Kathy Hyatt

Let the Light Shine In!

Kathy Hyatt — Thu, 08 Jul 2010 21:26:00 GMT

Let the Light Shine In!
Let the Sun Shine In is not only the lyrics of a very popular Song but also of Realtors.
Sometimes a Real Estate agent will walk into a home that is basically attractive, yet will communicate the feeling that something is missing. Then the Realtor notices that all of the drapes are closed, interior lights are off and there is a lot of overgrown shrubbery blocking the sunlight that might otherwise stream through the windows.
A dark house is not as appealing to most buyers as one that is flooded with light. As a part of your preparations to market your home is to try to maximize the light in your home. Make sure that all the windows are clean and the drapes are open when the house is being shown. A fresh coat of light paint can do a lot to brighten up the interior.
If your house has very dark paneling, and you do not wish to repaint the walls, you may want to consider adding some additional lamps. Your real estate agent may be able to provide other simple and cost-effective ideas about how to maximize your home’s appeal.
Have a Real Estate Question, give Kathy a call at 954-347-244 or visit: www.KathyHyatt.com
Kathy Hyatt Sells South Florida

Improving Your Home to Sell or Simply Enjoy

Kathy Hyatt — Thu, 08 Jul 2010 20:36:00 GMT

Improving Your Home to Sell or Simply Enjoy
I love watching HGTV (Home & Garden Television) and watching the variety of different shows from House Hunters to Designed to Sell.
The fact is that many Homeowners wait until they are ready to put their Home on the Market before painting, planting flowers, and making other improvements to their homes. After completing these improvements, they may be so delighted with the results that they wish they had done the work on their home sooner in order to enjoy the changes.
Whether you have recently purchased a home or have been settled in your home for several years, you should consider evaluating the condition of your house as if you planned to sell it soon.
Maximize your home's "curb appeal" now, so that you will reap the benefits every time you pull into your driveway. Plant those flowers and bulbs and you will have your fresh flowers on your own dining room table. Add new window treatments to freshen the appearance of the main rooms.
If your house needs an upgraded kitchen, go ahead with the renovation. You will enhance your whole neighborhood and experience the pleasure of living in a more beautiful and fully functional home.
Have a Real Estate Question, give Kathy a call at 954-347-0244 or visit www.KathyHyatt.com
Kathy Hyatt Sells South Florida

MLS Data for June 2010 from the Ft. Lauderdale Board of Realtors

Kathy Hyatt — Thu, 08 Jul 2010 18:09:00 GMT

Here is the MLS Data for June 2010 from the Fort Lauderdale Board of Realtors for Closed Home Sales for Single Family Residences as well as for Condo and Town homes. Also included is information for New Property Listings and Available Inventory.

Have a Real Estate Question
Interested in Buying or Selling?

Give Kathy Hyatt a call at 954-347-0244

or visit www.KathyHyatt.com

First Impressions are Everything

Kathy Hyatt — Wed, 07 Jul 2010 17:47:00 GMT

First Impressions are Everything!

Having good “Curb Appeal” is a major plus when it comes to the Marketing of Real Estate. A little bit of work on the front of your Home can pay you big dividends.

When a potential buyer pulls up in front of your House, their first impression is absolutely crucial. Sometimes buyers won’t even look at a home with peeling paint, dead grass and weeds in lawn, droopy shutters or sagging gutters. Buyers seeing this will expect to find a “fixer-upper” that could be purchased at a bargain price or may not have any interests in purchasing this type of property.

If a house looks neat and cared for from the street, the initial good impression will carry over as the Buyers step inside. It is not necessary to hire a professional landscaper, as there are plenty of Home Improvement Stores and Plant Nursery for sellers to visit and make these improvements themselves.

Always listen to your Real Estate Agent’s suggestions when you go to put your Home on the Market to sell it. Local nurseries can help you select blooming plants that will thrive in your area. Keep the lawn mowed, and regardless of the season, take care of exterior maintenance.

Strong curb appeal will help your home sell more quickly and for top dollar. Have a Real Estate Question, give Kathy a call at 954-347-0244 or visit my website of: www.KathyHyatt.com

Hiring a Realtor, Where do you start?

Kathy Hyatt — Tue, 29 Jun 2010 04:36:00 GMT

Hiring a Realtor, Where do you start?

