Real Estate Blogs Of The Carolina's

August 3, 2010 Conventional 30-Year Fixed 4.25% Conventional 15-Year Fixed 3.75% Conventional 5/1 ARM 3.00% JUMBO 30-Year Fixed ($417,001 - $750,000) 5.00% 5/1 ARM (JUMBO ~ $417,001 - $750,000) 3.875% FHA & VA 30 YEAR FIXED 4.25%

IRC regulations for §1031 Exchanges place strict limits on the number of properties that may be identified as replacement properties. There are three rules that may be applied, which are independent of each other so the Taxpayer may choose the rule that best applies to the circumstances.  The Three-Property Rule – Identify three replacement properties without regard to the fair market value of the properties. You may identify up to three properties, but are only required to purchase one.  The 200% Rule – Identify any number of properties (more than 3) so long as their aggregate fair market value does not exceed 200% of the fair market value of the relinquished property.  The 95% Rule – Identify any number of properties (more than 3) without regard to their aggregate fair market value so long as the taxpayer received identified replacement properties constituting at least 95% of the aggregate fair market value of all identified replacement properties by the 180th day. Written identif...

Average interest on a 30-year fixed mortgage fell to an all-time low of 4.69 percent this week, down from 4.75 percent a week ago, reports Freddie Mac. Although rates have held below 5 percent since early May, Michael Fratantoni of the Mortgage Bankers Association notes that demand for purchase loans has fallen in six of the past seven weeks and now is at a 13-year low. Consumers have grown used to low rates, he explains, adding that they balk at buying because they are more concerned about stagnant wages and high unemployment. Source: Washington Post, Dina ElBoghdady

The time to buy is right now, interest rates is at a historic low. That means that if you are wanting to finance a home, your monthly payment will be at an historic low. Example if you were to finance a $100,000 single family home with a credit score of 620 or better you may qualify for a interest rate of 5% or below. Your monthly payment will be only $536.82 at 5% interest rate. This is for a three bedroom, 2.5 Bath 2 story house. This is why we should buy vs renting. Stop throwing your money away on rent invest in you future today.

The U.S. Senate voted Wednesday to extend the home buyer tax credit closing deadline to Sept. 30, giving an estimated 180,000 buyers who met the contract deadline of April 30 extra time to close the transaction.

The key to home ownership is, number one: Keeping your credit current, knowing whats on your credit. Go to annualcreditreport.com for a free credit report from the top 3 credit companies. This will also explain how to read each credit report. Knowledge is power. You can also follow my Blog AT http:www.jamieyoung1964.blogspot.com or my website www.JamieYoung.Info for more helpful information.

Tricks to Keep Your House Cool this Summer By Paige Tepping RISMEDIA, June 17, 2010--As the temperatures continue to rise this summer, so does the cost of keeping your home cool. While homeowners across the country come to depend on air conditioners to keep the temperature down during the warm summer months, there are other options that will keep you cool while keeping your energy bill low. Fans and ceiling fans -If you’re looking for ways to beat the heat, a ceiling fan can be a great investment for your home. This one appliance can make a room feel 6 or 7 degrees cooler, and even the most power-hungry fan costs less than $10 a month to use if you keep it on for 12 hours a day. Good fans make it possible for you to raise your thermostat setting and save on air-conditioning costs. Fans don’t use much energy, but when air is circulating, it feels much cooler. Ceiling fans are best, but a good portable fan can be very effective as well. -You should remember that even mild air movement of...

The Basics: Short Sales Due to current economic conditions, the number of short sale properties on the market is rising. The increasing number of short sales on the market presents challenges for REALTORS®. Below you'll find more information on: short sales and their challenges, the government's efforts to address these challenges, and tools to help you navigate the short sale process. Home Affordable Foreclosure Alternatives Program (HAFA) To help homeowners who are unable to keep their homes under the Home Affordable Modification Program, the HAFA program may make a short sale or a deed-in-lieu of foreclosure a viable option to help them avoid foreclosure. The HAFA Program, which took effect April 5, 2010, provides servicer, seller and junior lien holder incentives for these transactions and is designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure.

