Just read this and couldn’t stop myself from sharing… I am thinking that unless you are lucky enough to be one of the elite, you will be living in a typical non futuristic home. This kind of writing reminds of all those Popular Mechanics Magazine’s I read as a kid in the 60’s….. Fun article none the less.
Special Rules for Members of the Military, the Foreign Service
and the Intelligence Community
Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.
Exemption From Tax Credit Recapture Rules
- Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
- However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.
Extension of Tax Credit Deadlines
- The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by June 30, 2010.
- However, for qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.
- A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.
- “Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
- “Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.
Thank you Carla with Primelending for the information….
There is a bit of a buzz going round the office and FaceBook about the new home buyer tax credit. Some people think you qualify if you buy a resale home some people are getting it confused with the federal tax credit for first time home buyers and most recently the credit for move up buyers or how we say in the office…..Buyers Well here is a handy dandy little link to the California New Home Tax Credit, which should clear everything up. Oh don’t go to the link until after 5:00 pm today California time, they are some busy people at the State Franchise Tax Board.
The time is now to be proactive, more than ever before. If you’re having trouble making your mortgage payments, then contact your bank (if they haven’t already contacted you) to make “arrangements”. The government has given the banks the directive to work with their borrowers and not just skip to the final step (foreclosure). These directives have come in the form of “loan modifications” and “short sales”. I know I know, you’ve all heard the stories that these take for ever and they never get closed. That was true in the past but most (not all) of the banks have actually hired and trained people to handle these transactions now. And the banks are calling on their delinquent borrowers and getting the process started so when you do get a buyer for your home (should you decide to sell), the process is well under way. The one thing I caution homeowners about is using one of the banks “suggested” real estate agents. You have no history with them and this is where you need to say “thanks” but “no thanks”. Call your REALTOR and keep control of the process. Someone you know and trust. If you don’t know a real estate professional personally, ask a friend, relative, or neighbor. It’s good to get a referral so you can rely on their knowledge and expertise. Don’t go into the short sale process blindly. Please contact either one of us if you have any questions on this complex subject.
Well, I have to say that if you are an actual “REAL” seller, meaning not a bank or a short sale, you know someone with equity and their name on the deed? Here are a few tips to help you get your home sold quickly and at the highest possible price that your market will allow. Clean, Clean, Clean and when you think you’ve cleaned everything clean some more. Look at the front of the home with a discerning eye and fix that loose fence board or replace that rusted out light fixture. Freshen up the front door with a new coat of paint or varnish, plant some flowers and inside get rid of that smell. And after all that if your home has not sold in the time you allotted and at the price you had hoped, Guess what? You hoped too high…. Reduce the price.