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First Time Home Buyers Tax Credit - $8000 Tax Credit

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To read more Real Estate articles and for FREE list of Foreclosure Listings, Free Home Value Estimate, Free Sold Homes Report or to find a place to rent in the North Dallas Metroplex go to our website at: http://www.WisdomTX.com/

FHA and Conforming Loan Limits Release

The U.S. Department of Housing and Urban Development has released new FHA and conforming loan limits based on changes enacted last week as part of the massive economic stimulus bill. Under the legislation, loan limits in high-cost areas are increased to $729,750, the same as last year. They had dropped to $625,500 this year before passage of the legislation. In a Mortgagee Letter released February 25, 2009 on the change, HUD says the new loan limit for an area will be based on market calculations from either this year or last year, whichever is the higher of the two calculationsGiven current market conditions, many areas are staying at the 2008 mortgage limit. The loan limits can be accessed in a searchable form on HUD's Web site: https://entp.hud.gov/idapp/html/hicostlook.cfm.

Source: REALTOR® Magazine Online


These are good news!
Many families can now enter the housing market in high-cost areas of the country, and a large number of jumbo loan borrowers should be able to refinance to lower monthly payments.

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To read more Real Estate articles and for FREE list of Foreclosure Listings, Free Home Value Estimate, Free Sold Homes Report or to find a place to rent in the North Dallas Metroplex go to our website at: http://www.WisdomTX.com/

PrimeLending - rates for Friday, Mar 6 2009

got these in the mail today, thought it would be usful to some of you.


Conventional 30 year fixed
5.00% + 0 + 1
5.25% + 0 + 0

Jumbo 30 year fixed
6.75% + 0 + 1
7.00% + 0 + 0

FHA 30 year fixed
5.50% + 0 + 1
6.00% + 0 + 0

* rates are quoted based upon a fully documented, primary residence purchase money loan request with a 30 day rate lock and are subject to borrower qualifications. Rates may vary for borrowers with fico scores < 740, 80/15/5 & 80/10/10 loan programs and loan amounts less than $100,000.

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To read more Real Estate articles and for FREE list of Foreclosure Listings, Free Home Value Estimate, Free Sold Homes Report or to find a place to rent in the North Dallas Metroplex go to our website at: http://www.WisdomTX.com/

Real Estate investment and Tax benefits

Real Estate investment and Tax benefits

There a lot of reasons to invest in real estate properties. You probably heard some people say words like leverage, stability, cash flow, capital gain etc. These are all good, solid reasons and we will discuss them later but the number one reason, in my opinion, to invest in real estate is the TAX benefits.

Taxes are the single largest expense you have and will ever have during your life time. Saving money by driving less, buying at wal-mart, clipping coupons are all nice ways to reduce your monthly bills but it doesn’t change your net income. Reducing taxes will change your bottom line, it will make you NET income bigger.

How is real estate investment help with reducing taxes?

When you invest in real estate properties you get a few tax reliefs:

• Depreciation
• Equity
• Deductible Expenses
• Tax Credit

Depreciation!

As a policy the government is encouraging people to own real estate. One of the incentives the government gave the investors is depreciation.

Even though real estate properties usually go UP in value over time the government allows you to report a “loss” of value every year through the property lifetime. A residential property for example has a “lifetime” of 27.5 years. So if your investment property was purchased for $275,000 then each year you are allowed to report a “loss” of $10,000 this will reduce your TAXABLE amount by $10,000 every year! So if you make $100,000 a year you will be taxed only for $90,000.

Depreciation is the investor’s hidden cash flow.

Equity!

The Real Estate market usually goes up over the time. True there are years where the market goes up and some that it goes down but if you look at any property over a period of 15-30 years you will see that the properties value went up in the majority of the cases.

Over time your property value goes up and your loan gets smaller affecting the ratio between the property value to the loan so you can re-finance and pull equity from your property.

This equity you pull out of your property is TAX FREE!!! It’s tax free since it’s not an income it’s a loan.

When you buy stocks you have to sell them in order to see the profit from the stock and then you have to pay tax on the profit. In real estate you pull the equity in a form of a loan and this money if tax free, plus you don’t have to sell the house!

Deductible Expenses!

When you invest in real estate you are running a business. Unlike other forms of investments real estate investment is real qualify as a business for expenses purposes. When you go looking for properties, you can deduct your related vehicle expenses. If you call a plumber or an electrician to fix something at the rental property it’s tax deductible against your rental income. There are many other things you can deduct against your income. Have a meeting with a certified CPA to determine what can be deducible for your specific circumstances.

