|
In Case You Haven't Heard: Use the $8,000 Tax Credit for Closing Costs!
 In an unprecendented move, the US Department of Housing and Urban Development announced that the The American Recovery and Reinvestment Act's much-touted $8,000 home buyer tax credit can be used IMMEDIATELY to HELP first-time homebuyers buy a home. HUD hopes that the plan will stimulate new home sales and help stabilize housing market. From the press release:
Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent downpayment on the purchase of their home. [In the past, the law did] not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but...[now]...lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate.
[snip]
Today's action permits the first-time homebuyer's anticipated tax credit under the Recovery Act to be applied toward the family's home purchase right away. Unlike seller-funded down-payment assistance, which was a vehicle for abuse, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit. Now, this is month-old news, but many home buyers who are on the fence still haven't heard the good news. Remember--the tax credit is NOT LIMITED to first-time buyers. If you haven't owned a home for at least the last three years, you are probably eligible for the credit. Labels: Economy, Mortgages, Real Estate
----------------------------
No Federal Income Tax Due on Principal Mortgage Debt Forgiveness
Here is an innovative way the government is encouraging home owners to "short sale" their home (rather than be foreclosed upon) and helping keep them out of bankruptcy court.The IRS has created an exemption from its general rule to treat debt forgiveness as ordinary income. In the past, a lender that reduced the payoff amount on a home would 1099 the Seller for the amount of debt forgiveness. Under the new law, there is no federal income tax due on debt forgiven on a loan that is secured by the Seller's principal residence, provided that the loan was made to acquire, construct, or substantially improve the principal residence. A refinance of that type of loan also qualifies for the exemption. Sorry, the rule doesn't apply if you pulled money out of your house to pay for something like a vacation and got debt relief on that loan. The exemption applies to any portion of loan debt forgiven beginning January 1, 2007 through December 31, 2009. Put another way, it doesn't matter when the loan was made; what matters is when a portion of the debt is forgiven. Labels: Economy, IRS, Mortgages, News, Real Estate, Short Sales, Taxes
----------------------------
Get to Know Sheridan Academy, Boise's Premier, Private, Accrediated School
 This Tuesday, June 2 at the BUZZ CAFE, 2999 State Street (in the Idaho Athletic building), The Buzz Cafe is generously donating 20% of their gross sales to Sheridan Academy from 5 pm to 10 pm. Please come by and purchase food, coffee, wine and desserts and show support of our wonderful community partner, Boise's Premier Accredited Private School! BUZZ coffee and cafe is one of Boise's finest coffeehouse. They are a WiFi (free internet) hot spot and serve only fair trade certified, organic certified and shade grown coffee as well as excellent food and a great selection of beer and wine. Labels: Boise, Community Events, Community Outreach, Sheridan Academy
----------------------------
Charming Vintage Rancher on a Large, Beautiful Lot
----------------------------
Home Supply Down Nationwide
----------------------------
A Room with a View
One of our clients sent us some pictures she took after some rain fell in Boise last week (thank you!).    Isn't the light on the trees spectacular?There are only a few places in Boise where this picture could have been taken. If you like what you see, stay tuned. We just might be listing something that offers this unobstructed view of the parks and downtown Boise. (Or if you're really curious, email us: info@boisesbestre.com). Labels: Boise, Downtown Boise, Photography, Random, View Property, Weather
----------------------------
Good News for Downtown Boise
The Aspen Lofts, Scott Kimball's prism-faced 17-story mixed-use condo complex, will finally open its doors to downtown's newest urban residents. Money line: "This economy has created an awful lot of naysayers, but the fact is that there's an unsatisfied demand based on either the younger generation or the baby boomer generation to live down in an urban setting, and that won't go away," said Forrester. As a perk, when you follow the link above, you'll be able to download a map that highlights all of Downtown Boise's condo and loft developments.Labels: Condos, Downtown Boise, News, Real Estate Trends
----------------------------
Tearing Down Homes in Austin, Texas
It's hard to imagine that we are at a place in the US where demolishing houses is the only option for banks who can't sell. Watch this short video at the Wall Street Journal online.
Couldn't they do something else with these homes? Donate them to Habitat for Humanity? Donate them to a local nonprofit who could raffle them off? Wouldn't ANYTHING be better than tearing down a home? Labels: Banks, Economy, Foreclosure, News
----------------------------
"Apprentice" Winner and TV Host Kendra Todd Joins Keller Williams Seattle
From the Keller Williams Press Release... Kendra Todd, a nationally recognized author, lecturer and TV Personality, has joined Keller Williams Greater Seattle as the head of their Luxury Homes Division.
Todd, who won the popular NBC series The Apprentice, was the first woman and youngest contestant to ever win the hit reality show. During her tenure with the Trump Organization, she was involved with the sale of a $100 million Palm Beach Estate in Florida, the highest U.S. residential real estate transaction on record.
Currently, Todd hosts the critically acclaimed HGTV series, "My House is Worth What?" and serves as the Yahoo Finance real estate columnist with over 400 million registered users.
"We are thrilled to welcome the Kendra Todd Group to our firm" said Andrew Greenwell, Team Leader & CEO of Keller Williams Greater Seattle. "Her experience as an entrepreneur and insight into the luxury real estate market will prove to be a tremendous asset to our company," he said. Labels: Keller Williams Real Estate, News
----------------------------
Just Listed in Meridian: Immaculate Four Bedroom with So Many Personal Touches
----------------------------
|
