Posts Tagged ‘Tax Credit’

Extending the Date to Close for the Tax Credit? Oh YES! Please DO!

Monday, June 14th, 2010

Anyone currently in contract and expecting to the get the $8,000 tax credit that hasn’t yet closed might be feeling a bit nervous! Welllll there is talk about extending the close date beyond the end of June. The below copy/paste doesn’t refer to it but to give you an idea… it seams that Bank of America is taking in many cases 60-75 days to process a loan (not a surprise!).  Anyhow, take a peak at the below…. and if you are running close on your closing deadline; you might be able to relax! -Kristie McD.

June 30 Closing Date May be Extended
Senators Johnny Isakson (R-GA) and Harry Reid (D-NV) have filed an amendment that may be offered to a major tax and jobs bills. That bill, HR 4213, is a huge piece of legislation that would renew and extend a series of provisions (including the 15-year recovery period for leasehold improvements) through December 31, 2010. The bill also includes extensions of various government programs, including unemployment insurance and flood insurance. The bill has passed the House and is likely to be called up for debate in the Senate on or around June 15.

The Isakson-Reid amendment would apply only to purchasers who have satisfied the April 30 binding contract rule for the $8000 and $6500 tax credits. The amendment creates no new eligibility for the credit. The amendment would extend the required June 30 closing date through September 30, 2010. The introduction of the amendment does not guarantee consideration; any of several procedural obstacles could derail it. Nonetheless, NAR is hopeful that the amendment can be adopted and that the House will retain it as the bill moves to its final consideration.

Nationwide OPEN HOUSE Event 4/10-11! Oregon participating, especially Estacada!

Monday, March 1st, 2010

April 10th & 11th is National Realtors Open House event!  If you want to see what’s out there; doors will be open… all over Portland and metro areas!!  I’m excited to say that these dates coincide with the Ultimate Open House event taking place April 10th-11th & April 17th & 18th!  The timing of both events is perfect for last minute home shoppers looking to benefit from the tax credit (or rebate as I call it). 

By the way~ we have an AMAZING project in Estacada called Cascadia Ridge Homes  that will be hosting an open house on these dates…. we offer new constructed homes for as little at $175,000! We have several plans under $200,00o and other plans as amazing as $305,000 for almost 4,000 sq feet!

Standard features: (more…)

Coldwell Banker CEO on Fox News: Market “what up”

Thursday, January 21st, 2010

Jim talks about the credit for not only the first time home buyers but the credit for the move-up buyer as well.  Interest rates are expected to rise but Jim points out that even when they reach 6% they will still be better than the rates we saw in the 80′s! I love your glasses Jim! Very Portlandy! -Kristie McD.


Link For Answers Pertaining to the Home Buyer Tax Credit….!

Monday, November 9th, 2009

moneyThis is the best place to go if you have questions regarding the tax credit extension.  There are alot of questions in particular regarding the repeat home buyer… get some answers here!  -Kristie McD.


So What is the Deal with that First Time Home Buyer Tax Credit?

Wednesday, November 4th, 2009

moneySo it seems there was some progress made this week on extending the home buyer tax credit; this is great news because I have some first time home buyers that can’t close before 12/8/09 (in case I have clients reading this, no it’s not your loan unless your initials are BA- I don’t want to unnecessarily panic anyone I’m currently working with).

Anyhow, it “looks” like this: Tax credit extended through end of June 2010, requiring that the home buyer be in contract by 4/30/10. Move-up buyers as well as “first time buyers” would qualify for a credit. The first time home buyer the $8,000 credit and the move-up buyer (having lived in their current residence for five of the prior 8 years) a $6,500 tax credit.

This is still up in the air of course and I have not yet been able to determine exactly how the move-up buyer is defined but overall this is good news. I think this is truly the last chance to take advantage of this credit. I have heard that this extension would have a decrease in the amount of credit earned as the June 2010 date approaches but don’t quote me. -Kristie McDonald -The best first time home buyer agent in Portland! (next to Scott of course!)


