Buy a House Fast

What you need to know before you go home-shopping

 Is planning to move the next BIG move of your life? Are you looking for a home to share with your soon-to-be husband or wife? Have you always been waiting for the day when you’d be a proud homeowner? Are you shifting homes to accommodate for the needs of a larger family? Whatever the reason, buying a home is a crucial decision that affects you and some of the most important people in your life.

We at Express Realty Services understand your needs and would like to guide you through roadblocks that you will encounter when you consider purchasing a house.

We will help you dispel some myths and determine the facts as we go along.

 Myth #1

Owning a home is more expensive than renting one.

 Fact

You might wonder: Shouldn’t you think of buying a home only when you have huge savings? While that may hold water, it’s not always the norm.  A lot depends on the costs involved and the income you make. In many markets, owning a home can be as affordable as renting one, especially considering the tax advantage that you gain with your purchase.

Besides, rental costs tend to increase with each passing year, but buying a house at a fixed-rate mortgage locks in your mortgage rate per month throughout the life of the loan.

In addition, when you pay rent, you spend hard earned money that you will never see again. It only ends up filling your landlord’s pocket. On the other hand, making regular monthly payments will eventually result in an asset that appreciates in the long run.

 What can I do?

Need to find a home that’s just perfect for you? Express Realty Services can help you in your search. With in-house lenders and other specialists to guide and assist you, we offer an exceptionally integrated service that is unique to this industry.

Our expertise has benefitted more than 750 families, and has saved them money. We’ve had instances where we’ve found a beautiful home for our client, with a monthly mortgage that was almost $250/month less than his monthly rent!

 Don’t miss your opportunity to save too! Just call Express Realty Services at 1-877-9-EXPRESS (1-877-939-7377) and we’ll find you the home that YOU deserve.

 (This blog is the first in this series)

Want to dispel more myths? Check out the other blogs in this series: Myth 2; Myth 3; Myth 4

Did you buy a home last year or are you are planning to buy now?  Either way, there are some important things to remember about the home buyer tax credit.

What You Might Know

• The credit applies to you if are a first time buyer or a repeat buyer.  You are considered a first-timer if you have not owned a home in 3 years. First timers can qualify for up to $8,000, while repeat buyers can receive up to $6,500.
• You must have a signed sales contract by April 30 and have your closing on the property by June 30 in order to claim the credit (If you are in the military or foreign service, you have an extra year).
• The home you buy must be your principal residence. If you are a repeat buyer, you don’t have to sell your old home, but you can rent it out or turn it into a second home while using your new home as you primary home.

For a complete summary of all criteria, see the official site.

What You May Not Know

• Unless you applied all or part of your credit to your down payment or closing costs, you will receive your funds after you have filed your taxes.
• To claim the credit, you must submit a copy of the HUD-1 settlement statement and IRS Form 5405 to claim either the first-time home buyer tax credit or the repeat home buyer tax credit.
• You can claim your refund with your 2009 return, amend it if you have already filed, or save it for your 2010 return.
• To claim the credit, you cannot E-file. You must mail a paper return because you have to send some supporting documentation (proof of residency, a signed mortgage statement and drivers license) along with the return.  If you use online tax software like TaxAct, you can use their forms but still must print them out and mail your tax return to the IRS.
• It may take up to four months to receive your refund.

Before you blast the IRS for gross inefficiency and inflicting mental cruelty, blame your fellow citizens who tried to scam the government. The rules were changed with the November 6, 2009 extension to prevent fraud.

Despite the wait, the money is a good incentive to buy a home. Express Realty Services has a great selection of pre-owned homes in the greater DC area. Visit our website to find your next home in Maryland, Virginia, or DC.  Many are newly renovated and ready for you.