First Time Homebuyer Tax Credit Extended Into 2010! Plus…A New Tax Credit for Certain Existing Home Owners! It’s official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009. In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time. So Who Gets What? The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn. Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. Deadlines In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. Higher Income Caps in Effect The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible. Maximum Purchase Price Qualifying buyers may purchase a property with a maximum sales price of $800,000. First-Time Homebuyer Tax Credit – Frequently Asked Questions Here are answers to some commonly asked questions about the tax credit. What is a tax credit? A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence. What is the tax credit for first-time homebuyers (FTHBs)? An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000. Who is eligible for the FTHB tax credit? Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible. As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500. How do I claim the credit? For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf). Can you claim the tax credit in advance of purchasing a property? No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place. Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property? Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property. Are there other restrictions to taking the credit? Yes. According to the IRS, if any of the following describe your situation, a credit would not be due. You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild. You do not use the home as your principal residence. You sell your home before the end of the year. You are a nonresident alien. You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.) Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.) You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009. Can you buy a home from a step-relative and be eligible for the credit? Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed. Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit? Yes. Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years? No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA. If you have any questions that fall outside the situations here, give me a call and if you do not have an accountant to speak with, I can refer you to one.
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Larry also has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, his clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,100 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532
An article appeared recently in the New York Times that beautifully illustrates the opportunities today’s real estate market offers. A mother working two jobs saved up for a down payment and managed to buy a large home with a pool for $187,000. Three years ago, that same home had sold for $370,000!
While sellers are still feeling pressure, buyers with stable incomes and good credit histories are beginning to spread a “feel good” vibe throughout the industry. Conditions have literally never been better for first-time buyers. Affordability has seldom been higher and interest rates have hardly been lower. Selection of inventory is vast, and sellers are highly motivated.
As more buyers enter the marketplace, the ripple effect will be felt far and wide. When they purchase a highly affordable foreclosure or “short sale,” they have removed a distressed property from the listings, improving values for other homes in the area. When they buy a “traditional” listing, that in turn sets off a chain reaction whereby the sellers in turn will purchase another home, from sellers who will in turn buy another home, and so on and so on.
You probably get the picture now. As we approach some stability in real estate, all indications are that prices will begin rising again. As the market approaches recovery, don’t miss your opportunity for the buy of a lifetime.
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Please direct your questions to Larry@TeamWeichman.com or call 714-241-4532. You may also visit www.TeamWeichman.com.
What is the MOMS Club? The MOMS Club is a nationwide non-profit organization whose initials stand for “Moms Offering Moms Support.” The Club is a support group for you, the stay-at-home mother of today, interested in the world around you, wanting activities for you and your children, and proud of your choice of at-home mothering. The club offers a wide variety of club sponsored activities designed to provide fun, companionship, education and support to our members and their families. The MOMS Club and our members also do service projects that help needy children and others in our community.
This looks like a great organization! Hope you enjoy!
Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,100 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532
Purchase This Repo In Costa Mesa California Before It Hits the Market! Try $400,000 on this 4 Bedroom Home! I just found this home! We think it may be purchased around $400,000! Check out this video! For questions please contact me at 714-863-5739
Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532
When you hear the term “home inspection,” you’re likely to think of the electrical system, plumbing, roof and foundation, and smaller items like cracked windows or drafty doors. However, it’s the elements in the home that cannot be seen that demand special attention on the part of buyers and sellers and the inspector they choose.
First, there’s radon, a colorless and odorless gas that seeps up from the ground and has been labeled as a cause of cancer. Any home, but particularly those with basements, should be tested for high levels of this gas.
Next is asbestos, a fibrous material once used for insulation, but banned in 1985. Homes built before then should be tested, and care should be exercised not to disturb this material when remodeling these older homes.
Another threat is lead, a toxic metal that was widely used in paint, pipes, and other materials. Any home built before 1978 should be tested for its presence, and any lender offering HUD-insured mortgages will require a lead-safe certification for these older structures.
Another culprit is groundwater contamination, a particular concern for homes with older septic systems or underground oil tanks, or homes near industrial facilities. Also search for hazardous products stored in and around the home, making certain that they are removed before transfer of the property to new owners. Be smart and be safe!
Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532
Sports agent. Talent agent. Insurance agent. Real estate agent. What significance does the label “agent” hold, and why is it important when buying or selling a home?
Webster’s dictionary defines an agent as “a person, firm, etc. empowered to act for another.” For an “agency” relationship to exist, there must be a “principal” and an “agent.” The principal is the person who empowers another to act as his representative, while the agent is the person empowered to act.
In real estate, an agency relationship is created when a seller signs a “listing agreement.” The seller gives the broker authority to act on his behalf to locate a purchaser. The agent must be loyal to his principal, exercise competence, and when negotiating a sale, the agent must protect the principal’s financial interests. The agent must also treat all third parties honestly and fairly.
It is also possible for an agency relationship to exist between a buyer and a broker. When this occurs, the broker’s fiduciary loyalty is to the buyer, and all sellers must be treated honestly and fairly. In that case, the agent attempts to secure the lowest price and most favorable terms for the buyer, his principal.
Whether buying or selling, it is critical to understand which parties make up the agency relationships. If in doubt, ask the real estate agent for a clarification.
Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. This article was provided by the California Association of Realtors. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532
Join Our Team Larry and Laurie Weichman are seeking agent of all experience levels to join our team as a Buyer’s Specialist. We offer each new team member the opportunity to learn directly from Larry and Laurie and their top team of agents.
Our team excels at selling real estate with proven systems and techniques that we have developed and fine-tuned. We ensure that every member of our team is successful by providing them with leads and the tools for converting each lead into a satisfied customer for life.
Our team concept offers administrative support to handle the productive work so that all of our agents can focus on what they do best- selling homes. We truly believe that your success depends on the people you surround yourself with and the mentor you select.
Make the choice today to become a part of a highly successful team and call 714-241-4532 to talk to Larry and Laurie and schedule a confidential meeting today! If you prefer, please fax us your contact info to 714-242-SOLD or send us an email larry@teamweichman.com with your contact information and we will contact you.
Join a Winning Team!
The Weichman Team is seeking a few select professionals to join our expanding team, residential real estate leader, Weichman Associates Realtors. We strive to focus the collective talents, expertise and experience of all team members as a resource for our clients and customers, and to create an environment in which each team member can grow professionally and be successful, productive and fulfilled. From our office in Costa Mesa, we serve all of Orange County
Some of our core values:
Training and Technology: The Weichman Team is committed to helping you maximize your potential in the real estate business. We believe that team members can achieve their highest potential if given the tools and environment for success. We are committed in employing the best technology without sacrificing personal service.
Quality of Life: We assist you in the development of your time management and goal setting. We will help you in setting client expectations so you don’t have to work 24 hours a day, 7 days a week. We believe that work should be fun, and we value creativity and commitment to each other in a team-oriented environment.
Business Ethics: We adhere to the highest standards of ethics, integrity and honesty. We strive to be a good corporate citizen and encourage involvement by all team members in the community and the world at large.
We are particularly sensitive to maintaining and growing our reputation, and accordingly we are seeking individuals with the highest integrity, professionalism and commitment to excellence. If you feel your qualifications meet our requirements, please apply online today!
Here are our current openings:
Full-time opportunities:
“Earn While You Learn” Position Description
We have openings for people who want to make real estate sales their primary full-time career. No experience or prior sales experience is required. If you have the drive, motivation and ambition, we can teach you the skills you need to be successful in this business.
Candidate Profile
- Career Minded
- Articulate
- Goal Oriented
- Self-motivated
- Ambitious
- Professional Attitude
- Energetic
- Great People Skills
- Good Computer Skills
- Proficient in E-mail and Internet Usage
- Excellent Driving Record
No real estate license is required for interviewing; however it will be required for hiring and commencement of sales training. If you do not have your real estate license yet, give us a call. We can provide you with any information you need on the schools in your area that offer the approved Real Estate Pre-Licensing Course.
