exhaust fans, filters, and hoods.
Clean the kitchen floor and keep it clean for showings.
Keep the kitchen sink clean and empty on a daily basis.
Make sure the kitchen faucet is working smoothly without drips and that it is clean.
Clear everything off the window ledge above the kitchen sink.
remember to pack up the collections in the kitchen too. Pack up your antique plate collection or whatever will distract buyers and take up space.
Some kitchens have too many scatter rugs in them. Too many rugs make a room look smaller. If space allows, one large Oriental rug in the middle of the kitchen looks great.
Empty the garbage regularly to prevent kitchen odors.
Move dog and cat dishes so that they don't interfere with buyers walking around the room
Master Bedroom
Make the bed every day.
Invest in a new bedspread if necessary.
Clear off bedside tables and chest of drawers except for a very few necessary items.(see Living Room coffee and end tables)
Store extra books and magazines underneath the bed.
Keep closet doors closed. If you have a walk-in closet keep the floor clean and free of laundry and clutter items, and collections. It all applies here too, especially in a buffet.
If you have a clock radio keep it playing soft music during showings.
Reduce the number of photos on tables and chest of drawers to a minimum.
Hallways
Remove plastic runners on carpet or hardwood floors.
Additional Bedrooms
In children's rooms take down all the posters except for one favorite over the bed. Repair nail holes and paint walls. (See Master Bedroom guideline)
Laundry Room
Put soaps & cleaners in a cupboard or reduce the number & organize them neatly on one shelf.
Just like in the kitchen, keep counters and sinks clean and empty.
Get rid of excess hangers and hanging laundry. If you have a drying area replace all those miscellaneous hangers with one style of white plastic hangers.
Make sure that light bulbs are working and have adequate wattage. Many laundry rooms are too dark and need to be brighter.
Bathrooms
Clear off counters. Reduce toiletries down to a decorative few (3-6) and consolidate them on a tray or decorative basket. Put everything else in drawers or cabinets.
Replace that ugly dirty hand soap with a neat bottle of liquid soap.
Coordinate all towels with one or two colors. Fold in thirds and hang neatly every day. New towels can be purchased very inexpensively if the ones you have don't match.
Clear everything out of the shower and tub except for one bottle of liquid soap and one shampoo.
Clean or replace the shower curtain. Keep shower curtains drawn at all times.
One common problem in a lot of bathrooms is cracking or peeling just above the top of the shower tile or tub enclosure where it meets the dry wall or ceiling. Repair using caulking and paint or install wood trim coated in polyurethane.
Get rid of mold and stains throughout bathroom, especially in the shower and bathtub area.
Many tubs and showers need a fresh new bead of silicone caulking around the edges to make them look neat and clean.
Take all cloth toilet lid covers and water closet covers off. Keep toilet lids down every day.
Scatter rugs in front of sink and toilet and shower make the room look small. Use one larger rug in the middle of the room or none at all.
Hide all cleaning supplies and the garbage can under the sink or out of the line of sight.
Closets
Make sure you can open the door freely without something falling out on a prospective buyer.
Garage or Carport
Carports have to be completely cleaned out...everything!
Garages should be swept out and organized. If you have to use part or the entire garage for storage that's fine, just keep it neat.
Always keep garage doors down while your home is on the market.
If you're not using the garage for storage, keep cars in the garage and not in the driveway.
Move Boats & RVs to a storage facility or neighbor's home several homes away until your home sells.
Home Staging Guidlines Outside of House
The first impression when a buyer drives up to your home is critical. Walk across the street and look at it through the eyes of a buyer. Be tough on yourself. What do you see?
Trim and House Paint
Take a hard look at the front door and trim. Give special attention to this because this is where buyers will get their first opportunity to make a close inspection of your home. Does it need repainting or staining?
Repainting the doors and trim to help make the house look crisp and in good condition is one of the least expensive things you can do to dress up a home.
Decks, Proches, & Patios
Sweep all decks, walks, porches, and patios and keep them swept.
Remove any moss from all decks, walks, and patios.
Decks should be pressure-washed, stained, or painted if they are in need of it.
Reduce clutter on decks, porches, and patios so that they look bigger.
Get rid of old flowerpots, barbecues, charcoal, planters, toys, construction materials, and excess furniture.
If you have outdoor furniture create one simple 'room setting' of clean furniture that will remind buyers of the usefulness of the space.
Landscaping
Plants are like children...they grow up so fast! First they are little and cute, then they seem just right, and all of a sudden they're so big we hardly know how to take care of them! You can't trim the kids, but you can trim your plants. If they need it, do it now.
Rake and weed flower beds. If possible, spread new mulch such as beauty bark, pine needles, gravel, or lava rock to put a finishing touch on the landscaping.
Remove and, if needed, replace all dead plants.
Mow lawn and keep it mowed on a weekly basis during the growing season.
Trim branches around the roof line to prevent animals, insects, & foliage from getting on the roof.
Front Yard
'Curb appeal' is important. Has your landscaping overgrown the house? Remember..."You can't sell it if you can't see it!" Cut back all shrubs to window height that block light or view from windows. (If you're afraid they won't bloom next year, don't worry...you won't be there!)
Move all children's toys to the back yard.
Clean and sweep paved driveways. Rake, weed, or re-gravel gravel driveways.
Back Yard
Remove any extra items from the yard, such as tools, piles of lumber, or auto parts.
Children's toys should all go in one area in the backyard.
Repair any cracks in the ceilings and walls.
Clear any drains.
Fences
Repair broken fences and paint if necessary.
Roof
Clean all debris and moss from roof and gutters.
Before All Showings
Set the stage: Lights, Music, Action!
Open all curtains and blinds, unless otherwise advised.
Turn all lights and lamps.
Close garage doors.
Make sure all toilet lids are down.
If it's hot outside, keep your house cool on the inside. If it's cold outside, keep the heat on inside your house even if it's vacant. Buyers won't stay in a house that's too hot or cold.
Allow potential buyers privacy as they view your home. It is best to leave altogether, work in the yard, or take a nice long walk.
Remember, the way you live in a home and the way you market and sell your house are two different things. Try to look at your house through a buyer's eyes, as though you have never seen it before.
If you would like to sell or buy a house in the Greater Houston area, or if you have any questions regarding Houston Real Estate please contact Irena Gorski 281-610-4524, http://irenagorski.com/
Follow me onTwitter
Staging Criteria
By Barb Schwarz, The Creator of Home Staging®, the author of the boook
"Home Staging - The Winning Way to Sell Your House for More Money"
Things to keep in mind:
1. Buyers only know what they see, not how it's going to be
2. You can't sell it if you can't see it
3. You can't sell it if you can smell it
4. The way you live in your home and the way we market and sell your
house are two very different things.
When you get ready to place a home on the market for sale it becomes a product, just like any product on the shelves at your local store it has features and benefits, pluses and minuses and there are other products to compete with. To gain an edge in your marketplace you must be priced right and look better than the competition. Sometimes it's difficult to think of a home as a mere product, but it helps to think that way so that you can get top dollar for your property and sell it in a reasonable amount of time.
When you sell your home you're going to have to move. When you move you're going to have to pack. Most of the principles of Staging just mean that you're going to pack up some of your things early. It's a little bit of work, but you're going to have to do it anyway, so let's do it now so you can get top dollar for your property in your marketplace.
General Comments:
In every room...stand at the doorway and look at the room through the eyes of a buyer. What do you see? Be tough on yourself: What can you live without while your home is on the market?
Most carpets need to be cleaned. Have them professionally cleaned before coming on the market.
Check all light fixtures. Are they working properly? replace all burned out light bulbs. Look for dark hallways and corners and increase the wattage of bulbs in those areas. Make sure there are lamps with adequate bulbs in dark corners that are turned on for showings.
Repair and repaint cracks on all walls and ceilings.
Repair or replace broken light switches and switch plates. Clean any dirty areas around them.
Keep all curtains and blinds open during the day to let light and Check all light fixtures. Are they working properly? replace all burned out light bulbs. Look for dark hallways and corners and increase the wattage of bulbs in those areas.
Make sure there are lamps with adequate bulbs in dark corners that are turned on for showings.
Repair and repaint cracks on all walls and ceilings.
Repair or replace broken light switches and switch plates. Clean any dirty areas around them.
Keep all curtains and blinds open during the day to let light and views.
The extra cost of additional heating or air conditioning is a necessary cost of selling.
Reduce the number of pillows on couches to zero or two. Remove all afghans and blankets.
Pack up all valuable items to protect them. If necessary, take them to a safe deposit box.
Take a hard look at those beloved houseplants. In most cases they need to be pruned and/or the number of plants reduced to create more space. If plants don't look healthy and are just barely clinging to life give them away.
Fireplaces need to be cleaned out. Glass doors should be cleaned. Mantels and hearths need to be cleared off except for a very few necessary items.
To create more space you may want to remove a chair, a loveseat or other pieces of furniture.(Remember the model home!)
Pack up all collections (You're going to need to pack them up sooner or later). They become a distraction for buyers from the desired focal point...your home.
Reduce the number of books on bookshelves. Pack up extra books early!
Reduce the number of family pictures on shelves, pianos, and tables.
Reduce the number of wall hung photos and paintings in every room to one large piece on a wall or a small group of three. Make sure they are hung at eye level.
Keep soft music playing at all times for showings. Easy-listening or light jazz, not hard rock or funeral music.
Be sensitive to odors, because your buyers are! Excessive cooking or smoking odors, dog or cat odors, baby, laundry and mildew odors will turn off buyers. If there is a challenge with odors in your home use room deodorants or disinfectant sprays and keep windows cracked open for ventilation even in very hot or cold weather. (There are great products in pet stores for pet odors, and many professional carpet cleaners have special ozone machines that can really help with difficult odors.) You can't sell it if you can smell it!
Wash all windows and make sure they operate freely. If the seal is broken on a double-pane window, replace it now.
Repair items that are broken. This will show that your home is well-taken-care-of. In most cases, buyers will ask for them to be repaired anyway, so do it now.
Don't be afraid to move furniture from room to room. That extra chair from the living room or dining room may just look great in the master bedroom.
In general pack up the little things. Little things create clutter and they need to be packed up anyway, so pack them up now.
