The NEW Tax Incentive

Here's the news we've all been waiting for. The IRS has released the new tax incentive information for buying a home. I have listed the rules below. In short, a first-time homebuyers can still get up to $8,000 if they have an offer on a home by April 30, 2010 and close by June 30, 2010 and "existing" homeowners will get up to $6,500 if they buy a home by the same dates. "This is probably the last extension" according to Johnny Isakson, R-Ga.

Here are the rules from the IRS: Call me if you have any questions about it (801) 815-5511

Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.
People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009

The new Worker, Homeownership and Business Assistance Act of 2009 has extended the deadline. Now, taxpayers who have a binding contract to purchase a home before May 1, 2010, are eligible for the credit. Buyers must close on the home before July 1, 2010. [Added Nov. 12, 2009]

For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase.

First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. http://www.irs.gov/newsroom/article/0,,id=205416,00.html

To List or Not to List...Your Home

This can be the most irritating part for a homeowner. Should I use a Realtor or not? If you ask a Realtor then the answer is always "Yes".The general public isn't aware of all the ways to list a home. There are Listings, Pocket listings, Open listings, Assisted listings, For Sale By Owner (or FSBO), etc.The #1 rule in real estate is: "EVERYTHING is negotiable"Paying 6% for someone to simply put your home on the Realtors MLS may seem like a rip-off, especially if the home sells within the first couple of weeks and the Realtor told you that it would take a lot of advertising, etc. Don't get me wrong. If you list your home and it doesn't sell then the Brokerage is out the money they did spend to list and advertise your home. This happens a lot. Some brokerages will list your home for 3%, or a set fee, but then charge you for their assistance and advertising costs. If the home sells then you can recoupe your money but if it doesn't sell then you lost your money.I am putting together a program where the seller is more in control and the costs are about half of the normal fee's. I am looking for feedback and suggestions from viewers of this blog to improve the way homes are listed and sold where everyone can be happy with the outcome.At the very least I would suggest listing your home as an Open Listing. This means that the seller is willing to pay ANY Realtor who sells their home a certain percentage. This percentage is about half of the normal 6% fee. If you are the procuring cause of the sale then the percentage you pay is 0%. But if another Realtor procures the buyer then the you would pay no more than 3%.Contact me to learn more about different sales options or to sell your home in today's harsh market with some stronger advertising power behind you.

Utah's $4,000 Home Run Grant

It's Back like a bad relative. The Utah Housing has set forth another 1,950 grants to home buyers. It will end on November 30, 2009 so you need to act fast in order to get it.

It was $6,000 but now it is $4,000. It's a second chance.

Here are the rules:

You must buy a home that's never been lived in before. This can be new construction, Partially finished with plans to finish the home, newly built, never-occupied, copleted residence.

Single income of less than $75,000
Married income of less than $150,000

Program grants end on November 30, 2009 but the commitment for a home being constructed expires on June 30, 2010.

Here is a link you can go to for more questions and answers
http://b2b.utahhousingcorp.org/PDF/HR2faq.pdf

Or you can call me for other questions you may have. Don't forget to also look at the "Unclaimed Property" link to the right for other hidden money that you or your friends may have.

Moving On

Well, I'm thinking that the "Unclaimed Property" post is sitting here for too long. If you are interested to know more about claiming your "Unclaimed Property" then click on the "Unclaimed Property" link to the right. Good Luck!

I'm putting together a new way for people to list their homes. Hopefully it will be a way that people can list for half the price of a normal listing through a Realtor. To get the same great service of a good Realtor but only pay half the costs would be the ticket for many sellers.

I'm looking for suggestions from people who read this post. Don't get me wrong, if someone wants to list their home with all the trimmings and advertising power of a Brokerage then I'm first in line to do it for them. I'm only trying to think of ways to list homes in a fallen market in such a way that it helps out the seller as much as possible.

Your suggestions and ideas are welcome. If you're thinking of listing your home then let's talk and see what we can do to get you the best advertising at the lowest cost. Professional photo's and video's along with Internet sites are available.

Thanks,

UNCLAIMED PROPERTY

This is a FREE service that I am providing for anyone who visits. I want people to know who I am and the kind of service I provide for my clients. I Love Buyer's and I Love Referals. Please pass my site onto your friends. Call me if you have any questions (801) 815-5511.

One day I was researching things, like I normally do, and I found I had money that was owed to me from several years ago I didn't know I had. I was able to claim $858.00. I found out that there are several people who are owed money and don't even know it, so I have dedicated this post to the information of others.

Here is a link that will take you directly to the State of Utah's site where you can do the rest from there. Just 'click' here on "Unclaimed Property" Call me if you have any trouble with this.

How does this money get there? Well, I found out that it can be from an overpaid ticket, closed bank account, overdue escrow, etc. Literally, it can be from anywhere. You may have moved and the company or person who owes you the money will just surrender it to the state. The state keeps the money in an account until it is claimed. The state will run an ad in the local paper but I believe they only run it ONCE.

Good Luck! I hope you find thousands owed to you. I believe that most accounts are relatively small but mine wasn't and it was a pleasant surprise.

If you find money then send me a comment or email telling me of your fortune. It would be fun to share your experience!

FREE MONEY

It's official. First time home buyers get a tax "Gift" of $8,000. All you have to do is buy a home.

The old rule was from April 2008 to June 30, 2009 and it was a loan for $7,500 that was called a "tax credit" and you had to pay it back over time without interest. Now the rule is that you get $8,000 if you close on a home anytime between January 2009 to December 01, 2009 and the best part is... YOU DON'T HAVE TO PAY IT BACK.

The new tax credit (Gift) is free money on your tax return that you do NOT have to pay back. So drop what you're doing and let's get looking for your new home. Call me at 801 815-5511 with any questions.

"A first time home buyer is someone who hasn't owned a home for three years or more."

DEALS & BARGAINS

(Contact me for a list of Short Sales in your area. 801-815-5511 or email me at toddw@pureutah.com or visit my website at http://www.cavehunter.net/ )

How do you know if you're getting a good deal when you buy a home? Well, here are a few tips.

First off you can buy a foreclosed home or a short sale home. Either one will nearly guarantee that you got a bargain. But there are a few things to look out for.

The foreclosed home will probably have some hidden damage that the bank doesn't know about. Simply because when the people moved out they may have done some damage as a payback tot he bank. When you buy a home that has been foreclosed then you won't get any "sellers disclosures" and therefore you will have little to no history on the home.

The short sale home can be the best way to go but check to see if the price was set by the homeowner or if it was set by the bank. The bank price will likely be lower. If you make an offer on a short sale home where the price was set my the homeowner then you might have some room for a lower offer. The bank set price is usually THE lowest price they will go. However, we are in a tough market and you can still make a lower offer on a bank set short sale.

The Salt Lake valley has over 1,000 homes that are listed as a short sale today. The entire state has over 2,500 homes listed as short sales. These homes will soon become foreclosed homes and the homeowners will probably face bankruptcy. Therefore a short sale bought today is the answer for the new buyer, not to mention the $7,500 tax incentive if they buy before June 30, 2009.