Home buyers may get three more months — until Sept. 1 — to close on purchases they made prior to May 1 and still qualify for the federal tax credits.

Senate Majority Leader Harry Reid, a Nevada Democrat, introduced the proposal as an amendment to a bill that would extend jobless benefits through November. Reid represents the state with the highest foreclosure rate.

The National Association of REALTORS® has been lobbying for the extension because buyers whose purchases are delayed by slow-moving short sales and financial transactions will lose out.

“Time is of the essence,” said Lucien Salvant, NAR managing director. “It’s important for Congress to get this done, because there’s whole bunch of loans that aren’t going to close on time.”

Source: Associated Press, Alan Zibel (06/10/2010)

This may be great news for many buyers in the Bennington VT real estate market.

The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.

While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common.

The IRS clarification says: “In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.”

For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements.

Source: Washington Post (02/20/2010)

Bennington VT, First Time Buyers, Buying

Mortgage interest is deductible on your tax return. And you may be able to deduct the points you paid – check your 1098 statement from your lender for the amount. To be deductible, loan points must meet certain requirements, including but not limited to:

• The loan is for your main home
• The charge for points are within normal rates for your area.
• The amount is listed on the settlement statement as charged points.
• You report your income and deduct expenses in the year received or paid (cash accounting method).

For more information on deducting points from your tax return, go to www.irs.gov. For your Bennington, Vermont real estate needs, contact Troy Richardson at RE/MAX Maple Leaf Realty!

Home designers and builders speaking at the recent International Builders Show in Las Vegas say that buyers are seeking cost-effective features and rejecting things that don’t have lasting value.

“It’s all about family togetherness – casual living, entertaining and flexible spaces,” says Carol Lavender, president of the Lavender Design Group in San Antonio.

Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer preferences, identified these must-haves in new homes:

1. Large kitchens with islands
2. Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows.
3. Home offices
4. Main-floor master suite
5. Outdoor living space
6. Ceiling fans
7. Soaking tub in the master suite and/or an oversize shower with a seating area
8. Stone and brick exteriors rather than stucco or vinyl
9. Community walking paths and playgrounds
10. Two-car garages, but three-car garages are even more desirable

Source: MarketWatch, Steve Kerch (01/30/2010)

Equity is the difference between how much your Bennington, Vermont real estate is worth and how much you owe on that property. So if your property is currently appraised at $200,000, and you still owe $60,000, the property’s equity is $140,000.

A home equity loan is a line of credit based on that amount, using the equity as collateral (or tangible property to guarantee a loan).

Are you considering using a home equity loan to buy a second home? Contact Troy Richardson to help you find the right home and offer lists of local lenders or mortgage companies.

A new breed of insurance is emerging from the current unemployment crisis. Some mortgage lenders, home-builders and even realty companies are offering various forms of “job loss mortgage insurance.”

 Although not offered across the board, some real estate companies incorporate a “Worry Free Mortgage Protection,” that can be offered by home sellers. Genworth offers a similar protection package at no charge to buyers who purchase their mortgage insurance. Other organizations provide grants; for example, The Rainy Day Foundation assists home owners during their first 24 months after purchase if their lender or real estate agent has partnered with them. They can also offer tips for financial survival should a crisis occur. 

Not everyone qualifies for these protection packages – and make sure you understand all terms and conditions of these policies. To learn more about these options, and to find the Bennington, Vermont home of your dreams, contact Troy Richardson at RE/MAX Maple Leaf Realty!

You’ve seen the ads in the newspaper for mortgage foreclosure auctions for homes in the area.  Are you curious about how those auctions work?

If you do your homework and work with a Real Estate Professional like me, you won’t be buying blindly.

A lot of people are just plain scared because it’s a completely new experience, and it’s hard to jump right in without some guidance.  I’m here to give you that guidance.

I’m sure you’ve been to an auction, and don’t those auctioneers talk way too fast?  I think they have that patter of “auction-speak” to create excitement and get the crowd revved up to buy.  Some buyers let their excitement get the better of them and they over-bid.

I have a few tips to share on real estate auctions:

1. Work with a Real estate Professional, experienced in Auctions, like me!  I have spent considerable time learning the auction business from the buying perspective, and I can assist you with all of the steps below, and look out for your best interests.  I’ll even attend the auction with you and keep you focused on what’s important.

2. Inspect, inspect, inspect…. You cannot visit the property too many times!  By going to the property in advance of the auction, you can spend as much time as you want there looking over everything.  You’re not going to get a Seller Property Information Report like you would on a regular home sale, so you have to check things out for yourself.  How old is the roof, the furnace and the chimney.. These are all questions you need to answer for yourself.  Did you know the serial number on a furnace can give away the age of the unit?  That’s a little Realtor® secret I can let you in on.  In the Winter months, you also want to be sure you look for frozen pipes.  I can help you spot the warning signs of those.  Usually I can gain access to the house anytime, so call me to see an auction property.

3. Prepare….  You must read all the auction documentation.  Every auction company operates differently.  Do you need to bring a $1,000 cashiers check, or will a personal check be acceptable?  Do you need to pre-register or can you do it on site.  Is there a website where you can see more information as the auction date gets closer?  When I work with auction buyers, they are always prepared with the right documents and information they need so they are ready to buy.  If you don’t arrive at the auction with the proper documents and money, you won’t be able to bid.

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Your insurance company wants you to clean up your room! If you file a claim, most likely your claim will be paid according to the contract. But if you are found to have excessive clutter in or around your Bennington, Vermont real estate, it is possible your homeowner’s coverage could be canceled. Why? Because to the insurance companies, your clutter is a risk:
• Paper, trash and flammable materials are a fire hazard.

• Clutter could indicate a lack of maintenance on the property, such as plumbing leaks, roof or electrical problems. Damage from these problems could result in an insurance claim.

• There is an increased chance of rat or insect infestation, causing health and public safety hazards.

Call Troy Richardson for a property evaluation and learn how to get top dollar for your Bennington, Vermont home!

According to a British newspaper, a new 450-house development in the community of Farnsborough has instituted a “no pet” policy as a way to protect wildlife. The development is near a 32-mile stretch of heathland that is protected by the European Union Birds Directive. The directive requires area communities to protect, maintain and restore habitats.

So far, Bennington, Vermont has no communities that have a ban on pets as part of their homeowner guidelines. Pet owners are encouraged to call Troy Richardson to find the perfect Bennington real estate to call your home!

The number of contracts for pending home sales dropped after a flurry to get in on the first-time home buyer tax credit. Indicators based on those contracts fell 16.0 %  – but the drop was expected. Lawrence Yun, chief economist for the NAR, says, “We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”

What does that mean for Bennington, Vermont home buyers? Low mortgage rates will start to creep up – so call Troy Richardson today to start viewing Bennington VT real estate!

Five Ways to Shine in the Bennington, Vermont Real Estate Market.
• Think inside the box – add liveable space by improving an attic or basement.
• Look outside – add a deck to increase living space.
• The window to your sale – energy-efficient windows are a thumb-up for savvy buyers.
• The prize is behind door replacement – especially an entry door. That first look counts.
• Cook up a contract – replace ancient kitchen appliances with mid-level, energy saving new ones.