Home Staging Guidlines Inside The House
Living Room
Clear off all coffee tables and end tables to just 2 or 3 magazines and one nice vase or statuary.
Remove all ashtrays.
Family Room, Den, Bonus Room, or Rec Room
Same as Living Room
Dining Room
Clear off dining room table except for one nice centerpiece.
Remove tablecloths from table.
Remove extra leaves from the table to make the room look bigger.
Remove extra dining room chairs if they crowd the table or fill up the corners of the room. Four or six chairs are plenty. It will make the room look bigger and you can put the extra chairs in the garage or a storage unit.
See the Living Room section above concerning removing or reducing the number of items, valuable items, and collections. It all applies here too, especially in a buffet.
Kitchen
The main question in the kitchen is...What can you live without? Clear off counters leaving only a very few items that you have to use on a daily basis. Everything else should be kept off the counters to create space. Most homes have far too many small appliances and other items out that should be stored out of sight. Leave out a few large decorative items like a bowl of fruit or a basket with bread in it.
Repair any tile or Formica counter tops and edges that have been damaged or come unglued.
Clean tile grout with bleach if it is stained.
Remove all magnets, photos, children's drawings, etc., from the front of the refridgerator. If there are a couple of truly necessary items put them on the side of the refridgerator.
Clean the stove top and oven. Replace old burner pans if they are badly stained. Clean all exhaust fans, filters, and hoods.
Clean the kitchen floor and keep it clean for showings.
Keep the kitchen sink clean and empty on a daily basis.
Make sure the kitchen faucet is working smoothly without drips and that it is clean.
Clear everything off the window ledge above the kitchen sink.
remember to pack up the collections in the kitchen too. Pack up your antique plate collection or whatever will distract buyers and take up space.
Some kitchens have too many scatter rugs in them. Too many rugs make a room look smaller. If space allows, one large Oriental rug in the middle of the kitchen looks great.
Empty the garbage regularly to prevent kitchen odors.
Move dog and cat dishes so that they don't interfere with buyers walking around the room
Master Bedroom
Make the bed every day.
Invest in a new bedspread if necessary.
Clear off bedside tables and chest of drawers except for a very few necessary items.(see Living Room coffee and end tables)
Store extra books and magazines underneath the bed.
Keep closet doors closed. If you have a walk-in closet keep the floor clean and free of laundry and clutter items, and collections. It all applies here too, especially in a buffet.
If you have a clock radio keep it playing soft music during showings.
Reduce the number of photos on tables and chest of drawers to a minimum.
Hallways
Remove plastic runners on carpet or hardwood floors.
Additional Bedrooms
In children's rooms take down all the posters except for one favorite over the bed. Repair nail holes and paint walls. (See Master Bedroom guideline)
Laundry Room
Put soaps & cleaners in a cupboard or reduce the number & organize them neatly on one shelf.
Just like in the kitchen, keep counters and sinks clean and empty.
Get rid of excess hangers and hanging laundry. If you have a drying area replace all those miscellaneous hangers with one style of white plastic hangers.
Make sure that light bulbs are working and have adequate wattage. Many laundry rooms are too dark and need to be brighter.
Bathrooms
Clear off counters. Reduce toiletries down to a decorative few (3-6) and consolidate them on a tray or decorative basket. Put everything else in drawers or cabinets.
Replace that ugly dirty hand soap with a neat bottle of liquid soap.
Coordinate all towels with one or two colors. Fold in thirds and hang neatly every day. New towels can be purchased very inexpensively if the ones you have don't match.
Clear everything out of the shower and tub except for one bottle of liquid soap and one shampoo.
Clean or replace the shower curtain. Keep shower curtains drawn at all times.
One common problem in a lot of bathrooms is cracking or peeling just above the top of the shower tile or tub enclosure where it meets the dry wall or ceiling. Repair using caulking and paint or install wood trim coated in polyurethane.
Get rid of mold and stains throughout bathroom, especially in the shower and bathtub area.
Many tubs and showers need a fresh new bead of silicone caulking around the edges to make them look neat and clean.
Take all cloth toilet lid covers and water closet covers off. Keep toilet lids down every day.
Scatter rugs in front of sink and toilet and shower make the room look small. Use one larger rug in the middle of the room or none at all.
Hide all cleaning supplies and the garbage can under the sink or out of the line of sight.
Closets
Make sure you can open the door freely without something falling out on a prospective buyer.
Garage or Carport
Carports have to be completely cleaned out...everything!
Garages should be swept out and organized. If you have to use part or the entire garage for storage that's fine, just keep it neat.
Always keep garage doors down while your home is on the market.
If you're not using the garage for storage, keep cars in the garage and not in the driveway.
Move Boats & RVs to a storage facility or neighbor's home several homes away until your home sells.
Home Staging Guidlines Outside of House
The first impression when a buyer drives up to your home is critical. Walk across the street and look at it through the eyes of a buyer. Be tough on yourself. What do you see?
Trim and House Paint
Take a hard look at the front door and trim. Give special attention to this because this is where buyers will get their first opportunity to make a close inspection of your home. Does it need repainting or staining?
Repainting the doors and trim to help make the house look crisp and in good condition is one of the least expensive things you can do to dress up a home.
Decks, Proches, & Patios
Sweep all decks, walks, porches, and patios and keep them swept.
Remove any moss from all decks, walks, and patios.
Decks should be pressure-washed, stained, or painted if they are in need of it.
Reduce clutter on decks, porches, and patios so that they look bigger.
Get rid of old flowerpots, barbecues, charcoal, planters, toys, construction materials, and excess furniture.
If you have outdoor furniture create one simple 'room setting' of clean furniture that will remind buyers of the usefulness of the space.
Landscaping
Plants are like children...they grow up so fast! First they are little and cute, then they seem just right, and all of a sudden they're so big we hardly know how to take care of them! You can't trim the kids, but you can trim your plants. If they need it, do it now.
Rake and weed flower beds. If possible, spread new mulch such as beauty bark, pine needles, gravel, or lava rock to put a finishing touch on the landscaping.
Remove and, if needed, replace all dead plants.
Mow lawn and keep it mowed on a weekly basis during the growing season.
Trim branches around the roof line to prevent animals, insects, & foliage from getting on the roof.
Front Yard
'Curb appeal' is important. Has your landscaping overgrown the house? Remember..."You can't sell it if you can't see it!" Cut back all shrubs to window height that block light or view from windows. (If you're afraid they won't bloom next year, don't worry...you won't be there!)
Move all children's toys to the back yard.
Clean and sweep paved driveways. Rake, weed, or re-gravel gravel driveways.
Back Yard
Remove any extra items from the yard, such as tools, piles of lumber, or auto parts.
Children's toys should all go in one area in the backyard.
Repair any cracks in the ceilings and walls.
Clear any drains.
Fences
Repair broken fences and paint if necessary.
Roof
Clean all debris and moss from roof and gutters.
Before All Showings
Set the stage: Lights, Music, Action!
Open all curtains and blinds, unless otherwise advised.
Turn all lights and lamps.
Close garage doors.
Make sure all toilet lids are down.
If it's hot outside, keep your house cool on the inside. If it's cold outside, keep the heat on inside your house even if it's vacant. Buyers won't stay in a house that's too hot or cold.
Allow potential buyers privacy as they view your home. It is best to leave altogether, work in the yard, or take a nice long walk.
Remember, the way you live in a home and the way you market and sell your house are two different things. Try to look at your house through a buyer's eyes, as though you have never seen it before.
If you would like to sell or buy a house in the Greater Houston area, or if you have any questions regarding Houston Real Estate please contact Irena Gorski 281-610-4524, http://irenagorski.com/
Follow me onTwitter
Saturday, June 11, 2011
Eminent-domain reforms in Texas supported by TAR become law
On June 1, 2011, The Texas Gov. Rick Perry signed into law a bill that further tightens restrictons on state and local governments' ability to invoke eminent domain authority to convert private property for public use.
Here are some of the ways it better protects property owners:
It requires government entities to make reasonable purchase offers to landowners for their property.
It allows property owners to buy back their land at the original price 10 years later if it hasn’t been used by then.
It adds criteria that agencies must meet before declaring eminent domain over private property.
Governor Perry closed loopholes that have allowed eminent domain abuses in the past and strengthened property owners' rights for the future."
If you would like to sell or buy a house in the Greater Houston area, or if you have any questions regarding Houston Real Estate please contact Irena Gorski 281-610-4524, http://IrenaGorski.com
Here are some of the ways it better protects property owners:
It requires government entities to make reasonable purchase offers to landowners for their property.
It allows property owners to buy back their land at the original price 10 years later if it hasn’t been used by then.
It adds criteria that agencies must meet before declaring eminent domain over private property.
Governor Perry closed loopholes that have allowed eminent domain abuses in the past and strengthened property owners' rights for the future."
If you would like to sell or buy a house in the Greater Houston area, or if you have any questions regarding Houston Real Estate please contact Irena Gorski 281-610-4524, http://IrenaGorski.com
Friday, April 15, 2011
Open House 24/7 in Houston Real Estate Video - 4830 Harbor Glen Ln., Houston, TX 77084
Great house for sale in Lakes of Pine Forest in Houston, Texas. Feel free to walk through this house house 24/7 in Houston Real Estate Video Tour. Video by IAmOpenHouse
Please allow 10-15 seconds for video to loadTo get more information about this house please contact Irena Gorski 281-610-4524.
If you would like to sell or buy a house in the Greater Houston area, or if you have any questions regarding Houston Real Estate please contact Irena Gorski 281-610-4524, http://IrenaGorski.com
Please allow 10-15 seconds for video to loadTo get more information about this house please contact Irena Gorski 281-610-4524.
If you would like to sell or buy a house in the Greater Houston area, or if you have any questions regarding Houston Real Estate please contact Irena Gorski 281-610-4524, http://IrenaGorski.com
Wednesday, March 02, 2011
10 Common Errors Home Owners Make When Filing Taxes
By: G. M. Filisko
Published: January 25, 2011
Source: HouseLogic.com
Don’t rouse the IRS or pay more taxes than necessary—know the score on each home tax deduction and credit.
As you calculate your tax returns, consider each home tax deduction and credit you are—and are not—entitled to. Running afoul of any of these 10 home-related tax mistakes—which tax pros say are especially common—can cost you money or draw the IRS to your doorstep.
