Please let me know if you have trouble accessing this link. lorawilson@c21jack.com
http://www.vreinmls.com/ver/maildoc/c0067C2788.html
Monday, July 27, 2009
The Dust is Settling
It seems like we have gotten a lot of the kinks out of things lately and we are beginning to chug along "business as usual." Now things are quite old School, for example, underwriting rules are once again the sound practices of "pre-bubble" lending, prices are about the same as they were back then too (unfortunately.) But it feels good to be selling REAL estate, and not "Inflated Estate."
Seems like Vermont Foreclosures settled down for a bit, and now we are seeing a bit of activity again. I think the lull had to do with the Feds moratorium, coupled with banks frantic reaction to the the Home Valuation Code of Conduct ("HVCC") which took effect May 1st 2009.
So normal is good. I have attached here an amazing article which I highly recommend reading about the last few "bubbles" how they happened, and what the fall out has been.
http://www.rollingstone.com/politics/story/29127316/the_great_american_bubble_machine/print
It credits Goldman Sachs for a good deal of the mess, and the article is compelling in that regard. In any case, still a great time to buy. ONLY 90 days left to get under contract in time to enjoy the $8,000 tax credit. What are you waiting for?
Seems like Vermont Foreclosures settled down for a bit, and now we are seeing a bit of activity again. I think the lull had to do with the Feds moratorium, coupled with banks frantic reaction to the the Home Valuation Code of Conduct ("HVCC") which took effect May 1st 2009.
So normal is good. I have attached here an amazing article which I highly recommend reading about the last few "bubbles" how they happened, and what the fall out has been.
http://www.rollingstone.com/politics/story/29127316/the_great_american_bubble_machine/print
It credits Goldman Sachs for a good deal of the mess, and the article is compelling in that regard. In any case, still a great time to buy. ONLY 90 days left to get under contract in time to enjoy the $8,000 tax credit. What are you waiting for?
Wednesday, May 27, 2009
Recent Active Foreclosures Listings
Here is an updated Vermont Foreclosure list.
http://www.vreinmls.com/ver/maildoc/c006tx3314.html
Also check out this great affordable South Burlington Condo Listed for $159,900
www.c21jack.info/mls/2903790
http://www.vreinmls.com/ver/maildoc/c006tx3314.html
Also check out this great affordable South Burlington Condo Listed for $159,900
www.c21jack.info/mls/2903790
Mortgage Backlash
Well, we have great home prices, we have great interest rates, AND we have the $8,000 first-time home buyers tax credit- read below for details. This has been noted as the most affordable time to buy a home since they started tracking home sales (whoever they are.) Seems like a pretty good time to buy huh? Well it is BUT you need a whole new measure of patience thanks to the banking industry.
We are advising buyers to put close dates that are 6 to 8 weeks from date of contract to compensate for the minutia scrutiny that lenders are engaging in. Plan to disclose every tidbit of your financial, work, personal and maybe sex life (don't be surprised.) This is the other end of the "no doc" pendulum and we are as high as the back seats on the upswing of the Ship ride at the fair. It is a circus.
So buy a house NOW while the market is still good. Then call your accountant, your HR Director, your children's teachers, your therapist, and your gardner (we may need some info from him or her to) and let them know you are buying a house, and they should free up their schedules to accommodate your lenders "need to know." If you keep a realistic attitude, and come to the party prepared, you will be fine. Check out the latest list of Foreclosures above.
Keep the faith.
We are advising buyers to put close dates that are 6 to 8 weeks from date of contract to compensate for the minutia scrutiny that lenders are engaging in. Plan to disclose every tidbit of your financial, work, personal and maybe sex life (don't be surprised.) This is the other end of the "no doc" pendulum and we are as high as the back seats on the upswing of the Ship ride at the fair. It is a circus.
So buy a house NOW while the market is still good. Then call your accountant, your HR Director, your children's teachers, your therapist, and your gardner (we may need some info from him or her to) and let them know you are buying a house, and they should free up their schedules to accommodate your lenders "need to know." If you keep a realistic attitude, and come to the party prepared, you will be fine. Check out the latest list of Foreclosures above.
Keep the faith.
Monday, March 23, 2009
Updated Foreclosure List
Click on the link below for the most current list of Vermont Foreclosures.
http://www.vreinmls.com/ver/maildoc/a006XZ6845.html
There are 32 Active foreclosure listings which I think is the most in my memory. Please let me know if you want more information on any of these, or if you want to get inside any.
Also, check out my new website at www.LoraWilson.com and search for Vermont Properties using Vermont's ONLY Real Estate Search Engine -Powered by Google.
http://www.vreinmls.com/ver/maildoc/a006XZ6845.html
There are 32 Active foreclosure listings which I think is the most in my memory. Please let me know if you want more information on any of these, or if you want to get inside any.
Also, check out my new website at www.LoraWilson.com and search for Vermont Properties using Vermont's ONLY Real Estate Search Engine -Powered by Google.
Tuesday, March 17, 2009
Search Vermont Real Estate Listings.
Check out My New Website www.LoraWilson.com You can search for Vermont Properties using Vermont's ONLY Google powered Search Engine.
www.LoraWilson.com
Read below for a comprehensive look at the New $8,000 First-Time Home-buyer Tax credit!
www.LoraWilson.com
Read below for a comprehensive look at the New $8,000 First-Time Home-buyer Tax credit!
