The $7,500 tax credit is available for first-time home
buyers only.
The law defines a first-time home buyer as a buyer who has
not owned a home during the past three years.
All U.S. citizens who file taxes are eligible to participate
in the program.
Income
Limits
Home buyers who file as single or head-of-household
taxpayers can claim the full $7,500 credit if their adjusted
gross income (AGI) is less than $75,000.
For married couples filing a joint return, the income limit
doubles to $150,000.
Single or head-of-household taxpayers who earn between
$75,000 and $95,000 are eligible to receive a partial
first-time home buyer tax credit.
Married couples who earn between $150,000 and $170,000 are
eligible to receive a partial first-time home buyer tax
credit.
The credit is not available for single taxpayers whose AGI
is greater than $95,000 and married couples with an AGI that
exceeds $170,000.
Effective
Dates for the Tax Credit
First-time home buyers would receive a $7,500 tax credit for
the purchase of any home on or after April 9, 2008 and
before July 1, 2009. To qualify, you must actually close on
the sale of the home during this period.
Tax Credit
is Refundable
A refundable credit means that if you pay less than $7,500
in federal income taxes, then the government will write you
a check for the difference.
For example, if you owe $5,000 in federal income taxes, you
would pay nothing to the IRS and receive a $2,500 payment
from the government.
If you are due to receive a $1,000 tax refund from the
government, your refund would grow to $8,750 ($1,000 plus
$7,500 from the home buyer tax credit).
Buyers can take the tax credit in their 2008 or 2009 tax
return.
If you purchased the home in 2008, the tax credit is taken
on your 2008 tax return. If you buy in 2009, you have the
option of taking the credit on your 2008 or 2009 tax
returns.
Types of
Homes that Qualify for the Tax Credit
All homes, whether single-family, townhomes or condominium
apartments will qualify, provided that the home will be used
as a principal residence and the buyer has not owned a home
in the prior three years. This also includes
newly-constructed homes.
Payback
Provisions
The tax credit essentially serves as an interest-free loan
to be repaid over 15 years.
For example, a home buyer claiming a $7,500 credit would
repay the credit at $500 per year. However, the buyer
doesn’t have to start repaying the credit until two years
after the tax year in which the credit is claimed.
If the home owner sold the home, then the remaining credit
would be due from the profit of the home sale.
If there was insufficient profit, then the remaining credit
payback would be forgiven.
Specific
Property Buyer's Agreement. We know you are always
in a rush to see certain properties that you don't want to loose
them, we understand that and we are here eager to help you
showing you that property, who knows that property may be the
home you have been dreaming off, also know that the property you
are going to see, it may not necessarily be your dream home once
you familiarize with the house. Due to those circumstances we
have figure out how to help you get there quick and with out an
Exclusive Buyer's Agreement. We have created a Specific Property
Buyers Agreement an agreement that allows you to see one
property only unless you want to see other properties, you don't
have to sign a full exclusive buyers agreement with us. By
signing this agreement you are only agreeing to work with us on
one specific property, you are free to work with other agents on
other properties.
Access the Specific Property Buyer's Agreement.
The Benefits
of our Buyer Agency.By signing our
Specific Property Buyer Brokerage Agreement, you are gaining
access to one of our professional for a specific property,
notice, this agreement is just for one property, if you are
satisfied with our service and want our agents to show you all
the properties you are interested, than you have to sign our
full service
Exclusive Buyer Brokerage Agreement.
More
How Buyer Agents Get Paid.
Will hiring a buyer broker cost me more money?
In a standard real estate transaction, it doesn't cost a home
buyer any more to use a buyer broker than it would if they used
any broker to assist in locating the right home. The only
difference is the buyer assumes the responsibility for the
commission due to the buyer broker.
More
Duties of a Real
Estate Agent.
A real estate broker who becomes an agent of a seller or buyer
is deemed to be a fiduciary. Other examples of
fiduciaries are trustees, executors, and guardians.
As a fiduciary, a real estate broker is held by law to owe
specific duties to his/her principal (the person who they are
representing), in addition to duties or obligations set
forth in a listing agreement, buyer representation agreement, or
other contract of employment. Subagents of the broker also owe
the same fiduciary duties to the broker's principal. These
specific fiduciary duties include:
More
Click here for Our Specific Property Buyer Brokerage Agreement.