Sin #1: Deducting the wrong year for property taxes
You take a tax deduction for property taxes in the year you (or the holder of your escrow account) actually paid them. Some taxing authorities work a year behind—that is, you’re not billed for 2010 property taxes until 2011. But that’s irrelevant to the feds.
Enter on your federal forms whatever amount you actually paid in 2010, no matter what the date is on your tax bill. Dave Hampton, CPA, tax manager at the Cincinnati accounting firm of Burke & Schindler, has seen home owners confuse payments for different years and claim the incorrect amount.
Sin #2: Confusing escrow amount for actual taxes paid
If your lender escrows funds to pay your property taxes, don’t just deduct the amount escrowed, says Bob Meighan, CPA and vice president at TurboTax in San Diego. The regular amount you pay into your escrow account each month to cover property taxes is probably a little more or a little less than your property tax bill. Your lender will adjust the amount every year or so to realign the two.
For example, your tax bill might be $1,200, but your lender may have collected $1,100 or $1,300 in escrow over the year. Deduct only $1,200. Your lender will send you an official statement listing the actual taxes paid. Use that. Don’t just add up 12 months of escrow property tax payments.
Sin #3: Deducting points paid to refinance
Deduct points you paid your lender to secure your mortgage in full for the year you bought your home. However, when you refinance, says Meighan, you must deduct points over the life of your new loan. If you paid $2,000 in points to refinance into a 15-year mortgage, your tax deduction is $133 per year.
Sin #4: Failing to deduct private mortgage insurance
Lenders require home buyers with a downpayment of less than 20% to purchase private mortgage insurance (PMI). Avoid the common mistake of forgetting to deduct your PMI payments. However, note the deduction begins to phase out once your adjusted gross income reaches $100,000 and disappears entirely when your AGI surpasses $109,000.
Sin #5: Misjudging the home office tax deduction
This deduction may not be as good as it seems. It often doesn’t amount to much of a deduction, has to be recaptured if you turn a profit when you sell your home, and can pique the IRS’s interest in your return. Hampton’s advice: Claim it only if it’s worth those drawbacks.
Sin #6: Missing the first-time home buyer tax credit
If you met the midyear 2010 deadlines, don’t forget to take this tax credit into account when filing.
Even if you missed the 2010 deadlines, you still might be in luck: Congress extended the first-time home buyer credit for military families and other government workers on assignment outside the United States. If you meet the criteria, you have until June 30, 2011, to close on your first home and qualify for the tax credit of up to $8,000.
Sin #7: Failing to track home-related expenses
If the IRS comes a-knockin’, don’t be scrambling to compile your records. Many people forget to track home office and home maintenance and repair expenses, says Meighan. File away documents as you go. For example, save each manufacturer’s certification statement for energy tax credits, insurance company statements for PMI, and lender or government statements to confirm property taxes paid.
Sin #8: Forgetting to keep track of capital gains
If you sold your main home last year, don’t forget to pay capital gains taxes on any profit. However, you can exclude $250,000 (or $500,000 if you’re a married couple) of any profits from taxes. So if you bought a home for $100,000 and sold it for $400,000, your capital gains are $300,000. If you’re single, you owe taxes on $50,000 of gains. However, there are minimum time limits for holding property to take advantage of the exclusions, and other details. Consult IRS Publication 523.
Sin #9: Filing incorrectly for energy tax credits
If you made any eligible improvement, fill out Form 5695. Part I, which covers the 30%/$1,500 credit for such items as insulation and windows, is fairly straightforward. But Part II, which covers the 30%/no-limit items such as geothermal heat pumps, can be incredibly complex and involves crosschecking with half a dozen other IRS forms. Read the instructions carefully.
Sin #10: Claiming too much for the mortgage interest tax deduction
You can deduct mortgage interest only up to $1 million of mortgage debt, says Meighan. If you have $1.2 million in mortgage debt, for example, deduct only the mortgage interest attributable to the first $1 million.
This article provides general information about tax laws and consequences, but is not intended to be relied upon by readers as tax or legal advice applicable to particular transactions or circumstances. Readers should consult a tax professional for such advice, and are reminded that tax laws may vary by jurisdiction.
If you would like to sell or buy a house in the Greater Houston area, or if you have any questions regarding Houston Real Estate please contact Irena Gorski 281-610-4524, http://IrenaGorski.com
Published: January 25, 2011
Source: HouseLogic.com
Don’t rouse the IRS or pay more taxes than necessary—know the score on each home tax deduction and credit.
As you calculate your tax returns, consider each home tax deduction and credit you are—and are not—entitled to. Running afoul of any of these 10 home-related tax mistakes—which tax pros say are especially common—can cost you money or draw the IRS to your doorstep.
Sin #1: Deducting the wrong year for property taxes
You take a tax deduction for property taxes in the year you (or the holder of your escrow account) actually paid them. Some taxing authorities work a year behind—that is, you’re not billed for 2010 property taxes until 2011. But that’s irrelevant to the feds.
Enter on your federal forms whatever amount you actually paid in 2010, no matter what the date is on your tax bill. Dave Hampton, CPA, tax manager at the Cincinnati accounting firm of Burke & Schindler, has seen home owners confuse payments for different years and claim the incorrect amount.
Sin #2: Confusing escrow amount for actual taxes paid
If your lender escrows funds to pay your property taxes, don’t just deduct the amount escrowed, says Bob Meighan, CPA and vice president at TurboTax in San Diego. The regular amount you pay into your escrow account each month to cover property taxes is probably a little more or a little less than your property tax bill. Your lender will adjust the amount every year or so to realign the two.
For example, your tax bill might be $1,200, but your lender may have collected $1,100 or $1,300 in escrow over the year. Deduct only $1,200. Your lender will send you an official statement listing the actual taxes paid. Use that. Don’t just add up 12 months of escrow property tax payments.
Sin #3: Deducting points paid to refinance
Deduct points you paid your lender to secure your mortgage in full for the year you bought your home. However, when you refinance, says Meighan, you must deduct points over the life of your new loan. If you paid $2,000 in points to refinance into a 15-year mortgage, your tax deduction is $133 per year.
Sin #4: Failing to deduct private mortgage insurance
Lenders require home buyers with a downpayment of less than 20% to purchase private mortgage insurance (PMI). Avoid the common mistake of forgetting to deduct your PMI payments. However, note the deduction begins to phase out once your adjusted gross income reaches $100,000 and disappears entirely when your AGI surpasses $109,000.
Sin #5: Misjudging the home office tax deduction
This deduction may not be as good as it seems. It often doesn’t amount to much of a deduction, has to be recaptured if you turn a profit when you sell your home, and can pique the IRS’s interest in your return. Hampton’s advice: Claim it only if it’s worth those drawbacks.
Sin #6: Missing the first-time home buyer tax credit
If you met the midyear 2010 deadlines, don’t forget to take this tax credit into account when filing.
Even if you missed the 2010 deadlines, you still might be in luck: Congress extended the first-time home buyer credit for military families and other government workers on assignment outside the United States. If you meet the criteria, you have until June 30, 2011, to close on your first home and qualify for the tax credit of up to $8,000.
Sin #7: Failing to track home-related expenses
If the IRS comes a-knockin’, don’t be scrambling to compile your records. Many people forget to track home office and home maintenance and repair expenses, says Meighan. File away documents as you go. For example, save each manufacturer’s certification statement for energy tax credits, insurance company statements for PMI, and lender or government statements to confirm property taxes paid.
Sin #8: Forgetting to keep track of capital gains
If you sold your main home last year, don’t forget to pay capital gains taxes on any profit. However, you can exclude $250,000 (or $500,000 if you’re a married couple) of any profits from taxes. So if you bought a home for $100,000 and sold it for $400,000, your capital gains are $300,000. If you’re single, you owe taxes on $50,000 of gains. However, there are minimum time limits for holding property to take advantage of the exclusions, and other details. Consult IRS Publication 523.
Sin #9: Filing incorrectly for energy tax credits
If you made any eligible improvement, fill out Form 5695. Part I, which covers the 30%/$1,500 credit for such items as insulation and windows, is fairly straightforward. But Part II, which covers the 30%/no-limit items such as geothermal heat pumps, can be incredibly complex and involves crosschecking with half a dozen other IRS forms. Read the instructions carefully.
Sin #10: Claiming too much for the mortgage interest tax deduction
You can deduct mortgage interest only up to $1 million of mortgage debt, says Meighan. If you have $1.2 million in mortgage debt, for example, deduct only the mortgage interest attributable to the first $1 million.
This article provides general information about tax laws and consequences, but is not intended to be relied upon by readers as tax or legal advice applicable to particular transactions or circumstances. Readers should consult a tax professional for such advice, and are reminded that tax laws may vary by jurisdiction.
If you would like to sell or buy a house in the Greater Houston area, or if you have any questions regarding Houston Real Estate please contact Irena Gorski 281-610-4524, http://IrenaGorski.com
Sunday, February 06, 2011
Put any video on any web site in minutes using Easy Web Video
Easy Web Video is a great tool, which allows to put any video on any Web site in minutes.
It can be downloaded for free to try out all that it can do, and it can do a lot:
- easily convert almost any video type
- add labels to the video
- add links to the video
- add several videos to a video playlist (multi-video player)
- choose from lots of unique player styles
- add an Aweber email form to the video
- add social media buttons by ticking a box (Facebook, Twitter, etc.)
And a lot more.
You can check it here
It's split into two panes, the left shows your "source" video and the right shows your "web" video.
Other tools use a wizard-like interface but this one shows you everything in a split screen, which I like to be able to compare my source with the web video.
When your web video looks the way you want it, just click "Publish".
That's it! No flash files to deal with, no FTP, nothing. Just click "Publish".
When you click "Publish" THEN you're prompted to signup for just $9.95/month for unlimited video hosting and playback from their dedicated servers.
Once it's published you get your own online Video Gallery where you can manage your videos online. Once it's published:
* your videos playback on iPods, iPhones, iPads
* you immediately get a "Public URL" for you to quickly share a link with anyone
* this "Public URL" is editable with a WYSIWYG editor for creating quick custom video pages
* you can enable comprehensive video analytics, to see how many people have played your
video, how long the videos played for, where they played from, and so on.
