Tuesday, October 4, 2011
Thursday, June 2, 2011
LOWE'S 10% OFF-MY PARTNERSHIP WITH LOWE'S
YOU CAN SAVE 10% EVERY TIME YOU SHOP AT LOWE'S
JUST EMAIL ME! I WILL EMAIL BACK WITH 10% COUPON! IT IS THAT EASY & FREE
As a member of the National Association of Realtors, my membership can get clients, friends & family discounts and coupons at Lowes. In fact, not too long ago, I signed a client up for the Lowes 10% discount coupon. He had a refrigerator go bad at his condo at Will o' the Wisp. Sure enough, he got the coupon in the mail, went to Lowes and saved $140 on his new fridge. In exchange, Lowes sends you direct mail from time to time with other coupons for things like new carpet, kitchen items, lawn & garden, etc. You can use the coupon anytime, but you would be much further ahead to use it on a major purchase, as it's a one time 10% off.
Email me your name, address & phone number, and I can sign you up. It's FREE. Really. And it works :)
IF YOU ARE THINKING OF BUYING, SELLING, RENTING, PLEASE CALL ME OR EMAIL ME.
I AM NEVER BUSY FOR YOUR BUSINESS!
Cardinal House Condos-Arlington, VA
Living in Cardinal House Condominium
This community is a rare find for those seeking the benefits of a well established community, amenities offered by many newer condominiums, and features not available at other condominiums, all for surprisingly affordable prices.
Cardinal House Condominium residents enjoy a close-in location, walking distance to Metro, shopping and restaurants, yet are surrounded by grass and trees, adjacent to parks and bicycle trails, and close to major roads leading anywhere one might like to go.
The Cardinal House Condominium community is as diverse as the North Arlington Neighborhoods that encircle it, from the popular Clarendon and Courthouse neighborhoods, to upscale Lyon Village, to historic Maywood and Cherrydale. Even Rosslyn, Ballston and DC′s Georgetown are all within walking distance.
Residents of Cardinal House Condominium enjoy homes with spacious floorplans, generous closet space, solid construction for quiet and privacy, ample free parking and resident storage, and many other amenities. These amenities include a beautiful, well appointed lobby to great visitors; a large party room with a full sized kitchen, TV lounge and billiards area; a fully equipped exercise room, with showers and saunas; an outdoor swimming pool, surrounded by a landscaped lawn, brick patios and a barbecue area. The entire Cardinal House Condominium property features manicured lawns, flowering shrubs and mature trees. Cardinal House Condominium is professionally managed, with an on-site building manager and engineer, and has a on-site security during evening, overnight and weekend hours.
***********PICTURES OF THE COMMUNITY********
Entrance From Spout Run Parkway!
Main Entrance!
Across the Street Shopping Center (Giant, CVS, etc)
PARKING-PLENTY OF IT!
MAIN LOBBY
OTHER INTERIOR PICTURES
Tuesday, May 31, 2011
When you’re evaluating how much home you can afford,
make sure you factor in the tax advantages of homeownership.
You can claim some tax deductions if you work from home, but be sure you're entitled to them before taking them.
Owning your home not only allows you to build wealth through appreciation, but it can also reduce the amount of income tax you pay every year.
Here are seven tax benefits for homeowners.
1. Homebuyer tax credits
If you purchase your first home before April 30, 2010, you’re entitled to a tax credit of up to $8,000. If you currently own a home, but sell it to purchase another home before April 30, 2010, you’re eligible for a federal tax credit of up to $6,500.
2. Deductions for loan fees
Typically, you can deduct the “prepaid interest” you paid when you got your mortgage loan. That includes points, loan origination fees, and loan discount fees listed on your settlement statement, even if the seller paid those fees for you. Each time you refinance your home, you can deduct prepaid interest fees.
However, you must meet certain requirements to take the prepaid interest deductions when you purchase or refinance your home. Check with your accountant to be sure you’re following the rules.
3. Property tax deductions
In the year you purchase your home, you’re entitled to deduct the real estate taxes you paid at the closing table. You can continue to deduct the property taxes you pay each year.
4. The mortgage interest deduction
Every year, you can deduct the amount of interest and late charges you pay on your mortgage and home equity loans, though there are limitations. If you’re required to purchase private mortgage insurance (PMI) because you made a downpayment of less than 20% on your home, you can also deduct those premiums as mortgage interest expenses.
5. Home office expenses
If you have a home office you use only for business, you may be eligible to deduct the prorated costs of your mortgage, insurance, and other expenses related to that space. The government scrutinizes home-office deductions closely. Be sure you’re entitled to the deductions before claiming them.
6. The costs of selling your home
In the year you sell your home, you can deduct the costs of selling it, including real estate commissions, title insurance, legal fees, advertising, administrative costs, and inspection fees. You can also deduct decorating or repair costs you incur in the 90 days before you sell your home.
7. The gain on your home
If you lived in your home for at least two of the previous five years before you sell it, the government lets you to take up to $250,000 of profit on the sale of your home tax free. That amount is doubled for married couples. This deduction isn’t available on rental or second homes.
The government also allows you to subtract from your home sale profit any amounts you spend on improvements, such as window replacement, siding, or a kitchen remodel. Those deductions are in addition to the tax credits you can receive in 2010 for making energy-saving upgrades. Money invested for routine maintenance and repairs doesn’t count.
This article includes general information about tax laws and consequences, but is not intended to be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws vary by jurisdiction.
make sure you factor in the tax advantages of homeownership.
You can claim some tax deductions if you work from home, but be sure you're entitled to them before taking them.
Owning your home not only allows you to build wealth through appreciation, but it can also reduce the amount of income tax you pay every year.
Here are seven tax benefits for homeowners.
1. Homebuyer tax credits
If you purchase your first home before April 30, 2010, you’re entitled to a tax credit of up to $8,000. If you currently own a home, but sell it to purchase another home before April 30, 2010, you’re eligible for a federal tax credit of up to $6,500.
2. Deductions for loan fees
Typically, you can deduct the “prepaid interest” you paid when you got your mortgage loan. That includes points, loan origination fees, and loan discount fees listed on your settlement statement, even if the seller paid those fees for you. Each time you refinance your home, you can deduct prepaid interest fees.
However, you must meet certain requirements to take the prepaid interest deductions when you purchase or refinance your home. Check with your accountant to be sure you’re following the rules.
3. Property tax deductions
In the year you purchase your home, you’re entitled to deduct the real estate taxes you paid at the closing table. You can continue to deduct the property taxes you pay each year.
4. The mortgage interest deduction
Every year, you can deduct the amount of interest and late charges you pay on your mortgage and home equity loans, though there are limitations. If you’re required to purchase private mortgage insurance (PMI) because you made a downpayment of less than 20% on your home, you can also deduct those premiums as mortgage interest expenses.
5. Home office expenses
If you have a home office you use only for business, you may be eligible to deduct the prorated costs of your mortgage, insurance, and other expenses related to that space. The government scrutinizes home-office deductions closely. Be sure you’re entitled to the deductions before claiming them.