Thursday, February 26, 2009
Happy Days are Here Again, $8,000 Home Buyer Tax Credit
Here is info on the new “American Recovery and Reinvestment Act of 2009” First-time home-buyer tax incentive. Call me if you have questions.
A CONSUMER GUIDE TO THE FIRST-TIME HOMEBUYER FEDERAL INCOME TAX CREDIT As Modified in the American Recovery and Reinvestment Act February 2009
FIRST-TIME HOMEBUYER FEDERAL INCOME TAX CREDIT:
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009
Refundable
This homebuyer income tax credit reduces income tax liability. The $8,000 tax credit is a clean refundable credit, unlike the one that was passed last summer, which required a repayment. If you qualify as a first-time buyer (i.e., haven't been a homeowner in the past 3 years), then you can claim the $8,000 to reduce your tax burden. If the $8,000 is greater than the tax you owe, then you will get a refund check for the difference. Example: you owe $2,000 in taxes on April 15, 2010. But if you bought a home before the stimulus expiration on Dec. 1, 2009,
Effective Date
The First-Time Homebuyer Federal Income Tax Credit is effective for purchases on or after January 1, 2009 and before December 1, 2009. This guide reflects a modification from the First-Time Homebuyer Federal Income Tax Credit, which remains in effect for homes purchased by eligible homebuyers between April 9, 2008 and Dec. 31, 2008.
* Seek advice from a professional tax advisor for specific tax calculations and timing for claiming the tax credit.
SOURCE: Based on information provided by the National Association of Realtors. For modifications from prior tax credit announced in April 2008, click here.
A CONSUMER GUIDE TO THE FIRST-TIME HOMEBUYER FEDERAL INCOME TAX CREDIT As Modified in the American Recovery and Reinvestment Act February 2009
FIRST-TIME HOMEBUYER FEDERAL INCOME TAX CREDIT:
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009
AND BEFORE DECEMBER 1, 2009
Amount of Credit
The amount of the homebuyer federal income tax credit
The amount of the homebuyer federal income tax credit
is the lesser of 10% of the cost of the home bought or $8,000.
Eligible Property
Any single-family residence (including a condo, co-op, or townhouse) may be an eligible property under the homebuyer income tax credit,
Any single-family residence (including a condo, co-op, or townhouse) may be an eligible property under the homebuyer income tax credit,
provided it will be used as the homebuyer’s principal residence.
Refundable
This homebuyer income tax credit reduces income tax liability. The $8,000 tax credit is a clean refundable credit, unlike the one that was passed last summer, which required a repayment. If you qualify as a first-time buyer (i.e., haven't been a homeowner in the past 3 years), then you can claim the $8,000 to reduce your tax burden. If the $8,000 is greater than the tax you owe, then you will get a refund check for the difference. Example: you owe $2,000 in taxes on April 15, 2010. But if you bought a home before the stimulus expiration on Dec. 1, 2009,
then you will get a tax refund check for $6,000 from the IRS.*
Income Limit
In order to be eligible for the homebuyer income tax credit in full, the homebuyer can have an annual adjusted gross income of no more than $75,000 ($150,000 on a joint return). A homebuyer with an annual adjusted gross income above that level and up to $95,000
In order to be eligible for the homebuyer income tax credit in full, the homebuyer can have an annual adjusted gross income of no more than $75,000 ($150,000 on a joint return). A homebuyer with an annual adjusted gross income above that level and up to $95,000
($170,000 on a joint return) is eligible for a reduced tax credit.
First-time Homebuyer Only
The homebuyer income tax credit is designed for first-time homebuyers, which means the homebuyer (and/or the homebuyer’s spouse) can not have owned a principal residence in the 3 years prior to purchase of the eligible property.
Revenue Bond Financing
A homebuyer who utilizes revenue bond financing
First-time Homebuyer Only
The homebuyer income tax credit is designed for first-time homebuyers, which means the homebuyer (and/or the homebuyer’s spouse) can not have owned a principal residence in the 3 years prior to purchase of the eligible property.
Revenue Bond Financing
A homebuyer who utilizes revenue bond financing
may be eligible for the homebuyer income tax credit.
Repayment and Recapture
There is no repayment of the homebuyer income tax credit by the homebuyer. However, if the eligible property is resold within three years of purchase, the entire amount of homebuyer income tax credit is recaptured on the sale.
There is no repayment of the homebuyer income tax credit by the homebuyer. However, if the eligible property is resold within three years of purchase, the entire amount of homebuyer income tax credit is recaptured on the sale.
Effective Date
The First-Time Homebuyer Federal Income Tax Credit is effective for purchases on or after January 1, 2009 and before December 1, 2009. This guide reflects a modification from the First-Time Homebuyer Federal Income Tax Credit, which remains in effect for homes purchased by eligible homebuyers between April 9, 2008 and Dec. 31, 2008.
* Seek advice from a professional tax advisor for specific tax calculations and timing for claiming the tax credit.
SOURCE: Based on information provided by the National Association of Realtors. For modifications from prior tax credit announced in April 2008, click here.
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