We Support Our Troops

Member: Better Business Bureau of East TN

Please click to donate to disaster relief

The Latest and Current Good News in Real Estate features will always be on our home page. As new content is added, previous items will always be available here on this page.

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

Last Story:

Great News!! President Bush just signed into law the Housing and Economic Recovery Act of 2008.

This is a major victory for Realtors, home buyers, and our nation! Thanks to advocacy, homebuyers will soon have access to more affordable financing, and first-time homebuyers (those who have not owned a home for three years) will receive a tax-credit to help them enter the market.

National Association of REALTORS®
Summary of Key Provisions of H.R. 3221 - The Housing Stimulus Bill (as of 7/30/08)

H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following provisions:

* GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
View 2009 FHA and GSE loan limit estimates (PDF)

* FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
View 2009 FHA and GSE loan limit estimates (PDF)
FHA Reform Chart (PDF)

* Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).
First-time homebuyer tax credit chart
Frequently asked questions about the first-time homebuyer tax credit

* FHA foreclosure rescue – development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.
FHA Foreclosure Rescue Chart

* Seller-funded downpayment assistance programs – codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.
More about the seller-funded downpayment assistance provision
Tips to finding downpayment assistance programs (PDF)

* VA loan limits – temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.

* Risk-based pricing – puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.

* GSE Stabilization – includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.

* Mortgage Revenue Bond Authority – authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.

* National Affordable Housing Trust Fund – Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.

* CDBG Funding – Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes.
More about the CDBG funding provision

* LIHTC – Modernizes the Low Income Housing Tax Credit program to make it more efficient.

* Loan Originator Requirements – Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.

Archived Story:

NAR Pleased With Housing Components Included in Economic Stimulus Package

Mary Trupo, 202/383-1007, mtrupo@realtors.org

The following is a statement by National Association of Realtors® President Richard F. Gaylord:

“NAR is pleased that the House of Representatives, along with President Bush, presented a bipartisan economic stimulus package today that includes important housing provisions. NAR has been actively advocating for many months FHA reform and increasing the conforming loan limits for Fannie Mae and Freddie Mac.

“The stimulus package announced today is a positive step toward strengthening the housing market and our economy. The increase in loan limits should provide liquidity to the mortgage market in all parts of the country allowing qualified homebuyers who may have been on the sidelines to enter the market.

“In high-cost states, many home buyers with good credit could save $3,000 to $5,000 per year by not being forced into the current jumbo mortgage market. Currently, only families in lower cost areas are able to qualify for these types of affordable loans. Such a move would stimulate home sales and help stem the rise in foreclosures, reducing the number of foreclosures by as much as 210,000.

“There is still work to do and we urge the Senate to work with the House and the President to achieve quick enactment of a comprehensive stimulus package.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

As reported by National Association of Realtors®

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?

Real Estate 24/7
Click Here to Browse and Search all Homes & Properties
For Sale in the Great Smoky Mountains Multiple Listings Service

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