6. The costs of selling your home
In the year you sell your home, you can deduct the costs of selling it, including real estate commissions, title insurance, legal fees, advertising, administrative costs, and inspection fees. You can also deduct decorating or repair costs you incur in the 90 days before you sell your home.
7. The gain on your home
If you lived in your home for at least two of the previous five years before you sell it, the government lets you to take up to $250,000 of profit on the sale of your home tax free. That amount is doubled for married couples. This deduction isn’t available on rental or second homes.
The government also allows you to subtract from your home sale profit any amounts you spend on improvements, such as window replacement, siding, or a kitchen remodel. Those deductions are in addition to the tax credits you can receive in 2010 for making energy-saving upgrades. Money invested for routine maintenance and repairs doesn’t count.
This article includes general information about tax laws and consequences, but is not intended to be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws vary by jurisdiction.
Real Estate Gifts to Family Members? Notify IRS
Real Estate Gifts to Family Members? Notify IRS
Be sure to remind your customers who are buying real estate as a gift to a family member that they need to report such real estate gifts to the Internal Revenue Service. The IRS is increasingly scrutinizing these gifts using state land-transfer records to prove the omissions, The Wall Street Journal reports.
Any gift--including property--to a person that is valued at more than $13,000 requires the giver to let the IRS know by filing a gift-tax return (Form 709), even if the transfer falls within the $5 million lifetime exemption amount.
In a court document from December, the agency said that in the last two years 323 taxpayers had been examined for failing to report possible real estate gifts, another 217 were being examined, and 250 were being considered for review, The Wall Street Journal reports.
The states that have handed over information on gift-like transactions are Florida, Connecticut, New Hampshire, Hawaii, Nebraska, Tennessee, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas, Virginia, Washington, and Wisconsin, according to court documents. Through its investigation, the IRS so far has uncovered a high "failure-to-report rate" in these states--with noncompliance rates reaching even 100 percent in Ohio based on case reviews as well as 90 percent in Florida and Virginia, 80 percent in Washington, 60 percent in Connecticut and Nebraska, and 50 percent in Wisconsin.
Be sure to remind your customers who are buying real estate as a gift to a family member that they need to report such real estate gifts to the Internal Revenue Service. The IRS is increasingly scrutinizing these gifts using state land-transfer records to prove the omissions, The Wall Street Journal reports.
Any gift--including property--to a person that is valued at more than $13,000 requires the giver to let the IRS know by filing a gift-tax return (Form 709), even if the transfer falls within the $5 million lifetime exemption amount.
In a court document from December, the agency said that in the last two years 323 taxpayers had been examined for failing to report possible real estate gifts, another 217 were being examined, and 250 were being considered for review, The Wall Street Journal reports.
The states that have handed over information on gift-like transactions are Florida, Connecticut, New Hampshire, Hawaii, Nebraska, Tennessee, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas, Virginia, Washington, and Wisconsin, according to court documents. Through its investigation, the IRS so far has uncovered a high "failure-to-report rate" in these states--with noncompliance rates reaching even 100 percent in Ohio based on case reviews as well as 90 percent in Florida and Virginia, 80 percent in Washington, 60 percent in Connecticut and Nebraska, and 50 percent in Wisconsin.
Tuesday, May 10, 2011
5 Real Estate Scams You Need to Know About
Don't be duped by mortgage fraud. Here are a few common scams and the red flags you should look for in a transaction.
Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.
The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction. You can start by reviewing these five scams, and then test your knowledge by taking our Mortgage Fraud Quiz.
1. The Foreclosure Rescue Scheme
The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company.
Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud.
2. Loan Documentation Fraud
The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it.
Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae.
3. Appraisal Fraud
The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value.
Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns.
4. Illegal Property Flipping
The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure.
Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae.
5. Short Sales Schemes
The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit.
Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae.
You can report instances of suspected mortgage fraud to Stopfraud.gov.
Alasgar Farhadov(Ali)
REALTOR, ABR, MBA
MULTI MILLION DOLLAR CLUB-2010
C-703-989-3344
E: ali@solutionsrg.com
FB: facebook.com/alasgar
Skype: alasgarf
myalisel.com
WWW.SOLUTIONSRG.COM
The finest compliment I can receive is a referral from friends and clients!
Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.
The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction. You can start by reviewing these five scams, and then test your knowledge by taking our Mortgage Fraud Quiz.
1. The Foreclosure Rescue Scheme
The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company.
Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud.
2. Loan Documentation Fraud
The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it.
Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae.
3. Appraisal Fraud
The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value.
Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns.
4. Illegal Property Flipping
The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure.
Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae.
5. Short Sales Schemes
The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit.
Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae.
You can report instances of suspected mortgage fraud to Stopfraud.gov.
Alasgar Farhadov(Ali)
REALTOR, ABR, MBA
MULTI MILLION DOLLAR CLUB-2010
C-703-989-3344
E: ali@solutionsrg.com
FB: facebook.com/alasgar
Skype: alasgarf
myalisel.com
WWW.SOLUTIONSRG.COM
The finest compliment I can receive is a referral from friends and clients!
MORTGAGE FRAUD REACHES RECORD HIGH
Mortgage Fraud Reaches Record High
Scammers are taking advantage of the real estate market, changing their schemes to take advantage of a distressed real estate market. Reports of mortgage fraud in 2010 reached the highest level on record, the Treasury Department reports.
Suspected mortgage fraud activity increased nearly 5 percent to 70,472 “suspicious activity reports,” according to the Financial Crimes Enforcement Network. That’s up from 67,507 in 2009 (and a dramatic increase when compared to 37,000 mortgage fraud reports in 2006 during the housing boom). The agency estimates more than $1.5 billion in losses from mortgage fraud in 2010.
Mortgage fraud reports include everything from borrowers falsifying information on loan documents, fraudulent appraisals, to elaborate schemes that target home owners underwater on their mortgage.
Reports of suspected mortgage fraud have continued to rise since the housing boom.
However, while the number of reports of mortgage fraud continues to rise, the number of fraud cases have actually decreased, the LexisNexis Mortgage Asset Research Institute reports. Mortgage fraud cases dropped 41 percent between 2009 and 2010, the biggest drop since the institute began to track reports. The drop was attributed to a decrease in home loans from banks tightened lending standards.
"We've got lower originations, less loan volume, less attention being paid to in terms of what's happening to those loans, and tighter credit scrutiny," says Denise James, who co-authored the report.
Where Fraud Is the Most Prevalent
The states with the highest incidence of mortgage fraud are:
Florida (which also led the nation in 2009)
New York
California
New Jersey
Maryland
Michigan
Virginia
Ohio
Colorado
Illinois
Source: “Reports of Mortgage Fraud Reach Record Level,” The Wall Street Journal (May 10, 2011) and “Reported Cases of Mortgage Fraud Down, But Actual Fraud Still on Rise, Experts Say,” Associated Press (May 9, 2011)
Scammers are taking advantage of the real estate market, changing their schemes to take advantage of a distressed real estate market. Reports of mortgage fraud in 2010 reached the highest level on record, the Treasury Department reports.
