Yvonne's Real Estate Blog

Erroneous Information!

There has been an email is re-circulating with some erroneous information in it about the American Clean Energy and Security Act (HR 2454) that was passed by the House last year.  Please be aware that the claims that HR 2454 requires a license or retrofit by property owners to sell their home are not factually based.  NAR has a complete set of fact sheets and information about HR 2454 available on REALTOR.org:  http://www.realtor.org/government_affairs/gapublic/american_clean_energy_security_act.  If you receive the inaccurate email, please do not pass it along to others, but send the correct NAR information along to set the record straight.  If you have questions about the American Clean Energy and Security Act, please contact NAR’s Austin Perez (aperez@realtors.org) or Russell Riggs (rriggs@realtors.org).

Please check out the link and get the straight answers for yourself!!

Yvonne Nystrom

John L. Scott Kent North

(253) 334-0232 Cell

You Must Hurry! The Tax Credit Will Expire!

I simply wanted to remind you that the homebuyer tax credits will expire at the end of this month. An eligible taxpayer must enter into a binding contract to buy a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. If you or anyone you know is in the home buying market please contact me right away.

Tax Credits at a Glance

$8,000 First-time Home Buyer

• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer

• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

As always please consult a tax advisor.

Thank you!!

Yvonne Nystrom

Residential Real Estate Specialist

253-334-0232 Cell

253-648-1319 Fax

Email: yvonnen@johnlscott.com

Website: www.yvonnesrealestate.com

John L. Scott Kent North

20632 108^th Ave SE

Kent, WA 98031

P.S. I've built my business based on the positive comments and referrals from people like you. Thank you for being such a special part of my business. I couldn't do it without YOUR help. If you know anyone else who could benefit from my services, please give me their contact information and I will follow-up with them.

Additional incentive for purchasing Fannie Mae REO properties. These properties can be found on www.homepath.com .

Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes

Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:

·Closing costs;

·The purchase of new Whirlpool® appliances by Fannie Mae; or

·A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.

To be eligible for this incentive:

·Offers must be accepted on or after January 28, 2010

·Property sales must close before May 1, 2010

·Buyers must be owner-occupants, investors are excluded