These video analytics allow you to determine how effective a video really is. Great info to have!
At the very least it's worth downloading and playing with it before you decide to sign up. See it here.
YouTube is great, sure, but there are many times where you don't want to promote their brand, or have a big square hyperlink (the YouTube video itself) on your site.
Try Easy Web Video. You will be glad you did. It is a great tool to promote any business online, but especially it is a great tool to promote real estate listings, real estate services and possibilities are unlimited.
If you would like to sell or buy a house in the Greater Houston area, or if you have any questions regarding Houston Real Estate please contact Irena Gorski 281-610-4524, http://IrenaGorski.com
Need a video to sell Houston real estate? Go to http://IAmOpenHouse.com
It can be downloaded for free to try out all that it can do, and it can do a lot:
- easily convert almost any video type
- add labels to the video
- add links to the video
- add several videos to a video playlist (multi-video player)
- choose from lots of unique player styles
- add an Aweber email form to the video
- add social media buttons by ticking a box (Facebook, Twitter, etc.)
And a lot more.
You can check it here
It's split into two panes, the left shows your "source" video and the right shows your "web" video.
Other tools use a wizard-like interface but this one shows you everything in a split screen, which I like to be able to compare my source with the web video.
When your web video looks the way you want it, just click "Publish".
That's it! No flash files to deal with, no FTP, nothing. Just click "Publish".
When you click "Publish" THEN you're prompted to signup for just $9.95/month for unlimited video hosting and playback from their dedicated servers.
Once it's published you get your own online Video Gallery where you can manage your videos online. Once it's published:
* your videos playback on iPods, iPhones, iPads
* you immediately get a "Public URL" for you to quickly share a link with anyone
* this "Public URL" is editable with a WYSIWYG editor for creating quick custom video pages
* you can enable comprehensive video analytics, to see how many people have played your
video, how long the videos played for, where they played from, and so on.
These video analytics allow you to determine how effective a video really is. Great info to have!
At the very least it's worth downloading and playing with it before you decide to sign up. See it here.
YouTube is great, sure, but there are many times where you don't want to promote their brand, or have a big square hyperlink (the YouTube video itself) on your site.
Try Easy Web Video. You will be glad you did. It is a great tool to promote any business online, but especially it is a great tool to promote real estate listings, real estate services and possibilities are unlimited.
If you would like to sell or buy a house in the Greater Houston area, or if you have any questions regarding Houston Real Estate please contact Irena Gorski 281-610-4524, http://IrenaGorski.com
Need a video to sell Houston real estate? Go to http://IAmOpenHouse.com
Monday, October 18, 2010
Foreclosures - what's next?
Per Steve Brown from www.dallasnews.com
Texas Attorney General Greg Abbott said Wednesday that he is joining with attorneys general and regulators from 49 other states to investigate improper home foreclosure procedures.
The action comes a week after Abbott sent letters to 30 of the state's top mortgage lenders asking them to halt all foreclosures and resales of foreclosed properties.
Abbott's office said that the multistate mortgage foreclosure group's "chief focus will be the accuracy and validity of documents that lenders and servicers used to support foreclosure proceedings."
"Specifically, the states will review whether individuals who confirmed facts supporting foreclosures – either in affidavits or other related documents – actually had personal knowledge of the facts to which they swore," the attorney general's office said in a statement.
Mortgage companies around the nation have come under fire for having officers or agents authorize home foreclosures without completely reviewing the documentation. "Robosigning" was used on thousands of electronic documents related to home foreclosures.
Several major lenders, including Bank of America , JPMorgan Chase and Ally Financial, have halted foreclosure activity while they sort out the situation.
But so far, the Texas attorney general's efforts – which are just a request and do not have the full effect of law – aren't having much of an impact on local home foreclosure filings.
"It looks like the postings might be off 10 to 12 percent at this point, but they are still coming in fast and furious," said George Roddy, president of Addison-based Foreclosure Listing Service Inc. "There are obviously some problems in the system.
"But good grief, with the number of foreclosures going on in this country, it's hard not to have problems," Roddy said.
Home foreclosures are at near record levels in North Texas and the U.S. this year. So far in 2010, more than 50,000 home foreclosure filings have been recorded in the Dallas-Fort Worth area.
In most cases, the local home foreclosures are due to economic issues – loss of jobs and income – and subprime mortgages, which can increase payments to borrowers over time.
"The people having problems today are not going to benefit that much from a foreclosure moratorium," Roddy said. "We hope this is short-lived, the lenders will find the mistakes, and we can move on with this."
In contrast to some states where judicial foreclosures are the norm, in Texas most borrowers will have to file suit against their lenders to legally dispute or overturn a foreclosure.
But the Texas attorney general's office said that both "judicial and nonjudicial foreclosures will be subject to the workgroup's review."
Real estate sales industry members in Texas and across the country are bemoaning the potential slowdown in sales of foreclosed homes, which now make up a big chunk of their business.
In the D-FW area, about a quarter of the homes sold this year have been distressed properties.
The National Association of Realtors warned this week that thousands of U.S. homebuyers in the process of acquiring a previously foreclosed properly now face uncertainty.
"As the leading advocate for homeownership issues, we understand that many lenders need a time-out to review their actions to ensure that homeowners are not improperly foreclosed on and that the lenders are following regulations and state laws," Realtor president Vicki Cox Golder said in a statement.
"After that, the foreclosure process must resume quickly to return stability to families, the housing market and the economy."
Housing analysts have warned that a prolonged delay in home foreclosures and resales of those properties will drag out the U.S. housing markets recovery.
"The lenders are going to have to work out some kind of settlement agreement on this," said James Gaines, an economist with the Real Estate Center at Texas A&M University. "We have enough troubles with the housing market.
"If you let this fester and the problem grow, you create a negative psychological impact to the market."
Gaines said Texas home sales, which have already suffered since federal tax credits expired this spring, could sink another 20 to 25 percent if foreclosure resales are halted.
"My expectation is there already will be some fallout."
The Texas Association of Realtors has warned its members that the investigation into lenders' practices could delay home sales and some properties already under contract.
Texas Attorney General Greg Abbott said Wednesday that he is joining with attorneys general and regulators from 49 other states to investigate improper home foreclosure procedures.
The action comes a week after Abbott sent letters to 30 of the state's top mortgage lenders asking them to halt all foreclosures and resales of foreclosed properties.
Abbott's office said that the multistate mortgage foreclosure group's "chief focus will be the accuracy and validity of documents that lenders and servicers used to support foreclosure proceedings."
"Specifically, the states will review whether individuals who confirmed facts supporting foreclosures – either in affidavits or other related documents – actually had personal knowledge of the facts to which they swore," the attorney general's office said in a statement.
Mortgage companies around the nation have come under fire for having officers or agents authorize home foreclosures without completely reviewing the documentation. "Robosigning" was used on thousands of electronic documents related to home foreclosures.
Several major lenders, including Bank of America , JPMorgan Chase and Ally Financial, have halted foreclosure activity while they sort out the situation.
But so far, the Texas attorney general's efforts – which are just a request and do not have the full effect of law – aren't having much of an impact on local home foreclosure filings.
"It looks like the postings might be off 10 to 12 percent at this point, but they are still coming in fast and furious," said George Roddy, president of Addison-based Foreclosure Listing Service Inc. "There are obviously some problems in the system.
"But good grief, with the number of foreclosures going on in this country, it's hard not to have problems," Roddy said.
Home foreclosures are at near record levels in North Texas and the U.S. this year. So far in 2010, more than 50,000 home foreclosure filings have been recorded in the Dallas-Fort Worth area.
In most cases, the local home foreclosures are due to economic issues – loss of jobs and income – and subprime mortgages, which can increase payments to borrowers over time.
"The people having problems today are not going to benefit that much from a foreclosure moratorium," Roddy said. "We hope this is short-lived, the lenders will find the mistakes, and we can move on with this."
In contrast to some states where judicial foreclosures are the norm, in Texas most borrowers will have to file suit against their lenders to legally dispute or overturn a foreclosure.
But the Texas attorney general's office said that both "judicial and nonjudicial foreclosures will be subject to the workgroup's review."
Real estate sales industry members in Texas and across the country are bemoaning the potential slowdown in sales of foreclosed homes, which now make up a big chunk of their business.
In the D-FW area, about a quarter of the homes sold this year have been distressed properties.
The National Association of Realtors warned this week that thousands of U.S. homebuyers in the process of acquiring a previously foreclosed properly now face uncertainty.
"As the leading advocate for homeownership issues, we understand that many lenders need a time-out to review their actions to ensure that homeowners are not improperly foreclosed on and that the lenders are following regulations and state laws," Realtor president Vicki Cox Golder said in a statement.
"After that, the foreclosure process must resume quickly to return stability to families, the housing market and the economy."
Housing analysts have warned that a prolonged delay in home foreclosures and resales of those properties will drag out the U.S. housing markets recovery.
"The lenders are going to have to work out some kind of settlement agreement on this," said James Gaines, an economist with the Real Estate Center at Texas A&M University. "We have enough troubles with the housing market.
"If you let this fester and the problem grow, you create a negative psychological impact to the market."
Gaines said Texas home sales, which have already suffered since federal tax credits expired this spring, could sink another 20 to 25 percent if foreclosure resales are halted.
"My expectation is there already will be some fallout."
The Texas Association of Realtors has warned its members that the investigation into lenders' practices could delay home sales and some properties already under contract.
Thursday, September 02, 2010
Monday, August 23, 2010
BP emergency funds for real estate professionals lost income along Gulf Coast
Breaking news ...
Per Texasrealestate.com
Kenneth Feinberg, administrator of the BP Gulf Coast Claims Fund, is providing an allocation from the fund for real estate brokers and agents in the region, including Texas. Along with other local businesses, Gulf Coast real estate activity has been affected since the Deepwater Horizon gusher.
These emergency funds are for real estate professionals' loss of income as a result of the oil spill. To qualify, applicants' lost business must be in close proximity to the coastline.
