Casa by Alba Blog » For Sellers

A green mortgage program

Administrator — Tue, 15 Sep 2009 23:49:44 +0000

The FHA Energy Efficient Mortgage program (EEM) is a federal program that helps home buyers, providing them with mortgage insurance to finance the cost of adding energy efficiency features to new homes, saving money on utility bills.

Very plain and simple, an energy efficient home costs less to operate, the bank knows you could afford a larger mortgage if the cost of running your home is considerably lower. The borrower does not have to qualify for the additional money and does not make a down payment on it.

The EEM program not only applies to new homes, existing homes are also eligible for these mortgages. For an existing home, you will need a home energy rating system report (HERS), which will give the house an energy rating, then suggest improvements and costs. The report ranges from $100 to $300.

Remember that FHA insures loans, FHA does not provide loans.

Source:HUD

Rent-to-Own Deals: Smart Questions to Ask…

Administrator — Sat, 05 Sep 2009 21:21:54 +0000

For Sellers:
Who will tend to the property and pay for routine maintenance?
Who pays for major repairs?
What are the costs of setting up and managing an escrow account for the portion of rent allotted to the down payment?
Will you manage the property yourself, or hire an agent?

What if the renters change their minds? Who keeps the money in the escrow account?
If the buyers change their minds, what will be required to put the property back on the market?

For Buyers:
How much of the rent is going to the down payment?
How locked in are you if you change your mind?
What will it cost you to get out of the deal?
How long will it take to accumulate enough of a down payment that you are likely to qualify for a mortgage?

Source: REALTOR® Magazine Online

A friendly sense of invitation, your FRONT DOOR

Administrator — Mon, 31 Aug 2009 14:16:50 +0000

Also, a great choice for an exterior focal point. Everyone should be able to find it, especially if you are selling your house, or just inviting people over. If it is covered by trees, or hidden under bushes, now is the time to take some action, and make your front door, look the best it can look!

Curb appeal is all about good first impressions, start with your front door today. Look for new ideas, in magazines, drive around your neighborhood, look for what works and what doesn’t.

A fresh coat of paint could help,

Try framing your front door, an easy way is using colorful pots,

Be creative, arrange some flowers…

“There is always one moment in childhood when the door opens and lets the future in.” Graham Greene

And let the future in.

$8,000 too-GOOD-to-miss opportunity

Administrator — Tue, 28 Apr 2009 18:55:53 +0000

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence (new home or resale) on or after January 1, 2009 and before December 1, 2009. The tax credit is equal to 10% of the home’s purchase price, up to a maximum of $8,000.

It is unbelievable the number of people who don’t know about this wonderful opportunity.

In 2008, nearly one out of every two homebuyers were buying for the first time, the first-time homebuyer credit is making it easier for first-time home buyers to enter the housing market this year.

Yes, you need to be a first-time home buyer, but wait, what does it really mean? Well, by law, you qualify as a first-time homebuyer if you have not owned a principal residence during the three-year period prior to the purchase. The purchase date is the date when closing occurs and the title to the property transfers to the homeowner.

Remember that any home that you will used as a principal residence will qualify for the credit, for example, single-family detached homes, condominiums, town-homes, mobile homes even houseboats.

Also, consider that owning a vacation home or rental property not used, as a principal residence does not disqualify a buyer as a first-time homebuyer.

Income limits for claiming the tax credit.
For single taxpayers is $75,000; for married taxpayers, filing a joint return, the limit is $150,000.
Something else, if you are a buyer with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return, the tax credit amount is reduced. The range is equal to $20,000, meaning the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
Basically, if you are single, you get the full credit if you earn $75,000 or less, and no tax credit if you earn $95,000 or more. For those married and filing jointly, the amounts are $150,000 and $170,000, respectively.

For more information consult a tax specialist before proceeding on your eligibility and proper deductions on your returns.

Reference: www.ustreas.gov U.S. Department of the TREASURY

Is your house a happy house?

Administrator — Mon, 27 Apr 2009 21:06:06 +0000

Consider home staging.
The first impression of your house could be the last one, so make the first impression count. Rearrange furniture, make your house inviting. Allow potential buyers feel how their own furniture would fit.

Staging does not have to cost a fortune; small arrangements could make a big difference in giving buyers a complete pleasant experience when visiting your house. Help buyers visualize the house as their own.