$8,000 Tax Credit Dissapearing? Condos & FHA Financing & More-

Tuesday, October 13th, 2009

TBWSTax Credit Disappearing? That would be horrible for the housing market.  Watch my favorite “TBWS” guys (link below). The credit has been expanded for veterans…

Also, HR 2483 is looking to make it easier to purchase a condo with FHA financing, ABOUT TIME!  NAR is behind this (National Associate of Realtors). Go NAR!

Adjustable Rate Mortgages- most buyers knew what they were doing, they just didn’t expect it would work against them. I agree with these guys! Why is everyone a “victim”?


First time home buyers; time is running out to get your tax credit!

Saturday, September 12th, 2009

timeSo I was discussing with a client today when she should have a home picked out, negotiated and in escrow to ensure she gets the tax credit when I realized, we’re less than 3 weeks away from what I consider a safe bet, September 30th.

You may be thinking “wait, I thought November 30th was the deadline?”…It is, but in case you didn’t know you have to be closed on the transaction and have keys in hand by that date. Additionally lending / escrow usually takes about 30 days from the time that you make an offer, go through negotiations, inspections, lending requirements etc to close. Because of the expiration of the tax credit though we’re anticipating a last minute rush from first time home buyers and we’re seeing it starting now. What this means is it’s not just possible, but likely (and again, we’re seeing it already) that lending time frames are going to go from 30 days, to 45+ days and possibly even up to 60 days. So if you think you’re safe getting something in escrow by say October 25th; think again – the deadline would more than likely come and go while you’re in escrow and POOF, no tax credit.

What I see as a safe date is September 30th and the reason is that if lending time frames do increase significantly over the next few weeks being in escrow by September 30th would ensure you have a full 60 days to close…Now, obviously there’s a good chance you would close earlier than that, but there’s an equally good chance you may just barely close in time for the deadline too and wouldn’t you rather be closed with time to spare than find yourself having paid the $300-400 for an inspection and $400 for an appraisal just to find out that you are going to lose the $8,000 Uncle Sam would have given you?

Also, there is talk of extending the tax credit and speaking strictly in the realm of real estate (political views aside), we would like to see it extended; it’s moved homes for sure! BUT, we’re also hearing that since the economy seems to be recovering, slowly but surely, and the folks in Washington apparently have other things on their mind, they may not extend it; so this could be it.


Coldwell Banker’s CEO Pushing for a New Tax Credit for Home Buyers

Friday, August 7th, 2009

cb-3d-logoJim Gillespie has appeared on several shows talking about the market…. his most prominent topic of discussion is the push for a new credit for the upward home buyer, a credit for $15,000.  Although I completely agree that we need an incentive to get home buyers to purchase their next stage home (a home in the next price bracket above the first time home buyer) I disagree that it should be a set $15k.  I think the smartest incentive we can offer would be one based on a percentage of the home sale; this would encourage ALL home buyers in all levels of income a reason to “make a move” (pun intended). 

Regardless, I appreciate that Jim is speaking out and taking a lead; the majority of transactions we’re seeing in Portland is the 1st time home buyer in the $200,000 and under range. And although you’d think the sellers of those homes would be “moving up”, I’d say that 90% of the homes I’m showing under $200,000 are vacant…. nobody is moving up if they’ve already gone. -Kristie McD.  Your Portland, Oregon Realtor


Still waiting to buy a home? Your ship is sailing…

Thursday, May 28th, 2009

Here’s a cartoon that says it all:


We’ve been talking about it here for a few months now and even though a few months ago it was primarily optimism on our part speaking now it’s the majority of economists and media outlets speaking, about:  Hitting bottom, recovery, the end of the recession. If you haven’t taken the hints by now you’ve probably missed the boat because one of the signs that the “best time to buy” boat is sailing is interest rates going up and guess what, they’re climbing – FAST. Been hearing of 4.5% rates? They’re gone now and are not likely to return anytime soon, from 4.98% last week (which by the way was up from the week before that), to over 5% now (according to Home prices? Yup, those are climbing again too and housing inventory is decreasing which shows we are moving to a more stable market, take a look at our RMLS Market Action Report commentary page on our main site to get those reports.

