Comments for Greater Chicago Real Estate Blog

Comment on Tax Form for First Time Home Buyer Credit - Form 5405 by Chewlip

Chewlip — Fri, 19 Jun 2009 01:55:38 +0000

I have heard that the answer to the previous question has changed, and you can in fact use the tax credit towards the down payment and closing costs. There are many websites (including official ones) that say this, yet we are struggling to find out how to apply for it.

PLEASE HELP!

Comment on The shortest street in Chicago? by Chicago History

Chicago History — Mon, 15 Jun 2009 17:27:04 +0000

Thanks for the link!

Comment on Tax Form for First Time Home Buyer Credit - Form 5405 by tommy

tommy — Sat, 13 Jun 2009 19:57:48 +0000

ok here is a good one for you,i was seperated form my wife for 5yrs not leagaly and we just got back togather,
I have owned a house for the last 10years but my name is the only one on the title,we have filed sererately for the 5yrs ,now we have bought a house togather can she qualify for the home buyer credit?

Comment on Tax Form for First Time Home Buyer Credit - Form 5405 by MikeLongRealty

MikeLongRealty — Fri, 10 Apr 2009 00:31:41 +0000

Great question Chris. Unfortunately you can’t claim the tax credit for purchasing the home until you actually purchase the home. They want to make sure the closing actually takes place. If you don’t want to wait to collect the $8,000 next year I believe you can file an amended return for this years taxes after you close and get the credit sooner.

So, you say you’re closing in July. File this years taxes as you normally would and come July you or your accountant can file an amended return thus not having to wait ’till next year to get see the money. Hope this helps! Let me know if you have any more questions?

THERE IS AN UPDATE…FOR FHA BORROWERS YOU CAN NOW USE THE TAX CREDIT AT THE CLOSING TABLE….visit http://www.mikelongrealty.com/blog for more details.

Comment on Tax Form for First Time Home Buyer Credit - Form 5405 by Chris

Chris — Thu, 09 Apr 2009 16:30:22 +0000

I have a question about this tax credit. I was hoping that I could use the $8,000 towards my downpayment by putting this on my 2008 tax returns. I, however, am settling on the home in July and was told that I am unable to file for this tax credit until I settle. Is this true? Thanks for the help!

Comment on The First Time Home Buyer Credit as Part of the Stimulus Package (New & Improved!) by Miami Beach Homes

Miami Beach Homes — Tue, 17 Feb 2009 20:53:04 +0000

Hopefully this first time buyer incentive will inspire more people to take advantage of existing homes on the market, very informative.

Comment on Westmont, IL Real Estate Market Update by Lake Houses

Lake Houses — Sun, 21 Sep 2008 05:56:43 +0000

I stumbled onto your blog doing a real estate search. I must say you have a great blog. I would encourage you to keep posting!

Take care, Ray

Comment on ARM’s in Chicago, Should I Refinance Now or Later? by Lkng4refi

Lkng4refi — Sat, 28 Jun 2008 07:06:11 +0000

I need some advise, I have a 5/1 that adjusts once every year no higher than 1% my current interest rate is at 6.35 and I am wondering if I should refi. I also have a HELOC with a current rate of 7.75 I would like to get these two combined into one fixed rate loan. What are my chances, I have a heavy debt load with credit cards and student loans. What are my chances of getting a good 30 year fixed rate. Any advice will be greatly appreciated!

Comment on A Quick Guide to Agency Terms by MikeLongRealty

MikeLongRealty — Fri, 20 Jun 2008 13:50:40 +0000

Wow! That is not a good situation….for anyone. I can’t imagine being the agent and actually wanting to move forward. One option I would suggest is to let the seller know that you are not going to present any offers unless the other buyers are represented by someone else. If that doesn’t work you can call the sellers agents managing broker and explain the situation. Dual agency is something I try to avoid every time and this one just screams trouble. Let me know how things work out.

Comment on A Quick Guide to Agency Terms by Matthew

Matthew — Mon, 16 Jun 2008 23:43:06 +0000

I have a question on dual agent situations. We have a situation where we are entering an offer on a place where there is another offer from another buyer who is represented by the sellers agent in a dual agency role. Is this even ethical or legal. It would seem to me that the sellers agent would need to pick one party to work with otherwise they would have additional information that we wouldn’t. It just seems kind of dirty.