“The economic impacts of natural disasters like Hurricanes Rita and Ike, while certainly unwelcome, are relatively easy to determine. But the long-term impact of the BP oil spill to Texas has yet to be determined,” says Bill Jones, chairman of the Texas Association of REALTORS®. “We do know there are local real estate professionals who’ve experienced financial losses due to transactions that were terminated because of the oil spill. The decline in tourism and interest in real property sales and leases due to the oil spill has affected some of our real estate businesses in southeast Texas, and we’re grateful to Mr. Feinberg for all he’s doing to help.”
Each state association of REALTORS® of the affected Gulf Coast states will receive funds as determined by a standard, widely accepted, loss-estimation methodology. The states, which include Texas, Louisiana, Mississippi, Alabama, and Florida, have developed timely and objective processes for receiving and processing claims and determining loss payments. A major part of this work will be conducted by a third-party national claims adjustment firm, Indiana-based NCA.
“Texas REALTORS® build and, whenever necessary, re-build communities. This process will help us continue to do that along our economically battered Gulf Coast,” Jones says. “This historic agreement between the real estate industry and the BP Fund is a model for public/private partnerships. And it will help restore economic vitality to the region and ensure that a unique culture and way of life continues into the future.
Texas Real Estate Licensee Emergency Claim Form (Word document)
Per Texasrealestate.com
Kenneth Feinberg, administrator of the BP Gulf Coast Claims Fund, is providing an allocation from the fund for real estate brokers and agents in the region, including Texas. Along with other local businesses, Gulf Coast real estate activity has been affected since the Deepwater Horizon gusher.
These emergency funds are for real estate professionals' loss of income as a result of the oil spill. To qualify, applicants' lost business must be in close proximity to the coastline.
“The economic impacts of natural disasters like Hurricanes Rita and Ike, while certainly unwelcome, are relatively easy to determine. But the long-term impact of the BP oil spill to Texas has yet to be determined,” says Bill Jones, chairman of the Texas Association of REALTORS®. “We do know there are local real estate professionals who’ve experienced financial losses due to transactions that were terminated because of the oil spill. The decline in tourism and interest in real property sales and leases due to the oil spill has affected some of our real estate businesses in southeast Texas, and we’re grateful to Mr. Feinberg for all he’s doing to help.”
Each state association of REALTORS® of the affected Gulf Coast states will receive funds as determined by a standard, widely accepted, loss-estimation methodology. The states, which include Texas, Louisiana, Mississippi, Alabama, and Florida, have developed timely and objective processes for receiving and processing claims and determining loss payments. A major part of this work will be conducted by a third-party national claims adjustment firm, Indiana-based NCA.
“Texas REALTORS® build and, whenever necessary, re-build communities. This process will help us continue to do that along our economically battered Gulf Coast,” Jones says. “This historic agreement between the real estate industry and the BP Fund is a model for public/private partnerships. And it will help restore economic vitality to the region and ensure that a unique culture and way of life continues into the future.
Texas Real Estate Licensee Emergency Claim Form (Word document)
Saturday, May 29, 2010
NAR Representative Explains HAFA and Short Sales
In this video Jeff Lischer, communications Representative for National Association of Realtors Gives information on HAFA which took effect on April 5, 2005. Great 15 minutes Video, worth time spent watching it.
If you are in need for assistance, please contact Irena Gorski to discuss short sale of your Houston area house 281-610-4524, http://IrenaGorski.com. Irena Gorski has SFR (Short Sale and Foreclosure Resource) certification by National Association of Realtors.
If you are in need for assistance, please contact Irena Gorski to discuss short sale of your Houston area house 281-610-4524, http://IrenaGorski.com. Irena Gorski has SFR (Short Sale and Foreclosure Resource) certification by National Association of Realtors.
Thursday, April 22, 2010
10 important questions to ask lenders when buying a home
Once you've narrowed the lender field to a short list of finalists, it's time to compare their offers.
Here are the 10 key questions to ask at application time to help you find the best overall mortgage loan. If you have already selected a lender and are ready to apply, make sure you have the answers to these questions first.
1. What is the interest rate on this mortgage?
To determine exactly what you'll pay over the term of the loan, you need to know the rate. Rates change quickly, and if your credit is less than perfect, you may not be offered the lender's lowest figure.
To effectively compare different lenders' programs, ask for the annual percentage rate (APR) of the mortgage interest, which is generally higher than the initial quoted rate because it includes some fees. But beware: the APR found in advertisements can be misleading. Mortgage lenders don't always include all the fees they charge in the calculation that determines APR, so customers who use that figure to shop rather than an itemized breakdown of rates, points and fees may end up comparing apples to oranges.
2. How many discount and origination points will I pay?
Lenders may charge prepaid mortgage interest points to lower your interest rate or other points that have no benefit to you at all. Find out how many you'll be expected to pay and which kind of points they will be.
3. What are the closing costs?
Mortgages come with fees for various services provided by lenders and other parties involved in the transaction. You want to know what those fees will be as early as possible. Lenders are required to provide a written good-faith estimate of closing costs within three days of receiving a loan application.
4. When can I lock the interest rate, and what will it cost me to do so?
Your interest rate might fluctuate between the time you apply and closing. To prevent it from going up, you may want to lock the rate, and even points, for a specified period. Ask your lender if lock fees apply
5. Is there a prepayment penalty on this loan?
There may be a prepayment penalty on your loan. Some penalties are 1 percent of the loan amount, others are equal to six months' interest, some apply only when you refinance or reduce the principal balance by more than 20 percent, and some kick in if you sell your home. Find out the duration of any penalty period and how the penalty is calculated. Some lenders offer lower interest rates to buyers who accept prepayment penalties.
6. What is the minimum down payment required for this loan?
The rate and terms of your loan will be based on a down payment figure, typically 3 percent to 20 percent of the buy price. If you can put more money down, you may be able to lower your rate and improve your terms; if you come up short, you may be required to get mortgage insurance.
7. What are the qualifying guidelines for this loan?
These requirements relate to your income, employment, assets, liabilities and credit history. First-time homebuyer programs, VA loans and other government-sponsored mortgage programs typically offer easier qualifying guidelines than conventional loans.
8. What documents will I have to provide?
Most lenders will require proof of income and assets before approving your loan, and may require other documents as well. Buyers with excellent credit may qualify for a no-documentation or "no-doc" loan, but they can expect to pay a hefty down payment and higher interest rate.
9. How long will it take to process my loan application?
The answer will depend on a number of variables. When the loan business is brisk, underwriters get backed up, verification takes longer, appraisals move slower and other bottlenecks develop along the loan pipeline. Lenders may say two weeks, but 45 to 60 days is probably more realistic in most cases. You'll need their best guess to determine how long to lock in your loan.
10. What might delay approval of my loan?
If you provide the lender with complete, accurate information, the loan process should run smoothly. If the underwriter discovers credit problems, however, there could be delays. Make sure you notify your lender if you change jobs, increase or decrease your salary, incur additional debt or change marital status between the time you submit an application and the time the loan is funded.
Put these 10 questions to your leading candidates and compare their answers. The results should lead you toward the mortgage lender that is right for you.
The above information is per http://www.bankrate.com/finance/mortgages/10-questions-for-lenders-1.aspx
Here are the 10 key questions to ask at application time to help you find the best overall mortgage loan. If you have already selected a lender and are ready to apply, make sure you have the answers to these questions first.
1. What is the interest rate on this mortgage?
To determine exactly what you'll pay over the term of the loan, you need to know the rate. Rates change quickly, and if your credit is less than perfect, you may not be offered the lender's lowest figure.
To effectively compare different lenders' programs, ask for the annual percentage rate (APR) of the mortgage interest, which is generally higher than the initial quoted rate because it includes some fees. But beware: the APR found in advertisements can be misleading. Mortgage lenders don't always include all the fees they charge in the calculation that determines APR, so customers who use that figure to shop rather than an itemized breakdown of rates, points and fees may end up comparing apples to oranges.
2. How many discount and origination points will I pay?
Lenders may charge prepaid mortgage interest points to lower your interest rate or other points that have no benefit to you at all. Find out how many you'll be expected to pay and which kind of points they will be.
3. What are the closing costs?
Mortgages come with fees for various services provided by lenders and other parties involved in the transaction. You want to know what those fees will be as early as possible. Lenders are required to provide a written good-faith estimate of closing costs within three days of receiving a loan application.
4. When can I lock the interest rate, and what will it cost me to do so?
Your interest rate might fluctuate between the time you apply and closing. To prevent it from going up, you may want to lock the rate, and even points, for a specified period. Ask your lender if lock fees apply
5. Is there a prepayment penalty on this loan?
There may be a prepayment penalty on your loan. Some penalties are 1 percent of the loan amount, others are equal to six months' interest, some apply only when you refinance or reduce the principal balance by more than 20 percent, and some kick in if you sell your home. Find out the duration of any penalty period and how the penalty is calculated. Some lenders offer lower interest rates to buyers who accept prepayment penalties.
6. What is the minimum down payment required for this loan?
The rate and terms of your loan will be based on a down payment figure, typically 3 percent to 20 percent of the buy price. If you can put more money down, you may be able to lower your rate and improve your terms; if you come up short, you may be required to get mortgage insurance.
7. What are the qualifying guidelines for this loan?
These requirements relate to your income, employment, assets, liabilities and credit history. First-time homebuyer programs, VA loans and other government-sponsored mortgage programs typically offer easier qualifying guidelines than conventional loans.
8. What documents will I have to provide?
Most lenders will require proof of income and assets before approving your loan, and may require other documents as well. Buyers with excellent credit may qualify for a no-documentation or "no-doc" loan, but they can expect to pay a hefty down payment and higher interest rate.
9. How long will it take to process my loan application?
The answer will depend on a number of variables. When the loan business is brisk, underwriters get backed up, verification takes longer, appraisals move slower and other bottlenecks develop along the loan pipeline. Lenders may say two weeks, but 45 to 60 days is probably more realistic in most cases. You'll need their best guess to determine how long to lock in your loan.
10. What might delay approval of my loan?
If you provide the lender with complete, accurate information, the loan process should run smoothly. If the underwriter discovers credit problems, however, there could be delays. Make sure you notify your lender if you change jobs, increase or decrease your salary, incur additional debt or change marital status between the time you submit an application and the time the loan is funded.
Put these 10 questions to your leading candidates and compare their answers. The results should lead you toward the mortgage lender that is right for you.