There would possibly be occasions where in you would need to relocate and sell your House. However, with the current decline in economy, it could be challenging to find a potential Buyer, let alone, sell your house in a short period of time. This is where the value of employing the services of a Real Estate Agent comes in. Real Estate Agents are people whose job it is to sell a property entrusted to them by their clients and in exchange for their services, are paid via on a commission basis.

Real Estate Agents can almost be found anywhere, equipped with the Knowledge of the Real Estate Market and the selling skills. However in this industry, you cannot afford to pick just anyone interested to do business with you. You have to conduct a thorough background research about them before even employing their services. This may go a long way with you losing money at the end or gaining profit without compromising the transaction.

Obtaining a reliable and trustworthy Realtor however of course, is a different story since each one charges their customers with varying price with a 6% standard commission rate. However, be aware of the Discount Real Estate Agent because often all you get is Discount Service.

An essential thing to take into account is the hiring of an Attorney who would be available if in the case a problem arises which may involve legal matters; it’s always handy to have an attorney or a specialist in the field besides you. As an additional note, these are the people whom you would like to have present with you when closing a transaction and having a healthy connection with them could be favorable in the long run.

A good Realtor should be able to positively sell the home even if he does mention noticeable but important drawback of the property. Keeping the negative aspects of the property out of the picture is not a good thing when it comes to selling property.

One way to know if a Realtor is as good as he or she claims to be is to conduct a thorough background check, especially from previous clients. He or she should also have a well designed Web Site as a way of advertising. It shows that he or she has a means of effectively selling property online through various potential customers. And last but not least; he will be able to provide a complete report of his progress promptly when asked.

These are some important pointers which you should consider when planning to employ the services of a realtor but it should not end there. As a client, it is also your responsibility to be able to provide the agent a good property to sell. A place that is well maintained will empower the agent to sell your property at a reasonable rate, which will not compromise your agreement.

Have a Real Estate Question, Give Kathy a call at 954-347-02544 or visit: www.KathyHyatt.com

Buying Real Estate in a Depressed Market

Kathy Hyatt — Tue, 29 Jun 2010 03:20:00 GMT

Buying Real Estate in a Depressed Market

The Real Estate Market is one of the most influential factors in the American economy. The price of Real Estate can drive the remainder of the Economy up or down dramatically. These fluctuations affect the way that we earn and spend money each day.
When the Housing Market is in a downward trend, many people shy away from buying a Home. They don’t want to enter into a large financial commitment when the market is changing, or they want to buy but not before the Market hits absolute bottom.
Most experts agree that there’s nothing wrong with buying during a downward trend in the Real Estate Market. In fact, a slow-moving Real Estate Market may be the perfect time to buy. Prices are down, and Sellers are often eager to get out of their mortgage and cut their losses. Often, the Federal Government will cut interest rates in the hopes that you will be encouraged to make large purchases. These factors can add up to the perfect buyer’s market!
If you want to buy a Home but plan to delay until the real estate market hits rock bottom, you may want to reconsider. It’s almost impossible to calculate when the market will bottom out. By the time it’s widely reported in the media, the real estate market will already be on the upswing.
Buying when the Market has been in a downward trend for a while comes with plenty of benefits. You will find lower prices, loaded inventories and sellers who may be willing to make a great deal. A high number of foreclosures also mean that a house can sometimes be purchased for a price that’s far less than what it’s worth. Sellers who need to get out of their mortgages quickly to prevent foreclosure are often willing to cut their prices drastically in order to make a quick sale.
Buying real estate in a slow market is not for the short-term investor. If you are planning to occupy the house long-term, you can afford to buy when the market is down and wait for it to strengthen. But if your plan is to buy a residence and sell it in just a year or two for profit, you will most likely not make your money back and forget about. The Real Estate Market is not likely to make that large a turnaround in that short a time.
It’s not always easy to buy real estate in a slow market, however, because many sellers are scared off by the outlook of low profits. Sellers know that their home may languish on the market for weeks or months before selling. Most would prefer to wait for a more positive time.
Buying real estate is a big decision in any Market; however it requires special consideration in a slow market. Have A Real Estate Question, give Kathy a call at 954-347-0244 or visit: www.KathyHyatt.com

Helpful Saving Money Tips Everyone Can Use

Kathy Hyatt — Tue, 29 Jun 2010 02:37:00 GMT

Helpful Saving Money Tips Everyone Can Use

In our current world economy, we are all trying to find ways to lower our monthly bills. All of us want to learn how to spend less money on food, ways to lower our transportation costs, and ways to lower our utility bills. We all would like to reduce the amount of money we pay for electricity and other energy sources. There are many things you can do to improve the energy efficiency of your home, and save money in the process.

