We’ve all known about this awesome tax credit for quite some time… and for those of you who are like me.. you work better under pressure, you’d rather wait until the last minute and then jump on it… NOW is the time to actively start your search for your home in order to guarantee closing by the expiration of the $8000 tax credit.

Here is some info. for you on the details of the tax credit… And, oh by the way, you can now borrow up to $6000 upfront interest free to be put towards your downpayment or closing cost credit!

It’s time for you to get in touch with us to start your property search today!

1. The temporary credit is only available for home purchases made from
Jan. 1, 2009 to before Dec. 1, 2009 and is equal to 10 percent of the
cost of the home, up to a maximum credit of $8,000.

2. Buyers claim the credit on their federal tax return to reduce their tax
liability. If the credit is more their total tax liability that year,
the buyer will get a refund check for the balance.

3. Only first-time homebuyers can take advantage of the tax credit. A
first-time buyer is defined under the tax credit as an individual who
has not owned a home in the last three years. For married joint filers,
both must meet the first-time homebuyer test to take the credit on a
joint return.

4. Eligible properties include anything that will be used as a principal
single-family residence – including condos and townhouses

5.There are income guidelines on the credit. Individuals with an adjusted
gross income up to $75,000 (or $150,000 if filing jointly) are eligible
for the full tax credit. The credit is phased down for those earning
more and is not available for those with an income above $95,000 (or
$170,000 if filing jointly).

6. The new tax credit does not have to be repaid if the buyer stays in the
home at least three years. But if the home is sold before that, the
entire amount of the credit is recaptured on the sale.

7. People who purchased homes under the 2008 $7,500 tax credit program
will still be required to repay that credit to the government over a
15-year period.

8. There are many more details that could greatly benefit you. Get in
touch with me so we can discuss the best way for you to utilize this
limited time offer

Related posts

• No related posts.

The South Loop knows Lofts, the West Loop knows Lofts, and every now and again we find some great Loft buildings and units scattered throughout Lincoln Park and Lakeview.. but Edgewater? Yes, it’s true. We’ve discovered a New construction concrete loft project that has 30 units left to sell.

The reason I mention this project is three fold..

1). They are pending FHA approval which means that it’s only a matter of 2-3 weeks before the building is definitely FHA approved. Right now the sales team is accepting contracts  contingent on getting FHA financing, which means that they are very confident it will happen.

2). Prices have been reduced a minimum of $100,000 up to $200,000 from recent sales in the building. The sales team has taken 31 contracts in the last 5 weeks since they started marketing these price drops.. 30 left to go. 2 bed, 2 bath units from $210,000 to $290,000!!!

3). It’s a concrete Loft style building.. exposed concrete ceilings, very cool architecture.. plus a roofdeck, fitness center, doorstaff, party room, fantastic location right by the train and the lake.

If you love a lofty feel AND are looking for a phenomenal deal… contact us and we’ll take you up to Edgewater today!

Related posts

• No related posts.

Negotiation 101: The 3 things you absolutely must do before putting in an offer!

I’m often asked about how best to negotiate a great deal when purchasing a property. Of course there is no one single answer. There are however a few things you need to do prior to writing the offer. In fact, if done correctly, your best strategy will become clear as you prepare. Understanding these key elements will give you the confidence needed to negotiate from a position of power and get the home you want, on the terms that best fit your needs.

Rule #1: Know what you can comfortably afford. Every offer needs to include a pre-approval letter from a credible lending source, no exceptions. This tells the seller that you can actually qualify to purchase the home. More importantly, in the process of getting pre-approved, you are telling yourself what your comfort thresholds are. Make sure you factor in additional monthly costs as well: real estate taxes, monthly assessment if condo, utilities, insurance, etc.

Rule #2: Know what comparable properties in the area have sold for. While no two properties are exactly alike, you need to educate yourself on what other homes are selling for. Not what they are listed for, but what they are actually selling for. This will arm you with the data required to support your offer throughout the negotiations process.

Rule #3: Learn as much as you can about the property before placing an offer. Are they current on the mortgage? Have the taxes been paid? Why are they selling? How many showings have they had? Any previous offers? Sometimes the simplest of discoveries can lead to significantly increased leverage at the negotiating table. I should mention one thing too, it rarely matters what someone paid for a home. The only thing you should be concerned about is that you’re paying fair market value (or less) for the home today. 

In the end, a property is always only worth what someone is willing to pay. Careful preparation with the assistance of your Realtor and lender will always place you in the best possible position to succeed.

Related posts

• No related posts.

First time buyers: Do your homework. Do your homework. Do your homework! Let the technology and tools of the home buying process work for you. By the time you get into the car with your buyers agent (ughh humm… your Loft Specialist @ LoftHunt:), you should have already looked at 100+ on-line properties. I’m not talking about the price and bedrooms. Really get in there: look at all the photos, try to visualize the space, how’s the natural light, what are the room sizes, did it mention storage, is parking included in the price, how does this property compare to what I get in other neighborhoods that I like??? New to Chicago or a particular neighborhood… drive the area, see how it feels. See a sign on a property you like- email your agent- they’ll reply back w/ the full MLS listing sheet. Go to lunch there next Saturday. Whatever it takes. Keep in touch with your buyers agent every step of the way- ask the questions, get involved. Many of our clients are busy and certainly don’t have the time they’d truly like to spend on the search. That shouldn’t slow you down from doing the most you can do. The tools available to buyers today are unparalleled! Sites like LoftHunt.com or Jameson.com didn’t exist in their scope even a few years ago. Doing your homework in tandem with the guidance and experience of a seasoned real estate professional will- with out question- lead to the most satisfying purchase experience possible. Happy loft hunting:)   

Related posts

• No related posts.