It’s easy to think that when the Realtor you look to for real estate advice says they think we’ve hit bottom, now is the time to buy that it may just be that Realtor wants you to buy so they can get another paycheck, problem is we don’t work that way. We frequently tell people NOT to buy or NOT to sell if we don’t think it’s in their best interest to do so in their situation; we’ve converted a lot of home owners into landlords in the last two years with our advice. Regardless people should always look to multiple sources for information so here’s a few:


$8,000 Tax Credit Advance… Don’t Hold Your Breath…

Friday, May 15th, 2009

bruce2The below comes directly from Bruce our blogging lender with Landover Mortgage in response to the recent announcement that the $8,000 may be available at the closing table (or at the time of purchase). To read an article on the topic: ARTICLE:CLICK HERE

The announcement yesterday on the tax credit is only “step 1″ in the process. There is no account set up to deposit the funds into, there is no mechanism set up to guide the distribution of the funds once they are set aside, there is no direction yet given to the lenders on how to access the funds and there is no mechanism in place to track how these funds if the customer doesn’t take advantage of the credit up front VS claiming it on the their 09′ returns. I’m confident that there are numerous other factors to consider as well.

This process may take the federal government a week, a month, 2,3 months…(who knows?) before everything’s in place. The problem is, by then what will interest rates and home prices look like? This could help to drive home prices in the first time homebuyer range UP as sellers realize the advantage to sell is now back in their hands because the major stumbling block to the first time homebuyer scenario has always been the funds needed to buy the home.


Solution to the Housing Market. I agree with Jim!

Monday, May 4th, 2009

jimJim Gillespie, president of Coldwell Banker was recently interviewed on Fox Business news and he said alot of great stuff (you can watch the video from the link below or just click play on the version under the link). In summary he suggests two things:

$15,000 tax credit for all buyers of primary residences: I am in such agreement. The 8,000 has done a great job getting the first time home buyers out there, a $15,000 tax credit to all primary home buyers (not just the first time home buyers) would really get this market moving!

I’m finding that the majority of the homes that are moving are $200,000 and under and a large portion of those are already vacant. If we could get the homes in the higher price point moving it would start a healthy domino effect. What is hurting the home seller right now is the pricing of all the bank owned homes that are hitting our market (in Portland, Oregon anyway) and more home sales (that such a credit would encourage) would prevent more homes from going into foreclosure and allow more home homeowners to sell at a price that isn’t short of what they owe the bank.  

Lock in the interest rate for 12 months at 4% or 4.25% for a 30-year fixed:Because so many buyers are “waiting” for interest rates to drop further (of which they may or may not do) we have alot of buyers out there that are sitting on the fence. If we were to lock something in for a pre-determined amount of time there would be no more waiting. This would really unclog the pipe


$8,000 Tax Credit Criteria & Scenarios

Monday, February 23rd, 2009

head-scratch1So many buyers are inquiring these days!  I found a great write up on Money.cnn to share with you (it’s below) that goes over a few different tax (more…)

So Does This $8,000 Tax Credit Mean a Check?

Tuesday, February 17th, 2009

man1There’s a lot of confusion as to what exactly the Homebuyer tax credit means to the home buyer. Check out the link below but in a nutshell it means (more…)

$15k Home Buyer Tax Credit Hmmmm

Thursday, February 5th, 2009

box1I wanted to post on this real quick as it’s currently a hot topic in the headlines.  Part of the stimulus package being proposed is a $15,000 tax credit for all home buyers, both first time and repeat home buyers.  This would replace the $7,500 tax credit “loan” that is currently in effect.  A big difference between this new tax credit and the $7,500 one (more…)

There is a tax credit of $7500 waiting for you

Friday, August 8th, 2008

Catch It While You Can.  If you bought a home after April 9, 2008 or purchase one before July 1st, 2009.

There could be a tax credit of $7,500 waiting for you.