Turn out your lights when you are not home. When you leave the house, leave on as few lights as possible. For safety reasons, lots of people like to leave on a light or two, but make sure that you do this only when it is absolutely necessary.

Make sure your house is properly insulated. This will help the house to maintain higher temperatures and reduce the amount of heat energy necessary during the winter.

If your computer or other appliances have an energy-saving mode, make sure that you choose this setting.

Unplug your cell-phone charger when you are not using it. If you leave it plugged in while it is not charging anything, you are wasting electricity.

Install fluorescent light bulbs. They use much less energy than traditional light bulbs. Also, make sure that your house has windows and skylights that allow you to optimize your use of daylight.

Limit the number of electrical devices you are using at once. If you have the television on, turn off the computer. If you are listening to the radio, make sure the television is not on. This is good for peace of mind as well as cutting costs.

These are just a few ways that you can save energy. You also might consider having an energy efficiency expert evaluate your home to figure out other ways you could cut down on your energy use. This will benefit the environment and your budget!

Have a Real Estate Question give Kathy a call at 954-347-0244 or visit www.KathyHyatt.com

To Renovate or Repair

Kathy Hyatt — Tue, 29 Jun 2010 01:55:00 GMT

To Renovate or Repair

When should a Homeowner choose between a Home Renovation and Home Repairs? Although this might not be a very easy decision, it’s not a difficult one either. It simply takes an understanding of which of Today’s home construction items are worth renovating and which ones are better off being repaired. Particularly if you’re thinking of selling your Home, it might really be of great help if you would be able to determine whether to repair or renovate it to get the most worth in selling your Home.

Let me start by explaining the distinction between a Renovation and a Repair. A Renovation involves the removal of an existing or an old feature and its replacement with a completely new one. For example, new windows & doors in replacement for old ones or a replacement water heater for an old water heater are both examples of renovations. A repair is the modification of an existing or old home feature to bring it back to its original performance level.

In many cases, Home Renovations are usually simpler for the most part. However, these less complicated ways aren’t always as cost effective as the house repairs would be. For example, if you replace a home feature that has lasted for thirty years with a newer model, that only has a life expectancy of 5 or 10 years, it certainly isn’t very cost effective. After all, you’re only going to have to replace the same home feature in less than half the time that the original one existed.

Although this might not always be the case, several renovations involve replacing quality items with substandard ones. Let’s face it; often there are few things made with the same high standards of quality that were applied in the past. The desire to attain higher profits has changed all of that for many of today’s product, including home construction merchandise and materials.

This is not to say that some items have not improved. In fact, advances in technology have led to several helpful and efficient enhancements in several sides of home construction products including heating systems. Sadly, today’s “throw away” society has also led to a rise in disposable products engineered to last five or so years.

Determining when to repair or renovate involves the assessment of the project. Which strategy will really lead to an upgrade in efficiency and which one can only lead to an upgrade in appearance? Is fashion more important than energy efficiency? Will the existing feature perform well enough to merit its repair?

Should the homeowner base his decision on the merit of what the company’s representative says or should he do some analysis on his own instead? Let’s have a look at the simple truth that corporations are in the market to sell their products and services. What do you expect them to tell you? Do your own analysis into the merits of repair vs. renovation first. Once you have come to a decision as to repairing or renovating the feature, it’s time to listen to what the company’s representative has to say.

Have a Real Estate Question, give Kathy a call at 954-347-0244 or visit www.KathyHyatt.com

Single Story For Sale in Weston Hills Country Club

Kathy Hyatt — Tue, 16 Mar 2010 03:00:00 GMT

Fabulous Waterfront Home in Weston

• 2,894 sq. ft., 2 bath, 3 bdrm single story - $595,000 - Fabulous Waterfront Home

Weston Hills Country Club - Call Kathy Hyatt at 954-347-0244 or email me at Kathy@KathyHyatt.com

This is Home is South Florida Living at its BEST! Located in the upscale Weston Neighborhood of "Weston Hills Country Club" you will find this fabulous 3 Bedrooms and 2 1/2 bath Home situated on a Large Lot that is located on a Beautiful Lake that surrounds two sides of the Home.

