THE TRUTH ABOUT FIRST TIME BUYER CREDIT

THE TRUTH ABOUT FIRST TIME BUYER CREDIT


We’ve been getting calls from buyers and sellers concerned about the First-Time Homebuyer Tax Credit. There is a lot of hype right now and many people have the wrong information.

I think the following information on the credit is easy to understand and useful to you if this is the time for you to buy a home. Take advantage of this rare opportunity.

Here are details on the $8,000 tax credit for first time homebuyers that can be used on all residential properties:

Tax credit equals 10% of the property's value not to exceed $8,000.

Effective for properties bought by January 1, 2009 and closed by December 1, 2009.

The property purchased must be single-family (condos & townhouses included).

There is an income limit of $75,000 per individual (adjusted gross income) or $150,000 if filing a joint return. Individuals above these salaries may still receive a portion of the tax credit.

Only first-time homebuyers are eligible or the purchaser (and purchaser's spouse) must not have owned a principal residence in the last three years.

This tax credit does not have to be repaid if the property used as a principal residence for three years.

Most experts are saying you should be under contract no later than Oct.9th, 2009.

From Kathy Gedeon of Dollar Bank: “The tax credit has had a positive impact on the market. Customers who were planning on buying in the future have now been motivated to buy now to take advantage of the credit.”

Judy Darwal of RE/MAX Trinity is happy to report:” Very positive – in fact we're running tons of 1st time buyers who are trying to beat the deadline”.

Third Federal loan Administrator, Debra Branske feels that “the opportunities for the industry would have been greater if they included not just the first time buyers but all buyers and builders”.

Gedeon added “It will be more important than ever for REALTORs to make sure their prospective buyers are well qualified AND for buyers to get pre-approved BEFORE they go to the market place”.

This tax credit can be used, as long as buyers meet the federal criteria. This is just a basic summary. You should also consult a tax professional for more specific information that may pertain to you.

Talk to all  the experts, and  feel free to give us a call at  440 546 9660  - Gateway Title and Happy House Hunting!

Saturday Morning Work Shop 9/19

NOBODY DOES IT BETTER THAN GATEWAY  - THE #1 CUSTOMER'S  TITLE  AGENCY!
A two and one half hour workshop on selling and buying in today's real estate arena. Everything is covered by guest experts from marketing secrets ; dreaded required paper work; the value of inspections; what loan pre-approval really means; understanding the escrow process and a HUD closing statement with easy to follow support material included.
A POWERFULLY CONDENSED workshop that arms the consumer with knowledge and confidence to sell or buy in today's confusing real estate market.
This work shop is facilitated by Rachel Torchia, President, GATEWAY TITLE.
Date: Saturday, Sept. 19,2009
Time: 9:30 AM to Noon - free coffee and donuts served
Location: 8748 Brecksville Rd. #100 (class room on first floor to the right.)
Costs: free, - but the information you will receive is PRICELESS!
Register on web site - www.gatewaytitle.com or call Renee at 440 546 9660

MORTGAGE FRAUD HEADLINES IN THE NEWS!

This morning, as I settled in to my cup of coffee and turned on the TV, I listened to the comments on Senator Ted Kennedy's passing, the first day of school chatter and then WHAM! MORTGAGE FRAUD INDICTMENTS IN CLEVELAND!
I woke up very quickly and it had my full attention. This kind of news always gets my attention and it is too few and too far between.
I was familar with some of the names mentioned. I think there are 45 people
indicted in this wave. Bridget, my title officer and I just shake our heads.
We have known for years this was happening. Our customers would want us to do the title work. We would look at the paper work and tell them what they were getting themselves into was a scam and we would have no part of it.
Within a week or two we would see on the records that another title company had "closed" it.
I think independent title agents are the "watch dogs " of the real estate industry. Most of this fraud would not have happened if the mortgage brokers did not own the title agency that looked the other way and closed them. This ownership is not illegal.Law permits them to be in the title business. It's like hiring the fox to guard the chicken coop!
COnsumers have the power to choose the title agency to handle their transaction. The role of the title agency is to insure the title and conduct the settlement as a "disinterested 3rd. party".
I can't imagine why consumers would want it any other way.

REAL ESTATE SURVIVAL - BEHAVIOR NEVER LIES!

How often we put too much stake in others "words" or we say "we will" and then "we don't"!
Actions do speak louder and truer than words!
My friend and mentor, Richard Flint tells us like it is:
What you really feel about you is defined
with your behavior.
Back to those three little words – Behavior Never
Lies! I can’t get away from them because there is so
much wisdom, so much power in that one thought.
Words are description; behavior is an acted out
definition. Words create a story; behavior acts out
the play. Words make a sound for people to listen to;
behavior paints a picture for people to study. Your
life really is defined by your behavior and remember,
behavior can’t lie!
Remember, you are exactly where you want to be.
reccomended reading: Richard Has written a book "Behavior Never Lies" - available at amazon.com - It could change the way you hear and see others.

