http://www.irs.gov/pub/irs-pdf/p4819.pdf… –  This is a summary document from the IRS that is surprisingly easy to understand, yet still chock-full of information about who qualifies for the various tax credits.

 http://www.irs.gov/pub/irs-pdf/i5405.pdf… –  This is the form you will need to attach to your return to claim the credit.  (Email me at  Nunlkme at aol.com and I will send you a copy of these forms if you prefer.)

Please note that the IRS still refers to the tax credits as the “First-Time Homebuyer Credit” even though within the document they give you the option to check the box stating that you are a “long-time resident” and not a first-time home buyer.

In addition to the form 5405, you will have to attach a copy of the settlement statement on the purchase from the title company.  This is referred to as the “HUD” or “HUD-1.”

By the way, you claim the credit on line 67 of your line 1040.  Again, they refer to the “First-Time homebuyer credit,” but that’s the right spot, even if you aren’t a first-time home buyer.

Please consult a tax professional for specifics related to your situation.

Brentwood Press, Brian’s Real Estate Update, February 26, 2010

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I want to share this article with my blog followers because I believe it offers some great insight for those who are facing the challenges of getting their offers accepted.  These are ideas I have shared with many of my clients and I hope you enjoy them also.

Offers That Stick

“The phenomenon of multiple offers, a situation in which multiple buyers submit bids for a house and end up competing for it, has returned.

It was prevalent in the strong market a couple of years ago and, now, with dropping prices, some sweet deals on distressed properties, relatively low interest rates, and an $8,000 federal tax credit for first-time buyers and a $6,500 credit for repeat buyers, some mrkets have heated up again.

In fact, California practitioners report an explosion of competitive bidding, and in some places supply actually is shrinking and prices are ticking up.

The result is that some buyers who are anxious and able to enter the market still are losing out.  For example, Andy Bencosme, 2009 president of the Arcadia Association of REALTORS, says one of his clients has bid on–and lost out on–12 properties.

Wondering how to prepare?  Keep in mind:

• Competent advise:  Seek REALTORS who can explain how competitive a market is, and where you fit with it, and who are able to prepare you for the process–and potentially disappointments–ahead.
• Investor competition:  You may be competing with investors delivering contingency-free, all-cash offers.  Be prepared to deliver your best offer, if need be.  Also, get prequalified for loans, have all paperwork in order, and know precisely how high you can afford to bid.
• No automatic low balls: Despite market challenges, don’t automatically make offers dramatically below asking prices.  If you’ve been eyeing a property that has seen multiple price reductions and you’re ready to jump, others likely have been doing the same.  It makes for stiff competition.  ‘Some think that if an asking price is $325,000, they can get that house for $250,000  That’s not the case,’ comments Bencosme.  Study neighborhood comparable properties that are for sale and that have sold and consult with your REALTOR to develop strong, realistic offers.
• Buy less:  Just one reason to look at property below your means is that you’ll have money in reserve to bid up if you need to.
• Short sales:  The process can be tedious and lengthy.  One California REALTOR says short sales acceptance dates can run two weeks to six months.  Negotiating short sales can be tricky,  so be certain your agent is experienced in the process.  And know whether you have the stomach for such a route.
• Bank-owned property:  Again, you may be competing with investors.  Work with your agent to determine properties’ worth.  And Bencosme suggests making yourself as attractive as possible.  That may entail offering a larger down payment, not requesting closing cost assistance, or agreeing to a shorter timeline. ‘The more you have your ducks in a row before making an offer, the more sellers will see you’re ready, willing, and able to complete the transaction,’ he says.

I hope you found this article useful.  I couldn’t have said it better.  I am an experienced agent who is ready to  assist you making strong,  attractive,  and realistic offers.

If you have questions on this or any other real estate topic, please contact me at (925) 216-0860.  To search the MLS for free for homes for sale, go to www.CynthiaAlfred.com

Cynthia Alfred, Realty World Delta Country, License No. 01414214

Certified Short Sale & Foreclosure Resource

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Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the site, and reflect the most recent changes in the market. These are not marketing rates or a weekly survey.

