Mint Hill NC Real Estate

So many people have asked me "Who do you recommend for additional services"

Here is a partial list of my preferred lenders.

http://www.charlottescustomhome.com/

Knowing and using the right people make all the difference.

These are professionals I know and trust and you can too.

Email me at Rich@RichFerretti.com for my complete list of preferred professional.

Make it your day

Rich

Rich Ferretti is your Mint Hill real estate professional. Rich also serves Matthews and Charlotte.

Charlotte NC Real Estate Update Oct 2009

Rich Ferretti is your Mint Hill NC Real Estate Specialist.

www.MintHillRealty.com

Networking and Your Chamber of Commerce...

Making the Most of Chamber Events: Visibility

By Rich Ferretti

The Mint Hill Chamber has 3 events every month. Are you taking full advantage of these networking opportunities? Are you meeting new people? Are you letting other people get to know you?

Too often we attend these events and behave as if we are there just to swap business cards. Moving from person to person we pull out a card, give a quick “elevator speech” and move on. Stop putting your business card in their face and asking for business! Your first step when at a networking event should always be to build the relationship. That’s Visibility.

Or perhaps you aren’t comfortable passing cards out like candy. Think back to a time when you walked into a room full of people and didn’t know anyone. How uncomfortable did you feel? Did you silently say, “This is the last event I’ll ever attend? Of course you did! We’ve all said that.

And if you are lucky, in those instances you spot someone you know and zoom… off you go to the same person or group you see each event! It is human nature to gravitate to people we know and immediately engage in a conversation. However, a Chamber event is a networking event—and networking means meeting with new people. It means building on relationships, and it means building new relationships.
What about the new member who just joined the Chamber and is attending their first event? Have you ever considered that person’s feelings? As a Chamber member, it’s our responsibility to take the initiative and make that person feel welcomed and introduce them to people you know. Again, think back to when you felt you walked into your first Chamber meeting…wouldn’t you have wanted someone to do this for you?

Each meeting, make it a point to meet at least one new person at each chamber event. You will alleviate your own discomfort by taking the initiative and making at least one person feel welcomed! Introduce them to people you know.

And most of all, listen to what the person has to say first before saying a word.  Really listen… stop thinking of what you’re going to say, your “elevator speech,” or your pitch and start listening.

There’s an old saying. God gave us 2 ears and 1 mouth, use them proportionately.

Next time: Moving from Visibility to Credibility

For more information on networking call or email Rich Ferretti.

Remember, it’s our Chamber, let’s make the most of the experience.

Rich Ferretti is the Mint Hill NC Real Estate Specialist. Rich is also an accomplished networker with serveral articles in print.

Call Rich Today.

Rich Ferretti, Mint Hill Real Estate.

Looking for Preferred Vendors...here you go

Home Buyer Tax Credit....

First Time Homebuyer Tax Credit Extended Into 2010!
Plus...A New Tax Credit for Certain Existing Home Owners!

It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.

In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.

So Who Gets What?
The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.

Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Deadlines
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Higher Income Caps in Effect
The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.
First-Time Homebuyer Tax Credit – Frequently Asked Questions
Here are answers to some commonly asked questions about the tax credit.

What is a tax credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.

What is the tax credit for first-time homebuyers (FTHBs)?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is eligible for the FTHB tax credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How do I claim the credit?
For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).

Can you claim the tax credit in advance of purchasing a property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.

Are there other restrictions to taking the credit?
Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.

• You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
• You do not use the home as your principal residence.
• You sell your home before the end of the year.
• You are a nonresident alien.
• You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
• Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
• You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.

Can you buy a home from a step-relative and be eligible for the credit?
Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.

Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit?
Yes.

Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years?
No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.

If you have any questions that fall outside the situations here, give me a call and if you do not have an accountant to speak with, I can refer you to one.

Rich Ferretti is your Mint Hill NC Real Estate Specialist.

Charlotte NC and Sports

[http://www.minthillrealty.com]
Like most American’s, the citizens of Charlotte are huge sports fans. Professional sports are one of Charlotte's most popular forms of entertainment--and certainly a deal-maker for many newcomers. From stock car racing to football, Charlotte has a full buffet for every family.

Carolina Panthers
Playing Uptown in the Bank of America Stadium Charlotte’s hometown NFL team is surging in popularity and respect. The stadium is beautiful and new and there isn't a bad seat in the place. You haven't enjoyed football, until you have watched the Panthers under the beautiful Carolina blue skies.

Charlotte Bobcats
Charlotte's new NBA team plays from a gorgeous state-of-the-art arena located Uptown, but this under-dog team needs a few good seasons and continued fan growth and strong support of current residents and newcomers alike.

Charlotte Knights
A minor-league baseball team with a stadium in Fort Mill, South Carolina, (the next exit south of Carowinds on 77). The Knights play many home games in the summer, and families from Charlotte, and the South Carolina suburbs of Tega Cay and Fort Mill can all enjoy this quick drive to experience America's favorite past-time.

Charlotte Checkers
Hockey isn’t just for the Canadians any more. Charlotte’s minor-league team is perhaps the best entertainment value in town thanks to super-inexpensive ticket prices and incredible action-packed games.

Racing
Charlotte is THE center of stock car racing in the USA with several NASCAR teams calling Charlotte home base. Charlotte hosts 3 NASCAR Sprint Cup races a season, including the All-Star Race and the Coca-Cola 600.

Now this is just a smidge of the sporting events and venues that Charlotte has to offer. This is a city of outdoorsmen, sportswomen, rabid fans, frontline cheering, and plenty of DIY fun. No matter what your entertainment interest, sports fans in Charlotte that you will find something for you.

Want more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out www.minthillrealty.com

$8,000 Tax Credit!

Tick-tock-tick-tock-tick-tock…Do you hear that sound? Tick-tock-tick-tock…It’s the sound of time running out! On November 30th, the incredible home buyer’s tax credit of $8,000 will END! If you can take advantage of this opportunity, and haven’t – you absolutely need too! With property values at the most affordable in several decades, and plenty of fantastic property to choose from – you should seriously consider moving into action before the offer expires.

First, let’s explain this credit a bit….

Who is eligible for the tax credit?
-->First-time home-buyers (or buyers who haven’t owned a home in the last 3 years would also qualify as “first-time” buyers)…
-->Buyers who make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers could receive a partial credit.)

The Catch?
-->The buyers must live in the house for 3 years or more, or they will have to pay back the tax refund.
-->The refund amount is $8000 or 10% of the home’s value – whichever one is less.

Extra important – this is not a tax-deduction! It is a tax credit!
Since it is a tax credit, it will show up a tax refund for most people. For example, if you paid $5000 in taxes this year and after doing your taxes found out that the IRS owed you a $500 refund, you would now get $8500 back.

Most importantly - Yes! You have to close by November 30th as the program ends on Dec 1, 2009. They may extend this program but it has not been approved yet by congress to extend it. You can’t trust the boys in Washington to keep this stimulus plan going, so you need to jump onboard with a solid Realtor and move quickly.

While the time-frame sounds really small, a qualified Realtor with a great mortgage team will be able to make this happen to you. Commit the necessary time from your schedule to look at the right properties, and you can find your dream home and take advantage of this amazing financial opportunity.

Want more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out http://www.minthillrealty.com/