This Home has been Well Maintained and Buyers will feel safe and secure with Accordion Hurricane Shutters and love living in this Golf Course Community on the Water.

Buyers will Love entering the Home thru Double Doors that lead you into a Domed Screened Patio with a Pool and overlooking the water. Buyers will love that every room of the Home overlooks the water. The Living Room has a second Domed Screen Patio overlooking the Lake and the Vaulted Ceilings feel wonderful. The Kitchen is a "Cook's Dream" with the Family Room featuring both Pool and Lake Views.

The Master Bedroom is Huge and overlooks both the Lake and the Pool and has a Wonderful Master Bathroom which has new Maple and Granite double sink and a Custom Shower with Multiple Shower Heads and Body Sprays. Buyers will also love that the two Guest Bedrooms also feature Glass Doors and views of the pool. So many more features and best of all Custom Financing have been provided for all types of Buyers. Call Mark with Gulf Atlantic Mortgage at 954-658-7893 or email Mark at MtgMoney@Comcast.net

To find out more about this Fabulous Home Call Kathy Hyatt at 954-347-0244 or email me at: Kathy@KathyHyatt.com. YES! You can own this Fabulous Home. Call Today.

Property information

Is Saving Money, Worth the Risk?

Kathy Hyatt — Thu, 28 Jan 2010 03:22:00 GMT

Is Saving Money, Worth the Risk?

I'll be the first to admit it. It seems like a really good idea, trying to sell your house by yourself. As the Homeowner, who knows your house better than you? The Layout, what Improvements you have completed and how Great the Neighbors are and in the process save yourself from having to pay anywhere from 6% to 8% commission. So, Who needs a Realtor?? YOU DO!!

It’s a known and downright scary fact. Thieves love “For Sale by Owner” signs. It gives them the chance to look around, freely, to see where your doors are, what kinds of locks you have, Where your electronics are, where the jewelry is, what they can take, quickly and easily. Oh, they certainly look legitimate. They know what they are doing. They won’t come in Looking like Thieves with stockings on their heads. They want you to suspect nothing. Just “respectable people looking to buy your home”…They’ve done this before, and know exactly what to do.

How about the Reality of "Child Predators" entering your house? AS they walk around the inside of your house they are really checking out the Children's Rooms and trying to figure out what their names are or what they like. So here are 2 words. BE CAREFUL!

There are just too many tragic stories, so what can a FSBO do to stay safe? An idea that I would suggest would be to request to see potential Visitors Driver’s Licenses and tell them you are going to record the information. It may be a hassle and make you seem pushy, but it may help prevent this risk, at least somewhat.

· There are also other things to consider, like what kind of impression do you think Buyers have when they see a FSBO sign in your yard? Your typical Buyer will figure right off the bat that they can cut 6% off the Sales Price before they even walk in the door and start negotiating downward from that point on.

· Most Homeowners will only sell 3 or maybe 4 houses in their lifetime. Realtors are trained in the fine of art of negotiating and are Experts at regularly selling Real Estate. Realtors are familiar with Neighborhood and the Current Market Conditions. Realtors must meet education requirements, be licensed by the State and pass a background check.

· FSBO’s run the risk, of potentially having their property tied up for months. It has happened so many times… The buyer ties up the home for three to six months trying to get financing. Contracts are signed, you don’t show the home to others, you think it’s a done deal…and then – well, sorry. All the time, all the money, all the potential wasted… A Realtor will make sure your Buyer is Pre-Approved for a Mortgage, not just pre-qualified before you ever sign a contract.

· When you sell your house by yourself, you make yourself really vulnerable to other People’s whims. You are not only showing your home, but you have to be the scheduler, The gracious host, whether you really want to or not… And people can be pushy, rude and demanding. A Realtor are good Screeners, and are also good Hosts...they know how to schedule, and to stick to their guns and and still accommodate boht the Buyer and the Seller, to make this a fair and appropriate process.

There are many more pitfalls to be wary of when selling your house by yourself. As the Homeowner can try to sell, but, considering the many risks involved, not to mention the hassles, or the diminished likelihood of success, it makes sense to hire a Real Estate Professional.

