Building relationships with each transaction.

  In addition to new homes, I can assist with all types of real estate transactions including purchasing existing homes, renting, selling your home, investment properties and even managing your rental property.

Bringing the Dream of Homeownership Within Reach - 1st Time Homebuyer Credit Extended.

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact the Internal Revenue Service at 800-829-1040.

Who Qualifies for the Extended Credit?

• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
  
• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer’s tax credit is determined by two additional factors:

1. The price of the home.
2. The buyer's income.

Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009,  single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

COMPLETE THE FORM BELOW TO START THE PROCESS OF OWNING A NEW HOME:

If you are thinking about purchasing a home, consider that the recent continuing rate cuts make very favorable financing possible. And with mortgage rates at historical lows for and the market benefiting the buyer, the timing is right for taking

action. Whether you are looking for an existing home or a brand new one, buying your own home is an exciting prospect but can also be an intimidating one, even for the experienced homebuyer.

But I will be there to  help throughout the lifetime of the purchasing process and well beyond.  I look to create relationships with each transaction.  That means I will be there to assist anytime my expertise can be of help and will always be happy to accept your referals. 

Things we will work on together include:
   · Determining your buying power.
   · Assisting you in your home search.
   · Negotiating a price, finding financing.
   · Guiding you through the closing process.

   - Making you aware of market trends.

Buying mistakes to be aware of:

Why get your hopes up looking at 3500,000 homes, when you can really only afford a $150,000 home? Before you start house hunting, narrow down your price range by getting pre-approved. A mortgage pro will review your credit, income, assets and debts, and recommend a mortgage with monthly payments that fit your budget. The result is a good faith estimate, a document that spells out the likely terms of your loan, including the interest rate and closing costs. Not only does this let you know how much house you can afford, it also lets sellers know that you're serious about buying-and that is a great negotiating tool.

Mistake #9: Thinking short-term

The house you purchase should be a place that feels like home to you and your family, but it's important to remember that it's also a huge investment. When shopping for a home, it pays to think about resale down the road. Search for homes in sought-after locations, and look for features that future buyers will want, such as central air conditioning and lots of storage space.

Mistake #8: Not researching the neighborhood

What good is having your dream home, if you don't like the community where it's located? Before shopping for a home, shop for a neighborhood. Make sure it's a good fit for your lifestyle -- figure out how long you want your work commute to be, how close you want to be to amenities like shopping and nightlife, and which school districts are the best. Even if you don't have children, living near good schools raises your property value. Visit the neighborhood several times and at different times of the day. The biggest incentive for finding a quality community: a great neighborhood will increase your home's value, while a bad one will drag it down.

Mistake #7: Buying a foreclosure or fixer-upper without doing your research

Some homebuyers are so set on finding a bargain, they overlook the fact that buying a home that needs repairs can be a stressful and expensive endeavor. Before buying a fixer-upper, get estimates on any necessary repairs and renovations and make sure they will pay for themselves in increased property value. The foreclosure market is also full of opportunities, but it's important to be aware of the potential pitfalls before buying a foreclosed property.

Mistake #6: Buying a house you can't afford

Just because a lender is willing to loan you a fortune doesn't mean you should take it. Buying more home than you can afford can quickly lead to financial trouble. As a rule of thumb, your mortgage payment should be less than 28 percent of your gross monthly income. Besides your mortgage payment, be prepared for the additional costs of homeownership, such as insurance, property taxes, utilities and maintenance. You may want to scale back the size of the home you're looking for in order to bring the whole package in line with your budget.

Mistake #5: Falling for love at first sight

Buying the first house you like is kind of like marrying the first person you go on a date with: not necessarily a good idea. If you don't shop around and see what else is out there, you could miss out on a good deal or potentially regret your purchase. While you don't need to visit every home in the neighborhood, you should compare at least three homes before you make a decision to ensure that you're getting the right house at the right price.

