This is baloney!  Go to FactCheck.org or Snopes.com and get the facts. The National Association of Realtors (NAR) has put out a MythBusters commentary to quell the rumor-mongering but the email persists.  In the NAR’s commentary they quote The Oregonian who did a comprehensive study of the legislation and published their findings.  Here’s what they say:

This new tax applies only to households with Adjusted Gross Income (AGI) of more than $200,000 for individuals or more than $250,000 for married couples. Since capital gains are included in the definition of net investment income, an additional tax obligation might result from the sale of real property.

Even if the AGI limits are met, the new tax would not be applied to capital gains that result from the sale of a home, since the existing home sale capital gains exclusion rule still applies – $250,000 (individual)/$500,000 (couple). So if the gain from the sale of the primary residence is below that amount, then NO Medicare tax will have to be paid on the gain. The new Medicare tax would apply only to a home sale gain realized in excess of the $250K/$500K that pushes the filer’s AGI over the $200K/$250K income limits.

So the next time you receive an email screaming of the injustice of the new real estate sales tax,  don’t pass it on – just delete it.  Maybe you can calm the Sender by giving them a link to this website. It feels good to have the facts instead of the fears.

Remember, if you are ready to sell your home or if you’re in the market to buy a home, please give me a call at 402-670-8775 or email me at Marie.Otis@cbshome.com. 

The Fed’s announcement earlier this week has sparked fears of a potential double dip economic recession. That would spook anyone. If Omahans fear they won’t be able to get a job or if they’re fearful of losing the job they already have then they don’t feel comfortable buying a new home.

Sellers are not giving their homes away for a ridiculous price either. Although it was reported in a Trulia poll that 32 percent of Sellers in Omaha have cut their initial price, the bottom line is that Sellers will generally choose not to sell if the offer is too low and ride out this market instead.

However, there are still people who are moving in and out of Omaha, or who have the money and good credit to buy, so homes are moving. We are slowing but steadily climbing to what we in the industry call “back to normal.” What that new normal will be, well, nobody knows yet.

Omahans are historically conservative by nature. I believe if the job market improves and stabilizes then the housing market will surpass expectations. In the meantime, the new normal may just be more modest growth and activity than anticipated.

If you’re ready to jump into the Omaha market, whether to buy or sell then give me a call at 402-670-8775 or email me at Marie.Otis@cbshome.com.  I will be most happy to provide you with superior service and the expertise you expect and deserve.

“Get Out of Debt Now”

“Let Us Keep Those Threatening Creditors from Calling”

“Secrets Loan Officers Don’t’ Want You to Know”

These siren songs of debt relief are practically irresistible to someone who is drowning in debt. But the FTC (Federal Trade Commission) reports that people often end up with more debt than when they started when signing up with debt relief or debt settlement companies.

The GAO (Government Accounting Office) investigated debt relief and settlement companies and reported “fraudulent, abusive and deceptive practices.”

Marceline White of the Maryland Consumer Rights Coalition went on a secret shopping expedition of on-line debt relief companies. Her findings were less than encouraging. She writes, “Instead of getting the promised services, consumers typically end up with less money, more debt, a worse credit score and dwindling options.”

Getting out of debt is most desirable but there is really no easy way. If you really want to get help go to a reputable nonprofit credit counseling agency. CBSHOME Real Estate has partnered with Credit Advisors located here in Omaha to refer our clients who need debt relief services.  Credit Advisors have an excellent reputation and have helped many Omahans get out of debt.

Let me know if your debts are under control and you are ready to purchase a home. Together I can help you find just what you’re looking for in the Omaha real estate market. Call me at 402-670-8775 or email me at Marie.Otis@cbshome.com.

1. Only water when your lawn needs it. I came across a handy tip for determining if your lawn needs water. Simply walk across your yard. If you see footprints then you need to water.  The pros tell us that fewer, deeper watering sessions are best for deep root growth and tougher turf. Water should soak down into the soil. If allowed to go dormant, lawns only need about 1/4 to 1/2 inch of water every 2 to 3 weeks to keep root and crown tissue alive.
2. Be certain to water in the early morning. Experts estimate as much as 30% loss due to evaporation if you water at midday.
3. Pay attention to more than just the lawn. Trees, shrubs and flowers also need tending. Buy & use drip irrigation hoses to water outdoor plants. These too need to be watered in the early morning.
4. Get out the broom and use it to clean driveways, patios, porches & sidewalks. Using a hose wastes a lot of water.
5. Watch out for yourself as well. Although it’s tempting to mow in short and flip-flops it can be too dangerous.  The pros recommend long pants and closed-toe shoes. Be certain to keep yourself hydrated as well.  Drink plenty of water.