Have a Real Estate Question, give Kathy a Call at 954-347-0244 or visit my website of: www.KathyHyatt.com

They are here! Major Changes to FHA Just Announced

Kathy Hyatt — Wed, 27 Jan 2010 02:52:00 GMT

Here they are, Major Changes to FHA Just Announced
Recently announced on January 20^th 2010, FHA has announced major changes to ensure its long-term Financial Soundness. These changes will allow FHA to continue to be the Number One Choice for First Time Home Buyers that are obtaining a Mortgage in order to purchase a Home. Here they are:
·        The Upfront Mortgage Insurance Premium will increase by ½ percent. Currently the upfront MIP is at 1.75% and will soon change to 2.25%. This is scheduled to take effect by Spring 2010. To clarify, the Upfront MIP is financed into the loan amount.
·       Next month FHA will be releasing an Announcement, stating what many Real Estate Professionals have already known is that Borrowers with a credit score of 580 or lower will soon be required to have a 10% down payment invested in the property. For all others borrowers, theminimum down payment will remain at 3.5%.  This is expected to take effect in the Summer 2010.
·       Now this next change hurts, next month FHA is announcing that Seller concessions will soon be limited to a maximum of 3%.  Currently Sellers may pay up to a total of 6%. This is expected to take place in the Summer 2010.
·        Next month FHA is also making another announcement regarding the proposed increase of the Monthly Mortgage Insurance Premium. Currently FHA borrowers pay a monthly MIP amount of .55%. While this change must first be “Approved by the Legislation” which will take time it is expected to pass. No date has been projected as to when this will happened.
·          Next month, effective on February 1^st, 2010, FHA will be utilizing “Neighborhood Watch”. The FHA Connection Neighborhood Watch allows authorized users to monitor FHA mortgage delinquency patterns in a geographic area, by lender or by loan details. FHA loans that go delinquent after ninety days within the first three years are trackable. For more information on this visit: FHA Neighborhood Watch.

H Have a Real Estate Question, call Kathy Hyatt at 954-347-0244 or visit www.KathyHyatt.com

3/2 Townhome in "Waterford Crossings" of Sunrise Florida

Kathy Hyatt — Sun, 10 Jan 2010 03:35:00 GMT

Fabulous Townhome in Western Sunrise

• 1,368 sq. ft., 3 bath, 3 bdrm single story - MLS®$230,000 - Beautiful Townhome

Waterford Crossings, Sunrise - Call Kathy at 954-347-0244 or email me at: Kathy@KathyHyatt.com

Welcome Home! This is a Fabulous 3 Bedroom Townhome located in the highly desirable Community of “Waterford Crossings” located in Western Sunrise. Conveniently located and walking distance to “A” Rated Schools and close to the Very Popular Sunrise Athletic Complex, Tennis Club and Soccer Club Park.

Buyers will love this Townhome the moment they enter. As you enter the Living Room you will find that the entire first and second floor features Warm and Inviting Wood Laminate Flooring thru the 1st & 2nd Floor with ceramic Tile in all of the Bathrooms. The Walls and Ceilings have “Knock Down Texturing” on them & Buyers will love the Crown Molding along with custom Raised Baseboards. All of the Window features Custom Plantation Shutters and are just Fabulous!

The Kitchen is a Cook’s Dream with Maple Cabinets and wonderful Granite Countertops that also include a Breakfast Bar. Kitchen is well lit with Recessed Lighting and Buyers will Love the Beautiful Ceramic and Glass Tile backsplash and appreciate the High Efficiency Appliances as well as the Custom Water Purification system. Plenty of Cabinets and separate pantry allows for easy storage for all your cooking and entertaining needs.

Family Room is adjoined to the Formal Dining Room and has Large Glass Doors the lead you to a Large Patio that features custom pavers for added entertaining outdoors or simply enjoy your morning coffee. Downstairs also has a separate Office/Media Room with its own closet for added storage along with a separate 10 foot storage workshop area big enough to accommodate bicycles and such. Buyers will appreciate the Indoor Laundry Room.

Call Kathy Hyatt at 954-347-0244 and visit my website of: www.KathyHyatt.com

Property information

Why You Need a Realtor

Kathy Hyatt — Fri, 08 Jan 2010 15:04:00 GMT

WHY YOU NEED A REALTOR®

A licensed Real Estate Professional provides much more than the service of helping you find your ideal home. Realtors® are expert negotiators with other agents, seasoned financial advisors with customers, and superb navigators around the local neighborhood. They are members of the National Association of Realtors® (NAR) and must abide by a Code of Ethics and Standards of Practice enforced by the NAR. A professional Realtor is your best resource when purchasing your home.