The above information is per http://www.bankrate.com/finance/mortgages/10-questions-for-lenders-1.aspx
Sunday, April 04, 2010
Real Estate Brokerage Scams in Dallas/Fort Worth Area
The Texas Real Estate Commission Standards and Enforcement Services Division (TREC) has received complaints
against a group of individuals and companies that have been doing business in the Dallas/Fort Worth area. The
individuals and companies named in the complaints represent themselves as real estate agents and real estate brokerage
companies but do not hold Texas real estate licenses. Owners of real property, tenants, buyers, and investors claim to have
lost large sums of money related to the group’s real estate schemes. Among other things, the complainants allege that the
group takes and keeps deposits for properties over which they have no authority or no control. They allegedly do not pay
rent to property owners on property they claim to manage for those owners, or take large security deposits from tenants
and then keep the money. They take deposits or earnest money on properties that they claim are available for a short sale
but in reality are days away from foreclosure. Apparently, much of the solicitation of potential victims has been
conducted through www.craigslist.com.
Before a consumer gives personal information, money, or financial information to a person claiming to be a real estate
agent, they should verify the identity of the person and check whether that person actually holds a Texas real estate
license. License information can be obtained by doing a “licensee lookup” on TREC’s website, www.trec.state.tx.us, or
by calling TREC Monday through Friday between 7 a.m. and 6 p.m. at 1 (800) 250-TREC or (512) 465-3942. The public
should be aware that Texas laws provide that consumers who use licensed Texas agents have the financial protection of
the Real Estate Recovery Trust Account if they suffer actual damages caused by misconduct of a real estate licensee in a
real estate brokerage transaction and later obtain a civil court judgment against the licensee that cannot be collected from
the licensee. Consumers who use unlicensed individuals or companies to perform real estate brokerage activities are not
eligible to be reimbursed by that account.
Based on information filed with the complaints, the group allegedly hires unsuspecting people to perform real estate
brokerage services, such as showing real properties for sale or lease and writing contracts or leases, and misrepresents to
the “employees” that a real estate license is not required in order to perform those services. These employees are also
apparently solicited via craigslist. Unlicensed real estate activity can be subject to conviction for a Class A misdemeanor,
punishable by up to one year in jail and criminal and civil penalties.
If anyone has questions or information regarding this activity or about other activities that require a real estate license,
they should contact TREC at the number above. Also, additional information and a TREC complaint form can be
obtained from the website above.
The mission of TREC is to assist and protect consumers of real estate services and foster economic growth in Texas. Through
its programs of education, licensing and industry regulation, the Commission ensures the availability of capable and honest real estate service providers. More information at: www.trec.state.tx.us
against a group of individuals and companies that have been doing business in the Dallas/Fort Worth area. The
individuals and companies named in the complaints represent themselves as real estate agents and real estate brokerage
companies but do not hold Texas real estate licenses. Owners of real property, tenants, buyers, and investors claim to have
lost large sums of money related to the group’s real estate schemes. Among other things, the complainants allege that the
group takes and keeps deposits for properties over which they have no authority or no control. They allegedly do not pay
rent to property owners on property they claim to manage for those owners, or take large security deposits from tenants
and then keep the money. They take deposits or earnest money on properties that they claim are available for a short sale
but in reality are days away from foreclosure. Apparently, much of the solicitation of potential victims has been
conducted through www.craigslist.com.
Before a consumer gives personal information, money, or financial information to a person claiming to be a real estate
agent, they should verify the identity of the person and check whether that person actually holds a Texas real estate
license. License information can be obtained by doing a “licensee lookup” on TREC’s website, www.trec.state.tx.us, or
by calling TREC Monday through Friday between 7 a.m. and 6 p.m. at 1 (800) 250-TREC or (512) 465-3942. The public
should be aware that Texas laws provide that consumers who use licensed Texas agents have the financial protection of
the Real Estate Recovery Trust Account if they suffer actual damages caused by misconduct of a real estate licensee in a
real estate brokerage transaction and later obtain a civil court judgment against the licensee that cannot be collected from
the licensee. Consumers who use unlicensed individuals or companies to perform real estate brokerage activities are not
eligible to be reimbursed by that account.
Based on information filed with the complaints, the group allegedly hires unsuspecting people to perform real estate
brokerage services, such as showing real properties for sale or lease and writing contracts or leases, and misrepresents to
the “employees” that a real estate license is not required in order to perform those services. These employees are also
apparently solicited via craigslist. Unlicensed real estate activity can be subject to conviction for a Class A misdemeanor,
punishable by up to one year in jail and criminal and civil penalties.
If anyone has questions or information regarding this activity or about other activities that require a real estate license,
they should contact TREC at the number above. Also, additional information and a TREC complaint form can be
obtained from the website above.
The mission of TREC is to assist and protect consumers of real estate services and foster economic growth in Texas. Through
its programs of education, licensing and industry regulation, the Commission ensures the availability of capable and honest real estate service providers. More information at: www.trec.state.tx.us
Sunday, March 07, 2010
Tips for the homebuyer tax credit
The new-and-improved federal homebuyer tax credit can benefit not only first-time homebuyers but also homeowners who want to sell their current home and buy a new one.
The credit is reasonably straightforward, but there are some tips for those who want to take advantage of it. Here's what you should know:
1. Deadline: April 30, 2010
The most important tip is to be aware of the deadline. Buyers who want to use the tax credit must have their new home under contract (i.e., in escrow) by April 30, 2010, and must close the transaction within 60 days after that date.
That deadline is much sooner than it may seem: Many buyers take months to locate a house, and closing a transaction typically takes 45 to 60 days.
The short deadline may create even more of a crunch for homeowners who need to sell their current home and purchase a new one, Pettijohn says. Sellers need to be realistic about the value of their current home and put their home on the market as soon as possible, so they'll feel confident about buying their next home.
Buyers who get behind the curveball shouldn't count on another extension to keep them in the game since Sen. Johnny Isakson, R-Ga., a former Realtor and the principal supporter of the legislation that extended and expanded the credit, has said in a statement that the tax credit won't be extended again.
2. Credit up to $8,000 or $6,500
Buyers also need to understand that the tax credit is equal to 10 percent of the sale price of the home, which could be less than the maximum of up to $8,000 for first-time buyers and up to $6,500 for repeat homeowners.
For example, if a first-time buyer purchased a small condominum that cost just $70,000, the tax credit would be $7,000. And by the way, if the home costs more than $800,000, the credit now drops to zero.
3. Get good advice
Homebuyers who want to take advantage of the tax credit should consult the right people for help, including:
A tax preparer, who can help them ensure they meet all the requirements to use the credit.
A mortgage lender, who can help them choose a loan program that will fit their needs.
A Realtor, who can help them locate a home they can afford and want to purchase.
Buyers should be aware that not all loans allow the borrower to finance closing costs or accept a contribution from the seller toward those costs, Bernard says. Many loan programs do allow those options, but that "certainly is not a blanket opportunity," she says. Buyers whose savings won't stretch to cover all the out-of-pocket costs to buy a home should discuss that constraint with their loan officer or mortgage broker.
4. Beware of tax fraud
According to Patti Ketcham, broker and owner of Ketcham Realty Group in Tallahassee, Fla., homebuyers should educate themselves about the tax credit and learn the lingo.
"It is critical that buyers educate themselves and that they not fall for the slick smoke and mirrors," she says. "Anytime you have found money, it brings out all the rats."
Three Web sites that may be helpful are:
National Association of Realtors
National Association of Home Builders
IRS
Buyers and sellers should be wary of any advice that sounds suspicious or overly complicated, Ketcham says. For instance, buyers who are told to conceal any information from their lender should "get away" from whoever offered that advice, she says.
One final tip: The IRS has found such a high incidence of fraud and creative tax accounting associated with the homebuyer tax credit that taxpayers who take the credit will now be required to attach a copy of the settlement statement to their federal tax return as proof of purchase. Buyers should keep their paperwork handy.
From www.bankrate.com
Irena Gorski specializes in selling real estate in West Houston,Sugar Land, Katy, Missouri City, Richmond
Follow Irena on Twitter: http://twitter.com/IrenaGorski
The credit is reasonably straightforward, but there are some tips for those who want to take advantage of it. Here's what you should know:
1. Deadline: April 30, 2010
The most important tip is to be aware of the deadline. Buyers who want to use the tax credit must have their new home under contract (i.e., in escrow) by April 30, 2010, and must close the transaction within 60 days after that date.
That deadline is much sooner than it may seem: Many buyers take months to locate a house, and closing a transaction typically takes 45 to 60 days.
The short deadline may create even more of a crunch for homeowners who need to sell their current home and purchase a new one, Pettijohn says. Sellers need to be realistic about the value of their current home and put their home on the market as soon as possible, so they'll feel confident about buying their next home.
Buyers who get behind the curveball shouldn't count on another extension to keep them in the game since Sen. Johnny Isakson, R-Ga., a former Realtor and the principal supporter of the legislation that extended and expanded the credit, has said in a statement that the tax credit won't be extended again.
2. Credit up to $8,000 or $6,500
Buyers also need to understand that the tax credit is equal to 10 percent of the sale price of the home, which could be less than the maximum of up to $8,000 for first-time buyers and up to $6,500 for repeat homeowners.
For example, if a first-time buyer purchased a small condominum that cost just $70,000, the tax credit would be $7,000. And by the way, if the home costs more than $800,000, the credit now drops to zero.
3. Get good advice
Homebuyers who want to take advantage of the tax credit should consult the right people for help, including:
A tax preparer, who can help them ensure they meet all the requirements to use the credit.
A mortgage lender, who can help them choose a loan program that will fit their needs.
A Realtor, who can help them locate a home they can afford and want to purchase.
Buyers should be aware that not all loans allow the borrower to finance closing costs or accept a contribution from the seller toward those costs, Bernard says. Many loan programs do allow those options, but that "certainly is not a blanket opportunity," she says. Buyers whose savings won't stretch to cover all the out-of-pocket costs to buy a home should discuss that constraint with their loan officer or mortgage broker.
4. Beware of tax fraud
According to Patti Ketcham, broker and owner of Ketcham Realty Group in Tallahassee, Fla., homebuyers should educate themselves about the tax credit and learn the lingo.
"It is critical that buyers educate themselves and that they not fall for the slick smoke and mirrors," she says. "Anytime you have found money, it brings out all the rats."
