IRS Sets New Rules for Tax Credit
The Daily Real Estate News reported that the Internal Revenue Service (IRS) has published new guidelines for eligibility for the home buyer credit when there are co-borrowers purchasing the home.
When a parent of an adult child co-signs for the mortgage and both names appear on the note, the IRS says that under some circumstances, the first-time home buyer can qualify for the whole amount. The parent does not qualify for claiming the tax credit, however, if the child has not owned a home in the last three years and qualifies based on income, he or she can claim the whole $8,000 credit.
When an unmarried couple co-purchases a home and only one of them is el...
1. It's a Small Town - let's face it! With a population close to 600,000, Charleston is not a large metropolis and cannot offer NFL franchises or major league baseball teams, big rock concerts or high profile international visitors like a large metropolis does. Charleston still feels provincial, although you can find people from all over the world. In comparison to cities like New York, Paris or London, Charleston's cultural, ideological and ethnic diversity is still limited. IMHO, Charleston was probably the "forgotten jewel" along the East Coast that only hit the international "radar screen" after the Internet became ubiquitous. Th...
After working with dozens of out-of-town clients who have relocated to Charleston from different parts of the U.S. and overseas, areI wanted to share some of the pro's and con's that I have heard from them about Charleston. Charleston (deservedly so) has been consistently named one of the top 10 small cities to live and visit in the USA. Today I will write about the things people rave about, tomorrow I will share some of the not-so-good aspects of this "Holy City"...
1. The Weather is (mostly) Great! In the Winter, when most of the country is under snow, ice and sleet, Charleston's mild climate allows for year-round golf and tennis, while stil...
The Charleston Area real estate market has experienced an important change in sales momentum. Fueled by low mortgage interest rates, improved housing affordability (lower home prices), the $8,000 Tax Credit for first-time home buyers and the prospect of increased employment with the future Boeing plant being built near the Charleston International Airport, year-over-year monthly sales (i.e. October 2009/October 2008) have shown increases for the past four months, for the first time since October of 2006!
I just read about this new company, 
James Island's 20th 
Latin American Business Expo presented by the Charleston Metro Chamber of Commerce
And why on earth am I talking about this in a "buyers' market"?
Since the market turned around in the last three years, buyers have become pickier and pickier. Today's "buyer's market" implies that we are in a de facto "beauty contest" combined with a price war. 
If I had been asked this question yesterday, I would have returned a blank stare. I read last week a very informative article on Inman News written by Professor Jack Guttentag of Wharton School of Business that talks about PNP's as it relates to mortgage loan pricing.
"My husband and I were stationed in Okinawa, Japan and received orders to Charleston AFB. Alan was referred and contacted us by email and phone as we started our home buying process before even leaving Japan! Once arriving in Charleston, we met with Alan and he explained the entire process which was so crucial being that we were first home buyers. Alan made us a binder with awesome information about his company, the process and contact information from utilities to painters and plumbers! I carried that with me everywhere during the process. He was so organized and professional, that we knew we couldn't have asked or picked a better Realtor!
