The Real Estate Bakery by Jonathan Bunn

First Time Buyer Tax Credit Details And Answers…

Jon — Mon, 09 Nov 2009 17:43:49 +0000

By now you know that congress and the president have signed off on the extension of the first time buyer tax credit. Here are all of the details laid out for you regarding what was signed off on…

Home purchasers who are first time buyers or have not owned a home in 3 years qualify for the first time buyer tax credit of $8,000.
Home owners who sell their existing residence of at least 5 years within the previous 8 years and purchase qualify for a $6,500 tax credit. Therefore, if you sold your home that you owned for 10 years and have rented for the last 2 years you will still qualify for the credit since you owned your home for 5 years within the last 8.
Those who where already under contract before this bill was signed and who will settle after November 31 will still qualify.
The new maximum sales price on a home is $800,000.
Contracts must be written by April 30 and close by June 30.
Income limits are… $125,000 for individuals and $225,000 for couples filing jointly.

Happy House Hunting,

jonathan bunn

All information is deemed reliable. Be sure to speak with a tax advisor to verify all information. I am not a tax advisor.

Share This

Brableton’s 3 New Town Homes

Jon — Fri, 06 Nov 2009 19:46:31 +0000

In this video I am on site where Brambleton is developing the land for 3 of their new town home projects.

I was able to see what these towns from Centex, Beazer, and Van Metre are going to look like today and I think you will be pleased… Unfortunately they are not in the video…

http://www.youtube.com/watch?v=426U_OqRNvY

These builders should begin sales in the beginning of the year.

Remember, if you are looking to buy a new home… Don’t go at it alone. Builders do not work in your best interest. Contact me to discuss viewing new home projects.

Share This

Ashby Ponds In Ashburn VA

Jon — Thu, 05 Nov 2009 21:52:11 +0000

Not known for it’s senior living centers, Ashburn VA has become the site of Erikson’s age 62 and older adult community. Over the past ten years active adult communities have been taking up residence in Loudoun. Most are for those 55 and older.

Eriksons community, Ashby Ponds, is off of Gloucester and Loudoun County Parkway close to Ashburn Village. It is a gated community with apartment style living… However, Ashby Ponds is not for rent but for sale. It is for those seeking to invest their nest egg in the development and enjoy the retirement lifestyle that the area offers. While Ashby Ponds does offer fantastic ammenities and services, it comes with no cheap price tag.

Here are a couple of the latest photos I have taken of the ever developing community.

I do not represent Erikson Communities or Ashby Ponds. If you are looking for other adult communities in the Ashburn or Loudoun County I would be happy to meet with you to discuss your options. You can contact me me by clicking HERE.

All information is deemed reliable but should be verified for accuracy.

Share This

Has The Market Really Changed?

Jon — Wed, 04 Nov 2009 19:18:30 +0000

While we have seen major strides the last 6 months in the real estate market, it is difficult to know how much of it would have happened without the encouragement of the first time buyer credit. Would the buyers have purchased without the credit?

Data shows that the credit helped sale around 300k more home sales this year over 2008. If the extension of the credit does get passed, it is believed that it will help another 200-300k homes sale. The first 300k homes cost our government around 15 Billion. This is obviously a lot better than the billions that went to cash for clunkers or to bail out banks and pay for bonuses. This credit actually puts people in homes and creates jobs… (builders, lenders, carpet cleaners, painters, etc…)

My question is… at what point do we stop giving our economy an inflated start and actually tough it out for a while until things actually correct themselves?

What will happen when the tax credits end?

These are questions that we all we see answered in the upcoming months.

Other Great Articles…

Home Buyer Tax Credit Extension? Credit For Repeat Purchasers?

Share This

The Appraisal Rules Could Be Changing

Jon — Mon, 02 Nov 2009 20:54:54 +0000

HVCC, short for the “Home Valuation Code of Conduct,” imposed by Freddie and Fannie may be on it’s way out after a bipartisan amendment was approved on October 22, 2009.

The HVCC code restricted lenders from speaking directly with appraisers during the appraisal process to ensure the integrity of the appraisal value so that it would not “hit the value” needed to make the sale go through.

Though the intention of the HVCC code was good, many felt that it was actually having a negative effect on market values and restricting the increase in home values that many areas have been experiencing. If the amendment is passed it will be replaced by a new consumer financial protection bill. I will keep you updated…

Other Appraisal Articles…

Appraisers Are Trump

Seller Nightmare… What If Your Home Doesn’t Appraise?

Share This

Very Funny Foreclosure Video

Jon — Fri, 30 Oct 2009 16:28:37 +0000

This is the best satire I have ever seen regarding the foreclosure real estate market and how they are handled.

http://www.youtube.com/watch?v=SM7oWKgCVo4

Though there are very few foreclosures in our local market, there are still a lot of great deals available. Contact me for a list of distressed properties!

