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Tax Credit Extension, Expansion Passed Both the House and the Senate have passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers who have lived in their home for five of the previous eight years. Income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The legislation places an $800,000 cap on the home sale price. The legislation was included in a broader bill to extend unemployment benefits.
Compare the existing credit to the newly passed version in this chart.
Homebuyer tax credit extended into 2010; expanded to “move-up” buyers. In welcome news for the housing industry, the $8,000 tax credit for first-time buyers has been extended through April 30, 2010 and expanded to offer up to a $6,500 tax credit for qualifying repeat buyers.
 Ask us any question about buying a home in Wauconda, Island Lake, McHenry and Barrington. It's our job to help you! There's no obligation, and we promise to respond quickly... 
Closing or Settlement >Net Sheet for Sellers
When you consider what price you should accept when selling your home, there are two important factors that will influence your decision. The first factor is the basic sales price. The second, and more important, is the amount you will actually receive from the proceeds at the closing.
Your real estate agent will prepare a seller's "net sheet" showing what your expenses will be. This will aid you in determining who pays what and when. It can help you to focus on the details of the sale.
A seller's expenses will include brokerage fees, real estate settlement fees, title insurance fees and special assessments. In some cases the buyer may ask you to pay some of the loan fees. Local real estate taxes will be pro-rated for you and the buyer, and you may be asked to place funds in escrow for payment of your final water bill. Subtract your mortgage balance any home improvement loans and other liens against the property that will be paid at the closing to come up with your final figures.
Your real estate agent can go over all of these factors with you when you list your home for sale and again as offers come in.
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| Q |
What 45,000 sq.ft. home on 5-acres on Lake Washington is described as an 'adventurous house' by its owner?
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| A |
The home of Microsoft's Bill Gates ($40+ million) has a wall of 24 video monitors featuring art and film and a 60-foot pool. |
 See More Real Estate Trivia > |
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