The TAG Team of Kansas City North Real Estate

Real Estate Advice From The TAG Team

Advice From Real Estate Agents
When buying a home, it is essential to cooperate as closely as possible with your real estate agent. This can be challenging, especially if your agent asks you to do some things that you don't particularly want to do to in order to get you moved into your new home as quickly as possible.

When real estate agents advise you regarding ways to make the transaction work, they are acting as part coach and part business consultant. If you find the house you love and want to "sleep on" the decision for a few days, the agent knows that you run the risk of losing the house. If you are inclined to complicate your offer with clauses that might make the contract unattractive to the sellers, the agent may ask you to consider some modifications. Should you call the week before the closing with an attack of "buyer's remorse", your agent knows the cure. Following your real estate agent's suggestions will increase your chances for a successful move!
Read this online and get more information: Advice From Real Estate Agents



The TAG Team
Keller Williams Northland Partners
Phone: (816)268-4444
Email: TheTAGTeam@NUMBER1EXPERT.com
Website: myTAGTeam.com

How To Get Creative When Presenting An Offer To Purchase Kansas City Real Estate

Creative Offers
Putting together an offer on a home is easy if the buyer has a lot of money, a terrific job and impeccable credit. Many buyers are not in that precise situation, however. And while sellers like to get their asking price, good listing agents prepare them for the possibility of receiving offers that involve some compromises.

Successful real estate agents know how to put together creative offers and do whatever it takes to make a transaction work. If a buyer is low on cash, the agent may structure an offer that shifts closing costs to the seller, minimizing the amount of cash that the buyer needs to close. A variation of a lease purchase arrangement might be effective if a buyer has recently changed jobs or is self-employed. Owner-financing for part of the loan can make a difference in some cases. If your agent brings you a complex offer designed to get a buyer into your home, don't say "no" until you understand the offer.
Read this online and get more information: Creative Offers



The TAG Team
Keller Williams Northland Partners
Phone: (816)268-4444
Email: TheTAGTeam@NUMBER1EXPERT.com
Website: myTAGTeam.com

Frequently Asked Questions about the Tax Credit Extension and Expansion

FAQ: Frequently Asked Questions about the Tax Credit Extension and Expansion

Here are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit (from National Associations of Realtors):

Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a first time homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?
Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill.
The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phase out range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.

Question: I am an eligible first time homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?
Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30(or July 1, worst case), the purchaser will be eligible.

Give The TAG Team a call for assistance with buying or selling your next home.  816-268-4444

What Is A First-Time Home Buyer?

Do you already know about the $8,000 tax credit for first-time home buyers? That's great!

But do you know the true definition of "first-time" when it comes to getting the money?

The only stipulation is that you can't have owned a home in the last three years! So if you sold a home, the closing date had to be 3 years ago from today's date before you close on your new home and get your $8,000.

Finally, in order to qualify to receive your $8,000 for purchase a home, you must close on your purchase before December 1st. So if you have a lease coming up this summer, you want to get moved before school starts in the fall, or you just want to make an investment in real estate, now is your chance!

Please call or email our TAG Team buyer specialist Elizabeth Gilbert to learn more about this program! 816-550-6022 or egilbert@kw.com. Your information will be kept private and shared only with the lender of your choice if you decide to find out how much home you can afford.

Buyers--The $8000 Tax Credit--What does this mean to you?

Hello! 

I was just wondering if the tax credit from the IRS has given any of our first time buyers (Or buyer's that haven't owned in 3 years) any incentive to actually purchase a home this spring? 

It seems that some buyers I have talked to aren't really aware of the fact that the tax credit changed from one that had to be paid back, to being an actual Refund against your tax liability.  Or some buyers just don't seem to understand the new provision in the tax laws.

From my perspective, prices are coming down, there is so much inventory to choose from and sellers are more ready to deal and interest rates are incredible, and the government is crediting buyers up to $8000 in free money for purchasing!  This should be a great combination of factors for buyers to take advantage of!  

But I would love to hear from you!  Just comment on this blog, or you can e-mail me directly at thetagteam@number1expert.com to keep your comments private/confidential, if the tax credit or other factors are influencing you about purchasing in the near future.  Or if you are still on the fence, why are you feeling the need to remain on the sidelines? 

Karelyn Geiger

Team Director, The TAG Team