Atlanta Real Estate Blog

Real estate practices have changed over the years. Even though buyers were not informed, in most transactions involving a “selling” and a “listing” agent both agents represented the seller’s interest.

In today’s real estate market, a buyer can choose to work with a “buyer’s agent.” This agent works to protect the buyer’s interests in the real estate purchase by showing properties that meet the buyer’s needs, fully disclosing any facts about the property or the area to the buyer, writing the offer with the buyer’s price considerations in mind, presenting the offer in its best light, negotiating the offer and attempting to get the buyer’s price accepted, knowing the market and home values to advise the buyer, following the process from contract to closing by keeping the buyer informed, helping the buyer with financing questions, inspection decisions, and construction concerns. The buyer’s agent is in your camp!

The cost for the buyer’s agent is generally paid for by the seller. This makes having a buyer’s agent free to the buyer. What a deal! You will realize when your home is purchased that your buyer’s agent services were invaluable.

Hey, first-time homebuyer: How does $8,000 from your Uncle Sam sound?

Want an extra $8,000? If you’re a first-time homebuyer then we have a nice surprise for you.

David Reed, financial expert,  explains the plan like this.  Last fall, the Federal Government introduced a financial incentive to prospective first-time homebuyers — an income tax credit of up to $7,500. The rules were simple: you must have been a first-time homebuyer (as defined by not owning a home in the previous three years) and you met certain income restrictions.

The new $8,000 tax credit is available to those who buy between January 1, 2009 and December 1, 2009. It’s not a deduction, it’s an actual credit. Unlike the $7,500 first-time homebuyer tax credit introduced last summer; this does not need to be repaid.

First timers who qualify can make no more than $75,000 in adjusted gross income if they’re single or $150,000 if filing jointly. The maximum tax credit is $8,000 or 10 percent of the sales price of the home, whichever is less. Three years residence in the property are required. As always, check with your accountant for details and be sure to submit IRS form 5405 when you file your taxes.