Another old mortgage scam rear’s it’s ugly head. Again.
Watch the video to see what the scam is and how to avoid it.
Further questions on this topic? Any personal messages of woe you can share?
Feel free to comment below.
Why All The Docs, Doc? [Video]
April 15, 2011 By
Aaron Castillo (of Diversified Mortgage Group) discuss a frequent complain of real estate buyers: Why do I need to give my agent (or even listing agent) all of my financial documents?
Watch the video to find out the answer!
Further questions on this topic? Feel free to comment below.
(Despite what my shirt says, I’m not grumpy 
)
Federal Tax Credit Expiring Soon!
March 10, 2010 By
Time to get your documents in order.
It would be a total shame to meet all the requirements and be eligible for the $8,000.00 Federal Tax Credit for First-Time Home buyers, and then fail to file the required documents.
Here are the requirements, as per the Internal Revenue Service website:
IRS First-Time Homebuyer Credit Documentation Requirements
Tax time is just around the corner and if you became a First-Time Homebuyer in 2009, you’re definitely looking forward to the First-Time Homebuyer Credit. However, are you confused about the documents required to claim the credit? The IRS has put together five tips to help clarify the documentation requirements.
- Settlement Statement: Purchasers of conventional homes must include a copy of the Form HUD-1 or other executed Settlement Statement.
- Properly Executed Settle Statement: A properly executed settlement statement shows all parties’ names and signatures, property address, sales price and date of purchase. However, settlement statements, including the Form HUD-1 can vary from one location to another and may not include the signatures of both the buyer and seller. In areas where signatures are not required on the settlement document, the IRS encourages buyers to sign the settlement statement when they file their tax return – even in cases where the settlement form does not include a signature line.
- Retail Sales Contract: Purchasers of mobile homes who are unable to get a settlement must attach a copy of the executed retail sales contract showing all parties’ names and signatures, property address, purchase price and date of purchase.
- Certificate of Occupancy: For a newly constructed home, where a settlement statement is not available, attached a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.
- Long-Time Residents: If you are a long-time resident claiming the credit, the IRS recommends that you also attach documentation covering the five-consecutive-year period such as Form 1098, Mortgage Interest Statement or substitute mortgage interest statements, property tax records or homeowner’s insurance records.
Visit IRS.gov/recovery for more information.
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