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The Countdown Has Commenced - 2010-01-24
THE COUNTDOWN HAS COMMENCED
Three Months, Seven Days, and Counting

From today, you have exactly ninety-seven days to find a house, negotiate with the seller, and get it under contract. If you can do that by midnight on Friday, April 30th, you'll likely qualify to pick up a check from the government for as much as eight thousand dollars. But after that moment, don't look for an extension of the program - it probably won't happen.

The First Time Home Buyer Tax Credit has been a success. Sales of existing homes have increased almost steadily since last April. And the National Association of Realtors reported recently that first time home buyers accounted for about 30 percent of all sales last year.

The IRS defines first-time buyers as anyone who has not owned a principal residence in the last three years. The tax credit is for 10 percent of the purchase price, up to a maximum of $8,000, and does not have to be paid back. The credit begins to phase out for buyers with an income of $125,000 for singles and $225,000 for joint filers.

The tax credit was extended and expanded to include more Americans in November. At the same time, a Repeat Home Buyers Tax Credit was initiated to encourage existing homeowners to move and purchase another house. Again, there are income limits, and the home being purchased must cost less than $800,000. And once again, the credit is for 10 percent of the purchase price, up to a limit of $6,500. "Repeat Buyer" is defined as anyone who has owned their own principal residence for at least 5 of the past 8 years.

An often overlooked benefit of a tax credit is that the payment is not considered income, so it is totally tax-free. If you qualify, you get the full benefit of each and every dollar, undiminished by your friendly tax collectors.

But the fun is set to end on midnight on Friday, April 30th at the stroke of midnight. Any buyers whose contracts are not binding by then will be ineligible to participate in the program.

And don't look for another extension of time for the credit. With government deficits at an all time high and the real estate market mounting at least the beginnings of a recovery, politicians are unlikely to continue what can only be described as a substantial subsidy for the American dream.

The $8,000 First Time Homebuyer Tax Credit and the $6,500 Repeat Homebuyer Tax Credit are both set to expire at the end of April, although if you have a binding contract by that date, you can have until the end of June to get it closed. My advice is to take the money and run.
 
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"EPA CERTIFIED RENOVATOR" TRAINING

Do You Work with Real Estate?  You Must Be LEAD SAFE CERTIFIED as of April 22nd.

To all owners, realtors, investors, property managers, contractors, electricians, plumbers and painters. Do you ever engage in any level of renovation? If so, read this:

Any renovator, from owners to contractors, from plumbers to electricians to painters, who disturbs lead paint while working in a pre-1978 home, school or day care center, now must be Lead-Safe Certified.  If you’re not, you can face tens of thousands of dollars in fines. Plus, you put the health of yourself, your workers and your customers at risk, which could result in lawsuits. One simple 8 hour class certifies you for five years. It’s that easy.

Since April 22, 2010, there are new Federal rules regarding how you perform any work that disturbs lead-based paint in homes, child-care facilities and schools built before 1978.  You now must be EPA certified and follow specific work practices to prevent lead contamination.

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In just one day, John Adams will teach you how to meet all EPA requirements and become an “EPA Certified Renovator.”

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  • Friday, July 30th at Suburban Plaza,  2643 North Decatur Road and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
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  • Friday, August 06th at Suburban Plaza,  2643 North Decatur Road and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
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  • Friday,  August 13th at Suburban Plaza,  2643 North Decatur Road and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
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  • Friday,  August 20th at Suburban Plaza,  2643 North Decatur Road and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
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  • Friday,  August 27th at Suburban Plaza,  2643 North Decatur Road and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
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    Total Course Cost: $295, includes exam and EPA-HUD 400 page manual
    Space is limited to 20 participants.

Training services provided by Seagull Environmental Management Co, Inc.
Courses are approved for purposed of certification under Section 402 of TSCA for the Certified Renovator. 

This course has been approved by the Georgia Real Estate Commission for 7 hours of Real Estate Continuing Education 
 
For more information, call toll-free 888-373-0029
 
Click above on the "Seminars" button to register
 
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John Adams Presents

“The MetroVestAtlanta.com REO Bus Tour”

Get on the bus for a tour of South DeKalb County’s “Real Estate Owned” homes. Each house you visit will be available that day for purchase at a giveaway price, regardless of current condition. Financing is available!

Throughout the day, we will hear from mortgage providers, people in the construction business and property managers all discussing today’s situation with Bank Owned REO properties.

Who Should Attend:  Investors, Realtors, Lenders, Prospective Buyers, and anyone who might want to buy a super-bargain house and either do the rehab themselves or have all the work performed by the pros.

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Saturday, August 21st, 9:30 AM to 4:00 PM
 
Your $49 fee includes the bus tour and lunch.  You must make reservations.  No walk-ups.
 
There is limited seating and the seats are filling fast. ACT NOW before you miss the bus.
 
We will be meeting at Suburban Plaza, 2643 N. Decatur Road and Church Street, Lower Level, Decatur 30033 (beneath Hancock Fabrics, in the arcade.) 

To register, click HERE
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