Suspected mortgage fraud activity increased nearly 5 percent to 70,472 “suspicious activity reports,” according to the Financial Crimes Enforcement Network. That’s up from 67,507 in 2009 (and a dramatic increase when compared to 37,000 mortgage fraud reports in 2006 during the housing boom). The agency estimates more than $1.5 billion in losses from mortgage fraud in 2010.
Mortgage fraud reports include everything from borrowers falsifying information on loan documents, fraudulent appraisals, to elaborate schemes that target home owners underwater on their mortgage.
Reports of suspected mortgage fraud have continued to rise since the housing boom.
However, while the number of reports of mortgage fraud continues to rise, the number of fraud cases have actually decreased, the LexisNexis Mortgage Asset Research Institute reports. Mortgage fraud cases dropped 41 percent between 2009 and 2010, the biggest drop since the institute began to track reports. The drop was attributed to a decrease in home loans from banks tightened lending standards.
"We've got lower originations, less loan volume, less attention being paid to in terms of what's happening to those loans, and tighter credit scrutiny," says Denise James, who co-authored the report.
Where Fraud Is the Most Prevalent
The states with the highest incidence of mortgage fraud are:
Florida (which also led the nation in 2009)
New York
California
New Jersey
Maryland
Michigan
Virginia
Ohio
Colorado
Illinois
Source: “Reports of Mortgage Fraud Reach Record Level,” The Wall Street Journal (May 10, 2011) and “Reported Cases of Mortgage Fraud Down, But Actual Fraud Still on Rise, Experts Say,” Associated Press (May 9, 2011)
STASH YOUR TRASH
HOW DO YOU WANT ME TO SELL THIS?
COME ON NOW!!
You don’t have to be a pro appraiser to know that a yard drowning in junk is a sure way to devalue your property. It’s also an invitation for stray critters to move right in. Have mercy on your neighbors by renting a dumpster and removing trash. A 20-yard dumpster is about $400 to $500
8 TIPS THAT WILL INCREASE YOUR CURB APPEAL
Homes with high curb appeal command higher prices and take less time to sell. We’re not talking about replacing vinyl siding with redwood siding; we’re talking about maintenance and beautifying tasks you’d like to live with anyway.
The way your house looks from the street—attractively landscaped and well-maintained—can add thousands to its value and cut the time it takes to sell. But which projects pump up curb appeal most? Some spit and polish goes a long way, and so does a dose of color.
TIP#1 WASH YOUR HOUSE'S FACE :)
Before you scrape any paint or plant more azaleas, wash the dirt, mildew, and general grunge off the outside of your house. REALTORS® say washing a house can add $10,000 to $15,000 to the sale prices of some houses.
A bucket of soapy water and a long-handled, soft-bristled brush can remove the dust and dirt that have splashed onto your wood, vinyl, metal, stucco, brick, and fiber cement siding. Power washers (rental: $75 per day) can reveal the true color of your flagstone walkways.
Wash your windows inside and out, swipe cobwebs from eaves, and hose down downspouts. Don’t forget your garage door, which was once bright white. If you can’t spray off the dirt, scrub it off with a solution of 1/2 cup trisodium phosphate—TSP, available at grocery stores, hardware stores, and home improvement centers—dissolved in 1 gallon of water.
You and a friend can make your house sparkle in a few weekends. A professional cleaning crew will cost hundreds—depending on the size of the house and number of windows—but will finish in a couple of days.
FRESHEN THE EXTERIOR PAINT!
The most commonly offered curb appeal advice from real estate pros and appraisers is to give the exterior of your home a good paint job. Buyers will instantly notice it, and appraisers will value it. Of course, painting is an expensive and time-consuming facelift. To paint a 3,000-square-foot home, figure on spending $375 to $600 on paint; $1,500 to $3,000 on labor.
Your best bet is to match the paint you already have: Scrape off a little and ask your local paint store to match it. Resist the urge to make a statement with color. An appraiser will mark down the value of a house that’s painted a wildly different color from its competition.
Tip #3: REGARD THE ROOF!
The condition of your roof is one of the first things buyers notice and appraisers assess. Missing, curled, or faded shingles add nothing to the look or value of your house. If your neighbors have maintained or replaced their roofs, yours will look especially shabby.
You can pay for roof repairs now, or pay for them later in a lower appraisal; appraisers will mark down the value by the cost of the repair. According to Remodeling Magazine’s 2010-2011 Cost vs. Value Report, the average cost of a new asphalt shingle roof is about $21,500.
Some tired roofs look a lot better after you remove 25 years of dirt, moss, lichens, and algae. Don’t try cleaning your roof yourself: call a professional with the right tools and technique to clean it without damaging it. A 2,000 sq. ft. roof will take a day and $400 to $600 to clean professionally.
Tip #4: Neaten the yard
A well-manicured lawn, fresh mulch, and pruned shrubs boost the curb appeal of any home.
Replace overgrown bushes with leafy plants and colorful annuals. Surround bushes and trees with dark or reddish-brown bark mulch, which gives a rich feel to the yard. Put a crisp edge on garden beds, pull weeds and invasive vines, and plant a few geraniums in pots.
Green up your grass with lawn food and water. Cover bare spots with seeds and sod, get rid of crab grass, and mow regularly.
Tip #5: Add a color splash
Even a little color attracts and pleases the eye of would-be buyers.
Plant a tulip border in the fall that will bloom in the spring. Dig a flowerbed by the mailbox and plant some pansies. Place a brightly colored bench or Adirondack chair on the front porch.
Get a little daring, and paint the front door red or blue.
These colorful touches won’t add to the value of our house: appraisers don’t give you extra points for a blue bench. But beautiful colors enhance curb appeal and help your house to sell faster.
Tip #6: GLAM YOUR MAILBOX
An upscale mailbox, architectural house numbers, or address plaques can make your house stand out.
High-style die cast aluminum mailboxes range from $100 to $350. You can pick up a handsome, hand-painted mailbox for about $50. If you don’t buy new, at least give your old mailbox a facelift with paint and new house numbers.
These days, your local home improvement center or hardware stores has an impressive selection of decorative numbers. Architectural address plaques, which you tack to the house or plant in the yard, typically range from $80 to $200. Brass house numbers range from $3 to $11 each, depending on size and style.
Tip #7: FENCE YOURSELF IN
A picket fence with a garden gate to frame the yard is an asset. Not only does it add visual punch to your property, appraisers will give extra value to a fence in good condition, although it has more impact in a family-oriented neighborhood than an upscale retirement community.
Expect to pay $2,000 to $3,500 for a professionally installed gated picket fence 3 feet high and 100 feet long.
If you already have a fence, make sure it’s clean and in good condition. Replace broken gates and tighten loose latches.
