Waiting to buy

10 Money Saving Secrets You Need To Know When Buying or Selling Real Estate

We all want to keep as much of our hard earned money as we can. If we are selling our home, we want to do it as inexpensively and painlessly as possible. If we are a buyer, we want a good deal and a fair price. We don’t want to think that someone has taken advantage of us because we just plain didn’t know what to ask. Ignorance is bliss, goes the saying, it can also be damned expensive. Keep your money in your pocket as long as you can. I’m going to tell you some money saving secrets guaranteed to make your next real estate experience much more profitable. 1. If you are the seller, DO NOT BE THERE when buyers come to view your home. They don’t need you to answer questions, they will probably ask you to leave something personal (pool table) that you weren’t going to leave, but… 2. Buyers, you should ALWAYS have a professional whole house inspection. don’t ask Uncle Gomer, because he knows a lot about houses, and he won’t charge you. This is the wrong time to cut corners, if Uncle Gomer misses something, you have no recourse, and you could start a bigger family war than the Sopranos. 3. As a seller, volunteer nothing to potential buyers, answering questions is the Realtors’ job. 4. Buyers, make a list of what you HAVE to have and what you WANT to have in your home, give it to your Realtor. Don’t waste time and gas looking at houses that don’t fit your criteria. For more valuable tips, visit our website at

4 Things First-Time Home Buyers Need to Know about Home Inspections

RISMEDIA, April 21, 2010— A professional home inspection can not only provide a great education about the home’s systems, but also be a crucial tool in negotiating the most equitable price on the home, according to HouseMaster, one of the first and largest home inspection franchisors in North America.

“Our experience and research shows that approximately 40% of resale homes have at least one defect that can cost a home buyer a minimum of $500 to repair,” said Kathleen Kuhn, President of HouseMaster.“A home inspection by a professional and qualified home inspector is an excellent tool to encourage home sellers to make repairs or make further price adjustments as a result of conditions noted in the inspection report.”

According to the National Association of Realtors (NAR), in 2009, a record 47% of homes sold were purchased by first-time buyers. Tax credit incentives from the federal government of up to $8,000 and historically low mortgage rates continue to attract first-time buyers to the market. A professional home inspection not only educates buyers on the condition of the home but can minimize costly surprises down the road. HouseMaster provides the following tips to ensure that first-time buyers make an educated decision when purchasing a home and get the best price possible.

1. Inspect the Inspector. Only hire a home inspector with an excellent reputation and credentials. Ask how long the company has been in business, ask about specific formal training and ongoing education the inspector has and verify the inspector carries professional liability insurance also known as “Errors & Omissions” (E&O). If the company doesn’t carry this insurance, it could indicate a poor track record or lack of experience.

2. Ask for a sample of a report. The credentials of the inspection company and the quality of the final inspection report will be important. A poorly prepared report without pictures or clear, concise details addressing all the various systems and accessible elements of the home is less likely to be taken seriously by a home seller.

3. Inspect ancillary systems. It’s hard for first-time home buyers to know what they need, so be sure to ask what additional services the company offers. If the home you are considering has a septic system for example, a professional home inspection company may offer septic system inspections or can coordinate that service for you. Generally, the company will offer you a multiple services discount as well as the added convenience of only having to attend one inspection appointment. Other common services offered by home inspectors are termite inspections, mold screening, water testing and radon testing.

4. Go along on the inspection. Ask the inspection company if they encourage buyers to tag along on the inspection. If the inspector discourages you from going along and asking questions, find another inspector. A home inspection is not simply a laundry list of what is wrong with the home. In addition to documenting issues and needed repairs that may exist, a professional home inspector will also show the new buyer how to operate the various systems in the home and provide tips on improving energy efficiency and maintaining the home in general. And being present during the inspection will make the final written report that much more meaningful.

For more information, visit www.housemaster.com

Several factors might leave prospective home buyers who don’t purchase a property now wishing they had taken action sooner! RISMEDIA, March 24, 2010—Buying a home is one of the biggest decisions an individual can make. So it’s understandable that one considering a home purchase may take their time to avoid rushing into such a large financial commitment. However, several factors might leave prospective home buyers who don’t purchase a property now wishing they had taken action sooner.

Gary Keller Founder of Keller Williams Realty on ABC Good Morning America Tomorrow!