BEAUTIFUL WEDDING - TIME TO GET BACK TO REAL ESTATE!

It's not easy to settle back into the work day routine after so much of my Granddaughter, Ashley's wedding involvement. It was wonderful!
My mind is now back to the real estate market, which is improving a lot this month.I keep reading the national housing reports, but I only believe what I see in my own backyard and the scenery is looking much better.We love happy buyers and sellers!
I also notice a problem of anxious sellers accepting offers from buyers who "think" they can get a mortgage, but can not and the deal "bombs". BAD for everyone involved.
I called an old friend, Roy Buser, a Mortgage Account executive with First Merit to get his opinion. He agreed whole heartily that many buyers are looking before they know if they CAN qualify.
He offered this advice."If you have the proper and candid conversation with your bank PRIOR to looking at home or engaging a pre-approval then the process will go well;the pre-approval will go well, the purchase agreement will be written well, the financing will go well, and the closing will be smoother. Better planning starts with the proper conversation with a lender first".
I also talked with RE/MAX Classic Manager, REALTOR Mary Early, she tells those who want to see homes to first talk with a lender to learn the whole story, get pre-approved and then, she will find them a home they can love and afford.The pre-approval certificate is proof they are a real buyer.
Realtor Suzanne Anton from The Realty Store agrees:"Pre-approval is essential before an offer is accepted "
The BIGGEST MISTAKE I see FSBO sellers making is accepting offers on the "buyers word" that they can get a mortgage and in reality, they haven't even talked with a lender.
There is nothing much more stressful than thinking the property is sold and in the end it "BOMBS"! This market is improving and it can get much better if buyers, sellers and agents set standards and stick to them.
Get Ready: Lender pre-approval
Get SET: Find your house.
Go: Complete your deal with a stress-free closing.
It can be as simple as 1-2-3!

Ashley is Getting Married Today!!

Today is the BIG day!
Last night we had the rehearsal dinner cook out in our meadow pavilion for 60.In addition to the wedding party, all out of town guests were invited.
Suzanne's staging talents shone through and the pavilion looked party perfect!
A labor of love.
Mike and Renee worked at Gateway Title holding down the fort with the rest of the staff. BIG KUDOS to my wonderful hubby Mike - He started off the day at a signing 40miles away at 8:00 A.M., returning to the same area for another at 4:00 P.M.! In between, he cut grass, worked on his office stuff,helped us set-up the party and was at rehearsal to practice his reading for the wedding at 6:30 and then grilled the burgers. He is amazing !
Renee and Bridget were pretty busy with customers at the office. Seems like yesterday was the day for buyers and sellers targeted to complete their deals.
Debbie, who answers the phones said it really was a great day at Gateway Title!
It's a great day for the Torchia Family today. It's time for to get ready for a wedding!
Ashley has taken her dress to the church. All the girls are getting ready. Suits and ties are waiting to be worn. It's almost time......

Ashley is Getting Married Saturday!

There's nothing like a family wedding!
My Granddaughter, Ashley,who is my "Baby Cakes" is getting married Saturday. Ashley is the third generation working at Gateway Title. Her Mom, Michelle, was with me when I started the company 16 years ago.An eight year old Ashley and her little brother, Robby would come into the office on the week-ends as Michelle and I worked, they played "Gateway Title" with the phones and writing notes on the telephone message pads.They drew pictures for everyone and they proudly hung them up decorating the offices.
Time just flies!
Ashley's dress is hanging from the ceiling fan with the train spread out on the bed underneath(the only place high enough so there will be no wrinkles) in our spare bedroom waiting for her to take it to the church Saturday. Just like her Mom's and Aunts Suzanne and Renee's bridal gowns waiting for them.
Everyone is pitching in from soup to nuts.
The only problem with a family business is we have not been at the office (mentally and physically) all week. God Bless the WONDERFUL staff. This has not been an easy week for them but they have pitched in to make sure everything there continued smoothly for our customers. I never once worried that they wouldn't. Without their support, I think I'd have been a basket case by today. The rehearsal dinner is at my home - a little bit of pressure there. Everybody is cooking their special dishes we all love. It's under control. Michelle has done a fantastic job organizing and getting everything done. It's almost time.... I know I'll cry in happiness for my Baby Cakes. Her Joel is a lucky Guy.
Please God -"Bless them with Lasting Love".