Tip #8: MAINTENANCE IS A MUST
Nothing looks worse from the curb—and sets off subconscious alarms—like hanging gutters, missing bricks from the front steps, or peeling paint. Not only can these deferred maintenance items damage your home, but they can decrease the value of your house by 10%.
Here are some maintenance chores that will dramatically help the look of your house.
Refasten sagging gutters.
Repoint bricks that have lost their mortar.
Reseal cracked asphalt.
Straighten shutters.
Replace cracked windows.
***REMEMBER TO HIRE A GOOD REALTOR***
I AM ALWAYS HERE TO HELP!
Alasgar Farhadov(Ali)
REALTOR, ABR, MBA
MULTI MILLION DOLLAR CLUB-2010
C-703-989-3344
E: ali@solutionsrg.com
FB: facebook.com/alasgar
Skype: alasgarf
myalisel.com
The finest compliment I can receive is a referral from friends and clients!
Saturday, May 7, 2011
6 Worth-the Price FIX Ups
6 Worth-the-Price Fix-Ups
Simple and affordable do-it-yourself projects can greatly increase a home's resale value, according to HomeGain's annual home improvement and staging survey.
April 2011
The marketing company surveyed nearly 600 real estate professionals to discover which DIY home improvement projects give sellers the biggest return for their buck. Here are six projects under $1,000 (amounts are estimated) that made the list.
1. Cleaning and de-cluttering. Remove any personal items, unclutter countertops, organize closets and shelves, and make the home sparkling clean.
$290 Cost
$1,990 Return
2. Brightening. Clean all windows inside and out, replace old curtains, update lighting fixtures, and remove anything that blocks light from the windows.
$375 Cost
$1,550 Return
3. Smart staging. Rearrange furniture, bring in new accessories and furnishings to enhance rooms, incorporate artwork, and play soft music in the background.
$550 Cost
$2,194 Return
4. Landscaping enhancements. Punch up the home’s curb appeal in the front and back yards by adding bark mulch, bushes, and flowers and ensuring current plants and grass are well-cared for and manicured.
$540 Cost
$1,932 return
5. Repairing electrical or plumbing. Fix leaks under the sinks, remove any mildew stains, and ensure all plumbing is in good working condition. Update the home’s electrical with new wiring for modern appliances, fix any lights or outlets that don’t work, and replace old plug points with new safety fixtures.
$535 Cost
$1,505 Return
6. Replacing or shampooing dirty carpets. Steam-clean carpets, replace any worn carpets, and repair any floor creaks.
$647 Cost
$1,739 Return
Simple and affordable do-it-yourself projects can greatly increase a home's resale value, according to HomeGain's annual home improvement and staging survey.
April 2011
The marketing company surveyed nearly 600 real estate professionals to discover which DIY home improvement projects give sellers the biggest return for their buck. Here are six projects under $1,000 (amounts are estimated) that made the list.
1. Cleaning and de-cluttering. Remove any personal items, unclutter countertops, organize closets and shelves, and make the home sparkling clean.
$290 Cost
$1,990 Return
2. Brightening. Clean all windows inside and out, replace old curtains, update lighting fixtures, and remove anything that blocks light from the windows.
$375 Cost
$1,550 Return
3. Smart staging. Rearrange furniture, bring in new accessories and furnishings to enhance rooms, incorporate artwork, and play soft music in the background.
$550 Cost
$2,194 Return
4. Landscaping enhancements. Punch up the home’s curb appeal in the front and back yards by adding bark mulch, bushes, and flowers and ensuring current plants and grass are well-cared for and manicured.
$540 Cost
$1,932 return
5. Repairing electrical or plumbing. Fix leaks under the sinks, remove any mildew stains, and ensure all plumbing is in good working condition. Update the home’s electrical with new wiring for modern appliances, fix any lights or outlets that don’t work, and replace old plug points with new safety fixtures.
$535 Cost
$1,505 Return
6. Replacing or shampooing dirty carpets. Steam-clean carpets, replace any worn carpets, and repair any floor creaks.
$647 Cost
$1,739 Return
Thursday, April 28, 2011
SHOULD I BUY OR RENT
To rent or to buy: what used to be a given – that you would buy a home as soon as you could afford to – has become an agonizing conundrum for many a would-be homebuyer, in the face of the housing market’s big bust and super-slow recovery. Low prices seem to create a wide-open window of opportunity, but they also create the concern that prices will keep falling after closing. And that Catch-22 has hundreds of thousands of buyers-to-be stuck on the fence.
Fortunately, there are handful of life, mortgage and local market signals which indicate that the time *might* be right to hop – scratch that – leap off the fence and into homeownership:
Mortgage rates are going up. Home prices have been low for the last several years, and in fact are currently looking like they’re heading back down to the same levels they were at the depths of the real estate recession. During this same time frame, interest rates have also been low – this one-two punch has created record-high affordability for the last four years running, causing buyers to believe that this window of opportunity won’t be closing anytime soon.
While prices don’t look like they’ll be skyrocketing anytime soon, interest rates are another story. Rates have been on a rollercoaster over the past few months, and with inflation and Fed rates set to spike later this year, today’s low interest rates might be as good as they’re going to get for a long time to come. And I mean a very long time – in the next few years, governmental intervention in the mortgage markets is likely to wind down, and that means higher mortgage interest rates are not only inevitable, they’ll probably be here for a long, long time.
Mortgage rates on the rise are one signal that now might be the peak of home affordability, and the peak of the opportunity to buy.
Rents are going up. Rental rates in many areas are also on the rise – in fact, the foreclosure crisis has acted created additional demand on many markets’ rental housing inventory in several different ways. First, former homeowners who lost homes to foreclosure now need to rent; as well, buyers in foreclosure hot spots have been hesitant to buy, many electing to stay renters far beyond when they would have otherwise. On top of all that, super-tight lending guidelines have stopped even some who would like to buy homes from doing so. As a result, rental homes are in high demand – and rents are rising.
Rising rents at a time when the prices of homes for sale are low and, in some places, falling? One more signal that now might just be the time to buy. (Of course, where foreclosures are high, the chances of continued depreciation are, too – to offset this risk, have a long-term plan, to minimize the possibility that you’ll owe more than your home is worth when you need to sell. Read on for more on how to plan for the long term and minimize your homebuying risk.)
Your income and career are stable for the foreseeable future. The smartest homebuyers look to their lives, not just the market, for signals about when the time is right to buy. Homebuying is a long, long-term endeavor these days. The goal is to be able to commit to staying in the same place, geographically-speaking, for 7 to 10 years before you buy (more in a foreclosure-riddled market, less in an area that has been more recession-resistant). Most lenders will require that you’ve been at your job – or in the same general field of work – for at least two years before you buy. But that’s the bare minimum – beyond that, you don’t want to be barely beginning a career in which you think you may need to move sooner than that, nor do you want to buy when you’re advanced in your career, but in an industry which is dying or downsizing the workforce in your region (unless you have a strong Plan B).
