If you are thinking of renting a property in the Summerville/Charleston area, or really anywhere, please be aware of a scam that is being purpertrated on Craigs List.
The scam artist takes information about homes that are listed for sale and posts it on Craigs List as being for rent. They provide their own contact information and when someone calls about the "rental", the scammer gives an excuse of why the owner is out of town and all dealings must be handled remotely. They ask the prospective renter to fill out an application and send it along with first and last months rent. Once they receive the money, the scammer disappears and leaves the victim to find out that the property was never for rent in the first place and the scammer had no actual connection to the property.
If you are looking to rent be sure you are dealing with a reputable real estate firm, property management company or agent. This is easy enough to check with a few phone calls and/or internet search. If the person posting the property represents themselves to be the owner or someone assisting the owner, then you must proceed with caution.
Always be sure to visit and tour the home in person before sending any money. Asking for pictures is not enough because the scammer steals pictures and information off of whatever listing forum they found the property.
If you really must sign a lease before you make your move and cannot view properties in person (for example if you are moving to another state), contact a reputable real estate firm or property management company to assist you. It may eliminate some homes that are being offered for rent privately, but at least you can be sure that you will not be scammed out of your security deposit.
I personally know two fellow agents whose listings were the subject of this scam so this is no joke. Right now, it seems that these criminals are targeting Craigs List, but be aware when inquiring about rentals through the newspaper or other sites where anyone can post an advertisement.
The following link provides additional information about this story as well as where to report any suspected criminal activity.
http://www.popdecay.com/2009/07/real-estate-scam-uses-craigslist-to-lure-victims/
Kind Regards,
Maria Pettis, Realtor/e-PRO
Century 21 Properties Plus, Inc.
Sunday, July 26, 2009
Monday, July 6, 2009
Time is Running Out On the First Time Buyer Tax Credit!
That First Time Home Buyer tax credit that everyone is talking about is going to expire in a few months. In order to qualify, you need to close on your new home by November 30th of 2009. The amount of the credit is actually 10% of the purchase price of the home with a cap of $8000.
Who exactly is eligible and what does "First Time Homebuyer" mean? If you have never owned a home before or have not owned your own home within the last three years, you qualify as a "First Time Buyer". Your adjusted gross income should be no more than $75,000 for single or $150,000 if you file jointly. The home being purchased needs to be your primary residence, but it can be a single family home, condo or townhouse.
Unlike the previous tax incentive of $7500 enacted in 2008, this one does not need to be paid back. Unfortunately for those folks who purchased and received that original tax incentive, this new one is not retroactive, so you are stuck having to pay back that $7500.
So you qualify for the new incentive...should you get off the fence and start looking for your new home? That's only a question you can answer, but keep in mind the following points:
Interest rates are still at historic lows - The days of interest rates under 5% may be gone, but you can still get an amazing rate! If your credit is good, you will probably qualify for a great rate. And the rate can make a huge difference on your monthly payments and how much you pay over the life of the loan even more so than having the seller take a few thousand dollars off the purchase price.
There is an Abundance of Inventory - This means you have lots to choose from and sellers are much more willing to negotiate to get you to purchase their home rather than the competition's. So yes, it's still very much a buyer's market!
Prices Have Dropped - In some parts of the country home prices have declined significantly and are still declining. Don't let this scare you away! For a buyer, this means you can probably find a great deal. Just plan on being in your home for at least 5-7 years. If you are in it for the short term, it may not be the time for you to purchase, but it's great for anyone looking for a primary residence who plans to stay a while.
Still not convinced? Do some homework...
Talk to a lender or two to find out what you qualify for, what kind of rate you can get, etc. Most lenders will help you with this information with no obligation so I am surprised at the number of people who don't bother to make the call. This is key information in helping you decide whether or not you are ready to purchase!
Pull your credit report. You are entitled to one free credit report each year. Make sure you get reports from all three reporting companies: Experian, Equifax and TransUnion. Be sure to get your FICO score as well. Check your report over carefully and start working to either resolve any problems or improving your credit score.
Search the MLS. Either speak with an agent or do your own online search. For example you can search at www.Century21.com or if you live in the Charleston area try my website at www.SummervilleRealEstateOnline.com. Get a feel for what your money can buy you at various price points.
If your credit is good, your job is stable and you plan on living in your new home several years, then this may be the time to make the move! There is no crystal ball to predict the future, but chances are that the bottom of the housing decline is here or near. If you wait too long, you may find yourself looking at prices and interests rates that are on the rise and remember that the tax credit is only good until November 30, 2009!
So do your research and get going!
For additional information about the tax incentive talk to your lender or tax advisor. You can also visit:
http://www.federalhousingtaxcredit.com/
Maria Pettis
Realtor, e-PRO
Century 21 Properties Plus, Inc.
Summerville, SC 29483
843-860-3901
Who exactly is eligible and what does "First Time Homebuyer" mean? If you have never owned a home before or have not owned your own home within the last three years, you qualify as a "First Time Buyer". Your adjusted gross income should be no more than $75,000 for single or $150,000 if you file jointly. The home being purchased needs to be your primary residence, but it can be a single family home, condo or townhouse.
Unlike the previous tax incentive of $7500 enacted in 2008, this one does not need to be paid back. Unfortunately for those folks who purchased and received that original tax incentive, this new one is not retroactive, so you are stuck having to pay back that $7500.
So you qualify for the new incentive...should you get off the fence and start looking for your new home? That's only a question you can answer, but keep in mind the following points:
Interest rates are still at historic lows - The days of interest rates under 5% may be gone, but you can still get an amazing rate! If your credit is good, you will probably qualify for a great rate. And the rate can make a huge difference on your monthly payments and how much you pay over the life of the loan even more so than having the seller take a few thousand dollars off the purchase price.
There is an Abundance of Inventory - This means you have lots to choose from and sellers are much more willing to negotiate to get you to purchase their home rather than the competition's. So yes, it's still very much a buyer's market!
Prices Have Dropped - In some parts of the country home prices have declined significantly and are still declining. Don't let this scare you away! For a buyer, this means you can probably find a great deal. Just plan on being in your home for at least 5-7 years. If you are in it for the short term, it may not be the time for you to purchase, but it's great for anyone looking for a primary residence who plans to stay a while.
Still not convinced? Do some homework...
Talk to a lender or two to find out what you qualify for, what kind of rate you can get, etc. Most lenders will help you with this information with no obligation so I am surprised at the number of people who don't bother to make the call. This is key information in helping you decide whether or not you are ready to purchase!
Pull your credit report. You are entitled to one free credit report each year. Make sure you get reports from all three reporting companies: Experian, Equifax and TransUnion. Be sure to get your FICO score as well. Check your report over carefully and start working to either resolve any problems or improving your credit score.
Search the MLS. Either speak with an agent or do your own online search. For example you can search at www.Century21.com or if you live in the Charleston area try my website at www.SummervilleRealEstateOnline.com. Get a feel for what your money can buy you at various price points.
If your credit is good, your job is stable and you plan on living in your new home several years, then this may be the time to make the move! There is no crystal ball to predict the future, but chances are that the bottom of the housing decline is here or near. If you wait too long, you may find yourself looking at prices and interests rates that are on the rise and remember that the tax credit is only good until November 30, 2009!
So do your research and get going!
For additional information about the tax incentive talk to your lender or tax advisor. You can also visit:
http://www.federalhousingtaxcredit.com/
Maria Pettis
Realtor, e-PRO
Century 21 Properties Plus, Inc.
Summerville, SC 29483
843-860-3901
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