The rate for 15-year fixed home loans is currently 4.27%, while the rate for 5-1 adjustable rate mortgages is 3.70%.

The volume of mortgage requests in the past week fell 9.4% from the prior week. Of last week’s requests, 34.7% were for refinance loans, 63.5% were for purchase loans and 1.9% were for home equity loans. The prior week, 34.5% of requests were for refinance loans, 63.5% were for purchase loans and 2.1% were for home equity loans.

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• Payoff your debt and mortgage in record time  slideshare.net)

1. Go to www.co.contra-costa.ca.us/
2. Click on Department  (A drop down menu will appear, click H-Z)
3. Click on Treasurer-Tax Collector
4. Click Online Tax Review and Payment
5. Click on Secured Property Tax Bill
6. Enter property address or parcel number
7. Click View Bill  (The whole tax bill will then appear)

Good luck and call me if you have questions on this or any other real estate topic at (925) 216-0860.  To search the MLS for free and view homes for sale, go to www.CynthiaAlfred.com

1. Drink plenty of water.
2. Eat breakfast like a king, lunch like a prince and dinner like a begger.
3. Eat more foods that grow on trees and plants and eat less food that is manufactured in plants.
4. Live with the 3 E’s — Energy, Enthusiasm, and Empathy.
5. Make time to practice meditation, yoga, and prayer.
6. Play more games.
7. Read more books than you did in 2008.
8. Sit in silence for at least 10 minutes each day.
9. Sleep for 7 hours.
10. Take a 10-30 minute walk every day.  And while you walk, smile.

Have a blessed 2010.  Should you have questions on this or any other real estate topic, call me at (925) 216-0860.  To search the MLS for free and view homes for sale, go to:  www.CynthiaAlfred.com.

Contract the HOPE Line at 888-995-4673 prior to giving out any personal information  or  paying anyone to modify your loan.

If you feel you have been scammed by one of these companies, contact your local attorney general, real estate association, or the Federal Housing Administration (FHA) to report your concerns.

Contact me at www.AlfredTeam.com if I can be of further assistance.

If you are looking for retirement income you will never find a better time in your life than right now.  Banks are unloading foreclosed inventory with prices you can’t believe.  We have "as is" properties that with 20% cash down, you can purchase a place wthat wll give you cash flow from $200 to $500 a month.  When our country gets well again in a few years you will look back and thank God you were smart enough to invest.  These low, low prices will be gone in another year, better get going.  Example:  we have a duplex listed in Antioch for $124,900, both are 1 bedroom units and great size.  How about this:  total cash required about $49,000, which includes rehab costs.  It will give you a fabulous rate of return.  We have other investment properties.  Please call  or email me (nunlkme@aol.com) .  Cynthia Alfred, (925) 216-0860

For people who have a mortgage, the foreclosure process starts when the homeowner misses a payment.  After missing a payment, the mortgage company will apply a late fee and someone from the mortgage company will try to make contact.  The mortgage company would rather not foreclose on a house.  It is generally a long and expensive process.  The mortgage company will try to find out from the homeowner what is going on.  If the homeowner makes the payment, then the foreclosure machine will stop.  If not, the foreclosure machine shifts into second gear.

If the homeowner ignores the mortgage company and does not make a payment, two to four weeks later the mortgage company will send a letter telling the homeowner that they have breached the mortgage contract.  The homeowner will be given an opportunity to fix the problem but if that does not happen, the foreclosure shifts into the next gear.

What happens next depends on the state.  After missing the third payment, the mortgage company will file a notice of default to let everyone know that a foreclosure has been initiated.  After the appropriate waiting period which is generally 90 days, a sale date is set.  During this waiting period the homeowner is given a chance to solve the problem.

Then, depending on the state, after an appropriate time period, the house is sold.  The homeowner is usually evicted and the new owner takes over.

The money from the sale goes to pay the mortgage company.  If there is any money left, it pays any lien holders.   Any left after that goes to the original homeowner.

If you fall on hard times, HUD offers advise on what to do.  HUD also offers counseling services in most states and your state and county may do the same.  Your mortgage company may have ways to help.  Contact them as well.  Looking for more information, contact me at AlfredTeam.com