When you get to the spot in your career where you can realistically project a stable income 7 to 10 years out, life might be giving you a green light to move forward on your homebuying dreams.
You can reasonably predict the home you’ll need in the years to come. Since successful homeownership requires that you be ready to be in the place for a good number of years, best practice is not just to buy a home with the space and number of rooms you need right now – rather, you should aim to buy the home you’ll need 5, 7 or even 10 years down the road (to the best of your ability to predict, of course). You might be a newlywed with no kids now, but you plan to have them in a few years. Or maybe you’re a newly minted empty nester right now, but can project that you’ll want to retire - and might not want to climb two flights of stairs to get to and from your bedroom - 10 years down the road. Before you buy, you should be in a position to buy the home that meets your future needs – not just your current ones; and that requires that you have a reasonable idea of your life vision and plan for the future.
If you’re able to predict – and afford, at today’s prices – a home with the space, amenity and geographic location you’ll need 7 to 10 years from now, you might be in a good phase of life to get off the rent vs. buy fence.
With that said. . . buying a home is a massive decision and includes multiple, long-term financial and lifestyle obligations, so if one or more of these signals are present for you, that doesn’t mean you have the green light to run out and buy a home tomorrow – rather, it’s a good sign you should begin down that path, if you’re so inclined. You’ll still need to do the work to make sure your personal finances and holistic life picture are also in alignment before you buy, as well of the work it takes to ensure that your real estate and mortgage decisions are sustainable and smart, over the long-term.
It’s not overkill to check in with a mortgage pro, a tax pro, a local real estate broker or agent and a financial planner to make sure all your ducks – not just one - are in a row before you make your move.
Monday, April 25, 2011
SUCCESSFUL HOMEBUYING-I AM ABR- I CAN HELP!
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Negotiate Your Best House Buy
Keep your emotions in check and your eyes on the goal, and you’ll pay less when purchasing a home. Read
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Keep Your Home Purchase on Track
You’ve found your dream home. Make sure missteps don’t prevent a successful closing. Read
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7 Steps to a Stress-free Home Closing
By doing homework in advance, you’ll understand what you’re asked to sign when you close the sale of your home. Read
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8 Tips for Finding Your New Home
A solid game plan can help you narrow your homebuying search to find the best home for you. Read
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Find the Home Loan that Fits Your Needs
Understand which mortgage loan is best for you so your budget is not stretched too thin. Read
Visit houselogic.com for more articles like this.
Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
Earth Day-
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9 Unexpected Energy (and Money) Savers
Here are a few surprising and simple ways to cut your energy bill this season. Read
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Is a Passive Greywater System for You?
Simple passive greywater systems use recycled water to irrigate plants and save money. Read
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Start a Compost Pile
Save money and grow healthier plants by recycling yard and kitchen waste into nutrient-rich compost. Read
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Saving Money with Salvaged Building Materials
Salvaged building materials allow you to improve your home inexpensively—but might require an extra investment of time and energy. Read
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Plant Trees To Save Energy and Grow Value
Plant a tree to add value to your home and have a positive impact on the local environment. Read
Visit houselogic.com for more articles like this.
Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
Friday, April 22, 2011
HOME ENERGY EFFICIENCY IMPROVEMENT TAX CREDITS
HOME ENERGY EFFICIENCY IMPROVEMENT TAX CREDITS
2011 Federal Tax Credits for Consumer Energy Efficiency
NOTE: Tax credits that were 30% up to $1,500 EXPIRED on December 31, 2010. New tax credits were passed, but at lower levels.
Please note, not all ENERGY STAR qualified products qualify for a tax credit. ENERGY STAR distinguishes energy efficient products which, although they may cost more to purchase than standard models, will pay you back in lower energy bills within a reasonable amount of time, without a tax credit.
What is included in the Tax Credit?
Tax Credit: 10% of cost up to $500 or a specific amount from $50 - $300
Expires: December 31, 2011
Details: Must be an existing home & your principal residence. New construction and rentals do not qualify.
How do I apply for my Federal Tax Credit?
For products "placed in service" in 2011, you need to file the 2011 IRS Form 5695 and submit it with your 2011
taxes (by April 15, 2012).
On the 1040 form the residential energy tax credit (from Form 5695) is claimed on line 52.
What you need to submit and save:
Save your receipts and the Manufacturer's Certification Statement for your records.
Submit Form 5695 with your taxes.
2011 Federal Tax Credits for Consumer Energy Efficiency
NOTE: Tax credits that were 30% up to $1,500 EXPIRED on December 31, 2010. New tax credits were passed, but at lower levels.
Please note, not all ENERGY STAR qualified products qualify for a tax credit. ENERGY STAR distinguishes energy efficient products which, although they may cost more to purchase than standard models, will pay you back in lower energy bills within a reasonable amount of time, without a tax credit.
What is included in the Tax Credit?
Tax Credit: 10% of cost up to $500 or a specific amount from $50 - $300
Expires: December 31, 2011
Details: Must be an existing home & your principal residence. New construction and rentals do not qualify.
How do I apply for my Federal Tax Credit?
For products "placed in service" in 2011, you need to file the 2011 IRS Form 5695 and submit it with your 2011
taxes (by April 15, 2012).
On the 1040 form the residential energy tax credit (from Form 5695) is claimed on line 52.
What you need to submit and save:
Save your receipts and the Manufacturer's Certification Statement for your records.
Submit Form 5695 with your taxes.
Friday, February 18, 2011
Real estate affordability sets record in Q4
Real estate affordability sets record in Q4
Indiana, Michigan, Ohio metros dominate for most affordable housing
By Inman News
Inman News™
February 17, 2011
Home affordability rose to its highest level in at least 20 years in the fourth quarter of 2010, according to an index released by the National Association of Home Builders and Wells Fargo today.
The Housing Opportunity Index found that 73.9 percent of new and existing homes sold in the fourth quarter were affordable to families earning the national median income of $64,400 -- surpassing the previous high, 72.5 percent, recorded in the first quarter of 2009.
"Today's report shows that housing affordability at the end of 2010 was at its highest level since we started computing the HOI," said Bob Nielsen, NAHB's chairman, in a statement. "However, while this is good news for consumers, both homebuyers and builders continue to confront extremely tight credit conditions, and this remains a significant obstacle to many potential home sales."
Before 2009, the index had never hit 70 percent and rarely topped 65 percent, the association said. Last quarter was the eighth straight quarter the index was above 70 percent.
Three states dominated among the top 10 most affordable metropolitan areas overall: Indiana, Michigan and Ohio. Elkhart-Goshen, Ind., ranked highest, with 97 percent of its homes affordable to a family making the area's median income. All but one (Indianapolis-Carmel, Ind.) among the top 10 had populations under 500,000.
Indiana, Michigan, Ohio metros dominate for most affordable housing
By Inman News
Inman News™
February 17, 2011
Home affordability rose to its highest level in at least 20 years in the fourth quarter of 2010, according to an index released by the National Association of Home Builders and Wells Fargo today.