Three Web sites that may be helpful are:
National Association of Realtors
National Association of Home Builders
IRS
Buyers and sellers should be wary of any advice that sounds suspicious or overly complicated, Ketcham says. For instance, buyers who are told to conceal any information from their lender should "get away" from whoever offered that advice, she says.
One final tip: The IRS has found such a high incidence of fraud and creative tax accounting associated with the homebuyer tax credit that taxpayers who take the credit will now be required to attach a copy of the settlement statement to their federal tax return as proof of purchase. Buyers should keep their paperwork handy.
From www.bankrate.com
Irena Gorski specializes in selling real estate in West Houston,Sugar Land, Katy, Missouri City, Richmond
Follow Irena on Twitter: http://twitter.com/IrenaGorski
Sunday, February 14, 2010
New Improved Homebuyer Tax Credit
How to Get the First-Time Home Buyer Tax Credit
You've decided to purchase a home and take advantage of the Home Buyer Tax Credit. Here's what you have to do to get your benefit:
•Close on your home purchase by July 1, 2010
•Ensure that you are a qualified first-time buyer under IRS guidelines
•To prevent fraud, you are required to provide documentation proving that you purchased a home
•Be at least 18 yeas old to claim the credit
•Fill out Form 5405 to determine the amount of your available credit
If you would like to purchase a house in Greater Houston Area and take advantage
of Home Buyer Tax Credit please contact Houston Realtor® Irena Gorski 281-610-4524, http:IrenaGorski.com
Thursday, December 10, 2009
Wednesday, December 02, 2009
10 Common Selling Mistakes while selling your house
Mistake #1 -- Placing the Wrong Price on Your Property
Every seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price.
Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value
Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.
Mistake #3 -- Failing to "Showcase"
In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable. A poorly kept home in need of repairs will surely lower the selling price of your property and will even turn away some buyers.
Mistake #4 - Trying to "Hard Sell" While Showing
Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. Don't try haggling or forcefully selling. Instead, be friendly and hospitable. A good idea would be to point out any subtle amenities and be receptive to questions.
Mistake #5 - Trying to Sell to Lookers
A prospective buyer who shows interest because of a "for sale" sign he saw may not really be interested in your property. Often buyers who do not come through a realtor are a good 6-9 months away from buying, and they are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate.
Your realtor should be able to distinguish realistic potential buyers from mere lookers. Realtors should usually find out a prospective buyer's savings, credit rating, and purchasing power in general. If your realtor fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing towards the wrong people. If you have to do this work yourself, consider finding a new realtor.
Mistake #6 -- Being Ignorant of Your Rights & Responsibilities
It is extremely important that you are well-informed of the details in your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what your are responsible for before signing the contract. Can the property be sold "as is"? How will deed restrictions and local zoning laws affect your transaction? Not knowing the answers to these kind of questions could end up costing you a considerable amount of money.
Mistake #7 - Signing a Contract with No Escape
Hopefully you will have taken the time to choose the best realtor for you. But sometimes, as we all know, circumstances change. Perhaps you misjudged your realtor, or perhaps the realtor has other priorities on his or her mind. In any case, you should have the right to fire your agent. Also, you should have the right to select another agent of your choosing. Many real estate companies will simply replace an agent with another one, without consulting you. Be sure to have control over your situation before signing a real estate contract.
Mistake #8 - Improperly Filling out Sellers Disclosure Forms
Not properly disclosing all known material facts about the house in the Sellers Disclosure,
leads to significant delays in the sale process and to risk of lawsuits in the future, even
after the closing.
Mistake #9 - Limiting the Marketing and Advertising of the Property
There are two obvious marketing tools that nearly every agent uses: open houses and classified ads. Unfortunately, these two tools are rather ineffective. Less than 1% of homes are sold at open houses, and less than 3% are sold because of classified ads. In fact, realtors often use open houses to attract future prospects, not to sell the house.
Your realtor should employ a wide variety of marketing techniques. He should be able to tell you, how he is promoting and marketing himself and his business, and how he is going to MARKET YOUR HOUSE. Ask him to show you samples of his, and his company, marketing tools / copies of website pages, brochures, mail outs, information about mass media advertising, number and quality of pictures he is placing on MLS etc./ Chances are, the way real estate agent is marketing himself and other houses, is the very same way he will market your house. Keep in mind, the bigger variety and the better quality of marketing tools and techniques, the bigger are chances to have your house SOLD. This is essential in the process of selling your house in today‘s very COMPETITIVE real estate market.
Mistake #10 - Choosing the Wrong Realtor®
Selling your home could be the most important financial transaction in your lifetime. As a result, it is extremely important that you select the realtor, that is best for you. Sellers often are trying to save the
money, and are choosing the agent, who is willing to accept lower commission. Lower commission usually means much less, or no money for marketing your house. It also leads to the following question: will the realtor, who is not able to negotiate his own commission, be able to negotiate the best price for your house? Overpriced at the beginning, without right marketing tools and techniques, houses are sitting on the market for extremely long time. That means in fact, that instead of saving money with agreement for lower commission, sellers are loosing incomparably bigger amounts of money. When house is on the market for extended period of time, they have to do monthly mortgage payments, taxes, property insurance etc., and when it is finally sold, usually for less than original listing price, sellers are never able to recover the money they lost in this process.
Take your time when selecting a real estate agent. Interview several agents; ask them key questions. If you want to make your selling experience the best it can be, it is crucial that you select the best agent for you.
Every seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price.
Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value
Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.
Mistake #3 -- Failing to "Showcase"
In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable. A poorly kept home in need of repairs will surely lower the selling price of your property and will even turn away some buyers.
Mistake #4 - Trying to "Hard Sell" While Showing
Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. Don't try haggling or forcefully selling. Instead, be friendly and hospitable. A good idea would be to point out any subtle amenities and be receptive to questions.
Mistake #5 - Trying to Sell to Lookers
A prospective buyer who shows interest because of a "for sale" sign he saw may not really be interested in your property. Often buyers who do not come through a realtor are a good 6-9 months away from buying, and they are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate.
Your realtor should be able to distinguish realistic potential buyers from mere lookers. Realtors should usually find out a prospective buyer's savings, credit rating, and purchasing power in general. If your realtor fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing towards the wrong people. If you have to do this work yourself, consider finding a new realtor.
Mistake #6 -- Being Ignorant of Your Rights & Responsibilities
It is extremely important that you are well-informed of the details in your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what your are responsible for before signing the contract. Can the property be sold "as is"? How will deed restrictions and local zoning laws affect your transaction? Not knowing the answers to these kind of questions could end up costing you a considerable amount of money.
Mistake #7 - Signing a Contract with No Escape
Hopefully you will have taken the time to choose the best realtor for you. But sometimes, as we all know, circumstances change. Perhaps you misjudged your realtor, or perhaps the realtor has other priorities on his or her mind. In any case, you should have the right to fire your agent. Also, you should have the right to select another agent of your choosing. Many real estate companies will simply replace an agent with another one, without consulting you. Be sure to have control over your situation before signing a real estate contract.
Mistake #8 - Improperly Filling out Sellers Disclosure Forms
Not properly disclosing all known material facts about the house in the Sellers Disclosure,
leads to significant delays in the sale process and to risk of lawsuits in the future, even
after the closing.
Mistake #9 - Limiting the Marketing and Advertising of the Property
There are two obvious marketing tools that nearly every agent uses: open houses and classified ads. Unfortunately, these two tools are rather ineffective. Less than 1% of homes are sold at open houses, and less than 3% are sold because of classified ads. In fact, realtors often use open houses to attract future prospects, not to sell the house.
Your realtor should employ a wide variety of marketing techniques. He should be able to tell you, how he is promoting and marketing himself and his business, and how he is going to MARKET YOUR HOUSE. Ask him to show you samples of his, and his company, marketing tools / copies of website pages, brochures, mail outs, information about mass media advertising, number and quality of pictures he is placing on MLS etc./ Chances are, the way real estate agent is marketing himself and other houses, is the very same way he will market your house. Keep in mind, the bigger variety and the better quality of marketing tools and techniques, the bigger are chances to have your house SOLD. This is essential in the process of selling your house in today‘s very COMPETITIVE real estate market.
Mistake #10 - Choosing the Wrong Realtor®
Selling your home could be the most important financial transaction in your lifetime. As a result, it is extremely important that you select the realtor, that is best for you. Sellers often are trying to save the
money, and are choosing the agent, who is willing to accept lower commission. Lower commission usually means much less, or no money for marketing your house. It also leads to the following question: will the realtor, who is not able to negotiate his own commission, be able to negotiate the best price for your house? Overpriced at the beginning, without right marketing tools and techniques, houses are sitting on the market for extremely long time. That means in fact, that instead of saving money with agreement for lower commission, sellers are loosing incomparably bigger amounts of money. When house is on the market for extended period of time, they have to do monthly mortgage payments, taxes, property insurance etc., and when it is finally sold, usually for less than original listing price, sellers are never able to recover the money they lost in this process.
Take your time when selecting a real estate agent. Interview several agents; ask them key questions. If you want to make your selling experience the best it can be, it is crucial that you select the best agent for you.
Thursday, November 26, 2009
Friday, November 13, 2009
Fraudulent 'Mortgage Rescue' Firm in Texas Faces Penalties
They posed as mortgage brokers, claiming they could help distressed homeowners who were behind on their mortgage payments. These scam artists collected fees but never followed through with their promises, and Texas Attorney General Greg Abbott is now taking legal action against them.
For these “services” victims were required to pay at least $1,000 in advance fees and were told to have no contact with their original mortgage servicers. They were also told to refrain from making future payments to their current mortgage servicer.
After collecting fees, the Baileys neglected to provide measurable foreclosure relief. No negotiations were made with homeowners original mortgage servicers, causing many to lose their homes to foreclosure action. In late October, the Baileys received a cease-and-desist order from the Department of Savings and Mortgage Lending, but the men continued to unlawfully operate their businesses.
Judge James M. Staton, from the 134th District of Dallas County, granted an agreed temporary injunction barring the Baileys from operating their businesses and required the defendants to reimburse all fees to the victims of their fraud or place these monies in a trust pending final judgment.
