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  Outdoor Appliance Guide: Charcoal Grills and Smokers

  With models priced from $35 to $1,000, there are charcoal grills to fit the budget of anyone who’s a fan of traditional barbecue. Read

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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

The 2010 Buyer Bonus program will expire July 31st ACT NOW!

This national sales event extends the benefits of the tax credit program, which expired April 30th.

The Home Buyer Tax Credit was created to stimulate the U.S. housing market and address the economic challenges facing our nation.  But the Tax Credit expired on April 30, 2010 and home sales are expected to slow down without a similar incentive.

The Coldwell Banker brand designed a way to keep home buyers in the market after April 30th with the introduction of The Buyer Bonus program while extending the benefits of the government program to a much wider audience of potential homebuyers.

How the program works:
The event began May 1st and ends on July 31st. The launch coincided with the April 30th expiration of the government’s Homebuyer Tax Credit.

Participating home sellers agree to refund 3% of their final purchase price as a credit of up to $8,000 to the buyer at close. It’s open to all home buyers and there are no eligibility or qualification restrictions. There will be national marketing support including tags on TV advertising and banners on coldwellbanker.com that link to a landing page where consumers can search participating properties.

This is a great program and I have two listing here in Wilmington that the owners are offering 3% or up to 8,000 dollars back at closing! Check out my news letter to see these listings @ www.cathiandersonhomes.com

How to File for the Latest Homebuyer Tax Credit
By Cheri Dohnal

The homebuyer tax credit has undergone so many alterations that many people are no longer sure which homes and taxpayers qualify for it. Since it has been extended and expanded for a limited time, it’s important that its newest provisions are understood even before the IRS releases the forms to claim it.
Important Tax Credit Updates
The expanded version of the credit is not limited to first-time buyers, although there is still a credit of up to $8,000 offered to first-time buyers. Now there is also a credit for “long-time residents” who buy a new home, and both credits have been extended into 2010.
Information for First-time Buyers.
 First-time buyers and those who haven’t owned a home at any time in the three years prior to purchase have the largest number of options for claiming the credit. Purchases made and closed before November 6, 2009 qualify to be claimed on either an original or amended 2008 tax return, using the 2008 version of IRS Form 5405. If your home purchase closed after November 6, 2009 you must use the 2009 Form 5405 and conform to the new guidelines. However, the credit has been extended to binding contracts (including earnest money agreements) entered into by April 30, 2010 and closed by June 30, 2010. Income limits for claiming the full credit have been raised to $225,000 for married taxpayers filing jointly and $125,000 for all other filers, and there is a cap of $800,000 on the purchase price.

Information for Long-time Residents
Long-time residents who buy a replacement main home may now qualify for up to a $6,500 tax credit. To qualify, you must have lived in your former home for at least five consecutive years out of the eight years immediately prior to buying the new home. The purchase may close as late as June 30, 2010 but a binding purchase agreement must be entered into no later than April 30, 2010. Income limits are the same as for first-time buyers. Since this is a new credit, you must use the 2009 or 2010 Form 5405 to claim it. The 2009 version will not be released by the IRS until late December or early January. Tax Form Details
If you are required to use the 2009 version of Form 5405 for either of these credits, you will not be able to file your tax return electronically because the form will be released too late to include it in 2009 e-file software. The required purchase dates are extended a full year for members of the armed forces and certain diplomatic and intelligence personnel on foreign duty.

December 9, 2009 — Realty Times Feature Article by David Fletcher“FHA approved” may become the most popular condominium amenity in the United States soon, thanks to the new guidelines established by the FHA to take effect February 1, 2010. The guidelines addressed the two imperatives facing condominium sales: down payments and the financial integrity of condominium associations. Both are equally important to a condominium recovery. “FHA approved” used to mean a 3.5% down payment. Starting early next year, “FHA approved” will mean 3.5% down plus a financially stable association approved by your lender. This is huge. According to Attorney Richard D. Vetstein, who writes the Massachusetts Real Estate Law Blog, the revised FHA Condominium Lending Guidelines include the following requirements: To qualify for FHA mortgages, associations must:

• Maintain a reserve equal to 10 percent of the annual budget
• Make sure no more than 15 percent of its owners are more than 30 days late with condominium fees
• Allow lenders to review their financials and insurance policies
• No more than 10% of the units may be held by a single investor
• Fidelity insurance must be obtained for 20+ unit projects
• No more than 25 percent of space allowed for commercial use.