Benefits of working with a Realtor®

• A knowledgeable Realtor can save you endless amounts of time, money, and frustration.

• A knowledgeable Realtor knows the housing market inside and out and can help you avoid the “wild goose chase.”

• A knowledgeable Realtor can help you with any home, even if it is listed elsewhere or if it is being sold

by the owner directly.

• A knowledgeable Realtor knows the best lenders in the area and can help you understand the importance of being preapproved for a mortgage. He or she can also discuss down payments, closing costs, and monthly payment options that suit you.

• A knowledgeable Realtor is an excellent source for both general and specific information about the community such as schools, churches, shopping, and transportation—plus tips on home inspections and pricing.

• A knowledgeable Realtor is experienced at presenting your offer to the seller and can help you through the process of negotiating the best price. By bring objectivity to the buying transaction, he or she can point out the advantages and the disadvantages of a particular property.

And the best thing about your Realtor is that all this help normally won’t cost you a cent. Generally speaking, the seller pays the commission to the Realtor (but this may vary from province to province and state to state.

Have a Real Estate Question, give Kathy a call at 954-347-0244 or visit my website of: www.KathyHyatt.com

Most Frequently Asked Questions on 1st Time Home Buyer Credit

Kathy Hyatt — Thu, 07 Jan 2010 20:43:00 GMT

Most Frequently Asked Questions on 1st Time Home Buyer Credit

The First-Time Home Buyer Tax Credit that has been Extended andExpanded allows up to $8,000 for qualified first-time home buyers purchasing aprincipal residence. The tax credit now applies to sales occurring on or afterJanuary 1, 2009 and on or before April 30, 2010. However, in cases where abinding sales contract is signed by April 30, 2010, a home purchase completedby June 30, 2010 will qualify.

For sales occurring after November 6, 2009, the Act establishes income limitsof $125,000 for single taxpayers and $225,000 for married couples filing jointreturns.

The income limits for sales occurring on or after January 1, 2009 and on orbefore November 6, 2009, are $75,000 for single taxpayers and $150,000 formarried taxpayers filing joint returns.

The following questions and answers provide basic information about the taxcredit. If you have more specific questions, we strongly encourage you toconsult a qualified tax advisor or legal professional about your uniquesituation.

1. Who is eligible to claim the $8,000 Tax Credit?
First-time home buyers purchasing any kind of home—new or resale—are eligiblefor the tax credit. To qualify for the tax credit, a home purchase must occuron or after January 1, 2009 and on or before April 30, 2010. For the purposesof the tax credit, the purchase date is the date when closing occurs and thetitle to the property transfers to the home owner. A limited exception existsfor certain contract for deed purchases and installment sale purchases.

However, the law also allows home sales occurring by June 30, 2010 to qualify, providedthey are due to a binding sales contract in force on or before April 30, 2010.

Persons who are claimed as dependents by other taxpayers or who are under age18 are not qualified for the tax credit program.

2. What is the definition of a first-time homebuyer?
The law defines “first-time home buyer” as a buyer who has not owned aprincipal residence during the three-year period prior to the purchase. Formarried taxpayers, the law tests the homeownership history of both the homebuyer and his/her spouse.

For example, if you have not owned a home in the past three years but yourspouse has owned a principal residence, neither you nor your spouse qualifiesfor the first-time home buyer tax credit. However, IRS Notice 2009-12 allowsunmarried joint purchasers to allocate the credit amount to any buyer whoqualifies as a first-time buyer, such as may occur if a parent jointlypurchases a home with a son or daughter. Ownership of a vacation home or rentalproperty not used as a principal residence does not disqualify a buyer as afirst-time home buyer.

3. How is the amount of the Tax Credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to amaximum of $8,000.

4. Are there any income limits for claiming the Tax Credit?
Yes. For sales occurring after November 6, 2009, the income limit for singletaxpayers is $125,000; the limit is $225,000 for married taxpayers filing ajoint return. The tax credit amount is reduced for buyers with a modifiedadjusted gross income (MAGI) of more than $125,000 for single taxpayers and$225,000 for married taxpayers filing a joint return. The phase-out range forthe tax credit program is equal to $20,000. That is, the tax credit amount isreduced to zero for taxpayers with MAGI of more than $145,000 (single) or$245,000 (married) and is reduced proportionally for taxpayers with MAGIsbetween these amounts.