Put Good Faith in New RESPA Rules for Clients RISMEDIA, June 2, 2010--There has been some debate and confusion across the industry over the new RESPA rules from HUD that took effect Jan. 1 for lenders. While the key players iron out the wrinkles, you can focus on supporting the intent of the guidelines by bringing more clarity and transparency to your clients’ closings. In November 2008, the Department of Housing and Urban Development added the new regulations to the Real Estate Settlement Procedures Act, including new Good Faith Estimate and HUD-1 forms, along with rules and timelines for their use. You may have noticed that some lenders implemented them last year. As of the first of this year, however, all lenders must comply with the new procedures for providing GFEs and transparent accounting of closing terms. Your role as an adviser to buyers can include informing clients of their options and helping frame proper expectations from pre-approval to closing. That said, you should def...

Capital gains tax can be assessed upon the sale of real estate if it is used for productive use as an investment or for business purposes. Because farm land is typically used for business purposes, it will be taxed upon the sale. Fortunately, NCS Exchange Professionals can help you reduce your tax burden when you sell the farm through a tax-deferred §1031 Exchange. The first step to reducing your tax burden is to negotiate with the buyer. It is important to include a contingency in the contract which obligates the buyer to cooperate with you should you opt to complete a §1031 Exchange. The second step is to divide your sales contract into two separate parts. One part of the contract should address the sale of your primary residence and the other part of the contract should be regarding the sale of the related agricultural land or acreage. Next, you will need to begin a §1031 Exchange on the segment of the sales proceeds involving the land used for business purposes -- your farm land. L...

HISTORY This controversy of the estate tax issue dates back to Bush's first tax cut in 2001 that phased down the tax from 55% down to zero in 2010. Although that 10-year tax law was to expire in 2011, the expectation was that once the estate tax was gone for even one year, it would never return or at the very least Congress would extend the 2009 terms. In 2009, the first $3.5 million of an estate generally was excluded from federal taxes with a top tax rate of 45%. The federal estate tax was scheduled to temporarily disappear in 2010, before returning in 2011 at an even higher 55% rate. During 2010 without an estate tax, all estates over $1.3 million would be subject to a 15% capital gains tax. Law makers are attempting to change that along with the 2010 inheritance tax rate, and are discussing making laws retroactive to January 1, 2010.

Under previous law, inherited property was given a full stepped-up basis for tax purposes -- the value of property on the date of death was considered the “cost” basis for the beneficiary. Under current law, if a parent paid $300,000 for a home and the value of the home on the date of the parent’s death was $1.5 million only $1.3 million can receive step-up treatment. Therefore, the beneficiary inherits the decedent’s cost-basis above $1.3 million (or, $200,000 in this example). Surviving spouses can step-up an additional $3 million. That’s going to create a taxing situation for thousands of moderately well-off families in 2010. If Congress passes retroactive legislation, prior court cases suggest that restoring the estate tax is legal. If Congress takes no action, the top rate on long-term capital gains will remain 15% in 2010, but will automatically rise to 20% in 2011. The estate tax will then have a $1 million exemption and the tax on the remainder will be 55%. With estate and capi...

WHAT IS A 1031 EXCHANGE A Tax-Deferred Exchange represents a simple, strategic method for selling one qualifying property and the subsequent acquisition of another qualifying property within a specific time frame. Essentially, if you sell an investment property and use the proceeds to purchase a Like-Kind investment property, you can avoid paying State and Federal income taxes. The IRS recognizes NCS Exchange Professionals as a Qualified Intermediary, meaning that we will act as the third party during your transaction, holding all funds. One of our biggest concerns is the security of your funds. Unfortunately, this industry is not highly regulated and not all Qualified Intermediaries offer the same security as NCS Exchange Professionals. We are backed by the strength of Mother Lode Holding Company, and we guarantee your funds in writing with every transaction. It's good to have the Professionals on your side!