The Housing Opportunity Index found that 73.9 percent of new and existing homes sold in the fourth quarter were affordable to families earning the national median income of $64,400 -- surpassing the previous high, 72.5 percent, recorded in the first quarter of 2009.
"Today's report shows that housing affordability at the end of 2010 was at its highest level since we started computing the HOI," said Bob Nielsen, NAHB's chairman, in a statement. "However, while this is good news for consumers, both homebuyers and builders continue to confront extremely tight credit conditions, and this remains a significant obstacle to many potential home sales."
Before 2009, the index had never hit 70 percent and rarely topped 65 percent, the association said. Last quarter was the eighth straight quarter the index was above 70 percent.
Three states dominated among the top 10 most affordable metropolitan areas overall: Indiana, Michigan and Ohio. Elkhart-Goshen, Ind., ranked highest, with 97 percent of its homes affordable to a family making the area's median income. All but one (Indianapolis-Carmel, Ind.) among the top 10 had populations under 500,000.
Mortgage delinquencies lowest in 2 years
Mortgage delinquencies lowest in 2 years
MBA economist: U.S. has 'turned the corner' in foreclosure crisis
By Inman News
Inman News™
February 18, 2011
The percentage of mortgage holders who were behind on their payments dropped to the lowest level in two years during the fourth quarter of 2010, the Mortgage Bankers Association said in a report today.
At 8.22 percent, the seasonally adjusted delinquency rate was down from 9.13 percent during the third quarter and 9.47 percent from a year ago.
The percentage of mortgages in foreclosure climbed from 4.39 percent during the third quarter to 4.63 percent during the last three months of the year, matching an all-time high.
Fewer loans are entering the foreclosure pipeline: the percentage of loans only one payment past due -- 3.25 percent -- was at the lowest level since 2007, and the foreclosure start rate fell from 1.34 percent during the third quarter to 1.27 percent.
The percentage of loans three payments or more past due was down from an all-time high of 5.02 percent at the end of the first quarter of 2010 to 3.63 percent at the end of the fourth quarter of 2010 -- a drop of almost 28 percent over the course of the year. All but two states saw a drop in the 90-plus-day delinquency rate, and the increases in those states were "negligible."
"While delinquency and foreclosure rates are still well above historical norms, we have clearly turned the corner" in the foreclosure crisis, MBA Chief Economist Jay Brinkmann said in a statement.
While unemployment remains high, the economy added more than 1.2 million private-sector jobs during 2010 and first-time unemployment claims fell during the second half of the year, Brinkmann said. Absent a significant economic reversal, he said, "the delinquency picture should continue to improve during 2011."
The MBA National Delinquency survey covers 43.6 million loans -- about 88 percent of all outstanding first-lien mortgages. If the survey's results are extrapolated, about 4.1 million homeowners were 30, 60 or 90 days or more behind on their mortgage payments during the fourth quarter, and another 2.3 million were in the foreclosure process.
MBA economist: U.S. has 'turned the corner' in foreclosure crisis
By Inman News
Inman News™
February 18, 2011
The percentage of mortgage holders who were behind on their payments dropped to the lowest level in two years during the fourth quarter of 2010, the Mortgage Bankers Association said in a report today.
At 8.22 percent, the seasonally adjusted delinquency rate was down from 9.13 percent during the third quarter and 9.47 percent from a year ago.
The percentage of mortgages in foreclosure climbed from 4.39 percent during the third quarter to 4.63 percent during the last three months of the year, matching an all-time high.
Fewer loans are entering the foreclosure pipeline: the percentage of loans only one payment past due -- 3.25 percent -- was at the lowest level since 2007, and the foreclosure start rate fell from 1.34 percent during the third quarter to 1.27 percent.
The percentage of loans three payments or more past due was down from an all-time high of 5.02 percent at the end of the first quarter of 2010 to 3.63 percent at the end of the fourth quarter of 2010 -- a drop of almost 28 percent over the course of the year. All but two states saw a drop in the 90-plus-day delinquency rate, and the increases in those states were "negligible."
"While delinquency and foreclosure rates are still well above historical norms, we have clearly turned the corner" in the foreclosure crisis, MBA Chief Economist Jay Brinkmann said in a statement.
While unemployment remains high, the economy added more than 1.2 million private-sector jobs during 2010 and first-time unemployment claims fell during the second half of the year, Brinkmann said. Absent a significant economic reversal, he said, "the delinquency picture should continue to improve during 2011."
The MBA National Delinquency survey covers 43.6 million loans -- about 88 percent of all outstanding first-lien mortgages. If the survey's results are extrapolated, about 4.1 million homeowners were 30, 60 or 90 days or more behind on their mortgage payments during the fourth quarter, and another 2.3 million were in the foreclosure process.
Weekly Economic Summary-Mortgage Rates & More
Weekly Economic Summary – February 17, 2011
Last week in review
(February 4 – 11, 2011)
To say that bonds have had a rough time lately would be a bit of an understatement, as bond pricing and home loan rates worsened very significantly over the past week and a half. By the end of last week, however, bonds looked like they were beginning to stabilize.
Impacting bonds last week were a number of remarks by Fed members, including Fed Chairman Ben Bernanke who spoke on Capitol Hill, saying it will take several more years before the unemployment rate returns to a more normal level and that lawmakers need to act to reduce the country’s deficit.
The recent tough times for bonds and home loan rates underscores the current opportunity, rates are still relatively low, but gradually creeping higher.
In the news this week (February 14 – 18, 2011)
After last week’s slow schedule of economic reports, we saw some influential reports this week. We’ll talk about this week’s reports next time and their impact on the bond market.
Tuesday morning we saw the January report of Retail Sales, which is considered a timely indicator of broad consumer spending patterns.
We also saw manufacturing news with Tuesday’s Empire State Index, which looks at New York State’s manufacturing sector and is a good gauge of manufacturing overall. Then on Thursday, we saw the Philadelphia Fed Index, which is another important manufacturing report.
On Wednesday and Thursday there was some inflation news with the Producer Price Index (PPI), which measures inflation at the wholesale level, and the Consumer Price Index (CPI), which measures inflation at the consumer level.
Wednesday we also saw housing industry news with reports on the number of Housing Starts and Building Permits in January.
Finally, the busy week of reports was capped off Thursday with the Initial Jobless Claims report.
As you can see in the chart below, bonds and home loan rates have had a tough time recently but were able to stabilize at the end of last week. In the end, bonds and home loan rates finished the week just slightly below where they started, but home loan rates are still near historic lows for now.
Last week in review
(February 4 – 11, 2011)
To say that bonds have had a rough time lately would be a bit of an understatement, as bond pricing and home loan rates worsened very significantly over the past week and a half. By the end of last week, however, bonds looked like they were beginning to stabilize.