5. The income limits for claiming the Tax Credit were raised when the Tax Credit was extended. Are the higher limitsretroactive?
No. The new income limits are only applicable to purchases occurring afterNovember 6, 2009.

The income limits for sales occurring on or after January 1, 2009 and on orbefore November 6, 2009 are $75,000 for single taxpayers and $150,000 formarried couples filing jointly.

6. How is this home buyer tax credit differentfrom the Tax Credit that Congress enacted in early 2009?
The tax credit’s income limits were increased, the documentation requirementswere tightened, and the program's deadlines were extended.

7. How do I claim the Tax credit? Do I need to complete a form or application? Are there documentation requirements?
You claim the tax credit on your federal income tax return. Specifically, homebuyers should complete IRS Form 5405 to determine their tax credit amount, andthen claim this amount on line 67 of the 1040 income tax form for 2009 returns(line 69 of the 1040 income tax form for 2008 returns). No other applicationsare required, and no pre-approval is necessary. However, you will want to besure that you qualify for the credit under the income limits and first-timehome buyer tests. Note that you cannot claim the credit on Form 5405 for anintended purchase for some future date; it must be a completed purchase. Homebuyers must attach a copy of their HUD-1 settlement form (closing statement) toForm 5405 as proof of the completed home purchase.

8. What types of homes will qualify for the Tax Credit?
Any home that will be used as a principal residence will qualify for thecredit, provided the home is purchased for a price less than or equal to$800,000. This includes single-family detached homes, attached homes liketownhouses and condominiums, manufactured homes (also known as mobile homes)and houseboats. The definition of principal residence is identical to the oneused to determine whether you may qualify for the $250,000 / $500,000 capitalgain tax exclusion for principal residences.

It is important to note that you cannot purchase a home from, among otherfamily members, your ancestors (parents, grandparents, etc.), your linealdescendants (children, grandchildren, etc.) or your spouse or your spouse’sfamily members. Please consult with your tax advisor for more information.

9. I read that the tax credit is “refundable” What does that mean?
The fact that the credit is refundable means that the home buyer credit can beclaimed even if the taxpayer has little or no federal income tax liability tooffset. Typically this involves the government sending the taxpayer a check fora portion or even the entire amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the taxcredit, federal income tax liability of $5,000 and had tax withholding of$4,000 for the year, then without the tax credit the taxpayer would owe the IRS$1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000home buyer tax credit. As a result, the taxpayer would receive a check for$7,000 ($8,000 minus the $1,000 owed).

10. Instead of buying a new home from a homebuilder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence thatis constructed by the home owner is treated by the tax code as having been“purchased” on the date the owner first occupies the house. In this situation,the date of first occupancy must be on or after January 1, 2009 and on orbefore April 30, 2010 (or by June 30, 2010, provided a binding sales contractwas in force by April, 30, 2010).

In contrast, for newly-constructed homes bought from a home builder,eligibility for the tax credit is determined by the settlement date.

11. I am not a U.S. Ctizen. Can I claim the Tax Credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who hasnot owned a principal residence in the previous three years and who meets theincome limits test may claim the tax credit for a qualified home purchase. TheIRS provides a definition of “nonresident alien” in IRS Publication 519.

12. Is a Tax Credit the same as a Tax Deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes.That means that a taxpayer who owes $8,000 in income taxes and who receives an$8,000 tax credit would owe nothing to the IRS.

A tax deduction is subtracted from the amount of income that is taxed. Usingthe same example, assume the taxpayer is in the 15 percent tax bracket and owes$8,000 in income taxes. If the taxpayer receives an $8,000 deduction, thetaxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), orlowered from $8,000 to $6,800.

13. I bought a home in 2008. Do I qualify for this credit?
No, but if you purchased your first home between April 9, 2008 and January 1,2009, you may qualify for a different tax credit. Please consult with your taxadvisor for more information.

14. Is there a way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 or2010 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit arepermitted to reduce their income tax withholding. Reducing tax withholding (upto the amount of the credit) will enable the buyer to accumulate cash byraising his/her take home pay. This money can then be applied to the downpayment.