I hope you’re having a terrific summer. My family and I are doing our best to enjoy every moment before school starts August 12. If you are looking to list your home or are wishing to buy a new one please give me a call at 402-670-8775 or email me at Marie.Otis@cbshome.com. I look forward to working with you.

Myth One – FHA Loans are Only for Low-Income Buyers: This one is not true. There is no maximum income limit for an FHA loan. Obviously, you have to qualify for the loan and you need to prove your ability to pay to the lender.

Myth Two – FHA Loans are Only for First-Time Homebuyers: Again. This is not true. It doesn’t make any difference how many times you’ve purchased a home before.

Myth Three – FHA loans are just for small loans: Well, I guess this just depends on what you consider “small.” In the five surrounding counties in Nebraska (Douglas, Sarpy, Cass, Washington & Saunders) the FHA loan limit is $271,050 for a single family home.

It’s also important to remember that FHA loans are often more affordable than conventional loans. The interest rates are the usually the same but a borrower only needs a down payment as low as 3.5 percent for an FHA loan.

If you are thinking of buying a home then consider an FHA loan. There is a general unwillingness with lenders in today’s economic climate to extend credit with conventional loans. FHA is a better bet for them too. It’s easier to lend money when FHA assures them of repayment.

Give me a call at 402-670-8775 or email me at Marie.Otis@cbshome.com and I’ll help you navigate the home-buying labyrinth. You need a pro on your side.

The Street of Dreams runs from July 10-25. Tickets are $12 ($1 of which will be donated to the Habitat for Humanity. $11 discount tickets can be purchased in advance at any Hy Vee Store in Omaha and Council Bluffs. Tickets for children 6-12 years old are only $6 and ages 5 and under are free. The hours are Monday-Thursday from 3-7 pm and Friday-Sunday from 11 am to 7 pm. Special features this year include an Outdoor Home Show, a beautiful Playhouse and a unique playground.

Elk Ridge emphasizes a park environment, custom landscaping, the Elk Ridge Clubhouse and a 65 acre recreational lake.  Residents will be able to enjoy fishing, sail boating, canoeing as well as exploring the walking trails throughout the development. There will be 136 Vista, Estate and Villa lots. There are golf-course lots, lake view lots and walk-out lots.

Four builders are featured at this year’s Street of Dreams including Choice Homes, LLC, Ideal Designs Custom Homes, Inc., Pohlad Custom Homes, Inc. and Thomas David Builders. Real Estate Agents got a preview this week and my impression is dark colors, dark, rich woods, granite etc.  With only four houses on tour you will have an opportunity to dream, dream dream.

When you’re ready to buy give me a call at 402-670-8775 or email me at Marie.Otis@cbshome.com.

Here are some of the pros:

• Amenities: Most condos are in complexes which can include pools, clubhouses, exercise facilities, a concierge service and even door security. Most of these extras don’t cost extra!
• Maintenance: If you are looking to escape yard work and snow shoveling then a condo may be for you. This is usually handled by your monthly dues. Bigger repairs such as a roof replacement are usually handled by the reserve funds of your condo association.
• Cost: In many cases a condo in dream neighborhood will cost less than a single family detached house. If you are attracted to a special school for your children this may be a cost savings to consider.
• Social Living: Meeting your neighbors in hallways or association meetings can potentially develop into friendships. Many condos have mixers and social gatherings on a regular basis.

Here are some cons:

• Limited Space: Condos in many urban areas are getting smaller and smaller. You may wish to factor in the cost of a storage facility for some of your accumulated “stuff” until you decide what to do with it. Some condos only have garage parking if you’re willing to pay an addition fee.
• Little Outdoor Space: Some condos have a deck or small patio but most lack yard space. This may be tough for those who love to grow flowers or veggies. Those with children and pets many find this limiting.
• Resale: There are fewer buyers looking for condos. This is just a fact. A Buyer should always consider the resale possibilities of any property they purchase.
• Monthly dues or fees: The initial price may be cheaper than a single family home but the fees and dues could price you out of the market. Remember, even after you’ve paid for your condo the fees and dues continue forever.