If you have a property that you have to see it
in the next 24 hours and you don't have an Exclusive Buyer's
Agreement with an other Real Estate Agent, fill out this form
and fax back to us, one of our agents will contact you to make
an appointment within 24 hours.
Click here to open this form.
Click Here for Our Exclusive
Buyer Brokerage Agreement.If you are ready to
purchase a home and want to get the full service of one of our
agents, you need to fill out the Exclusive Buyer Brokerage
Agreement, in Georgia this is the law if you want exclusive
representation.
Click here to fill out this form.
Free Access to all Home Listings in Atlanta.
Check all the homes for sale, for rent, all the lease
purchase homes, and homes owned by banks (REO properties) in one
central location and all for free.
Click here for free access
Sandy Springs New Homes for
Sale. If you are planning to purchase a new
home in Sandy Springs, this is the place to find all the new
homes currently listed for sale. We work with home builders,
land developers and custom home Builders in Sandy Springs.
See the
latest new homes in Sandy Springs
Atlanta Homes for Rent.
We have agents exclusively serving the rental
market in Atlanta, if you are relocating or just moving locally
and want to find a home for rent in Atlanta, we have along list
of homes for rent in Atlanta,
click here to access Atlanta homes fore rent.
List of Lease Purchase (Rent
to Own) Homes in Atlanta. Lease purchases are very popular now a days and that is because
it is hard to get approved for mortgage loans. the next best way
to buy a home is through a lease purchase. This website will
give access to all of the homes in Atlanta available on a lease
purchase.
Click here
for more.
First Time Home Buyer Tax Credit Enacted
The temporary first-time home
buyer tax credit will help stimulate home buying,
reduce excess supply in housing markets and shore up
home prices, so it is critical to get the word out
to consumers right away.
More
Once you have decided to seriously shop for a new home, your
best bet is to work with one agent. Find an agent who is willing
to work with you and stick with that agent. Any agent can show
and sell you any home listed in the MLS - so it is best to work
with one person whom you like, rather than skip from agent to
agent. Keep in mind that even though this agent is working with
you - his or her commission is paid by the seller not by you -
the buyer.
After you find an agent to help you in your search, you might
want to consider signing a Buyer Broker agreement with the
agent. In the past and agent was bound by law to represent the
seller of a home - which meant that even though the agent might
be working with you and showing you homes - that agent still
represented the seller and could not disclose certain
information to you as a buyer. Now, Maryland law 'presumes' that
if an agent is showing you homes than you - as the buyer- are
being represented. However, this still appears to be somewhat of
a 'gray' area.
So, your best bet is to sign a Buyer Broker agreement with your
agent. This agreement protects you and your agent. An agent
acting as your buyer broker can disclose information to you that
he could not as an agent working for the seller. The agent's
goal is now to get you the best deal and not the seller. In
return for this service, you agree to use this agent exclusively
to buy your new home.
Here are some more reasons to use a buyer agent...
A real estate agent has the tools to help you find a house that
fits you and your budget. This includes access to more listings,
educating you on the types of home loans that you might qualify
for, assisting you with escrow requirements and eventually
preparing the final contract for your new home. Plus, it sure
helps to have a pro by your side when you're dealing with
something as expensive as buying a house.
Here's the biggest tip you can get regarding agents: make sure
that you are talking to a buyer's agent and not a seller's
agent. For example, if you see a house you are interested in,
don't use the agent representing that property to make the deal
for you (translation: don't call the name on the "for sale"
sign). That agent represents the seller and will try to make
sure the deal is to the seller's advantage, not yours.
Some other points to consider...
A real estate transaction is complicated. In most cases, buying
or selling a home requires disclosure forms, inspection reports,
mortgage documents, insurance policies, deeds, and multi-page
government-mandated settlement statements. A knowledgeable guide
through this complexity can help you avoid delays or costly
mistakes
Selling or buying a home is time consuming.
Real estate has its own language. If you don't know a CMA from a
PUD, you can understand why it's important to work with someone
who speaks that language.