Tax Credit!

The federal government give you tax CREDIT for doing some things that relate to real estate.

For example you can take the following percentage as credit:

• 10% for the rehabilitation of buildings placed in service before 1936
  
  
• 20% for the rehabilitation of certified historic structures

Another example is when you renovate an office you can tax credit if you make the property wheelchair accessible (i.e. adding a rump, expanding the doors etc).

See the IRS website for more details.

Disclaimer - All taxes information given in this article is general and may not apply in your circumstances. Please consult a certified CPA and/or a tax advisor to find out what tax advantages you can use under your own cretin circumstances.

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To read more Real Estate articles and for FREE list of Foreclosure Listings, Free Home Value Estimate, Free Sold Homes Report or to find a place to rent in the North Dallas Metroplex go to our website at: http://www.WisdomTX.com/

Steps to Buying a Home:

Steps to Buying a Home:

• Select a REALTOR
  
• Financial prequalification (Pre-approval)
  
• Homes previews and selection
  
• Purchase agreement submitted and accepted
  
• Double check with REALTOR, LENDER and TITLE COMPANY
  
• Application for mortgage
  
• Inspection: Structural, Mechanical, Electrical, Plumbing, Environmental, Pest
  
• Movers
  
• Utilities
  
• Phone
  
• Homeowner's Insurance
  
• Closing
  
  

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To read more Real Estate articles and for FREE list of Foreclosure Listings, Free Home Value Estimate, Free Sold Homes Report or to find a place to rent in the North Dallas Metroplex go to our website at: http://www.WisdomTX.com/

First time home buyer “Need to Know” checklist

First time home buyer “Need to Know” checklist

• Know yourself – what are you looking for? What are your needs? What type of home would fit your current stage of life?
  
• Know your budget – meat your banker, do your math and know exactly how much you can spend when buying a house. You can use our “How much can I afford” calculator on our Calculators page.
  
• Know your area – researching your area will help you narrow down the search area. Research the neighborhood, the school district, available parks and amenities etc.
  
• Know your Realtor - Why should I have a REALTOR by my side?
  
• Know you monthly payments – after you buy a house your monthly payments will not end with the mortgage. There are property taxes, HOA fees etc. Knowing them will help you do a more financially educated decision.
  
• Know your system – set up a system to compare properties. Some use paper, some use excel sheets, some use pictures and other visualizing means. Whatever works for you is fine, but you must have a system to compare the properties you see.
  
• Know it when you see it – if you find the house that fits your needs and budget BUY IT! Don’t wait to the next perfect home, it might not show up

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To read more Real Estate articles and for FREE list of Foreclosure Listings, Free Home Value Estimate, Free Sold Homes Report or to find a place to rent in the North Dallas Metroplex go to our website at: http://www.WisdomTX.com/

When visit a potential house…

When visit a potential house…

Before visiting a potential house ask your REALTOR to see the seller's disclosure, this document may give you a first impression of the house's condition.

A "seller's disclosure" document is not a substitute for an inspection. This is only seller's unprofessional opinion.

When you visit a house, pay attention to the surrounding trees, if the trees are too close to the house, their roots may damage the house's foundations.

If you have kids it will be good idea to ask the REALTOR about the school district and about nearest schools.

Once inside the house, pay attention to the walls and the ceiling to see if you can detect mold or leeks presence.

Spend some time and visit the neighborhood during the evening hours, speak with the neighbors.

And the best advice - even if you find a great house DON'T skip an inspection!

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To read more Real Estate articles and for FREE list of Foreclosure Listings, Free Home Value Estimate, Free Sold Homes Report or to find a place to rent in the North Dallas Metroplex go to our website at: http://www.WisdomTX.com/

Why should I have a REALTOR by my side?

Why should I have a REALTOR by my side?

• When you have a REALTOR by your side you have professional who will act for your benefit, will give you his advice and opinion.
  
• Your REALTOR will use his access to the MLS (Multiple Listing System) system in order to search and find the best properties that mach your needs.
  
• Your REALTOR will check for you the property history, will pre-view the property before he will show it for you and he will give you his opinion regarding a reasonable price, based on CMA (Comparative market analysis).
  
• Your REALTOR can supply you with information about the taxes and HOA fees that are related to the property.
  
• Your REALTOR will assists you during all the steps towards buying your new home, will give you a list of professionals you can hire and negotiate a contract for you best interest.
  