Impacting bonds last week were a number of remarks by Fed members, including Fed Chairman Ben Bernanke who spoke on Capitol Hill, saying it will take several more years before the unemployment rate returns to a more normal level and that lawmakers need to act to reduce the country’s deficit.
The recent tough times for bonds and home loan rates underscores the current opportunity, rates are still relatively low, but gradually creeping higher.
In the news this week (February 14 – 18, 2011)
After last week’s slow schedule of economic reports, we saw some influential reports this week. We’ll talk about this week’s reports next time and their impact on the bond market.
Tuesday morning we saw the January report of Retail Sales, which is considered a timely indicator of broad consumer spending patterns.
We also saw manufacturing news with Tuesday’s Empire State Index, which looks at New York State’s manufacturing sector and is a good gauge of manufacturing overall. Then on Thursday, we saw the Philadelphia Fed Index, which is another important manufacturing report.
On Wednesday and Thursday there was some inflation news with the Producer Price Index (PPI), which measures inflation at the wholesale level, and the Consumer Price Index (CPI), which measures inflation at the consumer level.
Wednesday we also saw housing industry news with reports on the number of Housing Starts and Building Permits in January.
Finally, the busy week of reports was capped off Thursday with the Initial Jobless Claims report.
As you can see in the chart below, bonds and home loan rates have had a tough time recently but were able to stabilize at the end of last week. In the end, bonds and home loan rates finished the week just slightly below where they started, but home loan rates are still near historic lows for now.
Thursday, February 17, 2011
Todys Market Upate
The minutes from last month’s FOMC meeting were largely uneventful and indicated that Fed members believed the economy had improved slightly, but the committee was still extremely concerned about the unemployment picture. This morning, initial jobless claims for unemployment insurance during the previous week were reported higher, confirming that the U.S. labor market will take time to recover. Pro-democracy protests in the Middle East are lifting the treasury markets. Treasury and mortgage prices are higher this morning, with interest rates a bit lower.
Friday, February 11, 2011
Wednesday, February 9, 2011
Tuesday, January 25, 2011
Recordation Tax on Refinancing In Virginia! CALL FOR ACTION
Recordation Tax on Refinancing – HB 1908 (Del. J. Miller)/SB 780 (Sen. Reynolds)
Currently, a property is exempt from a recordation tax if you refinance a mortgage with the same lender. Clerks of the Court have difficulty in determining if a loan is with this same lender. This bill will eliminate the “same lender” requirement from July 1, 2011 to June 30, 2014 and allow all refinancing during those years to forgo the tax. This will provide additional assistance to those who are refinancing in an effort to hold on to their homes in this tough economy.
Currently, a property is exempt from a recordation tax if you refinance a mortgage with the same lender. Clerks of the Court have difficulty in determining if a loan is with this same lender. This bill will eliminate the “same lender” requirement from July 1, 2011 to June 30, 2014 and allow all refinancing during those years to forgo the tax. This will provide additional assistance to those who are refinancing in an effort to hold on to their homes in this tough economy.
FACTS: HOMEOWNERSHIP
51 Million of 75 Million Owner Occupied Homes had a Mortgage in 2009
38.5 Million tax payers Claimed a Deduction for mortgage interest
$470B- Tax Deduction in 2008
$3050-Average Taxpayer Saved by claiming the mortgage Interest deductions
42 Million Taxpayers Claimed a Deduction for Real Estate Taxes in 2008
$172B-Real Estate Tax deductions Claimed in 2008
$1020-Average Taxpayer Saved Claiming Real Estate Tax Deduction
38.5 Million tax payers Claimed a Deduction for mortgage interest
$470B- Tax Deduction in 2008
$3050-Average Taxpayer Saved by claiming the mortgage Interest deductions
42 Million Taxpayers Claimed a Deduction for Real Estate Taxes in 2008
$172B-Real Estate Tax deductions Claimed in 2008
$1020-Average Taxpayer Saved Claiming Real Estate Tax Deduction
Thursday, January 20, 2011
If I am not a US citizen can I still buy real estate in the US?
If I am not a US citizen can I still buy real estate in the US?
Yes, non-citizens of the United States are allowed to buy real estate, and there are mortgages for them called foreign national home loans. These loans work very much like standard U.S. loans except that the required down payment is likely to be larger, about 30%, and you may need to go to either a large bank or a niche lender to get your mortgage. However, foreign nationals can also get FHA mortgages, with only 3.5% down. To qualify, you must meet the following requirements:
1. Citizenship and Immigration Status. Citizenship of the United States is not required for eligibility. When a mortgage loan applicant indicates on the loan application that he or she holds something other than U.S. citizenship, the lender must determine residency status from the documentation provided by the borrower.
2. Lawful Permanent Resident Aliens. For those borrowers with lawful permanent resident alien status, FHA will insure the mortgage under the same terms and conditions as U.S. citizens. That means that you can finance a property in the U.S. with as little 3.5% down and do not need to have a credit rating in the U.S. to be eligible. Evidence of lawful permanent residency is issued by the Bureau of Citizenship and Immigration Services (BCIS, formerly the Immigration and Naturalization Service) within the Department of Homeland Security. You have to produce documentation of your lawful status.
3. Non-Permanent Resident Aliens.
FHA will also insure a mortgage made to you, a non-permanent resident alien, if the property will be the your principal residence, you have a valid Social Security number, you have a satisfactory 2-year credit history, and you are eligible to work in the U.S. (evidenced by an Employment Authorization Document issued by BCIS). If your authorization will expire within one year and a prior history of residency status renewal exists, the lender may assume that continuation will be granted. If there are no prior renewals, the lender will have to determine the likelihood of renewal based on information from the USCIS.
Foreign Nationals will face different treatment when they sell the Real Property under FRIPTA. For more detailed info please refer IRS Article.
http://www.irs.gov/businesses/small/international/article/0,,id=105000,00.html
Please consult your tax advisor, Loan officer on the matter. All Information provided here can not be taken as an ultimate source of legal data. Please verify with proper government agencies prior making decision.
Yes, non-citizens of the United States are allowed to buy real estate, and there are mortgages for them called foreign national home loans. These loans work very much like standard U.S. loans except that the required down payment is likely to be larger, about 30%, and you may need to go to either a large bank or a niche lender to get your mortgage. However, foreign nationals can also get FHA mortgages, with only 3.5% down. To qualify, you must meet the following requirements:
1. Citizenship and Immigration Status. Citizenship of the United States is not required for eligibility. When a mortgage loan applicant indicates on the loan application that he or she holds something other than U.S. citizenship, the lender must determine residency status from the documentation provided by the borrower.
2. Lawful Permanent Resident Aliens. For those borrowers with lawful permanent resident alien status, FHA will insure the mortgage under the same terms and conditions as U.S. citizens. That means that you can finance a property in the U.S. with as little 3.5% down and do not need to have a credit rating in the U.S. to be eligible. Evidence of lawful permanent residency is issued by the Bureau of Citizenship and Immigration Services (BCIS, formerly the Immigration and Naturalization Service) within the Department of Homeland Security. You have to produce documentation of your lawful status.
