$8,000 TAX CREDIT STILL AVAILABLE TO MILITARY!

Special Rules for Members of the Military, the Foreign Service
and the Intelligence Community

Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.

Exemption From Tax Credit Recapture Rules

• Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
• However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.

Extension of Tax Credit Deadlines

• The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by June 30, 2010.
• However, for qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.
• A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.

Definitions

• “Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.

• “Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.

Fayetteville, NC Continues to Receive National Recognition As One of the Top Five Places to Sell a Home

(Fayetteville , NC) Although home values across the country are down 12 % from this time last year, Fayetteville, NC is proving to be a force to be reckoned with during a time of current economic turmoil, according to the Zillow Real Estate Market Report.

Zillow ranked the top five places to sell or buy a home Tuesday, with Fayetteville, NC ranking second to Washington D.C. for the best places to sell a home. This story was featured on “Good Morning America”, as well as Forbes.com. According to zillow.com and reported on “Good Morning America,” Fayetteville, NC now has the “best performing housing market in the nation” due to a 6.3% increase in property values over the past ten years. GMA also reported that the median home value is up 13.4% from ten years ago, with a value of $120,600.

“Fayetteville, NC is not only a great place to live because of its quality of life. It is also a tremendous investment,” said Doug Peters, President and CEO of the Fayetteville-Cumberland County Chamber of Commerce. “Where else in this County can you find a place where 95% of homes are sold for a gain?”

Zillow.com is an online real estate marketplace where homeowners, buyers, sellers, real estate agents and mortgage professionals find and share vital information about homes and mortgages, for free. For more information on home values and the full national report, visit www.zillow.com/reports/RealEstateMarketReports.htm.

 Buyers Agent: Yes, You Need One

Buyer’s agents work for you, but their fees are paid by the seller. So, why not enlist the help of someone who knows the in’s and out’s of the paperwork and home buying process? In-House Realty shows you five great reasons to use a buyer’s agent.

5 Reasons You Absolutely Need a Buyer’s Agent When Buying a Home

At first, you may be able to convince yourself that you don't need a real estate agent to buy a home. When you find yourself sifting through papers you don't understand, you may begin to reconsider. There are many reasons to hire a real estate agent when house hunting - here are a few provided by the experts at In-House Realty.

1. No Direct Cost to You! One misconception in real estate is that a home buyer pays commission. Not so! The seller pays the commission, and if two agents are involved in the transaction, that same commission will be split between them. If it ever becomes an issue, keep in mind you have the upper hand in all negotiations in today's buyer's market.
   
2. Multiple Listing Service The Multiple Listing Service (or MLS) is a database which allows real estate agents to share information about houses for sale. Your real estate agent, who is licensed with the state, will have access to these listings. After learning of your criteria for your new home, your real estate agent will get to work by whittling down the long list of potential homes. Without a real estate agent, you'll be limited in your searches, which could make your home search difficult and tedious.
   
3. Negotiation Your initial offer on any given property can significantly help or hurt your chances of acquiring that home. Rather than take on a new full-time job researching home values, an experienced real estate agent will have already done the work and will be able to negotiate the best possible purchase price for you. Real estate agents know when to stop and when to keep adjusting the purchase price in negotiations. The seller has a real estate agent representing them - you should too!
   
4. Legal Protection When making an important financial transaction such as buying a home, it's important to know that you are legally protected in case things don't go as planned. When your real estate agent drafts a purchase agreement, they will include certain contingencies that protect you from issues, such as a loss of financing, failed inspection or unfulfilled promises. If the situation warrants, you may be able to recoup your earnest money deposit or void your offer completely.
   
5. Paperwork, paperwork, paperwork! Scaling the mountains of paperwork associated with buying a home is your real estate agent's job! A real estate agent can prevent you from losing and forgetting paperwork or from signing on the wrong line. Without their help, you could miss things that may delay the process and push back your closing date.
   

Just Listed in Birch Creek!

6531 Jacobs Creek Circle, Fayetteville, NC

Spacious home in the desired Jack Britt School district! This 3 bedroom home features a large bonus room, 2.5 bathrooms, Greatroom with fireplace, formal living room, formal dining room with hardwood floors. The kitchen offers tile floors, s.s. appliances and breakfast area. The master bedroom has a walk-in-closet and a glamour bath with jetted tub and separate shower. Home also features: alarm system, sprinkler system, 2 car garage, 2 tier deck, and privacy fenced yard! Must see!! Visit my website at www.Ask4Patty.com to view this home or any homes available in Fayetteville and the surrounding areas or call Patty at 476-4267. Conventional/VA financing available through Pine Valley Mortgage at 910-829-9378.