Buying and Selling Your HomeA little bit of information can go a long way to alleviate some of your concerns and build your confidence.
Whether you are considering buying another home or your first home, we will guide you through the entire process and find a home that's just right for you.
- Funding Options -There are many funding options available, including financing for the first time home buyers. Sometimes without any out of pocket expense.
- Buying Process- Together we will determine your price range and from there consider homes that meet your qualifications and standards, in neighborhoods where you would like to live. There is a home out there for you!
- Closing Process- Once you've found your home and we have settled on a mutually agreeable price between you and the seller, the closing process is very easy. From our first conversation to closing day, we'll walk you through step by step.
There are so many benefits to owning your own home. At Fuhrman Real Estate we are happy to sit down with you and answer all of your questions and be a part of this big step in your life. It's a great investment!
Curb appeal is important and really makes a difference.
- Prepare well- Take a close look at the condition of your home. Showing a clean and well-maintained home will increase your chances of a faster sale at a higher price. Fixing needed repairs typically pays off.
- Comparative Market Analysis- A Comparative Market Analysis compares recent home sales in your area. This, together with the value of your property helps determine the selling price of your home.
- List and advertise- Your home will receive full Multiple Listing Service coverage which includes internet exposure. At Fuhrman Real Estate we will also advertise your home locally, including conducting an open house as needed to maximize your homes exposure to potential buyers.
- Closing- Once we have found a buyer and have settled on a mutually agreeable price, the closing process is very easy. From our first conversation to closing day, we will walk you through step by step.
First Time Homebuyer Tax Credit
http://www.federalhousingtaxcredit.com/
As modified in the American Recovery and Reinvestment Act
Major Modifications Italicized
February 2009
FEATURE CREDIT AS CREATED JULY 2008
APPLIES TO ALL QUALIFIED
PURCHASES ON OR AFTER
APRIL 9, 2009REVISED CREDIT-
EFFECTIVE FOR PURCHASE ON
OR AFTER JANUARY 1, 2009 AND
BEFORE DECEMBER 1, 2009Amount of Credit Lesser of 10 percent of cost of home or $7500 Maximum credit amount increased to $8000 Eligible Property Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence No change
All principle residences eligible
Refundable Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser. No change
Same income limits continue to apply.
Income Limit Yes. Full amount of credit available for individuals with adjusted gross income of nor more than $75,000 ($150,000 on joint return). Phase out above those caps ($95,000 and $170,000) No change
Same income limits continue to apply.
First-time Homebuyer Only Yes. Purchaser (and purchaser's spouse) may not have owned a principle residence in 3 years previous to purchase. No change
Still available for first-time purchasers only. Three year rule continues to applyRevenue Bond Financing No credit allowed if home financed with state/local bond funding Purchasers who utilize revenue bond financing can use credit Repayment Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years starting with 2010 tax filing No repayment for purchase on or after January 1, 2009 and before December 1, 2009 Recapture If home sold before 15-year repayment period ends then outstanding balance of repayment amount recaptured on sale If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009 Termination July 1, 2009 (But note program changes for 2009) December 1, 2009 Effective Date Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year All revisions are effective as of January 1, 2009
© 2009 Fuhrman Real Estate | Austin, Minnesota