January 21, 2010 at
10:09 am
In the tsunami of information crashing on the public today, it is easy to get overwhelmed. This is especially true when it comes to the home tax credit program. I like to keep things simple, so I searched for some good advice to keep you focused when it comes to buying your dream home.
Or in my case, your dream blog.
From Elizabeth Weintraub, About.com Guide
The “Red Shoes” Experience for a Home Buyer
“Women will relate to this. Say, you need a new pair of red shoes. You go to the mall. At the first shoe store, you find a fabulous pair of red shoes. You try them on. They fit perfectly. They are glamorous. Priced right, too. Do you buy them? Of course not! You go to every other store in the mall trying on red shoes until you are ready to drop from exhaustion. Then you return to the first store and buy those red shoes. Do not shop for a home this way. When you find the perfect home, buy it.”
From Bankrate.com
A Penny Saved
“Start a down-payment fund. The goal should be to amass 20 percent. Set monthly savings goals. Shore up the family budget. Work an extra job if you have to. The pain will precede a gain: lower house payments and higher equity in the future.”
From ABC News
Tax Time
“[To claim the tax credit] There’s a form, 5405, to fill out. You’ll also have to submit a copy of your settlement statement, usually Form HUD-1, with the names and signatures of all parties, the property address, the sales price and date of purchase.
To avoid refund delays, the IRS recommends that long-time homeowners who purchase a new home also provide documents to show they meet the requirement for consecutive years lived in their old house. These can include mortgage interest statements, or property tax or homeowner’s insurance records.”
From Joe himself:
This is a once-in-a-lifetime opportunity to get a great value for a home, and get a tax credit. If you dont subscribe to the Red Shoes Experience of homebuying, and fancy yourself an all-star comparison shopper – get out there now. You only have a few months to get the house, and get the tax credit.
Happy Homebuying!
Joe
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Categories: $6500, $8000, Claiming tax credit, Expanded homebuyer tax credit, Extended and expanded tax credits, First-time homebuyer, Homebuyers, Mortgage rates, Starting out, Wisconsin Realtors, Wisconsin current homebuyer, Wisconsin first-time home buyer, Wisconsin homebuyer, Wisconsin real estate, Wisconsin tax credits, current homebuyer
This blog helped me explain this subject to my son. Thanks
A friend emailed me a link to your blog. He said, “Hey check this blog out, it sounds just like you”, and wow was he ever right. If I didn’t know better I could have sworn I’d written some of these posts myself. Thanks for making me smile today.
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