Ro Troia

Archive for March, 2009

Q and A on The New Homebuyer Tax Credit

Is the tax credit $8000…… or $7500? It depends on when you bought your new home, of course.  Would you rather have to pay back $7500, or not pay back $8000? If you are eligible for the $8000 you don’t have to pay back, do you have to wait until 2010, or can you get it in 2009? So many questions, so hard to get real answers.

The new tax credit for home buyers is a sweet deal, if anyone can actually figure it out.   Leave it to Congress to put the language in such fine print that most homebuyers have to hire an expert to understand it.  

 A quote by Tom Herman, “If you meet certain qualifications, such as buying a home from Jan. 1 through Nov. 30 this year, you may be eligible for a tax credit of as much as $8,000. You also have a choice of claiming the credit on your federal income-tax return for 2008 or 2009.  A credit is typically more valuable than a deduction, since it eliminates your taxes on a dollar-for-dollar basis — and in this case, you may get it even if you don’t owe any taxes.”

The following questions and answers were published in the Wall Street Journal recently and for those of you that didn’t see the article, I decided to post them here, since this is a hot topic.   These questions and answers are taken directly from the article which was published, March 18, 2009, “Cracking a Valuable Homebuyer Credit” by Tom Herman.  I am not a tax expert but merely sharing this information with you, please seek tax advise from a tax expert.

Here are answers from IRS officials and tax advisers to some questions about the credit. Read the rest of this entry »

Tags: Tags: 8000 tax credit, first time homebuyer, homebuyer tax credit

Avoid Foreclosure and Foreclosure Scams

Did you know that foreclosure is not the only option to help homeowners struggling to make payments.   The Federal Trade Commission outlines the following options: 

• Reinstatement – the borrower pays the entire past due balance plus late fees and penalties by an agreed upon date.
• Repayment Plan – the lender gives the borrower a fixed amount of time to repay past due payments by adding a portion to the regular payments.
• Forbearance – mortgage payments are reduced or suspended for an agreed upon period of time.  At the end of that time, the borrower resumes regular payments plus a lump sum or partial payments for a number of months to bring the loan current.
• Loan Modification – the borrower and lender agree to permanently change one or more terms of the mortgage contract to make payments more manageable.  Modifications could include lowering the interest rate, extending the term of the loan, or adding missed payments to the principal.  Some lenders may forgive a portion of the debt under the Mortgage Forgiveness Debt Relief Act of 2007.  Check with a tax expert regarding reporting or excluding the income.
• Sale - the homeowner sells the property and pays off the debt.  Some lenders may postpone foreclosure if there’s a pending sales contract or if they know the home is being listed for sale.
• Short Sale – the lender allows a property to be sold for less than the existing loan balance.  A short sale is really a form of  pre-foreclosure and occurs when the lien holder agrees to accept less than the loan amount to avoid the foreclosure process.
• Deed-in-Lieu – with the lenders agreement the homeowner voluntarily transfers property title to the lender in exchange for cancellation of the remainder of the debt.  Although the homeowner loses the home and equity, this process is less damaging to the borrower’s credit than a foreclosure.

Read the rest of this entry »

Tags: Tags: avoid foreclosure, bait and switch, bankruptcy, colorado foreclosure hotline, deed in lieu, FHA alternative, forbearance, foreclosure prevention specialist, foreclosure scams, Hope now, lease buy back, loan modifications, repayment plan, short sale, VA alternative

Adding Pizzaz May Help Sell Your Home

Do you think that color can cost you a sale?  Have you heard that realtor beige or off-white walls sells a home?  Well think again, a touch of color may spark a buyers’ interest.   I know, beige and off-white are neutral, but color either on walls or accessories can boost positive responses from buyers.  Even in Boulder, Colorado, where the real estate market is better than other areas of the country, sellers should think about using color to enhance a listing.

Color can change how we feel, for instances, warm colors will exude a feeling of coziness and positive reactions.  When you reach for a bucket of white paint for your walls, think ghost or invisible because that’s what white will do, make a room disappear, not really, but it will become invisible.  Buyers cannot project themselves in a space that’s white, it’s just too sterile.   Did you know that in Asian cultures white is a symbol of death, dear god, that’s not what we need to try to sell a listing.   Pastels may have the same effect since they mostly have a white base.  Read the rest of this entry »

Tags: Tags: color wheel, getting a home ready to sell, importance of paint, interior painting, paint colors, Painting your home, perfect color, selling your house

Boulder Colorado Schools

When helping families move to Boulder Colorado, the topic of schools always arises.  What are the public schools and their location?  Are there any private or charter schools?  Is there a website that can provide the information? 

As a real estate agent and a mother, I have done the research and would like to share it in hopes that it eases the difficulty of moving and finding a school.

