In the last two days we have received numerous flyers in our e-mail from local mortgage representatives telling us that First Time Home Buyers can receive their $8,000 credit UP FRONT and use this money as a DOWN PAYMENT. This sounded too good to be true so we checked it out and we were right, this was too good to be true.
We personally phoned the IRS this morning, February 27, 2009 and spoke with an IRS expert on the First Time Home Buyers Credit. This is what we learned:
The 2009 tax credit is for $8,000 and for properties purchased in 2009 by first time home buyers and does not have to be paid back provided the buyer lives there for 3 years.
The buyer can apply for the 2009 tax credit on their 2008 income tax return if they have not filed yet. If the buyer has already filed their 2008 return and received their refund or paid their taxes, they can file an amended return and receive the $8,000 tax credit without having to wait to file the 2009 taxes. Of course, the buyer can wait and apply for the $8,000 tax credit when they file their 2009 income taxes next year.
This provision, while a little confusing, was designed to jump start housing market. However, under NO CIRCUMSTANCES can a buyer apply for this $8,000 credit BEFORE THEY CLOSE ON THE PROPERTY AND USE THIS MONEY FOR A DOWNPAYMENT. They are not a FIRST TIME HOME BUYER until they have (bought) closed on the house and have the keys in their hands.
If you think about this logically, you would realize that if in fact this was an $8,000 gift for a down payment, it would be all over the news. We wouldn’t need some mortgage representative to tell us about it. This very loose interpretation of the First Time Home Buyers credit is just another attempt to get around the rules.
We can think of some serious ramifications of applying for a tax credit you have yet to earn. We can sum it up in two words TAX FRAUD. We do not want any mortgage representative telling our buyers to commit fraud. We can imagine some nightmare scenarios that we do not wish to be involved, the least of which the buyer does not settle, for whatever reason and has applied for and received the $8,000 credit. The worst of this is that when the ‘buyer’ is audited the following year, for applying for a tax credit that they did not earn and they tells the auditor that their real estate agent told them to file for the money.
We suggest that anyone who is interested in finding out the FACTS regarding this $8,000 tax credit for first time home buyers, that they call the IRS directly at 1-800-829-1040 and ask to speak to an agent who is familiar with the FIRST TIME HOME BUYERS CREDIT and ask the direct question, “Can a first time home buyer apply for the $8,000 credit before they close on a property and use this money for a down payment?” The answer will be NO. But check it out for yourself. If you have a buyer who has been told this by a mortgage rep and does not believe you when you tell them they cannot apply for this credit before they close on the property, give them the IRS number. Keep in mind that you are calling the Federal Government and will be on hold for 15-20 minutes. But it is worth the wait to learn the facts. Use your speaker phone, the time will fly by.
If something sounds too good to be true, it is our responsibility to wade through the muck and verify, verify, verify. The last thing we need is another mortgage catastrophe a few years out
Linda Kerr Iwaniw & Terry Iwaniw
RESALES & INVESTMENT REALTY, LLC
Haddonfield, NJ.
Tags: buying a home, first time buyers, first time home buyers, firstv time home buyer credit, homeowners, mortgages, tax credit
Posted by
admin on Feb 20, 2009 in
Foreclosures,
Selling,
for sale For Immediate Release:
February 18, 2009
(Edison, NJ) In today’s unsteady economy, many homeowners experiencing financial difficulty have turned to a short sale as a means of avoiding a foreclosure. In many cases, sellers who cannot keep up with their mortgage payments strike a deal with their lender to sell the home and payoff less than the total amount due on the loan. In some cases, the lender forgives the outstanding debt. A short sale can occur in any real estate transaction where the purchase price is less than the amount required to pay off the liens on the real property, such as mortgages, judgments, taxes, homeowner or condominium association fees, assessments, as well as closing costs including but not limited to brokerage commissions, realty transfer fee, and attorney’s fees.
There are key advantages to pursuing a short sale over a foreclosure. Depending on how the lender reports the loan, short sales can appear on your credit report as “pre-foreclosure in redemption,” not as “debt discharged due to foreclosure.” Thus, people who come to an agreement on a short sale with their lender do far less damage to their credit rating than those who go through a foreclosure. Additionally, a benefit to a short sale is that borrowers will generally face a shorter waiting period before they can obtain another mortgage.
