Today, June 30th 2010, marked the end of the $8,000 Federal First Time Homebuyer’s Tax Credit, as well as the $6500 Move-up Credit. Congratulations to all who were able to take advantage. If you recently closed escrow, or are currently in escrow, you may also be able to take advantage of the California tax credit for first time buyers…but you need to hurry! There are very strict application time limits, limited funds and limited applications being accepted…many of which are already in. For more information on the California Tax Credit, check out the following link to the California Franchise Tax Board, and as always, also talk to your tax professional.
It will be interesting to see if the June Sales Data shows any significant numbers as homebuyers hurried to close on time. There has been much debate on the subject. Did the Tax Credit improve sales….or was it a bust? Stay tuned.
Linda Green, a local bankruptcy attorney, joins us this Sunday to discuss the benefits and downside of seeking Chapter’s 7 or 13 bankruptcy. Facing imminent forclosure? BK could be your savior. Is it the Nuclear Option? Her practice is in the North bay representing folks from Marin, Sonoma, Napa, Lake and Mendocino Counties. She regularly counsels people experiencing foreclosure, garnishments and lawsuits regarding credit defaults. Questions we will attempt to answer:
- What is the difference between Chapter 7 & Chapter 13?
- Does Bankruptcy Stop foreclosure?
- What are the ramifications of bankruptcy?
- What kinds of assets can I keep if I file for bankruptcy?
- Do I have to list all my debts when I file bankruptcy?
- Can I keep a credit card when I file for bankruptcy?
Join us as Allison runs the show this weekend! We also will tell you of two great open houses to see this weekend!
If you missed a show, or just want to hear it again, click on the “radio” to the left for our podcast link. Now, you’re never more than a click away from great real estate advice!
Allison answers one of our NoDumbQuestion@gmail.com Listener Question answered.
“I’m thinking about buying a condo. I am looking for a condo complex with a pool and a gym on site . Are there any condo complexes in Cotati, Rohnert Park, Santa Rosa or Windsor that have these amenities? How do I find them? Nothing I have found advertised on the internet had a pool, and only one had a gym. Are there realtors who deal just with condos and wont try to talk me into buying a house? Thanks for any help you can give. Love your show.”
Alli’s Answer:— Thanks for listening to the show. We love hearing from our listeners.
I’ve pulled up a list of condos in the areas you asked about. All of them have a pool. Some have a pool and tennis courts. Only two specify a pool AND gym. Without knowing your criteria, or price point, the results are varied….from under $200,000 to the mid $300,000s, 2 to 3 bedrooms. With more information I can fine tune a search for you. Continue reading Why…or Why not, to consider buying a condo.
As the real-estate industry rushes to help buyers close in time to get its $8,000 tax credit, it may get some (more) help from Uncle Sam. On Wednesday, the Senate approved a proposal to extend the closing deadline on the tax credit of up to $8,000 for homebuyers. Under the measure, buyers would have until Sept. 30 to close on sales that went into contract by April 30. The current closing deadline is June 30. The extension measure is part of a wide-ranging bill of tax policy extensions and federal program renewals. The Senate will likely vote on the larger measure later this week or next, and then it heads to the House.
Source: Emily Peck, Wall Street Journal Online (06/17/2010)
Homebuyers in Sonoma County, California seeking the State’s 1st Time Homebuyers Tax Credit need to watch the web site as there seems ONLY 35% LEFT! We’ve burned through $65,000,000 in tax credits already! Remember–it started May 1st! Here’s the LINK
Estimated applications received for First-Time Buyer Credit as of 06/08/10 (Updated 06/10/10)
The figures shown below are only estimates, based on small samples. The numbers are overstated as there will be duplicate, revised, and invalid applications included as we have not verified any of the applications. These estimates are only provided to give a general idea of the number of applications received and the amount requested for the First-Time Buyer Credit. We are showing 57% of the estimated requested credit since the $100 million cap will only be reduced by 57% of the credit allocated to the buyer. The amounts do not reflect actual amounts which will be allocated. These estimates will be updated each Thursday until we are sure that we have received more than enough applications to allocate the full $100 million. Once we determine that we have received sufficient applications to allocate the full $100 million, we will stop accepting applications for the First-Time Buyer Credit. Estimates for the New Home Credit will be provided once our computer system is completed.
Applications for First-Time Buyer Credit received as of 06/08/10
||Estimated Total First-Time Buyer Applications Received
||65% of Estimated Requested Credit
Listeners–go to: http://www.FixYourCreditScoreOnline.com and visit our new web site. The site, which we wish to stresss is NOT a miracle worker or a “credit consolidation” site, does produce results through consistent and persistent action on the part of the non-profit which you will contract for their services and by YOUR concerted efforts along with them to call the lending institutions on errors and to keep them accountable.
Please visit the site and let us know what you think. Watch the videos, read the testimonials and then either enroll on-line or give us a call to discuss special pricing! And DON’T forget to listen to the show June 13th for special guests who will explain the site and the process of improving your credit score. The $$$ you can save are truly inspiring and the money a bad credit score costs you apalling. Tune us in!