What some buyers don’t understand is that for sale by owners price their homes at what they want not what the price should be. They don’t tell you that the roof has leaked or the basement sometimes gets flooded. They won’t advise you to get a home inspection or that they owe more on their mortgage than what the house will appraise for. They won’t tell you that you should have a title search to make sure there are no liens against the property that might hold up the closing or that they can’t fix and you may have already had an appraisal done that you have to pay for anyway. They sure won’t offer to pay your closing costs and pre-paids that otherwise you will have to come up with yourself. Do you think they are going to move out on closing day if they need a couple more days? Oh yeah and what if after they agree to sell you the house but don’t have a signed binding contract another buyer comes along with cash, think they are going to wait to see if you can get a loan? No way. Don’t get me wrong I don’t think that people who want to sell their homes without an agent are bad they may not know any better but truth is they are more interested in their needs than the buyers. A buyers agent is obligated by the code of ethics to represent  the buyer’s  best interests and a professional will do just that and best of all we know the market and will make sure you don’t pay more than you should.

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$8,000 First-time Home Buyer Tax Credit at a Glance

• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

AS A CONSUMER IN THE REAL ESTATE MARKET, YOU WILL BENEFIT FROM THE SERVICES OF AN EXPERIENCED REALTOR THROUGHOUT THE HOME BUYING OR SELLING PROCESS.   BUT EVEN THOUGH YOU MAY NOT BE FOOTING THE BILL, IT’S IMPORTANT THAT YOU UNDERSTAND HOW REAL ESTATE AGENTS  ARE PAID.

DID YOU KNOW…..

• Sales associates are self-employed, and receive no salary or benefits.   They get no paid vacation time, insurance, company cars or expense accounts from the firm they work with.
• Sales associates are only paid for results – if and when they successfully complete a property transaction.
• Most  sales associates are paid the same whether a buyer purchases a home listed by their broker or another company broker.  
• As independent contractors, sales associates have ongoing out-of-pocket expenses similar to those of any small business.

BUSINESS EXPENSES:

• Property Advertising
• Advertising and marketing of their services
• Marketing materials and direct mail
• For sale sign deposit
• Lock boxes, open house signs
• Total inventory marketing fee
• MLS access fees
• Computer hardware and software
• Long distance, cellular and/or paging service
• Postage and courier fees
• Business cards, stationery, office supplies
• Business insurance, self-employment tax
• Continuing education courses
• Personal assistant (salary, taxes)
• Fuel costs, maintenance and mileage on vehicles
• And, some pay monthly office rent

So when you consider a real estate agent to help you when buying or selling a house please understand that it costs them considerably to work with you whether they end up closing a transaction with you or not.

The Clark County Board of Education will again host a community forum as part of the superintendent selection process.

The forum was scheduled for 6 p.m. Feb. 10 in the George Rogers Clark High School library and approved during a special board meeting Thursday night.

The forum will give the public a chance to offer their criteria for a new school superintendent, board chairwoman Judy Hicks said.

During the district™s superintendent search three years ago, approximately 80 people attended the forum, she said. This forum should function approximately the same way: soliciting ideas and suggestions from those affected by education, but not directly involved with the process.

The public school PTO  presidents or designees  selected Beth Griffith to serve on the selection committee as a parent representative.

I know to a lot of you right now seems like there is a lot of uncertainty and you are afraid you can’t qualify for a loan or just think it is not the best time to buy.I just want to give you the facts:

1.  Mortgage rates are at an all-time low 30 yr. fixed 5.12% as of 2-18-09

2. Central Kentucky has 8 months or more of inventory (houses on the market)

3. For the first time in history if you have not owned a home in 3 yrs and purchase one before  Dec 1, 2009 you could qualify for up to $8000 tax credit for 2009.

4. You can build your own wealth by owning instead of renting your home. Also, gaining more tax benefits.

5.  You will be informed throughout the buying process and I will be there for you even after the closing.

6.    I will help you understand what it takes to qualify, how much money you will need to have before you can buy and what your payments will be.

So give me a call now and let’s get started.  Take advantage of this opportunity it may not be around for long!

 I™d be happy to send you a detailed Report

“How To Get The Home You Want, At The Best Price
And Financing Rate, With The Fewest Headaches!”

Shari Crisp

859-229-5945

shari@ShariCrisp.com

Martin Luther King Day January 19th No School
Spring Break March 30 “ April 3rd No School
Election Day & Portfolio Day May 19th No School Teachers Only
Memorial Day May 25th No School
Last Day for Students May 27th
Closing Day for Teachers May 28th

http://www.clark.kyschools.us/District/Board/board.htm

William Swope
District 2

Wendy Berryman
District 5

Board Members returning

Judy Hicks
Chair
District 4

Debbie Fatkin
Vice Chair
District 3

Rick Perry
District 1