Mistake #4: Forgoing a home inspection

Even if a home looks flawless, it's a mistake to assume that it's actually problem-free. All homes have defects -- even brand new ones -- so getting a professional inspection before making the commitment to buy is crucial. Be sure to attend the inspection so the inspector can explain any issues.

Mistake #3: Not reading the fine print

If you did your homework, you had your trustworthy real estate attorney review all your paperwork and discuss it with you so you don't get a nasty surprise at closing. Let's face it -- you won't have time to read that six-inch stack of legal documents at the closing table. Fortunately, there are a select few documents and items that are truly critical, and you can request a copy of these in advance. This gives you time to review them and ask questions before closing.

Mistake #2: Making an offer without contingencies

Having a back-out plan is a must for smart home buying. If the home has an irresolvable flaw, it doesn't appraise for the purchase price, or your lender refuses to fund your loan, having contingencies on your contract gives you the right to cancel the transaction. Think about it this way: would you spend $100 in a store that doesn't have a 30-day return policy? If your answer is no, you wouldn't want to put hundreds of thousands of dollars on the line without the right to bail.

No one can predict precisely where the market is going, so trying to time your home purchase with the bottom of the market is futile. If you're financially and emotionally ready to be a homeowner, it's always a good time to buy. Just think: all the time you spend procrastinating on purchasing a home, you could be building equity, getting tax deductions and enjoying the many other benefits of home ownership!

FOR MORE INFORMATION OR QUESTIONS, CONTACT ME: 

JOE ZARB-COUSIN, REALTOR®

San Antonio, TX

CELL:  210-413-7979        
Email: sapc@inbox.com

 Office: EXIT Pleasant Realty, 2639 Nacogdocches Rd., San Antonio, TX 78217

REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.

 Home Inspection Tips for Home Buyers

The home inspection is an essential part of the home buying process. In this article we will talk more about the home inspection, how it works, how to find an inspector, and related topics.

What Does a Home Inspector Do?
In short, an inspector checks the safety and functionality of your potential home. He will focus primarily on the structural and mechanical aspects of the home (as opposed to cosmetic or aesthetic items).

It's a good idea to get a home inspection as soon as possible after the seller accepts your offer. This will help you determine if there are any major problems with the property -- and sooner is better than later. You should also make the purchase agreement / contract contingent upon the home inspection. That way, if the inspection uncovers a major flaw that you're unwilling to accept, you have a legal way out of the contract.

Don't confuse this process with the home appraisal process. The appraisal protects the lender's financial interests in the property. The home inspection protects your interests, as the buyer. The appraisal is the bank's way of determining whether or not the house is worth the price you've agreed to pay for it. The inspection is your way of identifying structural or mechanical problems with the house. Two different things entirely.

Where to Find an Inspector
Finding a qualified home inspector is usually fairly simple. Here are some ideas:

Ask a friend or coworker who has recently bought a home in the area.
Ask your agent if he or she can recommend a qualified person for the job.
Visit the American Society of Home Inspectors website at ASHI.org.
Visit the National Association of Home Inspectors website at NAHI.org.
When you find a candidate, ask how many home inspections he has done.

Ask what certifications he carries.

The person you choose should be certified by one of the national associations.

Who's Fixing What?
So you've found someone to inspect the property, and he has come back with a list of discrepancies. Now what? When you review the inspector's list with your agent, you'll have to decide which items (if any) you want the sellers to repair. Like nearly everything else in the home-buying process, the fix-it list is negotiable. When you submit your list of requested repairs to the sellers, you face one of several outcomes:

The sellers will agree to fix all of the items.
They will only agree to fix some of the items.
They will refuse to fix anything (common in a seller's market).
The seller will reduce the price in lieu of certain repairs.
How you proceed in light of the seller's response is up to you, with your agent's input. A good rule of thumb -- don't ever turn a blind eye to a major repair issue just because you're excited about getting in the house. If you're an experienced investor and you're buying the house specifically to fix it up, that's one thing. But if you're buying your first home, be conservative and carefully consider each item on the inspector's list. It will benefit you in the long run.