  
  
  To read more Real Estate articles and for FREE list of Foreclosure Listings, Free Home Value Estimate, Free Sold Homes Report or to find a place to rent in the North Dallas Metroplex go to our website at: http://www.wisdomrealtors.com/
  

Preparing your house for a showing

Preparing your house for a showing

• Don’t be at home! Your presence at the house during the showing can make the buyers feel intrusive.
  
• Turn all the lights on. Even if it’s noon time, lights on brighten up the house.
  
• Let them Smell the dream – baking cookies or a cake fills the house with a good sent. Baking sent is known to apply a more relaxing and motivating environment. If baking is not an option use an automatic air freshener that sprays every few minutes.
  
• Fruit bowl goes a long way – simple bowl of fruit on the dining table or on the kitchen counter looks good and bring some “livelihood” to a room.
  
• Set the table for dinner – setting the dining room table will allow the potential buyers to visualize sitting down for dinner in the room. Select some nice, neutrally colored, plates and napkins and set the table.
  
• Shiny is attractive – shine every surface you can, furniture, kitchen counter, mirrors etc.
  
• Show what’s worth showing – if the view from the windows is nice, open the window covering so the buyer can enjoy the view and light.
  
• Make the bed with a good fresh set of neutrally colored pillows and sheets.
  
• Pets, not everybody likes them.
  
  
  • if you have a pet, make sure your agent leaves a note with the showing service so the buyers agent be aware of it. Finding an arrangement for the pets to be away from the house while showing would be best.
    
  • Cleanup the pet’s area. strong pets odors and pets food spilled on the floor are a big turn off for some buyers.
  
  
• Keep the house tidy – clean the floors, empty the trash, do the laundry and wash the dishes.
  
• Clean the bathrooms!
  
  
  • Leave no personal items on the vanities; hide the toothbrushes, perfumes and any other personal items that lay on your counters.
    
  • Put fresh clean towels on the hangers.
  
  
• Adjust the thermostat so the house will be in a comfortable temperature when the buyers arrive.
  
• If you have a fact sheet (done by you or your agent) have them available and visible for the buyers. The kitchen counter would be a good place.
  
• Open a cookbook with a colorful recipe on the kitchen counter.
  
• Keep your old cars and old RV parking away from the house.
  
• Close the garage door.

To read more Real Estate articles and for FREE list of Foreclosure Listings, Free Home Value Estimate, Free Sold Homes Report or to find a place to rent in the North Dallas Metroplex go to our website at: http://www.wisdomrealtors.com/

Preparing your house for the market

Preparing your house for the market

• Say your goodbyes – letting the house go emotionally is the first phase in selling your house. You must remember sentimental value does not change the price!
  
• Tone down the color – Bold colors makes it harder for potential buyers to visualize themselves living in the house. Choose neutral colors and paint.
  
• De-clutter! – Too many details hide the big picture from the potential buyers. They will focus of your artifacts instead of focusing on your house.
  
• First impression – the front of your house and the entry are the best place to make a good first impression.
  
  • Clean the front door, re-paint it if necessary.
  • Buy a new doormat.
    
  • Mailbox rusty? Replace or re-paint it.
    
  • Make sure the entry is well lighted.
    
  • Cleaning the outside of your house is as important as the inside. Wash your house exterior, any DYI store has the right tools for it.
    
  • Mow your lawn and water it regularly. This will improve the house’s curb appeal.
  
  
• Small fixes big price – fixing all those small things before the buyers see them will save you a lot of money during the negotiations.
  
• Invest in good bedding covers – select a neutral colored sheets and pillows and make the bed before the buyers arrive.
  
• Clean and organize – go through the entire house
  
  
  • Clean the gutters.
  • Clean the chimney.
    
  • Re-arrange furniture in a manner that will make the rooms look bigger.
    
  • Organize you closet – buyers always want to see the closets and their sizes. Unorganized closet looks much smaller then it really is.
    
  • Organize the pantry and kitchen cabinets.
  
  
• Consider having the house inspected. This way you can inform the buyers about the house’s condition in advance and come to the negotiations table more prepared.
  
• Repair and replace loose or damaged roof shingles.
  
• Consider planting some flowers in front of the house and near the entrance.

To read more Real Estate articles and for FREE list of Foreclosure Listings, Free Home Value Estimate, Free Sold Homes Report or to find a place to rent in the North Dallas Metroplex go to our website at: www.WisdomRealtors.com