 Ask Your Tulsa Area Realtor
Q: How much should it cost me to have a Realtor help me find a home?
A : Realtor Fees: Realtors are paid by comission only . A Realtor's services should be at NO COST to you as a HOME BUYER . When a Home owner chooses a Realtor to SELL their home, they negotiate a commission to be paid to the listing Realtor. A portion of that commission is made available to the licensed Realtor that finds a qualified Buyer for that property. This ensures that all home buyers, regardless of being a first time buyer, or an experienced investor have the benefit of a licensed real estate professional. If a Realtor tells you that there is a charge to you as a Buyer, for their services, you may want to shop around. The only exception to this might be if your home search is extended over an extremely long period of time, or if your Realtor is racking up hundreds of miles driving you to search for homes day after day after day. You wouldn't go to court without an attorney to represent you, so why would you make one of the largest investments in your life without consulting a professional. Never again will something so free, save you so much in the long run. Good Luck Home Buyer. ASK YOUR QUESTIONS HERE ***** Q: Can't I get a better deal if I call the realtor who's name is on the sign in the yard? A: Good question: The important thing to remember is that the realtor's name on the sign represents the Seller. On an investment as important and large as a home it is wise to have your own representation to protect you. ***** Q: Can I still Qualify for the Home Buyer Tax Credit in 2010? A: The law was extended to provide additional candidates the opportunity to take advantage of this Home Buyer credit. I am providing the details below for you as stated by the National Association of Realtors: Who Qualifies for the Extended Credit? First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010. Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible? The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops. How Much Is Available? - The maximum allowable credit for first-time home buyers is $8,000.
- The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined? Each home buyer’s tax credit is determined by two additional factors: - The price of the home.
- The buyer's income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less. Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit. These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit. If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit? Yes, some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit. Can a Buyer Still Qualify If He/She Closes After April 30, 2010? Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. Will the Tax Credit Need to Be Repaid? No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale. |