“The new FHA guidelines (combined with the almost year old Fannie Mae condominium guidelines) really make it imperative for condominium associations to get their collective acts together with respect to the financial management of the association,” counsels Attorney Vetstein. “Condominium boards need to ensure that reserve accounts are adequately funded, condo fee delinquency rates are low and that the association is generally well run financially. If they don’t, they are contributing to a drag on market value for all units due to non-compliance with the new condominium guidelines. For a new condominium to qualify for FHA financing the following guidelines apply: Effective February 1, 2010:

• 50 percent of the total units must be presold before FHA financing is approved
• 50 percent of the total units must be owner occupied
• No more than 10% of units may be held by a single investor
• Unit owners must obtain individual HO-6 insurance policies if the master policy doesn’t cover interiors
• Recertification is required every two years

Projects that received approval between October 1, 2008 and December 7, 2009 will be “grandfathered” and will have to follow the new guidelines’ recertification process . The marketing benefits are significant:

1. More buyers will enter the market because they can afford the lower down payment.
2. No single investor can purchase more than 10% of the units, so the idea of a controlled association by one or two investors is no longer a threat.
3. More inventory will offer wider choices tending to keep prices in check, as “FHA approved’ condominiums come on line.
4. More real estate agents will be willing to show condominiums to their buyers, because the lender who provides the mortgage will have to approve not only the condo documents, but the condo association’s budget, reserve account and its fidelity insurance policy.
5. New construction developers have the guidelines needed to create urgency in their pricing strategies, which is key to building and maintaining momentum.
6. Commercial lenders will have a more comfortable level with developers. While the 50% presale requirement may look obtrusive, it is actually a benefit to the developer, because it will create urgency for buyers to purchase.
7. Established associations that have dragged their feet to get their finances in order, now have a valid value-based reason to become “FHA Approved.”
8. Real estate agents will show FHA approved condominiums with confidence in the association’s finances, not just because the down payment is low.
9. Forward thinking lenders will hustle to become a “an approved lender’ in resale and new communities alike
10. Knowing the property already has approved lenders will make competition for listings tighter and will attract more buyers and more prospects to the listing.

Brokers taking listings in condo communities without FHA financing will be competing with ones that do, making it important for associations to serious consider becoming FHA approved. First time home buyers are generally thought of as the primary market for FHA financing. There is something to that, but in today’s world, many who bought their first homes years ago and lost them during this recession will appreciate the FHA financing availability even more than those coming out of rentals. For now let’s agree that the FHA is being responsive and fair by giving new homes developers livable guidelines, associations a tool to become financially stable, and all associated with the industry, hope. There will no doubt be other changes as the market calls for them “FHA was given a difficult task under the Housing and Economic Recovery Act of 2008 (HERA) to revamp the approval process for condominium projects, and before it established its latest guidelines, invited and was open to industry experts from organizations like the Commuity Associations. “As a result, significant improvements to the initial requirements have been made and dialogue continues between CAI and HUD in an attempt to create regulations that will lead to greater stability in the condominium market,” Dawn Bauman, vice president of Strategic Initiatives for the Community Association Institute said. CAI is an organization representing more than 29,000 individual members, 60 local chapters, and the interests of the one in five homeowners living in a community association. For more information visit www.caionline.org. It’s good to see that the buyer’s interest is represented. It shows. And it will pay off handsomely in the days ahead.

For a complete review of guideline details visit here or contact Attorney Vetstein at info@vetsteinlawgroup.com.

By Cathi Anderson

Prudential Prudential Laney Real Estate 

            You’ve just toured the home of your dreams and are ready to make an offer. You can already envision upgrades you would like make: a pool in the back yard, window shutters and a black picket fence to match. You’re even excited that your boat will fit in the driveway. Yet, what you may not be aware of is that there are restrictions that dictate what can and cannot be done to or on the property.

Homebuyers, especially first-timers, may not think of asking about restrictive covenants, yet when you purchase property governed by restrictive covenants, you are consenting to abide by those provisions.

            A restrictive covenant, which is a type of deed restriction, regulates a group of new and existing homes or building lots. Developers use them to preserve a development or subdivision as a model community and control its use and appearance. Buyers agree to the sometimes-rigid restrictions in order to maintain the aesthetic standard set by the developer and to safeguard the value of their homes.

            Restrictive covenants should not be confused with local zoning and government regulations. Some covenants and zoning regulations overlap; for instance, either can limit the height of a building. But, restrictive covenants tend to exert greater control over a homeowner’s lifestyle. In addition to standard clauses, which may stipulate a home’s minimum size, height, architectural style, and color schemes, covenants often ban practices that could be regarded as aesthetically objectionable–such as parking RVs, boats and non-running vehicles on the property.