“In general, a short sale can be much faster and less expensive than a foreclosure,” said 2009 NJAR® President Diane Dilzell, CRS, e-PRO. “Troubled homeowners should remember that a short sale is not a cure-all but the ramifications are less harmful to their long-term financial well-being.”
Homeowners who are having difficulty making their mortgage payments and who may be considering a short sale must generally meet three qualifying criteria: they must be behind on their payments, be able to prove a legitimate hardship, and have little or no equity in their home.
Sellers should be aware that a short sale is a complex transaction and can take several months to complete. A short sale also requires several parties to come to an agreement on negotiated terms. In addition, different lending institutions have different policies. Some lenders may agree to forgive the difference between what they are owed, while others may require repayment of the deficiency. If your lender “writes off” any portion of the amount owed it may be reported as taxable income. Therefore, sellers should always seek the advice of an attorney or tax professional.
Dilzell noted that a REALTOR® is a valuable resource to home sellers considering a short sale. REALTORS® can help consumers navigate the short sale process, as well as facilitate communication between interested parties.
“REALTORS® don’t just sell houses; we work to help people to afford to stay in their homes. In the end, we want troubled homeowners to know that a foreclosure might not necessarily be their only option. Whether it’s a refinanced loan or a short sale, resources are available to homeowners having difficulty making their payments,” concluded Dilzell.
Tags: foreclosure, homes for sale, listing your home, selling your home, short sale
Posted by
admin on Feb 20, 2009 in
Announcements The American Recovery and Reinvestment Act of 2009, H.R. 1, was signed into law by President Obama on February 17, 2009. A couple of key npoints that were supported by REALTORS® and The National Association of REALTORS® were:
- 1. $8,000 first-time home buyer tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. View a chart detailing this provision.
- 2. Commercial real estate provisions, which focus on green building and energy efficiency as well as business tax incentives. H.R. 1 provides significant funds for New Jersey energy programs, which in turn, could help support commercial property owners’ investment in energy efficiency upgrades.
This is the perfect time to buy your next home. Besides the additional tax credits (they net against your current tax liability – if you owe money, this credit reduces that amount and if you have money being returned to you, this increases the amount you have coming), home prices are at their lowest in decades, and interest rate are at a point where they cannot go anywhere but UP.
This has also reinstated the higher loan limits for Federal Housing Administration (FHA), Fannie Mae and Freddie Mac. View the newly approved loan limit estimates. Lastly, you may want to view an outline of the Homeowner Affordability and Stability Plan, which President Obama announced on February 18, 2009 designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages.
Tags: American Recovery and Reinvestment Act, first time home buyers, home buyers, loan limits, obama, tax credit, tax credit for buyers
Posted by
admin on Feb 19, 2009 in
Uncategorized
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Linda & Terry Iwaniw | Resales & Investment Realty | 609-417-1084
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16 Adams Ave, Berlin, NJ
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Fabulous 3 Bedroom Twin in Ready-To-Move-In Condition.
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3BR/1BA Single Family House
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offered at $162,000
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| Year Built |
1992 |
| Sq Footage |
1,392 |
| Bedrooms |
3 |
| Bathrooms |
1 full, 0 partial |
| Floors |
Unspecified |
| Parking |
Unspecified |
| Lot Size |
4,264 sqft |
| HOA/Maint |
$0 per month |
DESCRIPTION
| A gorgeous HUD Owned 3 bedroom 1.5 bath twin home in Pine Valley Estates in move-in condition. The garage was converted to a large family room, and pergo flooring added in foyer and dining room. Includes gas heat and central air and no HOA (Home Owners Assoc) fees. Just a short distance from Pine Hill Middle School and Overbrook High School. All this can be yours for $1470/mo*.
For an appointment to see this property call 609-417-1084.
*(Principle,interest, taxes, and insurance payment based on a 30-year FHA fixed rate of 6.00% with 3.5% down to qualified buyers)…
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Seller contact info:
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Linda & Terry Iwaniw
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Resales & Investment Realty
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609-417-1084
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For sale by agent/broker
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Posted: Feb 18, 2009, 9:12pm PST
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Tags: homes for sale, homes for sale in camden county, hud homes for sale, HUD owned homes, real estate for sale, real estate for sale in camden county
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Linda & Terry Iwaniw | Resales & Investment Realty | 609-417-1084
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18 Fillmore Way, Sicklerville, NJ
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A wonderful home on quiet street in desirable Oak Forest.
