Congress has voted to expand the tax credit until April 30, 2010.  Here is a link to the Bloomberg article with details. Here are two quick highlights:

1. Homeowners owing their house for at least 5 years to receive $6,500 credit.
2. Couples earning $225,000 per year allowed, up from $150,000.

Courtesy of Yahoo! Finance on-line, I read through this article and it suggests 10 projects to consider, with ROI included. Read it here.

Bathroom Remodel can yield up to a 71% ROI

Just keep in mind that there are no guarantees that you actually will recapture your return on investment, especially in the current market. This articles’ advice is for the long-term.

A good tidbit from the Illinois Association of REALTORS® Weekly Connection email:

“With deadline looming, push is on to extend first-time buyer tax credit. REALTORS® continue to urge Congress to extend and expand the $8,000 tax credit that otherwise is scheduled to expire on November 30. Recent developments include:

• U.S. House voted to extend credit through 2010 for military, intelligence and diplomatic personnel. The measure now goes to Senate.
• House Speaker Nancy Pelosi showed favorable signs regarding an extension.”

Seems like there is a very good chance that it will be extended; the real question is “How long?”

This info is courtesy of Ken Dickerson with RWF Mortgage.

Please Note: This info is NOT finalized at this time. The are still some changes that might come info effect by the deadline of November 2, 2009.

Highlights of major importance:

1. Right of First Refusal is permitted unless it violates discriminatory conduct
2. “Projects” consist of 2 Units or more:
   1. 3 units or less – max of 1 FHA loan
   2. 4 units or more – max concentration of FHA loans 30%
3. Minimum of 50% of total units must be sold or under contract.

In general, the guidelines are loosening. However, the qualifications for borrowers could be more stringent in the coming months. We’ll see.

I have spoken to many agents in my office and throughout Chicago; I have represented a short sale client years ago (before it was a brutal, rampant reality of our marketplace); I have read articles from reliable “broker only” websites and sources. Here is the brutal truth:

“A short sale takes 6 to 9 months, minimum.”

I know there are people out there that will purport a short sale transaction can get done in 30-90 days. And, I have a personal friend of mine that completed one in about four weeks.

But, to ASSUME that the transaction WILL be done easily with a lot of communication, and with full disclosure, is a grave mistake.

Got this in my inbox from Tim Kerfin, Kerfin Inspections [http://kerfininspections.com/]

“City of Chicago code for outdoor barbecue grills:

• Charcoal grills are permitted on balconies, but gas liquid petroleum grills such as propane grills cannot be used for multi-dwelling units of 20 people or more.
• Natural gas grills that have a shut off valve within three feet of the grill are permitted. City code also prohibits storing gas fired grills in any type of storage area.
• You cannot have a wood-burning fire pit on a deck or roof; it must be natural gas only.”

If you would like a copy of the City code, email me and I will coordinate getting you a copy.

BBQ Overkill: Safety First!

]]> http://brentgarcia.wordpress.com/2009/09/03/will-your-bbq-be-legal-this-weekend/feed/ 0 brentgarcia BBQ Overkill: Safety First! http://brentgarcia.wordpress.com/2009/08/25/tax-credit-is-running-out-dont-wait-too-much-longer/ http://brentgarcia.wordpress.com/2009/08/25/tax-credit-is-running-out-dont-wait-too-much-longer/#comments Tue, 25 Aug 2009 18:04:59 +0000 Brent Garcia http://brentgarcia.wordpress.com/?p=1021 ]]>

Another great post from Dan Green, author of “The Mortgage Reports” blog.

In this one, Dan tells you why you should make November 16th, 2009, not November 30th, your drop-dead date. If you are looking to buy a home utilizing the first-time home buyer’s tax credit, do it now.

As of July 30, 2009, significant changes have been implemented for mortgage loans.

As a borrower, how are you affected? A good article is here, and I have summarized the major must-knows.

Brent’s Bullet Points:

• You must be given disclosures before you pay any fees.
• Quick closings (30 days or less) are now very difficult.
• Lenders have to re-disclose if your mortgage rate moves by more than 1/8th of a point (0.125), and allow you seven days to mull it over.

Contact me with more questions.

I was sitting an open house a few weeks ago at a home and needed to turn the A/C up. After locating the thermostat…

… I opened it up to find a relic.

A dangerous relic – a mercury (element symbol “Hg”)-filled tube, which ignites the blower. Also know as “quicksilver.”

Although contained in the thermostat, it was a cool, and potentially dangerous, find.

Great summary post from Dan Green on “The Mortgage Reports”.

Pay special attention to the summary bullet-points for an overview.