Covenants may additionally regulate grass height; window treatments; holiday decorations; walls, fences and hedges; as well as pets–some limit number and type of pets allowed. Very often, owners are required to make repairs within a specified number of days of the initial notification. Depending on a community’s location and other unique features, restrictions may be applied to the use of pesticides, herbicides and fertilizers and removal of dirt and trees. Owners can be prohibited from installing solar panels, building an enclosed patio or adding a swimming pool. Restrictive covenants can also prevent owners from renting the home or operating a home business, including music lessons and daycare. Condo and townhouse owners sometimes face even more rigid restrictions.

What happens when a violation occurs? It’s up to the homeowner’s association or individual property owners to enforce a covenant. Local authorities cannot enforce contractual agreements. Instead, it’s likely that a committee would review the complaint, and then notify the homeowner. If the homeowner ignores the initial notice, he or she might receive a notice from an attorney. Legal action would be a last resort.Before You BuyWhile most homeowners enjoy the quality of life resulting from restrictive covenants, some covenants may prevent you from living the life you planned. Before committing yourself to a property, be certain you can live with all the restrictions.·         Ask to see a copy of the restrictive covenants prior to taking a trip out to a property. You may be able to eliminate the house from your “To See” list.·         If the sales professional didn’t have the document available initially, be certain to review a copy of the restrictive covenants prior to making an offer.·         Or, make your offer contingent on your review and approval of the restrictive covenants.

http://www.realestateshows.com/438239

Updated  Town Home in the highly desirable Inland Greens Community!

Location within 5 miles of Wrightsville Beach, this golf course community is
centrally located near the University of North Carolina @ Wilmington, Historic
Downtown Wilmington, Mayfaire Shops, Wilmington  International Airport  & so much more!  Home looks out over the 7th Tee of this par three public golf course & is just steps to the community club house, pool and tennis courts.  Another  convenient  feature this community offers is a Boat/RV Storage facility located onsite for owners!  This 3  bedroom, 2 bath home is ideal for those looking for maintenance free living!  Home is on one level, freshly painted,  updated with hardwood flooring and is ready for you to move in! More than a home…IT’S A LIVE STYLE!

It’s a great value!  Check it out and let me know what you think!

If you have recently decided to move from renter to homeowner, you are not alone. First-time homebuyers made up 41 percent of the market, according the National Association of REALTORS®’ 2008 Profile of Home Buyers and Sellers. And price declines in many markets around the country have created unique opportunities for those considering home ownership for the first time.

As a homeowner, you have security and stability, the freedom to decorate and remodel, potential to build equity and tax benefits. And with interest rates still at historically low levels – 5.22% for the typical, 30-year fixed-rate mortgage (as of early August 2009), combined with ample inventory, now is a great time to buy.   Plus, there are several incentives and programs available specifically for first-time homebuyers.

First-Time Homebuyer Credit

One program that is a great financial opportunity is the highly publicized First-time Homebuyer Credit, which was part of the Housing and Economic Recovery Act of 2008. This federal initiative allows first-time homebuyers to take up to an $8,000 tax credit, which doesn’t have to be repaid, toward a new or resale property purchased prior to Dec. 1, 2009. For new construction, the purchase date is considered to be the date you first occupy the home.

Under this program, a first-time homebuyer is considered to be anyone who has not owned a principal home within the last three years. If you are married, both spouses must meet this criterion. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer. In addition, ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer. You are also eligible to claim first-time buyer status if you owned a principal residence outside of the
United States within the last three years.

The actual tax credit may vary depending on the purchase price and your income. The credit is generally equal to 10 percent of the home’s purchase price, not to exceed $8,000. In addition, the income limit to receive full credit is $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return.

            For complete details, visit www.irs.gov and www.federalhousingtaxcredit.com. As always, consult with your tax advisor on how this tax credit may affect you.

State Programs

Many states also have first-time homeowner programs. Under these programs, first-time homebuyers may be eligible for grants for down payments and closing costs. Some states even offer various tax deductions and credits.

Mortgage Loans

As a first-time homebuyer, you don’t have the advantage of using the equity in a previous property to help bridge costs associated with down payment, closing and other fees. Many financial institutions have mortgage products with you in mind. In addition, the Federal Housing Administration (FHA) offers mortgage programs in which your down payment can be as low as 3.5% of the purchase price, and allows most of your closing costs and fees to be included in the loan. Although FHA does not directly loan to consumers, you can work with a FHA-approved lender. For more information, visit www.hud.gov.

Workshops

Besides financial assistance, there are workshops specifically geared toward first-time homebuyers. They provide a wealth of information about the home-buying process, such as how to search for a home, setting up a budget, choosing a real estate professional, loan products, and so on.

            The transition from renter to homebuyer is a large step and is arguably one of the largest investments you’ll make, so make sure you take advantage of all the assistance available to make the road to homeownership that much easier.

I can help you but time is running out!  We must act now and close prior to 11/30/09