Real Estate Information Archive

There is only 11 days left to get an accepted contract in order to qualify for the housing tax credits. You must have an accepted contract by 4/30 and a closing by 6/30 in order to qualify for either credit, so time is running out and it doesn't look like this will be extended.

To search for listing now, go to http://www.glennsellsnj.com/Search-Listings . I have encluded details of my listings below.

Also, the Record had a good Q & A about the credit (with a very bad headline because the process really isn't complicated). You can view this article here (http://www.northjersey.com/realestate/91330754_Home_buyer_tax_credits_have_complicated_rules.html?page=all)

If you are looking for a house, call me now at 201-939-7500 x 222 or my toll-free cell 1-877-85-Glenn (1-877-854-5366) while there is still time.

The counter below shows the amount of time left!!

There is only 11 days left to get an accepted contract in order to qualify for the housing tax credits. You must have an accepted contract by 4/30 and a closing by 6/30 in order to qualify for either credit, so time is running out and it doesn't look like this will be extended.

To search for listing now, go to http://www.glennsellsnj.com/Search-Listings . I have encluded details of my listings below.

Also, the Record had a good Q & A about the credit (with a very bad headline because the process really isn't complicated). You can view this article here (http://www.northjersey.com/realestate/91330754_Home_buyer_tax_credits_have_complicated_rules.html?page=all)

If you are looking for a house, call me now at 201-939-7500 x 222 or my toll-free cell 1-877-85-Glenn (1-877-854-5366) while there is still time.

The counter below shows the amount of time left!!

The video below is a very informative. It was produced by the National Home Builders Association and explains the revised $8,000 First Time Buyer Housing Credit and the new repeat buyers $6,500 credit. For complete details click here

After viewing the video, visit http://www.FederalHousingTaxCredit.com for more details

I had a question recently which I didn't know the answer to. It was "can you buy a 2 family home and qualify for the $8,000 tax credit. Everything I have seen about the credit said that it applied to one family homes, condos, co-ops, house trailers and even house boats as long as it was your primary residence, but I never saw anything on 2 families. So I searched the IRS web site and discovered that 2 families do qualify as long as it's your primary residence. Here is the answer that I found on http://www.irs.gov/newsroom/article/0,,id=206291,00.html

Q. I purchased a duplex home with two separate dwelling units. I will live in one dwelling and will rent out the other dwelling unit and report the rental income on Schedule E. May I qualify for the first-time homebuyer credit, and what amount do I use for the purchase price to determine the amount of the credit? 

A. Yes, you may qualify for the credit for the dwelling unit that you use as your principal residence. To determine the amount of your credit, you must allocate the purchase price of the duplex between the two separate dwelling units. Your credit is 10% of the portion of the purchase price of the duplex allocated to your dwelling unit that you use as your principal residence, up to a maximum credit of $8,000. You may not use the entire purchase price of the duplex to determine the amount of your credit.

Even thought the Secretary of HUD announced last week that buyer will be able to use the tax credit as their downpayment, it now looks like this will not be allowed. Check out the details of this government about face here.