Attention Keller Williams Associates:Kick-start your morning with a dose of Gary Keller on national television! Gary is scheduled to appear on Good Morning America (ABC) TOMORROW, Friday, Feb. 26. (Time not available. Air date subject to change.) Tune in to hear what Gary has to say in an interview regarding home selling strategies. Don’t miss it!

This is an internal communication to Keller Williams Realty International Associates for the purpose of company communications. We are not sending emails to anyone who is not part of Keller Williams Realty International. If you feel we have sent this email to you in error, please email us at feedback@kw.com. Keller Williams Realty International 807 Las Cimas Parkway, Suite 200 Austin, Texas 78746

The Expanded Home Buyer Tax Credit Could Chase Away the Winter Blues and everything you need to know about the extended and expanded tax credit.

By Ken Trepeta, Director, Real Estate Services Print Article

RISMEDIA, January 7, 2010—As we begin 2010, both real estate professionals and home buyers have something to look forward to and more importantly, take advantage of—the extended and expanded home buyer tax credit.

Originally created in 2008, the home-buyer tax credit has evolved from a $7,500 credit, which had to be repaid by the home buyer over the course of 15 years, to an $8,000 tax credit with no repayment required in 2009. Now, for a limited time in 2010, the $8,000 home buyer tax credit will still be available to first-time home buyers and certain current homeowners will also be eligible for a $6,500 credit.

To help everyone better understand the extended and expanded home buyer tax credit, here are some highlights of the changes.

Who can claim the credit?

“First-time home buyers” who purchase homes between November 7, 2009 and April 30, 2010 are eligible for the credit. To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

For current homeowners purchasing a home during the same time frame, they are also eligible for a tax credit, so long as the home being sold or vacated was their principal residence for five consecutive years within the last eight. To elaborate, it must be the same home; it is not enough that they have been homeowners for five consecutive years, they must have been in the same home for five consecutive years.

Another key point is that the existing home does not need to be sold. One must, however, occupy the new home as a principal residence and do so for three years or risk recapture of the credit. Also, the new home does not need to cost more than the old home despite the concept that it is directed at “move up” buyers.

How much is the credit and what are the income limits?

The maximum allowable credit for first-time home buyers is $8,000 or 10% of the sales price, whichever is less. For current homeowners, it is $6,500 or 10% of the sale price, whichever is less. Under the extended home buyer tax credit, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum credit.

The credit decreases for single buyers who earn between $125,000 and $145,000 and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit deceases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income – over $145,000 for singles and over $245,000 for couples – are not eligible for the credit.

What are the deadlines for qualifying for the credit?

Under the extended home buyer tax credit, as long as a written binding contract to purchase a home is in effect on April 30, 2010, and the deal is closed by July 1, 2010, one can claim the credit.

Will the tax credit need to be repaid?

No, the buyer does not need to repay the tax credit if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount of the credit will be recouped on the sale. Another provision of the law waives the recapture provisions for service members who receive orders that require them to move.

Are there any other critical provisions?

-There are three provisions people should be aware of:
-There is an $800,000 limitation on the cost of the home
-The purchaser must be at least 18 years old on the date of purchase
-For a married couple, only one spouse must meet this age requirement and dependents are not eligible to claim the credit

Finally, as an anti-fraud measure, purchasers must attach documentation of purchase to his/her tax return claiming the credit. Normally this would be a copy of the HUD-1, but could include other documents memorializing the settlement.

As with all tax matters, responsibility for complying with the tax code belongs to the taxpayer. Real estate professionals should recommend that their buyers consult their tax professionals to ensure eligibility for the credit and the proper way to claim the credit. For more information including the required IRS forms please contact the Internal Revenue Service at 800-829-1040.

Ken Trepeta is the Director, Real Estate Services for the National Association of REALTORS® Real Estate Services program.

For more information, visit www.realtors.org/res.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more top headlines on RISMedia.com, be sure to see:
Consumers’ Anticipated ‘Smart Spending’ of Home Buyer Tax Credit Will Aid Recovery
5 Steps to Creating a Successful Marketing Plan

Read more: http://rismedia.com/2010-01-06/the-expanded-home-buyer-tax-credit-could-chase-away-the-winter-blues/#ixzz0c2ZlGEJR

Video with Joey Mure’ part 2; Can a Parent Co-sign on your loan and not effect your $8000 Tax Credit?

http://www.youtube.com/watch?v=2Bp6pgUPxXM

Also, Joey talks about the time frame you need to be aware of if you plan on taking advantage of the tax credit.   Also, Great info on USDA loans and what you need to know.