Lisa Lethcoe, REALTOR, ABR, CRS, GRI

Sobering Statistics

Lisa — Fri, 05 Mar 2010 02:35:12 +0000

According to the latest data from the Realty Trac US Foreclosure Market Report, Tennessee reported 40,733 foreclosure filings in 2009, an eight percent increase from 2008. Total foreclosure filings in Tennessee accounted for 1.49% of 2,824,674 foreclosure filings in the nation. In terms of total foreclosure filings, the US had a 21% increase from 2008.—Hulya Arik, PhD February 2010

I received my National Association of Realtors Short Sale/Foreclosure certification today…A short-sale is a situation where the seller actually owes more on the property than he can get out of it….he’s “upside-down”. It’s a complicated process that takes a lot of cooperation from the seller, approval by the lender and tons of patience from the buyer! If you find it necessary to sell your home and you suspect you might be upside-down, please call me right away to review your situation! Don’t wait until you’re weeks or even months behind. At that point, it could simply be too late! Don’t become a statistic!

Now is the time to apply!!

Lisa — Thu, 04 Mar 2010 03:56:53 +0000

A big shout-out to Brad Denton/Prime Lending and all the sponsors for the entertaining and informative class today! The mortgage industry is changing daily and there are incentives for contracting now; i.e., the First-Time Home Buyer Tax Credit, the Current Homeowner Tax Credit & the fact that, starting next month, FHA will begin risk-based mortage insurance pricing. Larger downpayments & higher credit scores will translate into lower premiums. This means for you as a buyer, procuring an FHA loan, your total walk-in will be approximately 4% of the purchase price, up from the current figure of 3.5%. As always, call me for additional information!

Listing Appointment

Lisa — Tue, 02 Mar 2010 12:55:21 +0000

I had a listing appointment in Antioch last night and met a wonderful, young couple preparing for the birth of their first child and for a move to Colorado. Unfortunately, their situation is all too familiar…they are being relocated and have only been in their home about 2.5 years. He purchased in 2007, when the market was strong, and is now contemplating listing his home in a much softer market. It does appear that they will need to list slightly below what he paid for it and are facing the reality of bringing in money to close. I was hoping they might have a relocation package to help defer costs, but they did not. It was a very sobering meeting, but they seemed to be prepared for the news. They plan to list at the end of the month. This part of my job is difficult!

Congratulations!

Lisa — Sat, 27 Feb 2010 15:10:58 +0000

Congratulations to my first-time buyers, Rachel & Lisa, who closed on their new homes this week! Both ladies were able to secure FHA financing from PrimeLending! One of our transactions was a short-sale; thankfully the buyer had the ability to wait while the mortgage company deliberated. Thank you to the sellers who worked through a lien situation that arose the week before closing! I also appreciate the help of the listing agent’s office and Smith.Sholar.Milliken who closed the deal!! Way to go everybody!

First-Time Homebuyer Tax Credit

Lisa — Thu, 01 Oct 2009 03:45:28 +0000

It seems that business is picking up…I’m quite busy for the first day of the fourth quarter! I feel the surge in business is primarily due to the First-Time Home Buyer Tax Credit. The deadline is looming…November 30, 2009. However, there is still time to take advantage of the credit! Enlist the help of a Realtor that you’re comfortable with, get pre-approved and start looking for property! There is one item that has caused some confusion, though…..the credit does not have to be repaid if you live in the property 36 months from the day of purchase. If you sell prior to that date, you’ll be required to repay the credit by including it as additional tax on the return for the year the home ceases to be your main home….IRS Form 5405. Please email me or post a comment if you have questions!

“Get the Most Out of Your Home-buying Tax Credit”

Lisa — Mon, 15 Jun 2009 01:40:24 +0000

Be sure to read this article for the latest news regarding the $8000 Home-Buyer Tax Credit! http://www.msnbc.msn.com/id/31193153/

More News on The First-Time Homebuyer Credit

Lisa — Tue, 21 Apr 2009 01:53:23 +0000

READ THIS CAREFULLY & PAY CLOSE ATTENTION TO THE LAST SENTENCE!! A $8,000 tax credit will be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not have to be repaid. Most of the details of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
–The Real Estate Buyer’s Agent Council of the National Assn. of REALTORS

First-Time Homebuyer Credit–Who CANNOT Claim the Credit

Lisa — Tue, 21 Apr 2009 00:57:24 +0000

You cannot claim the credit if any of the following apply:
1. Your modified adjusted gross income is $95,000 or more ($170,000 or more if married and filing jointly).
2. You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any tax year. This rule does not apply for a home purchased in 2009.
3. Your home financing comes from tax-exempt mortgage revenue bonds. This rule does not apply for a home purchased in 2009.
4. You are a non-resident alien.
5. Your home is located outside the United States.
6. You sell the home, or it ceases to be your main home, before the end of 2008.
7. You acquired your home by gift or inheritance.
8. You acquired your home from a related person. A related person includes:
a. Your spouse, ancestors (parents, grandparents, etc.), or lineal descendants (children, grandchildren, etc.).
b. A corporation in which you directly or indirectly own more than 50% in value of the outstanding stock of the corporation.
c. A partnership in which you directly or indirectly own more than 50% of the capital interest or profits interest.
–Form 5405…First-time Homebuyer Credit

Check here for updated real estate information every Friday. I look forward to hearing from you!

First-Time Homebuyer Tax Credit

Lisa — Fri, 27 Mar 2009 16:29:59 +0000

In an effort to bring current housing legislation and purchase incentives into sharp focus, I’ll be sharing relevant information on my blog, information that is crucial to know and understand whether you’re a buyer or seller. If you happen to be a first-time buyer, congratulations!! There has never been a better time to purchase a home! So, get pre-approved and call your Realtor for available properties!

Regarding the First-Time Homebuyer Tax Credit, you need to know who is eligible to claim the credit. According to IRS Tax Form 5405:

In general, you can claim the credit if you are a first-time homebuyer. You are considered a first-time homebuyer if….

1. You purchased your main home, located in the United States, after 8 April 2008 and before 1 December 2009.

2. You (and your spouse, if married) did not own any other main home during the 3-year period ending on the date of purchase. If you constructed your main home, you are treated as having purchased it on the day you first occupied it. (MAIN HOME–Your main home is the one you live in most of the time. It can be a house, houseboat, housetrailer, cooperative apartment, condominium or other type of residence. You can read more about this at www.matteroftax.org.

As always, if you have questions regarding the tax consequences of your purchase call your accountant. If you have questions regarding general real estate or activity within a particular community call me….Lisa Lethcoe / Coldwell Banker Lakeside Realtors 615.824.5920 x339 / 615.500.5740 cell. Stay tuned!

Lisa on Channel 4 News…

AgentWeb — Wed, 04 Mar 2009 10:55:21 +0000

Breakfast With Bulger courtesy of Channel 4 News…

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