Monday, June 7, 2010

PRESIDENT SIGNS FEDERAL TAX CREDIT EXTENSION

President Obama signed a bill extending and expanding the Federal Tax Credit for Home
Buyers. The bill now includes current homeowners.

The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a reduced credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers, to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

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Experienced Probate Realtor

Probate is the legal process of administering the estate of a deceased person by resolving all claims and distributing the deceased person’s real and personal property under the valid will.

Probate generally last several months and often times over a year for all property to be distributed.

Disposing of real property in a probate requires the Realtor to understand what probate is, and to be sure to market the property in the best interest of the estate following procedures set down by the court. The Realtor also needs to be mindful of the role as agent only for the estate and not become entangled in any legal issues or disputes between the heirs. Keeping notes, documenting marking efforts and being able to show the property was exposed to all interest parties at times is critical should things get contentious.

I often see probate properties treated as normal sales and they are not. Posting a property as pending or back-up in the MLS, installing a “SOLD” sign prior to court approval, not posting a court date for properties subject to overbidding are just a few of the errors made that can cause the estate lost dollars and maybe even more importantly court delays. The agents duty is to the estate only, not to a buyer, beneficiary, creditor etc.

To avoid probate we all should consider having a family trust. However if your only option is probate, the attorneys and administrators need to work with Realtors with verifiable probate sales experience and referrals. Please call me if you need a referral to an attorney to set up a trust or if you need and experienced probate Realtor.

Experienced Short Sale Agents

If you or someone you know is having mortgage problems, give us a call. We can tell you about all your options.