As a general rule, I like to stress that you really can’t go wrong with a school in Boulder Colorado as they are all statistically safe with low (to zero) violence rates.  Read more about Boulder schools. Read the rest of this entry »

Tags: Tags: boulder colorado schools, boulder high schools, north boulder, private elementary schools, private middle school, public elementary schools, public middle school, south boulder

Companies to Watch in the Boulder Colorado Area in 2009

With the 2009 economic environment the way it is, it’s good to stay on top of the job wave throughout the Boulder Colorado area – just in case you’re thinking about moving here. The Boulder Camera always puts together it’s picks for the year to watch that have significant presence in the Boulder and Broomfield counties or that are expected to make some waves in the coming months. Read the rest of this entry »

Tags: Tags: boulder co jobs, boulder coloardo real estate, employment Boulder Co, environment employment, local boulder co companies, moving to Boulder Co, Technology jobs

CHFA has New Home Loan Programs

What is CHFA? It stands for the Colorado Housing and Finance Authority and is based in Denver, Co. CHFA makes loans possible for low to moderate income homebuyers with lower credit scores.

CHFA’s newest programs are called the HomeOpener and HomeOpener Plus loan programs. These programs are available to both first time homebuyers and those buyers that have purchased one home already.   Homebuyers must attend the homebuyer education course offered through the Authority.  The 30 year, fixed rate loans offer down payment assistance and closing cost assistance through CHFA.  For a homebuyer to qualify, their credit score must be a minimum of 580 and a maximum debt to income ratio (DTI) of 45%. Read the rest of this entry »

Tags: Tags: affordable housing, chfa, Colorado housing and finance authority, down payment assistance, first time buyer, Ginnie Mae, homeopener

Are You Water-Wise?

Generally, I receive tons of junk mail and end up tossing or shredding most of it.  This month with my water bill was an informative pamphlet about being water-wise.  I thought this would be good information to share with those of you that didn’t receive this good piece of junk mail. 

There are several ways we can be water-wise:                     

1. You can learn how to save water in your yard this summer.  Since Spring planting season is coming up, the city of Boulder, Colorado, in partnership with the Center for ReSource Conservation (CRC) is offering numerous programs and resources that will help conserve water in your lawn and garden.  Beginning March 2, The CRC will offer garden supplies, trees, drip irrigation kits, compost, mulch, and other items that help reduce water consumption.  For more information on this program or products contact the CRC at:  www.ConservationCenter.org or you can call   303-999-3820   x217.   Supplies seem to be limited so contact soon. Read the rest of this entry »

Tags: Tags: Boulder rebate program, boulder saves water, boulder water, boulder water consumption, center for resource conservation, colorado water, drip irrigation, water conservation, water wise landscape, xeric garden

Older Adults and Mental Health Issues

Let me start out by saying I’m a Senior Real Estate Professional (SRES) in Boulder Colorado that has a strong interest in providing Real Estate services to people in the 2nd 1/2 of their life.  My interest in learning more about seniors is compounded by the fact that I myself  have 5 generations of women living in my family (I know there are more like me out there, let me hear from you) :   my grandmother is 98 (still with it…bless her heart), my mother 78 (caretaker of my grandmother who recently went into a nursing home because she wasn’t capable of taking care of her at her home any more), ME ( listener of problems, counselor in training, director of research and in the middle of the  sandwich generation), my daughter (who is direct caretaker to her husbands grandmother who is bi-polar and also lives close enough to  her grandparents on her dad’s side that still live in their own home and are closing in on 90) and wee little Sophie Louise who is 18 months and is running circles around mom and grandmom and great grandmom.  You’d think we’d all be nuts ourselves by now….but we’re not there yet! Read the rest of this entry »

Tags: Tags: Aging Services, boulder colorado, Boulder County, caretakers, generations, Mental Health, Mental Illness, Retirement, Senior Real Estate Services, seniors

Louisville Colorado

Did you know that Louisville Colorado in Boulder County was voted one of the best places to live and raise a family? 

I would have to agree, with its quality schools, open space, and friendly neighborhoods, it’s a great place to call home. 

Click here to receive a Louisville Relocation Guide and learn more about its history, location, and resources.

Tags: Tags: Boulder County, Louisville Colorado, moving, Relocating

Foreclosure Prevention Plan

The Obama administration released guidelines which will allow lenders to begin modifications to eligible loans under the “Homeowner Affordability and Stability Plan.”   The Foreclosure Prevention plan is estimated to help seven to nine million homeowners make their loans affordable and prevent foreclosure. 

Here’s an outline of these guidelines from the Department of Treasury:  click this link for the summary

According to the U.S. Department of Treasury, “The Home Affordable Refinance Program” will be available to 4 to 5 millon people who have solid payment history on a mortgage owned by Fannie Mae or Freddie Mac.  These are homeowners who could not refinance because they owed more than 80% of the home value.  Many homeowners will now be able to refinance and take advantage of the low interest rates and turn a variable rate mortgage to a 30 year fixed.    Documentation for these loans is suppose to be less cumbersome and not cost an arm and a leg to process.  This program ends June of 2010. Read the rest of this entry »

Tags: Tags: affordable loans, foreclosure plan, foreclosure prevention, Home Affordable Modificatiom Program, Home affordable refinance program, Homeowner Affordability and Stability Plan, Obama's foreclosure plan, refinance program