REALTORS® have done it before. Most people buy and sell only a
few homes in a lifetime, usually with quite a few years in
between each purchase. And even if you've done it before, laws
and regulations change. That's why having an expert on your side
is critical.
REALTORS® provide objectivity. Since a home often symbolizes
family, rest, and security, not just four walls and roof, home
selling or buying is often a very emotional undertaking. And for
most people, a home is the biggest purchase they'll every make.
Having a concerned, but objective, third party helps you keep
focused on both the business and emotional issues most important
to you.
Top
It's almost always free! The reason is because the seller almost
always pays for the commission for the sale of a house. That
means that you, the buyer, are able to utilize the services of a
Real Estate Agent for FREE. That's a pretty good deal for you.
So you might as well use one.
Top
NO. The listing agent (and company) owes his or her loyalty to
the seller and cannot legally help you get a better deal. Some
buyers believe that the listing agent should be willing to take
a lower commission because he or she does not have to share with
another agent. That may happen, however it almost always
benefits the seller and not you - the buyer. Any commission
savings may be very small compared to buying an over-priced
home, buying in the wrong area, buying the wrong home, etc.
REMEMBER: The seller's agent (and their company) is working for
the seller and CANNOT, legally or ethically, give you, the
buyer, any information contrary to the seller's best interest.
Top
If you go to an open house and are not represented by your own
agent, you may run into something called 'procuring cause' which
may be an issue if you later decide to buy the home with your
own agent. The easiest way to avoid this is to tell the agent
at the the open house (or write on the sign-in sheet) that you
have an agent. Don't yet have an agent? Send us an
Email Request
or give us a call - 770-551-5850 and we will send you some of
our business cards. Tell open house agents that you have your
own Realtor and give them a card. That way they will bother us
for feedback and not you. It doesn't cost you a thing.
Top
Real estate agents work on commission, not salary, and get paid
only after your home search is over, the contract negotiated and
the transaction complete. Under the typical arrangement, the
seller pays the commission to the real estate agent, and the
agent's services are free to the buyer. Most listing brokers get
sellers to pay 5% of the sales price.
Because most real estate transactions involve two brokers -- one
that produces the buyer and one that helps the seller -- the
commission is divided, usually 50-50, between the two brokerage
offices. Then, within each office, the salesperson who handled
the transaction gets a share, usually 50% of the broker's half.
Top
A Buyer Broker Agreement is a written agreement between a buyer and
a real estate agent. An agent cannot represent you when writing
an offer without one.
Top
Traditional
Homes of Georgia LLC,
We build spec homes in the Sandy Springs,
Dunwoody, Buckhead and West Cobb County area.
for more information contact us at 770-551-5850
or email us at
tbermeo@kstrealty.com or by
visiting our website
www.kstrealty.com
Custom
Building Group LLC, We
build custom homes in Sandy Springs, Atlanta,
Buckhead, Dunwoody, and Brookhaven area, we
currently hold over 20 residential lots in Sandy
Springs, if you are interested in building a
custom home in Sandy Springs, you can contact us
at 770-551-5850 and ask for Dan Simpson or Telmo
Bermeo, you can also email to us at
tbermeo@kstrealty.com
System
Building Group LLC
A Modular Home Builder in Georgia, if time is
your main issue when building, our company
specializes in Modular Building, we work with
several modular manufactures in the Southeast
Region of United States such us Nationwide,
Heaven Homes, R-Nell Homes and others. Our
typical project is completed in 4 to 8 weeks
depending on your customization, our crew can
travel anywhere in the Southeast region. For
more information please contact Dan Simpson or
Telmo Bermeo at 770-561-5850
Having a hard time selling your home in Sandy
Springs? Now a days buyers are more sophisticated and are aware of
the market situation, if you have not been able to sell your home
and are motivated to sell quick, give as a call, we buy homes in
Sandy springs for cash and have quick closings. If your home meets
our criteria we will make an offer within 48 hours and we will buy
on a AS IS condition. Our Land Developer company is always looking
to purchase properties in Sandy springs so don't hesitate give as a
call at 770-551-5850 and ask for Dan Simpson.
