Financial News

Tax Information From Our In House Buffalo Grove Lender

Leveraging tax refunds to make more sales

It’s time again for that annual right of passage when we all file our income taxes. It’s predicted that almost 70% of taxpayers will get a refund this year. That means that over the next 60 days about $230 billion in tax refunds will start hitting households in our area. It seems appropriate that this week we would discuss a few ways to leverage this annual phenomena to help you to sell more real estate and for me to make more mortgages.

Timing is everything:

It’s a buyer’s market out there. Prices are at the lowest levels that we’ve seen in some time. The supply currently exceeds the demand so there is a lot of inventory available giving a buyer a vast array of selections to choose. Couple that with my incredibly low interest rates and you have a winning combination. But wait there’s more. If your buyers act quickly and ratify a contract as late as April 30th, 2010 first time buyers can receive up to $8000 and move up buyers can still take advantage of up to $6,500. I have some wonderful flyers that explain the tax credit in easy to understand language.

Sphere of Influence:

Start by mailing or emailing your sphere of influence to tell them about the advantages of purchasing now.  Ask your friends to forward your information on to their friends and leverage the people that know you.

2009 Buyers and Sellers:

Mail every person that closed with you last year a copy of their closing statement to assist them in completing their taxes. Many of the costs associated with buying a house are tax deductible, so a copy of the closing statement is a must. Include a letter asking for more referrals. You might even get a local accountant to defray some of the cost of your mailing if you also include their contact information in the letter.

Past Buyers and Sellers:

It’s easy to watch the news and believe that real estate has screeched to a halt, but that simply isn’t the case. Educate your past consumers that now is the perfect time to take advantage of tax credits for moving-up, refinancing with lower interest rates or buying that 2nd home or investment property that they have always talked about. Even if they want to buy in another market you can place a referral with your relocation department and get paid when they buy in another market.

Renters:

A lot of people who rent simply don’t know that they can buy. I still have programs with low to no down payment options and programs for people with credit scores as low as 600. In case you were curious myfico.com reports that only 15% of Americans have a score below 600. I would be happy to work with you to create some mailing pieces that show the difference between renting and buying and how someone could leverage their tax refund.

Go high-tech:

Do you Blog, Twitter, or participate on Facebook? If you do, use this as a forum to get the word out about the great opportunities that they have buying and selling real estate with you. Talk about leveraging a tax refund to buy and the advantages of creating wealth in real estate.

Are you looking for more ideas or help implementing some of the ones above? I’m here to help!!! I would love to partner with you in getting the word out that people need to work with us. Individually we are great but together we are unstoppable. Henry Ford said it best, “Coming together is a beginning. Keeping together is progress. Working together is success.”

The Sharron Kelley Team received this great from our in house lender at Coldwell Banker in Buffalo Grove. She always provides us with great information that is useful for everyone. If you have any questions she is always available to talk.

Cindy Hinchman
Mortgage Advisor
847 571-1773
856 917-1226 Fax
cindy.hinchman@mortgagefamily.com

Please feel free to contact us with any questions as well 847-465-3638 or email us at sharron@northernillinoishomes.com. You can visit our website at www.NorthernIllinoisHomes.com

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Update on Tax Credit for Buyers and Sellers

This is the latest update regarding the regulations for the Tax Credit

TAX CREDIT UPDATE: The U.S. Senate and House have passed the bill that includes an extension and expansion of the home buyer tax credit. It now moves to President Obama for signature, which could happen as early as tomorrow.

Home Buyer Tax Credit Changes [PDF]

Frequently Asked Questions

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Year To Date Area Real Estate Report

Every month we get the Chicago Northwest report on the currently inventory of homes and sales that have taken place from our board. This is also a comparison of homes sales between 2008 and 2009. It is a great way to keep up with what is going on in the market.
Click on these links to open up the pdf files of
Attached Homes and Detached Homes properties.

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What is a Short Sale

Over the past year there has been a lot has been said about short sales and the difference between the short sale process vs foreclosure. These are words that were hardly used before 2008 and now we hear them almost daily on the news, on line and in the newspapers. I found this very simple explanation in the attached article which I hope will be helpful to you. I am well versed in this process and have taken classes and have my CDPE certification. Please contact me if you need help, as I would be happy to explain this all to you. We have a team of professionals that can help save your credit.

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Tax Credit for First Time Buyers Almost Over!

Tax Credit for New Home Buyers

Don’t let the U.S. Government Keep Your $8,000
Earlier this year, the government offered an unprecedented $8,000 to prospective home buyers just like you to help them get into a home.
And on November 30th, they’re taking it off the table.

It’s up to $8,000 that you can use for a downpayment or closing costs on your next home purchase:
No Repayments if you live there for 36 months
No Interest, because it’s not a loan
No Strings Attached, you can even get the money up front
They couldn’t have made it any easier for you to get the money. The only problem is that in less than 80 days it goes away forever.
What’s worse is that if you don’t act soon, you could lose out all together.

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Foreclosure Market Trends Report For September

There is so much in the news today regarding the foreclosure market and what is happening. I am a member of Realty Trac and have been actively working the short sale market in Buffalo Grove, Lake Zürich, Long Grove, Palatine and Vernon Hills. The enclosed NewsletterPdfConverter will give you great information and you can call or email me to get more specifics on properties that are available.

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