Submission Guidelines:
Please email your resume to larry@teamweichman.com.. No Phone Calls please. Those who disregard this request will be politely declined for further consideration. Due to the high volume of resumes we will not be able to respond personally to everyone.
Buyer Agent Position Description
1 year experience or more in residential sales or rentals preferred.
The Weichman Team offers the opportunity to earn an excellent income in a high-energy, hip, and fun environment. Our sales require excellent negotiation techniques, time management skills, computer proficiency and superior people skills.
Benefits, Services, Support and Marketing Tools
We are known for setting new standards for home buying and selling by using cutting edge technology, building teams of successful professionals and providing world-class customer service. You will maximize your time and production by using the technology and marketing tools we have in place for you.
The Weichman Team provides a dynamic work environment that includes;
* State-of-the-art computer and phone systems
* Lead generation Programs and Marketing support
* Well-trained Office Support Staff
* High-profile Location
Job Requirements
* Active CA State Real Estate License
* Familiarity with most Orange County neighborhoods
* Basic computer and Internet skills
* Bachelor’s Degree in Sales/Marketing (a plus)
* Experience in another sales industry (a strong plus)
* Possess above average integrity
* Self-motivated
Please email your resume to larry@teamweichman.com.. No Phone Calls please. Those who disregard this request will be politely declined for further consideration. Due to the high volume of resumes we will not be able to respond personally to everyone.
(714) 241-4532
Toll Free (800) 283-1765 Ext.0
A Tradition of Success
1525 Mesa Verde Drive East, Suite 111,
Costa Mesa, CA 92626-5221
According to the California Association of Realtors statewide sales in September surpassed the 500,000 mark for the first time in more than two years, rising 2.3 percent compared with August, and 96.7 percent from a year ago. The dramatic increase in sales can be attributed to weakness in the market from a year ago with the early onset of the credit crunch. Similar increases in sales occurred in the early 1980s when the market was climbing out of a comparatively steep downturn in sales. The market is expected to register significant year-to-year percentage gains in the coming months as current sales are compared against extremely low numbers that prevailed during the fourth quarter of last year.
· The median price of an existing, single-family detached home in California during September 2008 was $316,480, a 40.9 percent decrease from the revised $535,760 median for September 2007. It is still too early to determine if the statewide median price has begun to stabilize, and recent events in the economy and financial system contributed to the decline in September. The median home price also will continue to face downward pressure from the large share of distressed sales and a dramatic change in the sales mix. A year ago, the under $500,000 price range accounted for 46 percent of sales but shifted to 76 percent as of September.
· C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in September 2008 was 6.5 months, compared with 16 months for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
· The median number of days it took to sell a single-family home was 46.1 days in September 2008, compared with 56.7 days for the same period a year ago.
For further details contact Larry Weichman at 714-241-4532. Larry Weichman is President of Costa Mesa based Weichman Associates. www.TeamWeichman.com
Whether you are buying a home or selling one, it is likely that once an Offer To Purchase is on the table, you’ll enter a phase of the transaction called Negotiation.Fear not – this is how both sides “win.”By following a few reasonable recommendations, both parties can turn Negotiation into Agreement.
It’s best to begin with a fair asking price and a fair offer.Sellers, don’t shoot for the moon. Buyers, don’t lowball on a home you really want.Overpricing is a turnoff to potential buyers, while low offers may meet with outright rejection.
Next, understand and respect each other’s priorities. Seller won’t budge on price?Perhaps they would pay more of the transaction fees. Buyer urgently needs quick possession?Perhaps they would forgo some repairs.
This illustrates the value of compromise.A win-win situation doesn’t necessarily mean that both parties get everything they demand.Avoid emotional decisions and be open to concessions.If you can’t agree on a particular term, try meeting in the middle.Who will pay closing costs?Who will pay for cosmetic repairs?You needn’t hold up the entire agreement when you can simply split the difference on certain terms and move forward.
Experienced real estate professionals are successful negotiators.Bringing buyers and sellers together is Job Number One.Protect your best interests by seeking the advice of a professional.
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976.Please direct your questions to Larry@TeamWeichman.com or call 714-241-4532. You may also visit www.TeamWeichman.com.
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