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3BR/2.5BA Single Family House
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offered at $170,000
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| Year Built |
1984 |
| Sq Footage |
1,680 |
| Bedrooms |
3 |
| Bathrooms |
2 full, 1 partial |
| Floors |
2 |
| Parking |
Unspecified |
| Lot Size |
14,000 sqft |
| HOA/Maint |
$0 per month |
DESCRIPTION
| This HUD-Owned 3 bedroom 2.5 bath home features laminate wood floors, gorgeous trim work in dining room, 2 fireplaces (1 in living room and 1 in the family room), and the garage has been converted into a playroom. The upstairs has a spacious master suite, a separate laundry room, and the Sliding glass door leads to the spacious deck. Yours for $1522/mo*
*(Principle,interest, taxes, and insurance payment based on a 30-year FHA fixed rate of 6.00% with 3.5% down to qualified buyers). |
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Seller contact info:
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Linda & Terry Iwaniw
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Resales & Investment Realty
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609-417-1084
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For sale by agent/broker
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Posted: Feb 18, 2009, 9:48pm PST
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Tags: homes for sale, homes for sale in camden county, homes for sale in sicklerville, hud homes for sale, HUD owned homes
Posted by
admin on Feb 18, 2009 in
Announcements,
Mortgages 
I just read a news article that both Fannie Mae and Freddie Mac are planning on toughening up their credit score and downpayment rules. As of April 1, they will implement new guidelines for loans backed by them. The new guidelines will require buyers that are putting down less then 25% for a downpayment to be charged a penalty of 3/4 of a point (a point equals 1% of the loan amount). It won’t matter what the buyer’s credit score is, if they are putting less then 25% down for a mortgage loan, they will be penalized 3/4 (0.75%) of a point.
Buyers of duplexes, where one unit is owner-occupied and the other is rented, will be charged a 1 percent add-on as a penalty, while those who are refinancing their homes and who plan to take cash out will be charged as much as three points if they have a low to moderate equity stake in their homes.
Many major lenders are already factoring in these higher fees, which reduces the effectiveness of the stimulus efforts. Brad German, Freddie Mac’s spokesman, said that the loan categories & credit risk combinations targeted by these fees “default at four to eight times” the rate of other mortgages that were backed by Freddie Mac. The reason for these fees, according to German, “We have to manage these risks appropriately,”.
So, if you are seriously planning to buy a home, this may be an ideal time to make that offer on that special home, get under contract, and settled before your mortgage loan includes these new fees and charges. If you haven’t found that new home, yet…don’t delay! Call us NOW at 609-417-1084 so we can help you find that special new home in record time and get you moved in.
Linda & Terry Iwaniw
REALTOR Associates
First Time Home Buyer Specialist
Marketers of HUD Owned Homes
ReSales & Investment Realty, LLC
856-795-3111 x263
609-417-1084
http://www.snewjerseyhomes.com/
Tags: buyer credit, buyers, credit, credit risk, Fannie Mae, fees, Freddie Mac, loan defaults, loan limits, mortgage loans, mortgages, points
Posted by
admin on Feb 18, 2009 in
Housing,
Market Analysis,
home inventories The I-Team Homes has been marketing quite extensively in Gloucester Township NJ including the areas of Blackwood, Erial, and Laurel Springs. We provide housing market analysis for our clients.
The following is the most current data we have for Gloucester Township:
For the month of January 2009 -
- New Listings Added in January – 110 (18.9% of the Total Listings Currently on the Market of 581)
- Average asking price – $205,041 (92.4% of Total Average Listing Prices of $221,890)
- Properties that are Pending Sales (Under Contract, Not Settled) – 34
- Average Price: $196,300
- Properties that Settled in January – 20
- Average sold price – $167,344 (90% of average asking price)
- Average Days On Market: 99 Days
We can provide you with a complete and accurate market analysis for your home with an analysis of the market area it is located in. By knowing the value of your home you have a basis to start selling your home. If you want to know the value of your home and to receive a no-cost home evaluation, please call us at 609-417-1084.
