Friday, September 24, 2010
Monday, February 22, 2010
What you need to file for the Taxpayer Credit
The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.
While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common.
The IRS clarification says: "In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.”
For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements.
Source: Washington Post (02/20/2010)
Monday, February 1, 2010
Bungalow Mania ? Maybe just some good home improvement tips.
http://www.chicagobungalow.org/pages/calendar_of_events/18.php
Wednesday, January 27, 2010
How would you like getting tax money back? :-)
Wednesday, January 20, 2010
The times are a changin!
Friday, January 15, 2010
Top Reasons to List your home Now
Typically the Chicago Spring real estate market starts after Super Bowl Weekend, during this time the amount of inventory and buyer traffic begins its seasonal upswing. However, the last few years have been anything but typical and we are recommending to our clients that the time to list will be sooner than in previous years. We see a few factors that will affect the ability to purchase and sell a home this year.
Our top three concerns for our buyers and sellers in first half 2010 are:
1. Federal Reserve $1.25 trillion mortgage-backed securities purchase program will end at the end of March.
a. How this impact our clients: prior to the financial crisis mortgage-backed securities were an attractive investment option for large scale investment houses which helped keep rates low. Now that the government will stop purchasing mortgages the anticipation is that rates may climb to 6%.
2. The Federal Housing Administration will tighten underwriting standards in April.
a. How this impact our clients: there is discussion that the FHA may require buyers to bring more cash to the closing, raise minimum credit scores for qualification, and reduce seller contributions by half. This will result in fewer buyers qualifying for a loan.
3. The End of the Housing Stimulus Package.
a. Those who qualify for a tax credit will need to be under contract by April 30th and close by June 30th in order receive their tax credit.
We think it is wise to take advantage of this opportunity to list sooner than later before some of the changes in policy and rules could limit a buyer’s ability to purchase a home and raise inventory levels of properties on the market.