Buyers should adjust their withholding amount on their W-4 via their employeror through their quarterly estimated tax payment. IRS Publication 919 containsrules and guidelines for income tax withholding. Prospective home buyers shouldnote that if income tax withholding is reduced and the tax credit qualifiedpurchase does not occur, then the individual would be liable for repayment tothe IRS of income tax and possible interest charges and penalties.

HUD is now allowing"monetization" of the tax credit. What does that mean?
It means that HUD allows buyers using FHA-insured mortgages to apply theiranticipated tax credit toward their home purchase immediately rather thanwaiting until they file their 2009 or 2010 income taxes to receive a refund.These funds may be used for certain down payment and closing cost expenses.

Under HUD’s guidelines, non-profits and FHA-approved lenders are allowed togive home buyers short-term loans of up to $8,000. The guidelines also allowgovernment agencies, such as state housing finance agencies, to facilitate homesales by providing longer term loans secured by second mortgages.

Housing finance agencies and other government entities may also issue taxcredit loans, which home buyers may use to satisfy the FHA 3.5 percent downpayment requirement. In addition, approved FHA lenders can purchase a homebuyer’s anticipated tax credit to pay closing costs and down payment costsabove the 3.5 percent down payment that is required for FHA-insured homes.

15. If I’m qualified for the tax credit and buya home in 2009 (or 2010), can I apply the tax credit against my 2008 (or 2009) tax return?
Yes. The law allows taxpayers to choose (“elect”) to treat qualified homepurchases in 2009 (or 2010) as if the purchase occurred on December 31, 2008(or if in 2010, December 31, 2009). This means that the previous year’s incomelimit (MAGI) applies and the election accelerates when the credit can beclaimed. A benefit of this election is that a home buyer in 2009 or 2010 willknow their prior year MAGI with certainty, thereby helping the buyer knowwhether the income limits will reduce their credit amount.

Taxpayers buying a home who wish to claim it on their prior year tax return, butwho have already submitted their tax return to the IRS, may file an amendedreturn claiming the tax credit using Form 1040X. You should consult with a taxprofessional to determine how to arrange this.

16. For a home purchase in 2009 or 2010, can I choose whether to treat the purchase as occurring in the prior or present year, depending on in which year my credit amount is the largest?
Yes. If the applicable income phase-out would reduce your home buyer tax creditamount in the present year and a larger credit would be available using theprior year MAGI amounts, then you can choose the year that yields the largest credit amount.

Have a Question, call Kathy @ 954-347-0244 or visit my Website of: www.KathyHyatt.com

2 Story For Sale in Central Park

Kathy Hyatt — Wed, 18 Nov 2009 01:27:00 GMT

Great Central Park Neighborhood

Call Kathy Hyatt Fabulous 3/2 Home can be yours!

• 1,620 sq. ft., 2 bath, 3 bdrm 2 story - MLS® $190,000 - Fabulous 3/2 Home

Central Park, Plantation - Call Kathy Hyatt at 954-347-0244 to be the First to see this Highly Desirable 3/2 Home located in the Popular Central Park Neighorborhood "Quatraine V" of Plantation.

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Buyers will love the Fantastic Skyhigh Cathedral Ceilings upon entering the Home. Beautiful 17' Ceramic Tile Flooring thru out the Living Room, Kitchen and Spacious Family Room.

Buyers will love the Beautiful and Spacious Kitchen featuring fabulous Granite Countertops and New Stainless Steel Applicances. The Kitchen has a Large Pantry and lots of cabinets for storage.
Buyers will especially love that the Laundry Room is located inside the Home next to the Family Room.

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Next to the Dining Area with Glass Doors leading to the Domed Screened Patio and the Yard is fully fenced for privacy. Upstairs you will find all of the Bedrooms that all have nice large windows and the Master Bedroom is a very Good Size with a Huge Walk In Closet. The Master Bathroom has a seperate are for the Sink that has a Marble Top.

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Best of All, Custom Financing has been provided for all types of Buyers. Call Mark with Gulf Atlantic Funding for complete details at 954-658-7893 or you can email Mark at mtgmoney@comcast.net

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YES, you can own this great Home, Call Kathy Hyatt at 954-347-0244 or visit my website at www.KathyHyatt.com

Property information