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Welcome to Barnes Real Estate Company
in the Great Smoky Mountains of East Tennessee

in the Shops at Cross Creek
1725 Waldens Creek Road,
Sevierville, TN 37862

We have recently moved from the offices on the Parkway, Pigeon Forge.
Please find us located in the Shops at Cross Creek, at the intersection of
Waldens Creek Road and Goose Gap Road

http://www.barnesrealestateco.com
smokymtnsinfo@comcast.net

This a wonderful, exciting, beautiful and growing area.
Let us share it with you.
Please call or e-mail us and let us help you
with all of your real estate needs.

(888) 453-5181 Toll Free
(865) 453-5181 Local

Our home since 1969, we have been helping people find their special place in the smoky mountains and surrounding areas. At Barnes Real Estate Company, we know how to find the right property for your needs; we'll put our system to work for you. We are a full service real estate company because all of our agents are full time agents who live and enjoy life in the smokies.

These are just some of the areas we cover:
Sevierville, Pigeon Forge, Gatlinburg, Wears Valley, Seymour,
Kodak, Dandridge, Douglas Lake, Townsend, Pitman Center,
Cosby, Newport, Walden Creek
Sevier, Blount and Knox Counties.

We really believe "The right company makes all the difference in the world."

Isn't it Time for a Change?

Good News In Real Estate!

It is a Buyer's Market and we'll show you how.

This feature is updated often; Please bookmark us now.

Latest Story: February 13, 2009. President Barack Obama to sign economic stimulus plan including (up to) $8000 for first time home buyers - which does not have to be payed back! If you purchased a home after January 1, 2009 and before December 1, 2009, you may be elgible for this 10% (up to $8000) tax refund. It is now easier to get financing if you qualify. This is NOT a "tax credit" which needs to be repaid, but a Tax Refund to you, the first time home buyer!

Refundable First-time Home Buyer Credit.

Last year, Congress provided taxpayers with a refundable tax credit that was equivalent to an interest-free loan equal to 10 percent of the purchase of a home (up to $7,500) by first-time home buyers. The provision applies to homes purchased on or after April 9, 2008 and before July 1, 2009. Taxpayers receiving this tax credit are currently required to repay any amount received under this provision back to the government over 15 years in equal installments, or, if earlier, when the home is sold. The credit phases out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 in the case of a joint return). The bill eliminates the repayment obligation for taxpayers that purchase homes after January 1, 2009, increases the maximum value of the credit to $8,000, and removes the prohibition on financing by mortgage revenue bonds, and extends the availability of the credit for homes purchased before December 1, 2009. The provision would retain the credit recapture if the house is sold within three years of purchase.

The House and Senate have compromised on the First Time Home Buter Credit in the new exonomic Stimulus plan. This is great news for first time home buyers who purchase before December 1, 2009. So long as you own your home for three years, this money does not have to be paid back, unlike "tax credits" of the past.

1. Who is eligible?
First time home buyers (single person who has not owned primary residence in 3 years prior to closing, if married, 3 year test must be passed by both husband and wife);

2. Amount of the credit?
Lessor of 10% of the sales price or $8,000. Any purchase price over $80,000 gets full credit.

3. Must the credit be paid back?
For purchases after December 31, 2008, No. For purchases between April 9, 2008 and December 31, 2008, the $7,500 credit (which applies to 2008 purchases) is repaid over 15 years or upon sale of the home.

4. How long must the new home be owned?
As long as the taxpayer holds the home for 3 years, no repayment of the credit (for 2009 purchase) is due.

5. Can the taxpayer build the new home?
Yes, so long as its occupied by the taxpayer before December 1, 2009.

6. What is a Tax Credit?
Unlike a tax deduction which reduces the taxable income subject to tax, a Tax Credit is real money, a dollar for dollar reduction in your tax bill. If you owe the IRS $2,000 and have the full credit, you get back $6,000. If your entitled to a $1,000 tax refund and have the full credit, you get back $9,000. Even if the purchaser doesn’t owe taxes, they get back $8,000.

7. Do Owner - Finance Sales qualify?
Depends - If it’s a lease purchase, you must exercise your option and take title before December 1, 2009, and the same rule appears to apply to contract for deed arrangements. Straight owner finance deals (where buyer gets a deed and signs a mortgage in favor of seller) qualify for the credit, even if it’s a 100% seller finance. Bottom line - anyone with lease-purchase, lease-option or contract for deed arrangements (even signed years prior) needs to find a way to take title before December 1, 2009.

8. Are there income limits for buyers seeking the credit?
Yes - For a full credit, a single taxpayer must have a modified adjusted gross income of $75,000 or less, the credit totally phased out by $95,000. Married taxpayers get the full credit if their modified adjusted gross income is $150,000 or less, with the credit phased out completely at $170,000.

9. What type homes qualify?
Single family dwellings, condominium units, manufactured or mobile homes, planned unit developments. The property must be a primary residence for the homeowner.

10. When do I get the money?
A taxpayer who has not filed their 2008 tax return may treat a 2009 purchase as having occurred on December 31, 2008, and get their money in 2009 as part of their 2008 refund. Otherwise, the credit will be shown on their 2009 tax return filed in 2010. The taxpayer is also allowed in 2009 to reduce their withholding from their employer and get back part of their money by paying less taxes on each paycheck.

FIRST TIME HOMEBUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
Major Modifications Italicized
February 2009

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Call Us Today:
• Toll Free (888) 453-5181
• Local (865) 453-5181
• FAX (865) 453-3728

Postal address:
Barnes Real Estate Company
(in the Shops at Cross Creek)
1725 Waldens Creek Road
Sevierville, TN 37862

We have recently moved from the offices on the Parkway, Pigeon Forge.
Please find us located in the Shops at Cross Creek, at the intersection of
Waldens Creek Road and Goose Gap Road.

http://www.barnesrealestateco.com
smokymtnsinfo@comcast.net

Photo Copyright and Courtesy of Jimi Rowland, Photographer

General Information E-mail
smokymtnsinfo@comcast.net

Isn't it Time for a Change?

Good News In Real Estate

Don Clayton and Vivian Colleran love their pet dogs and often have healthy, well bred puppies for sale to good homes and breeders.

If you love puppies, too, then puppyfind.com will help you locate the breed you're looking for!

Entire Web Site is Copyright © 1997 through 2009 Barnes Real Estate Company / Don Clayton

Each office independently owned & operated. All information on this site is deemed reliable. Any errors in descriptions, pricing, et. al., Barnes Real Estate Company shall not be held responsible.

DO NOT CALL DISCLAIMER
Federal regulation prohibits telemarketing to individuals who have indicated that they do not wish to be solicited by telephone. In addition, most states have laws that impose further obligations and restrictions on telemarketers. Some states also require telemarketers to use Do-Not-Call files available from the state or from a specified organization. By contacting Barnes Real Estate Company through email, postal mail, telephone, FAX or by entering contact information on our website, you indicate that you are making an inquiry and are granting permission for an agent to contact you via telephone and/or email.

*Telephone Consumer Protection Act of 1991 and Federal Trade Commission's Telemarketing Sales Rule