Have you heard of the first-time homebuyer’s tax credit extension? Last month, President Obama signed the extension to help first-time homebuyers (who didn’t get their sales in by November 30th) buy a house that meets their needs. What about those who already own Woodbridge homes, are doing well and want a larger home?
To those who already own a home, Merry Christmas! The Workers, Homeownership and Business Assistance Act of 2009 didn’t just come with an extension; it came with improvements. Those in governmental positions of authority reasoned that if someone wanted to get a bigger home, they should get some kind of help too, thus further helping the overall real estate market.
If you own a home, you can now receive up to $6,500 in tax credits for buying one of the Woodbridge homes for sale. The actual wording is “$6,500 or 10%.” Here are a few of the important points you need to know:
Income Qualifications – Your modified adjusted gross income (MAGI) as a single taxpayer must be less than $125,000 ($225,000 if you file jointly). Partial credit may be received by those with a MAGI of less than $145,000 (single) and $245,000 (jointly).
Home Ownership Qualifications – You must have lived in the home you own for five consecutive years out of the past eight to qualify. You do not, however, have to currently own the home you’re using to qualify. The key terms are “five consecutive years” and “in the past eight years.” If you lived in your home for five years straight, but sold it two years ago, you are still eligible for the tax credit. If you’re filing jointly with a spouse, both you and the spouse have to qualify.
Cost Qualifications – The cost of the home doesn’t have to be more than the home you already own, but it does have to cost less than $800,000. As a side note, the government has put a definitive cap on the housing costs. If the home you’re looking at is a solid, non-negotiable $801,000, it isn’t eligible for the credit.
Purchase Date – The final date for the purchases to be secured is April 30, 2010. The actual closing date must be finalized before June 30, 2010.
Most couples move into a home thinking they will “eventually” get a bigger home once they have a family. Then the family comes along, the house is full and they can’t buy a larger home due to financial issues. The tax credit is a perfect opportunity for families to find Woodbridge homes that fit their expansion needs. Take a chance and look around; your dream home may be only a city block and $6,500 away!
If you’re looking to expand and take advantage of the tax credit, I can help. Call me at 703-403-0536 or email me at patrick@patrickduffyrealtor.com for more information.
A bankruptcy may stop a foreclosure and allow a homeowner to reorganize his debt and keep his property. The reality however is that most of the time this is not the case and the bankruptcy only stalls the foreclosure. If the homeowner is not able to make the payments after bankruptcy the house will foreclose anyway.
The other major drawback to bankruptcy is that it makes it very difficult for the homeowner to sell his property once he enters the process. It makes it near impossible to negotiate a short sale. The only possibility is if the trustee of the bankruptcy agrees to release the property from the proceedings and allow it to be sold.
Certified Distressed Property Institute, LLC, 2008
I’m very excited to announce that in 2010, I will be increasing the amount donated to the V Foundation for Cancer Research with each transaction I close! With each home I sell, a donation of up to $500 will be made in memory or in honor of the person of my clients’ choosing. I truly believe cures for cancer are in reach and I hope this money puts us one small step closer to finding them.
I still find great inspiration watching Jim Valvano’s speech at the 1993 ESPN Espy Awards. I encourage you to watch it.
In a previous post, I provided a list of alternatives to foreclosure with a brief description of what they are. In the coming days, I will provide a closer look at each of the alternatives. Following is the list of options that we’ll delve into.
Reinstatement
Forbearance or Repayment Plan
Mortgage Loan Modification
Deed in Lieu of Foreclosure
Bankruptcy
Service Members Civil Relief Act
Sell the Property
Short Sale
Please visit my blog over the coming days to read more about these alternatives. As a Certified Distressed Property Expert, I am trained to handle this most difficult of situations, homeowners facing foreclosure. You are not alone and I am here to help you. In the meantime, feel free to call or email me anytime at 703-403-0536 / patrick@patrickduffyrealtor.com. A wealth of foreclosure resources can also be found at www.NorthernVaShortSaleHelp.com.
Selling a home is complicated and full of legal issues that anyone considering selling “by owner” needs to be aware of. However, two of the most important things you need to know in order to be successful as a FSBO (for sale by owner) home seller have nothing to do with legal issues.
Maximize Exposure
It takes more than just sticking a “for sale” sign in the front yard to get the right people to see your home. It is very unlikely that you will sell your Woodbridge home to a neighbor, or anyone in the neighborhood just driving by. It can happen, but that group is very limited. For sale signs help, but they don’t usually sell the home on their own.
It’s important to advertise in as many places and as many ways as possible including on the internet, in homes magazines and in the local MLS (Multiple Listing Service).
Know Your Buyer
The next thing that is complicated for an individual selling their own Woodbridge home is knowing which buyers are looking in earnest, which are just being nosey, and which have the ability to actual make good on an offer.
Along with exposure this is one of the biggest reasons FSBO sellers often end up turning to a good real estate agent. They have the ability to make sure buyers who come to view your home are ready, willing and most of all able to make a purchase.
If you would like more tips on selling your home “by owner,” subscribe to this blog. It’s free, fast and easy.
Buying or selling a home has a major impact on many people’s lives. So it’s important not to leave the task to just anyone.
Take advantage of all the benefits that come with working with a full-time Woodbridge REALTOR®. Since selling or buying a home can be a full-time job, it just makes sense to work with an agent that has a full-time commitment.
A full-time REALTOR® can offer:
Lots of experience – If your agent lives and breathes real estate around the clock, then he or she is better equipped to handle the many surprises that come with buying or selling a home.
Peace of mind – You could be a first-time home buyeror seller. A full-time Woodbridge real estate agent has the knowledge to lead you through every step, saving you time, money and stress.
Availability – Since your agent works full time, he or she is available to you when you have questions, concerns or need her for any reason.
In-depth market knowledge – The real estate market is changing faster than ever. In order to be a successful buyer or seller, you need to be kept up to date. A full-timeREALTOR® stays current with what’s happening each and every day.
Whatever your home-buying or home-selling goals, it’s smart to have an experienced, full-time Woodbridge real estate agent working for you. You’ll save yourself headaches, heartache and from making home buying mistakes.
Ready to work with a full-time REALTOR®? Give me a call today at 703-403-0536 or email me at patrick@patrickduffyrealtor.com.
REALTOR® PATRICK DUFFY EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE
Patrick Duffy of U.S. Realty Partners, Inc. in Woodbridge, VA has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.
Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
In the Woodbridge, VA and surrounding areas, thousands of homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.
“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Duffy. “It is so rewarding to be able to help sellers save their homes from foreclosure.”
Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that REALTORS® such as Patrick with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.
The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for REALTORS® helping homeowners in distress and handling short sales.
“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.
For more information about the CDPE designation or to find a certified distressed REALTOR® in your area, please call 1-800-482-0335.
This is a myth that potential sellers hear all the time. Thankfully, this is just not true. In fact, many agents are getting calls from buyers who say they only want to look at foreclosure and short sales.
For buyers, short sales and foreclosures have become synonymous with “good deals.” More specifically, international buyers are targeting these properties. Listing with an experienced agent who is educated in the short sale process will provide you with a great chance of quickly seeing a contract on your property.
Distressed Property Institute, LLC. (2009). Short Sale Myths. Retrieved on 09/15/09, from http://www.cdpe.com/short-sale-myths.html