For first time home buyers, purchasing your first home can be a very stressful experience. We can help eliminate that stress and help you through the process. We work closely with many first time home buyers and understand your concerns. First Time Home Buyer Programs, 0% and No Money Down Programs, Conventional, FHA, and VA Financing (To Qualified Buyers). Seller Assist with Closing Costs, New Homes Existing Homes in Great Neighborhoods, Fixer Upper Properties. We search all of Camden, Burlington, Gloucester, Salem, Cumberland, and Atlantic Counties. Go to http://www.homes4firsttimebuyers.com/
Looking for a fixer upper property? Willing to put in some “sweat equity” to buy your next home at a bargain price. Get a complete listing of fixer uppers in your area by going to http://www.bestfixerhomes.com/
If you are interested in HUD owned homes currently for sale , go to: http://www.njhudsales.com/.
Are you behind on your mortgage? We can help you! We are the Foreclosure Prevention Consultants. We’ve been where you are now, don’t make the same mistakes we did. See what we can do for you at http://www.i-teamhomes.com/foreclosure.htm
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Linda & Terry Iwaniw
REALTOR Associates
First Time Home Buyer Specialist
Foreclosure Prevention Consultant
ReSales & Investment Realty, LLC
856-795-3111 x263
609-417-1084
http://www.snewjerseyhomes.com/
Tags: blackwood, buyers, camden county, erial, gloucester township, housing market, laurel springs, real estate market, sellers
Posted by
admin on Feb 17, 2009 in
Housing,
Market Analysis,
home inventories The I-Team Homes has been marketing quite extensively in Winslow Township NJ including the areas of Sicklerville and Cedarbrook. We provide housing market analysis for our clients. The following is the most current data we have for Winslow Township :
For the month of January 2009 -
- New Listings Added in January – 87 (16.2% of the Total Listings Currently on the Market of 538)
- Average asking price – $209,625 (87.5% of the Total Average Listing Price of $239,440)
- Properties that are Pending Sales (Under Contract, Not Settled) – 25
- Average Price: $175,930
- Properties that Settled in January – 20
- Average sold price – $199,765 (88% of average asking price)
- Average Days On Market: 104 Days
We can provide you with a complete and accurate market analysis for your home with an analysis of the market area it is located in. By knowing the value of your home you have a basis to start selling your home. If you want to know the value of your home and to receive a no-cost home evaluation, please call us at 609-417-1084.
For first time home buyers, purchasing your first home can be a very stressful experience. We can help eliminate that stress and help you through the process. We work closely with many first time home buyers and understand your concerns. First Time Home Buyer Programs, 0% and No Money Down Programs, Conventional, FHA, and VA Financing (To Qualified Buyers). Seller Assist with Closing Costs, New Homes Existing Homes in Great Neighborhoods, Fixer Upper Properties. We search all of Camden, Burlington, Gloucester, Salem, Cumberland, and Atlantic Counties. Go to http://www.homes4firsttimebuyers.com/
Looking for a fixer upper property? Willing to put in some “sweat equity” to buy your next home at a bargain price. Get a complete listing of fixer uppers in your area by going to http://www.bestfixerhomes.com/
If you are interested in HUD owned homes currently for sale , go to: http://www.njhudsales.com/.
Are you behind on your mortgage? We can help you! We are the Foreclosure Prevention Consultants. We’ve been where you are now, don’t make the same mistakes we did. See what we can do for you at http://www.i-teamhomes.com/foreclosure.htm
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Linda & Terry Iwaniw
REALTOR Associates
First Time Home Buyer Specialist
Foreclosure Prevention Consultant
ReSales & Investment Realty, LLC
856-795-3111 x263
609-417-1086
http://www.snewjerseyhomes.com/
Tags: albion, bates mills, buyers, camden county, cedarbrook, elm, housing market, market trends, new jersey, real estate market, sellers, sicklerville, tansboro, west atco, williamstown junction, winslow township
Posted by
admin on Feb 17, 2009 in
Housing,
Market Analysis,
home inventories The I-Team Homes has been marketing quite extensively in Monroe Township NJ including the area of Williamstown. We provide housing market analysis for our clients.