Share This

Home Buyer Tax Credit Extension? Credit For Repeat Purchasers?

Jon — Thu, 29 Oct 2009 16:19:53 +0000

We are nearing the end of the first time home buyer tax credit of $8,000 offered by the government. Homes that do not settle by November 30th of this year no longer qualify.

The tax credit that DOES NOT have to be repaid has been a huge hit with home buyers but many worry that the real estate market will slow down once this time frame ends…

The National Association Of Realtors has been pushing very hard for the extension of this credit and they may have their wish. USA Today reports that Senators agreed on Wednesday, October 28th, to extend the credit and add a $6,500 credit to repeat purchasers that meet certain criteria.

This could go through very quickly so I will keep you updated on the details….

Share This

Possible Consequences Of A Short Sale

Jon — Wed, 21 Oct 2009 23:06:14 +0000

What Is A Short Sale? A short sale is when a bank agrees to accept less than what is owed on a property.

Are There Any Consequences? Yes. If not, everyone would be pursuing short sales. Here are a few potential consequences. There may be more depending on the situation…

1. Your Credit Will Be Damaged. The question of how bad will remain to be un-answered and can depend on how it is reported to the credit bureaus by the lender, how long the short sale takes, and how the credit regulations change over time.

2. The Bank Could Reject Your Short Sale. The bank is not obligated to accept your short sale. There are a variety of reasons they could choose to deny your offer. It is believed and has been my experience as a Realtor that many short sales are now being accepted compared to those being denied.

3. The Bank May Ask You For Re-Payment Of The Deficient Amount. As banks are loosing money on each short sale that is being processed it is not uncommon for them to request repayment of the full amount of what they are being shorted or a percentage of the amount. This can also happen with foreclosures so this is not a reason to dodge a short sale.

If a bank does not request repayment prior to or at the time of settlement they do legally have the option of pursuing that debt for a matter of time. I have been able to negotiate that debt down dramatically for my sellers with the last 3 banks I have worked with. This is called a deficiency judgement.

4. You May Have To Pay Taxes On The Deficient Amount. If the bank does not file a deficiency judgement against you for the settled amount you may be asked to pay taxes on the amount you shorted. Understand that uncle sam views the forgiven debt as free money (aka… un-taxed money).

If you are considering a short sale and how it may affect you, feel free to contact me. I have had success assisting other sellers through this process and would be happy to help your family also.

this article is a re-post from my site dullesshortsales.com.

Share This

Cameron Chase… Ashburn’s Community Of The Week

Jon — Mon, 19 Oct 2009 19:08:52 +0000

Though Ashburn is known for it’s large communities it does have many desirable smaller neighborhoods that often go overlooked and unknown to many people. Cameron Chase in Ashburn is one of these areas.

The Skinny….

Cameron Chase is an older community in Ashburn (remember that old in Ashburn simply means built before 2000) near the intersection of Ashburn Village Blvd. and Farmwell Rd. It is home to 97 single family homes that were built between 1997 and 1999 by KHovnanian Homes and PC Homes.

There are 2 things that are very desirable about the community. First, the lots sizes range from half of an acre to an acre. Secondly, the homes boast a variety of elevations and styles throughout. This is often uncommon is many of the larger neighborhoods.

What Is It Like?

Throughout the community you will notice that almost every street ends with a cul-de-sac, there are acres of protected wetlands, and a pond (which you can see in my photos). The community does not have any amenities which provides owners with a low quarterly HOA fee. Since Cameron Chase was developed, the Cameron Chase shopping plaza was built offering owners convenience to restaurants, gas, and other stores.

Here are a few photos taken throughout the community…

Similar Local Communities!!

Forest Manor & The Estates Of Forest Ridge

Community Of The Week: Belle Terra Of Ashburn

Share This

Dominion Station… Loudoun’s Community Of The Week

Jon — Fri, 16 Oct 2009 20:54:06 +0000

You won’t find a community this large in Loudoun County, VA with no single family homes.

Dominion Station… Dulles (or Sterling), VA

All together, there are 493 town homes in Dominion Station. There is also a section of condos. The large community was built by Winchester and Pulte Homes beginning in 1992. Within the community you will find 3 pools, tennis courts, tot lots, a community center, and 3 miles of walking trails.

20166 Dulles Or Sterling???

Dominion Station is very close to the boarder of Ashburn to the west and some older neighborhoods in Sterling to the east. Therefore, many residents prefer to be named under the town of Dulles (zip 20166) instead of Sterling (zip 20164) giving them their own identity.

The location of this community makes it an ideal commuter location. It is very close to the route 28, 7, and 267.

Similar Neighborhoods To Consider…

South Riding… Community Of The Week

Community Of The Week: Ashburn Village

Share This