Archive for Homebuyer Adventures
The Federal Tax Credit Has Been Extended
| CommentsIt’s official. President Obama has signed the billed to extend the federal $8,000 Homebuyer Tax Credit and added a $6500 tax credit for repeat home buyers. The $8,000 tax credit stipulations remain the same. The $6500 repeat home buyer tax credit is for homeowners who have lived in their home for 5 years. There is no minimum salary requirement but there is a maximum salary of $125,000 per year for a single person or $250,000 per year for married couples. The credit is applicable for homes priced under $800,000. New homebuyers and repeat home buyers now have until April 30, 2010 to write a contract on a new home and until July 1, 2009 to close on the new home.
Adventures in Househunting – The Closing
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With the keys to our first home!
Well, my adventure has come to an end. We closed on our first home on Friday! What an adventure it has been. Our closing was set for Thursday, and our loan processor even had us at the closing attorney’s office that afternoon. After many phone calls, I found out that they were missing one piece of paper. And no one bothered to tell me until 4.30 that afternoon, when we all were at the closing. Read More→
Adventures in Househunting-The Loan
| CommentsI must tell you, the loan has been the most stressful part of my homebuying experience. It started off great–I was pre-qualified with Bank of America and working with a nice contact there. But, once I finalized my contract, I started shopping around to get the best interest rate, and that became very stressful.
Our New Home!
I contacted 3 lenders. Bank of America, BB&T and a broker that my agent recommended. Immediately when they hear I work for Morris & Raper, they want my business. I of course love that they want to work with me to get me the best rate, but, I must admit, that having them fight so hard for my business made me uncomfortable. Read More→
Adventures in Househunting – Inspection
| CommentsWho knew that once our contract was accepted, the stress would really start? I thought the hard part was finding the house! That joke was on me. There are so many more steps to buying your home after you find it.
The next step in my home purchase was to make sure the house was in good shape. My agent set up to have an inspector meet me at the house yesterday and look over every inch of it. When I arrived, he was up on the roof. He checked every window, the siding, the deck, the gas meter, the air conditioner units–and that was just outside. Once inside, he looked in places I would have never thought. He ran the whirlpool tub, the dishwasher, tested every faucet, showers, and the washer & dryer. He checked the outlets, walls, flooring, light fixtures. I must admit, I felt much better having a professional look over the house.
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Adventures in Househunting – Under Contract!
| CommentsWell, after months of searching, we made an offer on our first home this past Saturday. We definitely offered very low, but figured with a market like today’s, let’s give it a shot. The house had been on the market for over a year, and the seller had slowly lowered the price. We ended up getting the home for $90,000 off the original list price, so feel we are getting a great value for our money! In the contract, the seller agreed to leave all appliances and window treatments. Also, they will be paying $5,000 in closing costs and up to $2,000 in FHA needed repairs. It took about 3 rounds of offers, but we are officially under contract! Read More→
One thing that I have had to keep in mind while house hunting is the cost of a homeowners association (or HOA). Luckily, the majority of the neighborhoods I have look in have an HOA, but do not have too high annual dues.
I feel that having a homeowners association is important. A lot of times, the HOA fees will cover amenities such as a pool, tennis courts, sidewalks, playground, etc. But always, HOA dues will cover the upkeep of the front of the neighborhood (the entrance sign, plus cutting the grass, planting flowers–keeping it looking nice).
