First Time Homebuyer Tax Credit Ends April 30th

As part of economic stimulus efforts, Congress and President Obama have extended and expanded the $8,000 tax credit for first-time homebuyers. First-time buyers now have until April 30, 2010, to sign a home purchase contract and qualify for the credit. Plus, many existing homeowners also qualify for a tax credit of up to $6,500 on a home purchase.

First-time Homebuyers
Most details for first-time homebuyers remain the same. The maximum tax credit is still $8,000 ($4,000 for married individuals filing separately), and anyone
who has not owned a home within three years is considered a “first-time buyer.”
• A purchase must be under contract by April 30, 2010, and must close no later than June 30, 2010. The maximum home value purchased cannot exceed $800,000.
• After Dec. 1, 2009, income limits rise to $125,000 for singles and $225,000 for married couples; up from the previous limits of $75,000 for singles and
$150,000 for married couples. The tax credit phases
out incrementally at each $20,000 increase in
income.

Current Homeowners
An existing homeowner who purchases another home may now claim a tax credit of up to $6,500. To qualify,that owner must have owned and used the same residence as a principal residence for any consecutive five-year period in the previous eight years.
• Personal income limits, maximum home value, and contract/closing deadlines are the same as those for first-time homebuyers. The tax credit does not have to be repaid if the buyer stays in the home at least three years. If the home is sold before that, the entire amount of the credit is recaptured on the sale.

Click Here for more information.

To see the news piece, click here

To see homes in SW Florida for sale please visit our website at http://www.TreasureMyHome.com

Lee County foreclosure auctions finally online

Source: News-press online: BY PAT GILLESPIE • pgillespie@news-press.com • April 4, 2010

Sitting in a bathrobe, sipping coffee may be the new way to buy a foreclosed Lee County house. Starting Monday, you can do just that. That's when they will be sold online through an auction process similar to eBay. Starting Monday, you can do just that.

That's when they will be sold online through an auction process similar to eBay. The Web site — www.lee.realforeclose.com — has a calendar of each day's foreclosure sales along with links to the property's information on the Clerk of Court, Property Appraiser and Tax Collector Web sites and photos, if available.

By expanding Lee County's houses to a global audience, Lee County Clerk of Court Charlie Green believes it could help the value of available properties.
"Hopefully, it'll generate more money for the seller or bank," he said. "It should increase the value of properties with additional bidders."

Charles Cosby, a real estate investor who owns The Foreclosure Team, said there are positive and negative consequences to going online. People who might not know the pitfalls of a house, such as it having Chinese drywall, existing liens and vandalism, could lose money if they don't do research.
"The more accessible it is for the average Joe, the more potential for hurt," Cosby said. "A lot of people don't know the process."

Until now, bankers, buyers and others working on behalf of investors invaded the Lee County Justice Center to bid on houses one by one. With the increase in foreclosure cases in the last few years, as many as 2,500 filed a month, the bidders became so numerous they were moved to a room on the second floor to avoid disruption.
Though foreclosures have decreased in recent months - about 1,100 were filed last month - Green now will get people scouring the properties out of the building altogether.

"This is something we needed to do," Green said. "This is a big deal for Lee County."
After target dates of January and March came and went, Green's main hang-up was that Realauction.com, the company that would be hosting foreclosure sales, would be collecting and transferring the millions of dollars used to buy the houses purchased daily at the courthouse. Green said he now feels confident in the process based on a change in bidder payment options.

Lloyd McClendon, CEO of the Fort Lauderdale-based company, said that as of Friday, 935 bidders had registered on the site and $1.5 million had been deposited.
"We're ecstatic," he said. "For us, we're excited to bring in a client that was so large. It was a long time coming."

Users create names and passwords and deposit money into an online account on the Web site. After winning a bid on a foreclosed house, users must pay 5 percent of the winning bid and then the remaining balance and fees within 24 hours.

Registry fees are 3 percent of the first $500 and 1 percent of the remaining sale price. Other fees apply.