3. Non-Permanent Resident Aliens.
FHA will also insure a mortgage made to you, a non-permanent resident alien, if the property will be the your principal residence, you have a valid Social Security number, you have a satisfactory 2-year credit history, and you are eligible to work in the U.S. (evidenced by an Employment Authorization Document issued by BCIS). If your authorization will expire within one year and a prior history of residency status renewal exists, the lender may assume that continuation will be granted. If there are no prior renewals, the lender will have to determine the likelihood of renewal based on information from the USCIS.
Foreign Nationals will face different treatment when they sell the Real Property under FRIPTA. For more detailed info please refer IRS Article.
http://www.irs.gov/businesses/small/international/article/0,,id=105000,00.html
Please consult your tax advisor, Loan officer on the matter. All Information provided here can not be taken as an ultimate source of legal data. Please verify with proper government agencies prior making decision.
Should I Purchase Title Insurance????
BUY TITLE INSURANCE! DO NOT JEOPARDIZE FUTURE OF YOUR BIGGEST INVESTMENT OF LIFETIME!
Why You Need Title Insurance
When you purchase your home, how can you be sure that there are no problems with the home's title and that the seller really owns the property? Problems with the title can limit your use and enjoyment of the property, as well as bring financial loss. That is what a title search and title insurance are for.
The Title Search
After your sales contract has been accepted, a title professional will search the public records to look for any problems with the home's title. This is usually done by Title Companies or Abstractors. This search typically involves a review of land records going back many years. More than 1/3 of all title searches reveal a title problem that title professionals fix before you go to closing. For instance, a previous owner may have had minor construction done on the property, but never fully paid the contractor. Or the previous owner may have failed to pay local or state taxes (See below for some other common title problems). Title professionals seek to resolve problems like these before you go to closing. What happens if a problem arises after you move in? Read on.
TYPES OF TITLE INSURANCE
Owner's Title Policy & Lender's Title Policy
The Owner's Title Policy
Sometimes title problems occur that could not be found in the public records or are inadvertently missed in the title search process. To help protect you in these events, it is recommended that you obtain an Owner's Policy of Title Insurance to insure you against the most unforeseen problems.
Owner's Title Insurance, called an Owner's Policy, is usually issued in the amount of the real estate purchase. It is purchased for a one-time fee at closing and lasts for as long as you or your heirs have an interest in the property. Only an Owner's Policy fully protects the buyer should a covered title problem arise with the title that was not found during the title search. Possible hidden title problems can include:
- Errors or omissions in deeds
- Mistakes in examining records
- Forgery
- Undisclosed heirs
An Owner's Policy provides assurance that your title company will stand behind you — monetarily and with legal defense if needed — if a covered title problem arises after you buy your home. The bottom line is that your title company will be there to help pay valid claims and cover the costs of defending an attack on your title. Receiving an Owner's Policy isn't always an automatic part of the closing process, and is paid for by different people in different parts of the country. Be sure you request an Owner's Policy and ask how it is paid for where you live. No matter who pays for the Owner's Policy, the fee is a one-time fee paid at closing. The Owner's Policy protects you for as long as you or your heirs have an interest in the property.
You also have the option of purchasing a policy with expanded coverage. It's called the Homeowner's Policy and it covers more things than the Owner's Policy. Ask your local title company for an explanation of the expanded Homeowner's Policy so you can decide which policy is the best one for you.
The Loan Policy
There are two types of title insurance: Owner's title insurance, as mentioned above, and Lenders title insurance, also called a Loan Policy. Most lenders usually require a Loan Policy when they issue you a loan. The Loan Policy is usually based on the dollar amount of your loan. It only protects the lender's interests in the property should a problem with the title arise. It does not protect the buyer. The policy amount decreases each year and eventually disappears as the loan is paid off.
Common Title Problems
Here are three short stories on some common title problems:
Fraud & Forgery
(NAPS) — Those involved in real estate fraud and forgery can be clever and persistent, which can spell trouble for your home purchase.
In a western state, an innocent buyer purchased an attractive home site through a realty company, accepting a notarized deed from the seller. Then another couple, the true owners of the property — who lived in another locale — suddenly appeared and initiated legal action to prove their interest in the real estate was valid. Under the Owner’s Title Insurance Policy of the innocent buyer, bought for a one-time fee at closing, the title company provided a money settlement to protect against financial loss. As it turned out, the forger spent time in advance at the local court house, searching the public records to locate property with out-of-town owners who had been in possession for an extended period of time. The individual involved then forged and recorded a deed to a fictitious person and assumed the identity of that person before listing the property for sale to an innocent purchaser, handling most contacts through an answering service. Also, the identity of the notary appearing on deeds was fictitious as well.
Fraud and forgery are examples of hidden title hazards that can remain undetected until after a closing despite the most careful precautions. Although emphasizing risk elimination, an Owner’s Policy protects you financially through negotiation by the insurer with third-parties, payment for defending against an attack on the title as insured, and payment of valid claims.
Conflicting Wills
(NAPS) — Conflicts over a will from a deceased former owner may suggest a study topic for law school. But the subject can take on a reality dimension and all too quickly your home ownership is at stake.
After purchasing a residence, the new owner was startled when a brother of the seller claimed an ownership interest and sought a substantial amount of money as his share. It seemed that their late mother had given the house to the son making the challenge, who placed the deed in his drawer without recording it at the court house. Some 20 years later, after the death of the mother, the deed was discovered and then filed. Permission was granted in probate court to remove the property from the late mother’s estate, and the brother to whom the residence initially was given sold the house. But the other brother appealed the probate court decision, claiming their mother really did not intend to give the house to his sibling. Ultimately, the appeal was upheld and the new owner faced a significant financial loss. Since the new owner had acquired an Owner's Policy of Title Insurance upon purchasing the real estate, the title company paid the claim, along with an additional amount in legal fees incurred during the defense.
Missing Heirs
(NAPS) - When buying a home, it's important to remember what you don't know can cost you.
A couple purchased a residence from a widow and her daughter, the only known heirs of the husband and father who died without leaving a will.
Soon after the sale, a man appeared - claiming he was the son of the late owner by a former marriage. As it turned out, he indeed was the son of the deceased man. This legal heir disapproved of his father's remarriage and had vanished when the wedding took place. Nonetheless, the son was entitled to a share of the value of the home, which meant an expensive problem for the unwary couple purchasing the property.
Although the absence of a will hindered discovery of the missing heir in a title search of the public records, an Owner's Policy of Title Insurance issued for a one-time fee at the time of the real estate transaction would have financially protected the couple from the claim by the missing heir. For a one-time charge at closing, an Owner's Policy will safeguard against problems including those even an exhaustive search will not reveal.
An Owner's Policy is necessary to fully protect a home buyer. Lender's title insurance, which is usually required by the mortgage lender, serves as protection only for the lending institution.
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