Staging Tips for you Bedroom or Office

Another meeting about Lennar Homes

Today we are having another meeting about Lennar Homes. This time its with a lawyer. He wants us to bring our Warranty Deed with us. If you read my previous post I realized that it wasn’t in my paperwork from when I closed.

I was able to track it down and get official Warranty Deed. I will be bringing it with me tonight, so stay tuned!

Jeannette Neerpat

Thank God I am not a Short Sale!

Let me start by saying thank goodness I am not a short sale!! Let me explain how I got to this. As you have read over the past few days I have been fighting Lennar Homes over the land use here inWoodmont. Our community is having an emergency meeting tom night and the president of the association rang my doorbell and asked if in my Warranty Deed was there any mention of the golf course.

I told them I would look at my deed and bring it with me. So I pull out the folder I had from when I closed on my house close to 10 years ago, and before I was a REALTOR. Going through all those pages I couldn’t find my Warranty Deed nor my Title Insurance. So that got me into thinking of when I was suppose to get them. I thought it should have been in that package.

So now on the hunt to find these papers. I called the title company that I did my closing and come to find out that they are no longer in business. OK now where do I go. I wasn’t sure if I was suppose to call the mortgage company I am with now since I had refinanced two years after I bought the house to change the type of mortgage I got, but changed companies at the same time.

I told myself what the heck let me give it a chance. I called the first time and the number they gave me was a fax, I called a second time and spoke with someone else. Then we got to talking as to why I needed the number. The guy was able to email me the Title Insurance and told me that I can find the Warranty Deed info through them.

So now we are calling this company and trying to read the papers of the insurance was confusing because they were asking me for the OR number. He looked up the number and couldn’t find the Warranty Deed. My thoughts are, Are you kidding me, was it not recorded? Do I own my house? The man just told me to calm down, we will figure this out. I then told him about this being the REFI and not the actual purchase.

He checked another place and viola, there it was, it was on a whole other page. Now what I need to do is to take that number and page down to the Broward County Courthouse and get copies.

But can you imagine if I was a Short Sale how crazy this would be, not having the right papers here, the refi, different pages. Glad I was able to figure it out and now pick up the papers tom.

Have you bought your home recently? I suggest you check to see if you have your Warranty Deed and Title Insurance. I gets sent to you after you close your home. I think somehow mine was not sent. I might not be the first person who is going through this, but at least you know what I had to do to find it.

Jeannette Neerpat

Lennar Homes looking to take away another Golf Course!

If you didn’t know that Lennar is looking to build in Woodmont. I’m here to tell you that they are.

Let me first tell you, I live in Woodmont and more precisely I live on the green. By that I mean I live right in front of on of the holes on the 2nd of the two course they have. My back yard is great, LOVE it and the main reason I bought this particular home.

Apparently the golf course hasn’t been doing so well, they are been losing there clients, I think its due to the bad management they have, but that is my personal opinion. So here we are with a predicament. Since he is doing so bad he wants to sell toLennar Homes. Lennar wants only one course of the Woodmont Country Club, but on this course they are looking to build 255 homes, making about 5 communities. I am directly affected by this. That means taking away that green behind and putting homes there.

Now that makes me very angry.Lennar will be build on Colony West Country clublocated off of Commercial and Pine Island. Then there is Sabal Palmscountry club that closed down several years ago off of Commercial and Rock Island. You would think they could build there since its abanoded. But no they want to build on an Active Golf course.

On top of all that, with the inventory still out there, with all the foreclosure that is predicted to happen why in the world would a developer want to start building more homes with the possiblity of not being able to sell them.

They are looking to build homes with Square footage of 2500 to 3500 sq ft. with a price range of $250,000 to $500,000. Are they really that serious? We are trying to sell what we got and they just want to dump so much more on top of it!!!

Now what has also been said is that, if this land does not sell to Lennarthat the ownersof the golf course is going to let it run down causing no other then to sell. But then who do they sell to and when will that happen?

I don’t want homes behind me, but at the same time I don’t want the golf course to look like crap. So what to do, what to do?

The City of Tamarac will be holding a public hearing in regards to the land change. So I will be attending that meeting.  Will you be there? April 14 and 6pm

Jeannette Neerpat
Helping you find your way HOME!

8 Tips to Guide You for your Home Search

8 Tips to Guide you for Your Home Search

1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.

2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.

4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.

5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.

6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.

7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.

8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment.

Jeannette Neerpat
9000 Sheridan Street
Pembroke Pines, Fl 33024
www.Neerpat.com

Would you like a Free Market Analysis? Visit www.Neerpat.com or call 954-993-4104.

Do you have questions about the First Time Home Buyer Tax Credit?

I know that there is a lot of confusion still about the first time home buyer tax credit. NAR has a breakdown of the most asked questions. I bring them to you here so you can better understand them.

There are a lot so I will post some today and some tommorrow so you are not overwhelmed by the questions. Do you have more questions? You can call me and I would love to help you clear them up!

FIRST-TIME HOMEBUYER TAX CREDIT

For 2009, Congress has increased the credit to $8000 and made several additional improvements. This revised $8000 tax credit applies to purchases on or after January 1, 2009 and before December 1, 2009. Tax Credits — The Basics

1. What’s this new homebuyer tax incentive for 2009?

The 2008 $7500, repayable credit is increased to $8000 and the repayment feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more qualifies for the full $8000 amount. If the house costs less than $80,000, the credit will be 10% of the cost. Thus, if an individual purchased a home for $75,000, the credit would be $7500. It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.

2. Who is eligible?

Only first-time homebuyers are eligible. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase.

