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Daytona and East Volusia County Helpful Information Keeping you Informed

First Time Home Buyer and Step-up Credit Deadline Looms
Posted - 02/26/2010
To receive the Tax Credit from the government, you need to have the house of your choosing under Contract by APRIL 30 and Close on it by JULY 1.

Treasury Dept. tries to speed up Short Sales
Posted - 01/20/2010
Short sales occur when the homeowner sells the property for less than what is owed on the mortgage and the lender writes off the rest. Short sales can save lenders and homeowners the expense of a foreclosure, and buyers can sometimes get steep discounts. The Treasury Department's plan must be implemented by April 5. The rules apply to the 83 loan services participating in the Obama administration's Home Affordable Modification Program. Those include Bank of America and JPMorgan Chase.

Local Daytona Beach Historical site
Posted By - Vicki Henderson - 12/31/2009
December 30, 2009 Preservation group buys historic Daytona home By ANNE GEGGIS Staff Writer A preservation group spurred to action by the impending demolition of the beachside's oldest home now owns the painted lady called Lilian Place. With a $425,595 ECHO grant the Volusia County Council approved earlier this month, the Historic Preservation Trust Tuesday formally purchased the riverside home of some of the city's first settlers. Once listed at a price in reach only to deep-pocketed condominium developers, soaring tax values made potential buyers wary of taking it on. In other words, the reputed home of Daytona Beach's most famous ghost, Lucile, was caught up in the fortunes of the real estate market that had history buffs spooked. Listed at $2.3 million in 2006, it seemed destined to be annexed to nearby property and then developed into condominiums as had other storied estates, such as the Black Pearl and Portledge. Now-defunct development partnership Bray & Gillespie Management once made a $1.5 million bid on the property -- that the seller rejected, according to trust officials. But then the heavily mortgaged property was foreclosed on. And the home's mortgage holders rejected subsequent offers of $900,000 for a short sale, trust officials said. Tuesday, though, it all worked out. "It's been like giving birth," said Nancy Long, president of the trust, who now has possession of the keys to the Silver Beach Avenue Italianate manse that was once accessible only by boat and gave shelter to "Red Badge of Courage" author Stephen Crane after he was shipwrecked in the area. Long said the trust will be raising money in the coming months to restore Lilian Place to its luster of four years ago when it was a working bed and breakfast. Long stopped by Tuesday and saw animal droppings and evidence of insect damage at the 125-year-old home that's been empty for the past year -- the longest stretch in its history. "It amazing what happens when a place sits empty," she said. Pat Bennett, granddaughter of one of the city's founders, Laurence Thompson, who built the seven-bedroom house, was pleased to hear her childhood home was officially saved from the wrecking ball. And that Lucile -- the ghost she's written about -- has a permanent home and some living occupants to pull her signature tricks on. Turning on and off lights and water are her specialties, Bennett said. "There's no point in being a ghost if there's no one to haunt," Bennett said.

Home Buyer Tax Credit Extended
Posted - 11/06/2009
NAR Issue Brief Homebuyer Tax Credit Changes National Association of REALTORS® Government Affairs Division 500 New Jersey Avenue, NW, Washington DC, 20001 Congress has extended and expanded the homebuyer tax credit. The modifications in the column labeled "December 1 - April 30, 2010" become effective when President Obama signs the bill. All changes made to the current credit become effective on that date, as well. FEATURE Jan 1 - November 30, 2009 Rules as enacted February 2009 December 1 - April 30, 2010 Rules as enacted November 2009 Firsttime Buyer - Amount of Credit $8000 ($4000 married filing separate) $8000 ($4000 married filing separate) Firsttime Buyer - Definition for Eligibility May not have had an interest in a principal residence for 3 years prior to purchase Same Current Homeowner - Amount of Credit No Provision $6500 ($3250 married filing separate) Effective Date - Current Owner No Provision Date of Enactment Current Homeowner - Definition for Eligibility No Provision Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years Termination of Credit Purchases after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.) Purchases after April 30, 2010 Binding Contract Rule None So 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. Income Limits (Note: Increased income limits are effective as of date of enactment of bill) $75,000 - single $150,000 - married Additional $20,000 phase out $125,000 - single $225,000 - married Additional $20,000 phase out Limitation on Cost of Purchased Home None $800,000 Effective Date of Enactment Purchase by a Dependent No Provision Ineligible Effective Date of Enactment Antifraud Rule None Purchaser must attach documentation of purchase to tax return

Tax Credit chart provided by The National Association of Rlt

Posted By - National Association Of Realtors - 03/03/2009

FIRST-TIME HOMEBUYER TAX CREDIT

As Modified in the American Recovery and Reinvestment Act

Major Modifications Italicized

February 2009 FEATURE	CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008	REVISED CREDIT – EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit	Lesser of 10 percent of cost of home or $7500	*Maximum credit amount increased to $8000*
Eligible Property	Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.	No change All principal residences eligible.
Refundable	Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.	No change Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit	Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).	No change Same income limits continue to apply.
First-time Homebuyer Only	Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.	No change Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing	No credit allowed if home financed with state/local bond funding.	*Purchasers who utilize revenue bond financing can use credit.*
Repayment	Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.	*No repayment for purchases on or after January 1, 2009 and before December 1, 2009*
Recapture	If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.	*If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.*
Termination	July 1, 2009 (But note program changes for 2009)	*December 1, 2009*
Effective Date	Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.	*All revisions are effective as of January 1, 2009*

Credits: Information provided courtesty of The National Association Of Realtors.