Joel Dameral's South Lake Tahoe Real Estate Blog (530-545-8827)

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Once again we have a lot going on this week in South Tahoe.  Here are a few ideas if you are looking for something to do.

• Nov 11  Veterans Day ceremony 11-11:30am at the American Legion Post #795 located at 2748 Lake Tahoe Blvd.  Rain or Shine
• Nov 12-14 “The Importance of Being Earnest” playing at the Lake Tahoe Community College Duke Theater at 8pm.  For more information please call the Duke Theatre Box Office at 530-541-4660 x207.
• Nov 12 Mt. Tallac Leadership fundraising event at Chevys Fresh Mex.  25% fo the total will be donated to this local school.  4-9pm located at 3678 Lake Tahoe Blvd.  This is a super fun way to enjoy a great dinner and support our local youth.
• Nov 13 Tahoe Senior Plaza yearly Craft, Bake and Rummage Sale.  Stars at 9am. For more info call 530-542-7048.
• Nov 13 The 39th annual “An Evening of Food and Wine Tasting” presented by Soroptimist International of South Lake Tahoe.  Food, wine, silent auction and more.  Tickets at 866-801-8652.
• Nov 14th  Friends of the Library Book Sale at the El Dorado County Branch Library.  Located at 3300 Lake Tahoe Blvd from 10-3.  For more info call 530-542-2857.

These are just some ideas.  Hope you have a great week.  Possible snow tomorrow!!!! Wax the boards and skis.

Buying a home can be a dauniting task that has both risks and rewards.  The following is a shortened version of an article that first appeared in October on RISMedia.  I think that is offers some usefull information for those people who have their sights set on the “foreclosure”.

Buying a foreclosure often is appealing to buyers trying to stretch their dollars. It’s finding a good one can that can be a challenge.  Finding the bad one is easy.

The vast majority of the banks don’t want us to advertise them as ‘bank-owned’ because it comes with a negative connotation.   This means no sign on the front lawn indicating the home is anything other than a traditional sale. A buyer probably won’t find a property advertised as a foreclosure on marketing materials.

Plus, in some markets, including Las Vegas, foreclosure inventory is actually down compared with last year as government programs attempt to keep owners in their homes and banks aren’t putting as many homes on the market.   This is making it harder for buyers to purchace a foreclosure, and those paying with cash often win a bid over someone who needs financing.

If you’re considering the purchase of a home that is now owned by a bank, it’s also important to know at the outset just how much work you’re in for — and how much it is going to cost you. Many foreclosures are in various states of disrepair; some of the fixes are cosmetic, but some can be extensive.

Those looking for the best deal probably shouldn’t rule out non-foreclosure properties.

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RISMEDIA, November 6, 2009—President Barack Obama has approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010.

The extension is part of a $24 billion economic stimulus bill that will extend the $8,000 tax credit for homebuyers who are purchasing their first home from the current November 30 deadline and expands the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to relocate.

The following details apply to the homebuyer tax credit expansion:

Who is Eligible
-First-time homebuyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit.
-Existing homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit.
-All U.S. citizens who file taxes are eligible to participate in the program.

Income Limits
Homebuyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000.
-For married couples filing a joint return, the combined income limit is $225,000.
-Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
-The credit is not available for single taxpayers whose MAGI is greater than $145,000 and married couples with a MAGI that exceeds $245,000.

Effective Dates
-The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010.

Types of Homes that Qualify
-All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify.

Tax Credit is Refundable
-A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.
-For example:
-A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time homebuyer tax credit).
-A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit).
-All qualified homebuyers can take the tax credit on their 2009 or 2010 income tax return.

Payback Provisions
The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.

The www.federalhousingtaxcredit.com site is being updated. Check the site next week for more detailed information on the new tax credit.

For more information, visit www.nahb.org.

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Tonight  , November 6th, is a benefit at the South Lake Tahoe Chevys  restraunt supporting Bijou Community School 1st Graders.  Chevys is donating 25% of the check to the Bijou 1st grade program.  The money will be used for field trips, supplies, and other 1st grade activities.  Recently Chevys had a kinder night that did net $600 for the program.  It would be a great time to take the family and friends out to dinner and support a great cause.

On Wednesday the Senate voted, 98-0, to extend and expand the current first time home-buyer tax credit that is scheduled to expire at the end of November.  The house voted today 403-12 in favor. 

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6500.  Anyone who has not owned a home in the last 3 years (including first time home-buyers) would still get up to $8000.   This tax credit is only good for primary residences costing less than $800,000.  There is a phase out for individuals with incomes of greater than $125,000 and $225,000 for joint filers. 

To qualify one must sign a purchase agreement by April 20, 2010 and close by June 30, 2010.  As always, consult your tax professional before making any tax related decisions.

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We took the kids down to the Taylor Creek Stream Profile Chamber yesterday.  There are still a surprising number of salmon still spawning.  Its really an incredible site.  If you go early in the morning or at dusk there is a good chance you will see a bear looking for its next meal.

I ran 3 miles this morning, and boy could I feel all the sweets that I have eaten in the last few day.  Now all we need to do is figure out how to get all that candy from the kids- good luck to us.

Speaking of kids…. We went to some friends house yesterday for trick-or-treating.  We picked up some chicken wings at Hunan and spent the evening with about 15 other families.  The food and drink spread was outrageous, but the trick-or-treating was the main event.  Our friend hooked up a hay wagon (huge trailer) to his tractor and we took the kids around the neighborhood.  We hit about 15 houses- and the kids had a bag full of candy and huge smiles on their faces.

Its nice being in a community where one can go to one of the organized events for the kids, or go out for a more traditional evening.  I love this town.