In addition to this restitution, the attorney general is seeking civil penalties of up to $20,000 per violation of the Texas Deceptive Trade Practices Act and is requiring the payment of all attorneys’ fees.
The defendants also allegedly violated other provisions of the Texas Business and Commerce Code by failing to provide homeowners with a required option to cancel the in-residence solicitation and violated the Texas Finance Code by failing to obtain a license.
From www.dsnews.com by Brittany Dunn
Call Irena Gorski for your Houston real estate needs 281-610-4524
You can search Over 40,000 Houston Real Estate Listings for Sale right now
For these “services” victims were required to pay at least $1,000 in advance fees and were told to have no contact with their original mortgage servicers. They were also told to refrain from making future payments to their current mortgage servicer.
After collecting fees, the Baileys neglected to provide measurable foreclosure relief. No negotiations were made with homeowners original mortgage servicers, causing many to lose their homes to foreclosure action. In late October, the Baileys received a cease-and-desist order from the Department of Savings and Mortgage Lending, but the men continued to unlawfully operate their businesses.
Judge James M. Staton, from the 134th District of Dallas County, granted an agreed temporary injunction barring the Baileys from operating their businesses and required the defendants to reimburse all fees to the victims of their fraud or place these monies in a trust pending final judgment.
In addition to this restitution, the attorney general is seeking civil penalties of up to $20,000 per violation of the Texas Deceptive Trade Practices Act and is requiring the payment of all attorneys’ fees.
The defendants also allegedly violated other provisions of the Texas Business and Commerce Code by failing to provide homeowners with a required option to cancel the in-residence solicitation and violated the Texas Finance Code by failing to obtain a license.
From www.dsnews.com by Brittany Dunn
Call Irena Gorski for your Houston real estate needs 281-610-4524
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Wednesday, November 11, 2009
You may qualify for $8,000 First-time Home Buyer Tax Credit
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.
•The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
•The tax credit does not have to be repaid.
•The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
•The tax credit applies only to homes priced at $800,000 or less.
•The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
•For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
•For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.
1.Who is eligible to claim the $8,000 tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and on or before April 30, 2010. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner. A limited exception exists for certain contract for deed purchases and installment sale purchases. See the IRS website for more detail.
However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010.
Persons who are claimed as dependents by other taxpayers or who are under age 18 are not qualified for the tax credit program.
2.What is the definition of a first-time home buyer?
The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, IRS Notice 2009-12 allows unmarried joint purchasers to allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
3.How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
4.Are there any income limits for claiming the tax credit?
Yes. For sales occuring after November 6, 2009, the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
5.The income limits for claiming the tax credit were raised when the tax credit was extended. Are the higher limits retroactive?
No. The new income limits are only applicable to purchases occurring after November 6, 2009.
The income limits for sales occuring on or after January 1, 2009 and on or before November 6, 2009 are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
6.What is “modified adjusted gross income”?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine “adjusted gross income” or AGI. AGI is total income for a year minus certain deductions (known as “adjustments” or “above-the-line deductions”), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.
To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.
7.If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.
8.Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $235,000. The applicable phaseout to qualify for the tax credit is $225,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.
Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $138,000. The buyer’s income exceeds $125,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.
Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.
9.How is this home buyer tax credit different from the tax credit that Congress enacted in early 2009?
The tax credit’s income limits were increased, the documentation requirements were tightened, and the program's deadlines were extended.
10.How do I claim the tax credit? Do I need to complete a form or application? Are there documentation requirements?
You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). No other applications are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase. Home buyers must attach a copy of their HUD-1 settlement form (closing statement) to Form 5405 as proof of the completed home purchase.
11.What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
It is important to note that you cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse’s family members. Please consult with your tax advisor for more information. Also see IRS Form 5405.
12.I read that the tax credit is “refundable.” What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).
13.Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April, 30, 2010).
In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.
14.Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
Yes. The tax credit can be combined with an MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.
15.I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
No. You can claim only one.
16.I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of “nonresident alien” in IRS Publication 519.
17.Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.
A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.
18.I bought a home in 2008. Do I qualify for this credit?
No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit. Please consult with your tax advisor for more information.
19.Is there a way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 or 2010 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.
Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.
In addition, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. As a result, some state housing finance agencies have introduced programs that provide short-term second mortgage loans that may be used to fund a downpayment. Prospective home buyers should check with their state housing finance agency to see if such a program is available in their community. To date, 18 state agencies have announced tax credit assistance programs, and more are expected to follow suit. The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here.
20.HUD is now allowing "monetization" of the tax credit. What does that mean?
It means that HUD allows buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 or 2010 income taxes to receive a refund. These funds may be used for certain downpayment and closing cost expenses.
Under HUD’s guidelines, non-profits and FHA-approved lenders are allowed to give home buyers short-term loans of up to $8,000. The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.
Housing finance agencies and other government entities may also issue tax credit loans, which home buyers may use to satisfy the FHA 3.5 percent downpayment requirement. In addition, approved FHA lenders can purchase a home buyer’s anticipated tax credit to pay closing costs and downpayment costs above the 3.5 percent downpayment that is required for FHA-insured homes.
More information about the guidelines is available on the NAHB web site. Read the HUD mortgagee letter (pdf) and an explanation of the FHA Mortgagee Letter on Tax Credit Monetization (pdf). An FAQ about monetization (pdf) is available at the NAHB web site.
21.If I’m qualified for the tax credit and buy a home in 2009 (or 2010), can I apply the tax credit against my 2008 (or 2009) tax return?
Yes. The law allows taxpayers to choose (“elect”) to treat qualified home purchases in 2009 (or 2010) as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the previous year’s income limit (MAGI) applies and the election accelerates when the credit can be claimed. A benefit of this election is that a home buyer in 2009 or 2010 will know their prior year MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.
Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this.
22.For a home purchase in 2009 or 2010, can I choose whether to treat the purchase as occurring in the prior or present year, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in the present year and a larger credit would be available using the prior year MAGI amounts, then you can choose the year that yields the largest credit amount.
Based on http://www.federalhousingtaxcredit.com
You can search Over 40,000 Houston Real Estate Listings for Sale right now
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.
•The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
•The tax credit does not have to be repaid.
•The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
•The tax credit applies only to homes priced at $800,000 or less.
•The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
•For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
•For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.
1.Who is eligible to claim the $8,000 tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and on or before April 30, 2010. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner. A limited exception exists for certain contract for deed purchases and installment sale purchases. See the IRS website for more detail.
However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010.
Persons who are claimed as dependents by other taxpayers or who are under age 18 are not qualified for the tax credit program.
2.What is the definition of a first-time home buyer?
The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, IRS Notice 2009-12 allows unmarried joint purchasers to allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
3.How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
4.Are there any income limits for claiming the tax credit?
Yes. For sales occuring after November 6, 2009, the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
5.The income limits for claiming the tax credit were raised when the tax credit was extended. Are the higher limits retroactive?
No. The new income limits are only applicable to purchases occurring after November 6, 2009.
The income limits for sales occuring on or after January 1, 2009 and on or before November 6, 2009 are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
6.What is “modified adjusted gross income”?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine “adjusted gross income” or AGI. AGI is total income for a year minus certain deductions (known as “adjustments” or “above-the-line deductions”), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.
To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.
7.If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.
8.Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $235,000. The applicable phaseout to qualify for the tax credit is $225,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.
Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $138,000. The buyer’s income exceeds $125,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.
Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.
9.How is this home buyer tax credit different from the tax credit that Congress enacted in early 2009?
The tax credit’s income limits were increased, the documentation requirements were tightened, and the program's deadlines were extended.
10.How do I claim the tax credit? Do I need to complete a form or application? Are there documentation requirements?
You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). No other applications are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase. Home buyers must attach a copy of their HUD-1 settlement form (closing statement) to Form 5405 as proof of the completed home purchase.
11.What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
It is important to note that you cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse’s family members. Please consult with your tax advisor for more information. Also see IRS Form 5405.
12.I read that the tax credit is “refundable.” What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).
13.Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April, 30, 2010).
In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.
14.Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
Yes. The tax credit can be combined with an MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.
15.I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
No. You can claim only one.
16.I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of “nonresident alien” in IRS Publication 519.
17.Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.
A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.
18.I bought a home in 2008. Do I qualify for this credit?
No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit. Please consult with your tax advisor for more information.
19.Is there a way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 or 2010 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.
Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.
In addition, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. As a result, some state housing finance agencies have introduced programs that provide short-term second mortgage loans that may be used to fund a downpayment. Prospective home buyers should check with their state housing finance agency to see if such a program is available in their community. To date, 18 state agencies have announced tax credit assistance programs, and more are expected to follow suit. The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here.
20.HUD is now allowing "monetization" of the tax credit. What does that mean?
It means that HUD allows buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 or 2010 income taxes to receive a refund. These funds may be used for certain downpayment and closing cost expenses.
Under HUD’s guidelines, non-profits and FHA-approved lenders are allowed to give home buyers short-term loans of up to $8,000. The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.
Housing finance agencies and other government entities may also issue tax credit loans, which home buyers may use to satisfy the FHA 3.5 percent downpayment requirement. In addition, approved FHA lenders can purchase a home buyer’s anticipated tax credit to pay closing costs and downpayment costs above the 3.5 percent downpayment that is required for FHA-insured homes.
More information about the guidelines is available on the NAHB web site. Read the HUD mortgagee letter (pdf) and an explanation of the FHA Mortgagee Letter on Tax Credit Monetization (pdf). An FAQ about monetization (pdf) is available at the NAHB web site.
21.If I’m qualified for the tax credit and buy a home in 2009 (or 2010), can I apply the tax credit against my 2008 (or 2009) tax return?
Yes. The law allows taxpayers to choose (“elect”) to treat qualified home purchases in 2009 (or 2010) as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the previous year’s income limit (MAGI) applies and the election accelerates when the credit can be claimed. A benefit of this election is that a home buyer in 2009 or 2010 will know their prior year MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.
Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this.
22.For a home purchase in 2009 or 2010, can I choose whether to treat the purchase as occurring in the prior or present year, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in the present year and a larger credit would be available using the prior year MAGI amounts, then you can choose the year that yields the largest credit amount.
Based on http://www.federalhousingtaxcredit.com
You can search Over 40,000 Houston Real Estate Listings for Sale right now
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