My New Blog

This season is no different with the show now doing the elimination of wanna-bees from hundreds of thousands down to the final 24. In this State, at least, the pride of Middlebury Ct and possibly the region, Katie Stevens is hoping to be the next 'Chosen One'.

Middlebury Ct went all out yesterday to root for Katie, the 17 year old local high school senior. The firehouse set up their assembly room as an impromptu theater and opened the doors with TV cameras from local stations recording the cheers and well wishers of her friends and neighbors as she sang and then got judged by the panel.

Nobody won the contest last night and although she didn't get the judges standing and applauding, she definitely should have done enough to get on to the next round.

As she sang her song, my personal emotions were running wild. Although Katie is a stranger to me, her family is not. While watching her sing to her grandmother Rita on a previous show, I recall many an evening when both of her grand parents would be sitting in our home visiting with my parents.

Remembering her deceased grand father, Jose Francisco's zest for life I know all too well how proud he would be of his special Katie.

Middlebury, Ct will root like crazy this upcoming Thursday for Katie Stevens to continue her quest to become the next American Idol. For many of us who are familiar with her and her family that job has already been done.

As of today, there are 70 days left to get in on the Federal Government's tax Rebate. The clock is ticking and in all likelihood there will not be another extension.

To get the credit, the home MUST be under contract by April 30, 2010, and it must close no later than June 30, 2010.

Unlike previous programs, this version also allows move-up buyers to get in on the opportunity, with a credit of up to $6,500. Accordingly the income limits have been raised to allow participation.

Plus, after the house is purchased, the new owners can immediately apply for the tax rebate, without waiting to fill out their taxes next year. By taking your 2009 tax return to your filer, along with a copy of the settlement agreement, or HUD-1 form, the preparer will fill out IRS form 5405, and the refund can be in your mailbox within 60 days.

Time is running out on this great opportunity. With interest rates at all time lows, it couldn't be better. If you're a State of Ct resident buying a first home, the state's CHFA program, allows for an assist with the loan and a break in the interest rate which is currently at 4.375% for qualified buyers.

Get moving, find a habitable home and take advantage of the last Government Rebate for home buyers.

As of today, there are 78 days left to get in on the Federal Government's tax Rebate. The clock is ticking and in all likelihood there will not be another extension.

To get the credit, the home MUST be under contract by April 30, 2010, and it must close no later than June 30, 2010.

Unlike previous programs, this version also allows move-up buyers to get in on the opportunity, with a credit of up to $6,500. Accordingly the income limits have been raised to allow participation.

Plus, after the house is purchased, the new owners can immediately apply for the tax rebate, without waiting to fill out their taxes next year. By taking your 2009 tax return to your filer, along with a copy of the settlement agreement, or HUD-1 form, the preparer will fill out IRS form 5405, and the refund can be in your mailbox within 60 days.

Time is running out on this great opportunity. With interest rates at all time lows, it couldn't be better. If you're a State of Ct resident buying a first home, the state's CHFA program, allows for an assist with the loan and a break in the interest rate which is currently at 4.375% for qualified buyers.

Get moving, find a habitable home and take advantage of the last Government Rebate for home buyers.

 

With qualified buyers in the market place looking for the best deal they can get, they are first drawn to the idea of getting a bargain with a foreclosure. The belief is that the desperate banks will accept a good offer even if it's not near the asking price.

If the foreclosure is a clean home requiring minimum work to make it move in comfortable, then it's not likely to stay on the market long and often will see multiple bids, ultimately being sold over asking.

The market demonstrates a reluctance to pursue a listing that is being offered as a distressed or short sale listing. So much is written about the banks' reluctance to negotiate a short sale, or lack of response, or delayed response. This leads to the frustration of waiting weeks or months to hear whether or not the bank will say yes to the bid. When this happens, the house languishes in the system, and because of the delay, it ultimately does come back as the foreclosure.

The listing agents for the distressed property should be doing a great deal of homework well in advance of getting the listing into the system.

• Recognizing that the home will indeed qualify as a potential short sale is one of the first steps.
• Getting into contact with the loss mitigation department of the bank at the onset to at least get all of the requisite forms into the owner's hands and fully completed and documented.
• Pricing the home to reflect the tone of the market
• Creating an action plan that gets the home exposure with price reductions done to get the house a viable contract within a relatively brief period on the market
• Then making sure the bank has all of the documentation it needs to either accept or provide a reasonable counter to the offer

If the Listing agent has done their homework properly and communicated  consistently with the bank and the potential buyer there is a high likelihood that the deal can be done within 60 days. The house is occupied and maintained throughout the process, and the distressed owner gets a reprieve from a major mark to their credit rating, giving them hope of getting back into a stable lifestyle within a reasonably short period.

There are a lot of families under duress because of personal hardships that are making it difficult to meet their monthly mortgage payments. Their homes may be already going through a foreclosure.

Having taken some extensive training, I may be able to help them get through a successful Short Sale and relieve some of their distress. My new web site, www.ctshortsalessite.com has additional information that could be useful to you or someone you know.

I invite you to jump over and maybe get some help for yourself, or someone you know.

Is a harsh winter a sign of disruptive climate change, or another cause of global warning. This is a reality that the earth's oceans are getting warmer and the end result is a change to the ice density of the polar caps.

Last week a group of concerned activists assembled to protest Global Warming.

There are only 87 Days left to get a home under contract in order to qualify for the First Time Homebuyer's Tax credit and the expanded $6,500 for Move-up buyers.

Last December, the First Time Home Buyers Tax Credit was extended and expanded.  Previously, the First Time Home Buyers Tax Credit was only available for first time home buyers (those buyers who had not owned a home in the three years previous to the current purchase) and was only available on homes that closed escrow before December 1, 2009.  However, President Obama signed an extension on this deadline to apply to any homes purchased from November 6, 2009 to May 1, 2010 and allowed all homes that have a binding sales contract signed by April 30, 2010 to qualify for the up to $8000 tax credit (based on purchase price of home), not just those homes that closed escrow.  In addition to the extension, existing homeowners may be eligible for up to a $6500 tax credit providing that they have used their current home as their primary residence for at least five consecutive years of the last eight years, meet the income requirements and are purchasing a new primary residence.  Vacation homes and income properties don't apply.

Requirements and Limits:

1. First time homebuyers who haven't owned a primary residence in the last three years.  Existing homeowners who have used their current home as their primary residence for at least five consecutive years of the last eight years.
2. For single or head-of-household tax filers, the limit for their modified adjusted gross income is less than $125,000.  For married couples who file a joint return, the limit is less than $225,000.
3. For consideration of partial tax credit, single or head-of-household tax filers can earn between $125,000-$145,000.  Married couples filing jointly who make between $225,000-$245,000 may also be eligible for a partial tax credit.
4. Purchase price of home must be less than $800,000 to qualify and must be the home buyer's primary residence.
5. Tax credit is considered refundable, meaning that if you owe less than the credit amount you qualify for, you will receive a tax refund for the difference of what you owe and the tax credit you are eligible for.  For example, if you are eligible for the full $8000 refund and you owe $5000 in taxes, you will receive a refund check for $3000 ($8000 tax credit minus the $5000 you owe).
6. You must make the home you purchased your primary residence for three consecutive years to keep the entire tax credit.  If you sell the property or stop using it as your primary residence within three years of purchase, you will have to repay the tax credit back to the government.

Remember that the amount of tax credit you are eligible for depends on the purchase price of the home.  So, the tax credit you actually receive may be less than the limit.  Also, the tax credit is only available on homes used for the home buyers' primary residence, not to any income or vacation property.