SanAntonioTXblog

Save Money thanks to CPS Energy

Did you know there are some awesome rebates available to you from CPS Energy - click here for Database of State Incentives for Renewables & Efficiency

Here is a link to a great article I found on another blog - titled 20 Ways to Get to Know Your Neighbors let me know what you think

http://www.changeofaddress.org/blog/2010/20-ways-to-get-to-know-your-neighbors/

Are you getting my monthly newsletter? It's not just about real estate - this month I'm using Romantic Dining Options - what is your favorite part of the newsletter? Use this link to get yours! http://www.contactdirect.net/cdnblaster/opt-in.php?cid=359&eid=190824&list=San Antonio February Edition

Now is a great time for investors to purchase foreclosures! Call me for a list of current foreclosures and get details on how we can help! - thanks again Jeff Hamilton, President of United Lending (210) 408-6060 or jeff.hamilton@unitedlending usa.com for sharing!

EFFECTIVE Feb 1, 2010 FHA has relaxed the restrictions on the 91 day flip rule for FORECLOSED properties. Under this new rule, when a investor purchases a foreclosed property and then resells, he no longer has to wait for 91 days. See below and attached. You need to read ALL of it, please.

HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
Measure to help bring stability to home values and accelerate sale of vacant properties

In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes…

…The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:

· All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

· In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions. ( these lender conditions are in the attachment)

· The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website at: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

To read this press release in its entirety, please visit: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-011

Helpful Summary on the Tax Credit - Thanks to Jeff Hamilton, President of United Lending (210) 408-6060 or jeff.hamilton@unitedlendingusa.com for more details
Who Gets What?
First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
What are the Income Caps?
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
What is the Maximum Purchase Price?
Qualifying buyers may purchase a property with a maximum sale price of $800,000.

What is a Tax Credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.
How Much are First-Time Homebuyers (FTHB) Eligible to Receive?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.
Who is Eligible fort FTHB Tax Credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.
This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.
As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.
How Much are Current Home Owners Eligible to Receive?
The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.
According to the IRS, factors that would demonstrate the ownership of the property would include:
1. Right of possession,
2. Right to obtain legal title upon full payment of the purchase price,
3. Right to construct improvements,
4. Obligation to pay property taxes,
5. Risk of loss,
6. Responsibility to insure the property, and
7. Duty to maintain the property.
Are There Other Restrictions to Taking the FTHB Credit?
Yes. According to the IRS, if any of the following describe a homebuyer’s situation, a credit would not be due:
They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from “step-relatives.”)
They do not use the home as your principal residence.
They sell their home before the end of the year.
They are a nonresident alien.
They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?
Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.
If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?
Yes, provided that the child meets the other requirements for the tax credit.

So much for so little - come see the serious improvements!

6403 Ridge Creek - 3 bedroom, 2.5 bath, 2 car garage, approx. .25 acres Click here to see the virtual tour Come and see all the recent improvements to this great home on a huge corner lot! NEW interior paint, wood laminate flooring throughout, ceiling fans & light fixtures in 4/09. Spacious, open floorplan features gameroom w/ wet bar & 1/2 bath, bonus room w/ outside access, large master suite w/ 2 closets, lots of storage, wood-burning fireplace w/ gas starter. Gas cooking, heating & water heater. Huge yard with mature trees, covered patio, two decks & storage shed. Great investor potential!

SOLD! Huge improvements and upgrades in the last 2 years!

 Over 1,224 square feet with 3 bedrooms and 1 bath.  Minutes to Lackland AFB. Well-maintained home with lots of recent improvements & upgrades. New carpet, laminate flooring, interior paint, countertops, gas water heater, gas stove & refrigerator in 2008. New dishwasher installed 2009. All energy-star appliances & low-flow commode to help you save on utility bills. Upgraded light fixtures & ceiling fans. Faux wood blinds. Lots of storage space. Huge 32x19 covered back patio. Big, shaded backyard with mature trees & 22x10 out building w/ electric. Click here to see your virtual tour

More home for the price!

9438 Victory Row - 3 bedroom, 2 bath, 2 car garage, approx. 1,751sf Click here to see the virtual tour Rare one- story w/ mature trees, larger than avg. lot on a cul-de-sac, more than expected sq.ft. Only 1 way in/out of this small neighborhood just inside 1604 & Braun close to everything. Open floor plan offers great living area 2 eating areas & nice sized bedrooms. Kitchen has walk-in pantry, plenty of counter space & island. A/C replaced in 5/08, programmable thermostat, ceiling fans & low flow commodes help w/ utilities. Plumbed for H20 softner.

Energy Star's Tax-Free Purchases & Money Saving Appliances - Did you know?

 Click here for full article San Antonio Express-News article– Homeowners, developers, landlords and anyone else wishing to buy energy efficient appliances will be able to purchase them tax-free Memorial Day weekend across Texas.

May 23 through 25, taxes will be deducted from Energy Star–qualified appliances. This will include air conditioners under $6,000, washing machines, ceiling fans, dehumidifiers, dishwashers, light bulbs, programmable thermostats and refrigerators priced under $2,000.

The Energy Star label, developed by the Environmental Protection Agency, appears on appliances that use less energy or water than the industry standard to operate.

There is no limit on the number of Energy Star appliances that can be purchased tax-free.

Additionally, San Antonio Water System customers who purchase the highest efficiency washing machines, known as Tier 3, can also qualify for a $100 rebate on their water bill.

Newsweek's ranked a few San Antonio area schools in their list of 1,300 top U.S. high schools for 2008

Schools can be an important part of selecting the location of your next home or in someone choosing to buy yours over someone elses.  I just read a Newsweek article online titled "The Top of the Class - The complete list of the 1,300 top U.S. high schools" for 2008 - here is a link to those in San Antonio Newsweek's The Top of the Class - San Antonio .  Mine's there, is yours?

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