The following is the most current data we have for Monroe Township :
For the month of January 2009 -
- New Listings Added in January – 63 (19.7% of the Total Listings on the Market of 319)
- Average asking price – $248,837 (99.3% of the Total Avg Price of $250,690)
- Properties that are Pending Sales (Under Contract, Not Settled) – 18
- Average Price: $205,890
- Properties that Settled in January – 18
- Average sold price – $202,650 (90% of average asking price)
- Average Days On Market: 99 Days
We can provide you with a complete and accurate market analysis for your home with an analysis of the market area it is located in. By knowing the value of your home you have a basis to start selling your home. If you want to know the value of your home and to receive a no-cost home evaluation, please call us at 609-417-1084.
For first time home buyers, purchasing your first home can be a very stressful experience. We can help eliminate that stress and help you through the process. We work closely with many first time home buyers and understand your concerns. First Time Home Buyer Programs, 0% and No Money Down Programs, Conventional, FHA, and VA Financing (To Qualified Buyers). Seller Assist with Closing Costs, New Homes Existing Homes in Great Neighborhoods, Fixer Upper Properties. We search all of Camden, Burlington, Gloucester, Salem, Cumberland, and Atlantic Counties. Go to http://www.homes4firsttimebuyers.com/
Looking for a fixer upper property? Willing to put in some “sweat equity” to buy your next home at a bargain price. Get a complete listing of fixer uppers in your area by going to http://www.bestfixerhomes.com/
If you are interested in HUD Owned homes currently for sale , go to: http://www.njhudsales.com/.
Are you behind on your mortgage? We can help you! We are the Foreclosure Prevention Consultants. We’ve been where you are now, don’t make the same mistakes we did. See what we can do for you at http://www.i-teamhomes.com/foreclosure.htm
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Linda & Terry Iwaniw
REALTOR Associates
First Time Home Buyer Specialist
Foreclosure Prevention Consultant
ReSales & Investment Realty, LLC
856-795-3111 x263
609-417-1084
http://www.snewjerseyhomes.com/
Tags: buyers, housing market, monroe township, Real Estate, real estate market, sellers, williamstown
Posted by
admin on Feb 17, 2009 in
Housing,
Market Analysis,
home inventories The I-Team Homes has been marketing quite extensively in Washington Township NJ including the area of Turnersville. We provide housing market analysis for our clients.
The following is the most current data we have for Washington Township :
For the month of January 2009 -
- New Listings Added in January – 78 (23.8% of the Total Avg Listings of 328)
- Average asking price – $269,756 (82.1% of the Total Avg Price of $328,720)
- Properties that are Pending Sales (Under Contract, Not Settled) – 22
- Average Price: $252,600
- Properties that Settled in January – 22
- Average sold price – $227,959 (89% of average asking price)
- Average Days On Market: 98 days
We can provide you with a complete and accurate market analysis for your home with an analysis of the market area it is located in. By knowing the value of your home you have a basis to start selling your home. If you want to know the value of your home and to receive a no-cost home evaluation, please call us at 609-417-1084.
For first time home buyers, purchasing your first home can be a very stressful experience. We can help eliminate that stress and help you through the process. We work closely with many first time home buyers and understand your concerns. First Time Home Buyer Programs, 0% and No Money Down Programs, Conventional, FHA, and VA Financing (To Qualified Buyers). Seller Assist with Closing Costs, New Homes Existing Homes in Great Neighborhoods, Fixer Upper Properties. We search all of Camden, Burlington, Gloucester, Salem, Cumberland, and Atlantic Counties. Go to http://www.homes4firsttimebuyers.com/
Looking for a fixer upper property? Willing to put in some “sweat equity” to buy your next home at a bargain price. Get a complete listing of fixer uppers in your area by going to http://www.bestfixerhomes.com/
If you are interested in HUD owned homes currently for sale , go to: http://www.njhudsales.com.
Are you behind on your mortgage? We can help you! We are the Foreclosure Prevention Consultants. We’ve been where you are now, don’t make the same mistakes we did. See what we can do for you at http://www.i-teamhomes.com/foreclosure.htm
.
Linda & Terry Iwaniw
REALTOR Associates
First Time Home Buyer Specialist
Foreclosure Prevention Consultant
ReSales & Investment Realty, LLC
856-795-3111 x263
609-417-1084
http://www.terryi.com/
http://www.snewjerseyhomes.com/
Tags: buyers, housing market, Real Estate, real estate market, sellers, turnersville, washington township
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