3. How does a tax credit work?

Every dollar of a tax credit reduces income taxes by a dollar. Credits are claimed on an individual’s income tax return. Thus, a qualified purchaser would figure out all the income items and exemptions and make all the calculations required to figure out his/her total tax due. Then, once the total tax owed has been computed, tax credits are applied to reduce the total tax bill. So, if before taking any credits on a tax return a person has total tax liability of $9500, an $8000 credit would wipe out all but $1500 of the tax due. ($9,500 – $8000 = $1500)

4. So what happens if the purchaser is eligible for an $8000 credit but their entire income tax liability for the year is only $6000?

This tax credit is what’s called “refundable” credit. Thus, if the eligible purchaser’s total tax liability was $6000, the IRS would send the purchaser a check for $2000. The refundable amount is the difference

between $8000 credit amount and the amount of tax liability. ($8000 – $6000 = $2000) Most taxpayers determine their tax liability by referring to tables that the IRS prepares each year.

5. How does withholding affect my tax credit and my refund?

A few examples are provided at the end of this document. There are several steps in this calculation, but most income tax software programs are equipped to make that determination.

6. Is there an income restriction?

Yes. The income restriction is based on the tax filing status the purchaser claims when filing his/her income tax return. Individuals filing Form 1040 as Single (or Head of Household) are eligible for the credit if their income is no more than $75,000. Married couples who file a Joint return may have income of no more than $150,000.

7. How is my “income” determined?

For most individuals, income is defined and calculated in the same manner as their Adjusted Gross Income (AGI) on their 1040 income tax return. AGI includes items like wages, salaries, interest and dividends, pension and retirement earnings, rental income and a host of other elements. AGI is the final number that appears on the bottom line of the front page of an IRS Form 1040.

8. What if I worked abroad for part of the year?

Some individuals have earned income and/or receive housing allowances while working outside the US. Their income will be adjusted to reflect those items to measure Modified Adjusted Gross Income (MAGI). Their eligibility for the credit will be based on their MAGI.

9. Do individuals with incomes higher than the $75,000 or $150,000 limits lose all the benefit of the credit?

Not always. The credit phases-out between $75,000 – $95,000 for singles and $150,000 – $170,000 for married filing joint. The closer a buyer comes to the maximum phase-out amount, the smaller the credit will be. The law provides a formula to gradually withdraw the credit. Thus, the credit will disappear after an individual’s income reaches $95,000 (single return) or $170,000 (joint return). For example, if a married couple had income of $165,000, their credit would be reduced by 75% as shown: Couple’s income $165,000 Income limit 150,000 Excess income $15,000 The excess income amount ($15,000 in this example) is used to form a fraction. The numerator of the fraction is the excess income amount ($15,000). The denominator is $20,000 (specified by the statute).

In this example, the disallowed portion of the credit is 75% of $8000, or $6000 ($15,000/$20,000 = 75% x $8000 = $6000) Stated another way, only 25% of the credit amount would be allowed. In this example, the allowable credit would be $2000 (25% x $8000 = $2000)

10. What’s the definition of “principal residence?”

Generally, a principal residence is the home where an individual spends most of his/her time (generally defined as more than 50%). It is also defined as “owner-occupied” housing. The term includes single-family detached housing, condos or co-ops, townhouses or any similar type of new or existing dwelling. Even some houseboats or manufactured homes count as principal residences.

11. Are there restrictions on the location of the property?

Yes. The home must be located in the United States. Property located outside the US is not eligible for the credit.

12. Are there restrictions related to the financing for the mortgage on the property?

In 2009, most financing arrangements are acceptable and will not affect eligibility for the credit. Congress eliminated the financing restriction that applied in 2008. (In 2008, purchasers were ineligible for the $7500 credit if the financing was obtained by means of mortgage revenue bonds.) Now, mortgage-revenue bond financing will not disqualify an otherwise-eligible purchaser. (Mortgage revenue bonds are tax-exempt bonds issued by a state housing agency. Proceeds from the bonds must be used for below market loans to qualified buyers.)

13. Do I have to repay the 2009 tax credit?

NO.

There is no repayment for 2009 tax credits.

NOW HERE IS A BIGGY!

14. Do 2008 purchasers still have to repay their tax credit?

The $7500 credit in 2008 was more like an interest-free loan. All eligible purchasers who claimed the 2008 credit will still be required to repay it over 15 years, starting with their 2010 tax return.

Jeannette Neerpat
9000 Sheridan Street
Pembroke Pines, Fl 33024
www.Neerpat.com

Would you like a Free Market Analysis? Visit www.Neerpat.com or call 954-993-4104.

Tamarac First City to use the Neighborhood Stimulus!

Well if you didn’t think Tamarac was a City to live in before, now is the best time! Tamarac is the first city to give money to those buying homes with the cities stimulus money.

There are several First Time Home Buyers who are using the Neighborhood Stimulus. Tamarac had taken in over 80 applications for the stimulus money. They are set to close in June, making Tamarac the first city in Broward County!

Here is a clip from an Article from the Sun-Sentinel.

In Broward and Palm Beach counties, dozens of local governments have been awarded a total of $104 million to turn abandoned, foreclosed properties into occupied, tax-producing dwellings.

Tamarac has $4.7 million to spend on down-payment assistance in some neighborhoods, such as Heathgate-Sunflower, Westwood, Mainlands, Vanguard Village and Concord Village.

If you would like to read more about the stimulus plans you can read the article.

Helping You Find Your Way Home!

So you are ready to buy… Now What? Part 4

Selling House and Creating Homes