There is so much more to consider when buying a condo in Omaha. Please consult and expert before making a decision. I will be happy to provide you with information and advice. Give me a call at 402-967-4251 or email me at Marie.Otis@cbshome.com.

-The Declaration of Independence 4 of July, 1776.

Happy Independence Day everyone. We are at the cabin this week enjoying family time together. I thought it would be fun to share a few fun facts I discovered about our nation’s birthday. Enjoy and have a lot of family time yourself.

The first Independence Day was celebrated in Philadelphia on July 8, 1776.

The Liberty Bell sounded from the tower of Independence Hall on July 8, 1776, summoning citizens to gather for the first public reading of the Declaration of Independence by Colonel John Nixon.

June 14, 1777, the Continental Congress, looking to promote national pride and unity, adopted the national flag. “Resolved: that the flag of the United States be thirteen stripes, alternate red and white; that the union be thirteen stars, white in a blue field, representing a new constellation.”

The first public Fourth of July event at the White House occurred in 1804.

The first Independence Day celebration west of the Mississippi occurred at Independence Creek and was celebrated by Lewis and Clark in 1805.

Both Thomas Jefferson and John Adams died on Independence Day, July 4, 1826.

The 56 signers of the Declaration of Independence did not sign at the same time, nor did they sign on July 4, 1776. The official event occurred on August 2, 1776, when 50 men signed it.

The names of the signers of the Declaration of Independence were withheld from the public for more than six months to protect the signers. If independence had not been achieved, the treasonable act of the signers would have, by law, resulted in their deaths.

Thomas McKean was the last to sign in January, 1777.

In 1941, Congress declared 4th of July a federal legal holiday. It is one of the few federal holidays that have not been moved to the nearest Friday or Monday.

Enjoy your holiday.

Although the annual concert is always free, the community is asking for your help. We have over 20,000 families who have tapped the Omaha Food Bank’s Emergency Fund this year. We are asking for a free-will cash donation for the Food Bank. There will be containers throughout the park making it easy to offer a donation.

The Park opens at 5 AM on July 2. People may bring blankets, lawn chairs and coolers. However, the Omaha City Parks Department will not allow stakes in the ground or tarps. We’ve got to keep the grass green.  The concert itself will begin at 5:30 PM.

There is free parking at UNO and it’s a simple walk across the pedestrian bridge to get to the concert. Nevertheless, it is probably a smart thing to carpool so finding a parking place won’t be too difficult.

This is always a great event and my kids love the fireworks show as well. This is great way to kick off the 4^th of July weekend.  I’ll see you there.

Remember, if you need to buy or sell a home I’m here to offer my experience and professional expertise. Just give me a call at 402-967-4251 or email me at Marie.Otis@cbshome.com.

Fans and sport writers are waxing nostalgic about leaving Rosenblatt but I bet the players will like the new facilities a lot better. Nevertheless, it’s time to enjoy the series so be certain to get down and see the finest college ball players in the country compete.

My family and I always manage to get to a few of the games. We love the vendors surrounding the park and the carnival atmosphere. Like many others I’m praying the rain will hold off long enough for all the games to get played on time.

If you have any questions regarding the College World Series go to www.cwsomaha.com. This great site will answer all you questions from how to get tickets to the history of the game.  I urge you to support Omaha and support the College World Series. See you at the games.

If you have any questions about buying or selling a house then give me a call at 402-697-4251 or email me at Marie.Otis@cbshome.com.

The news from Washington this week is that “homebuyers may get an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.”

The legislation, if passed, would give buyers until Sept.30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current program, buyers had until April 30 to get a signed sales contract and had until June 30 to complete the sale

A word of caution: Don’t think you can run out and make an offer on a house and qualify for the incentive tax. The proposal would only allow people who already have signed contracts to finish at the later date.

First-time buyers were eligible for a tax credit of up to $8,000. Current owners who bought and moved into another home could qualify for a credit of up to $6,500.

The National Association of Realtors (NAR) has been pushing hard in Washington for an extension. NAR reports that mortgage lenders have been swamped with borrowers trying to get approved by the end of the month. Many potential borrowers are unlikely to make the deadline.

"Time is of the essence," said Lucian Salvant, a spokesman for NAR, "It's important for Congress to get this done, because there's a whole bunch of loans that aren't going to close on time."

I don’t know how likely it is that Congress will get the legislation passed. I do know that interest rates remain very low and there are plenty of houses out there for you to choose from. It is still a great time to buy a home for you and your family. So if you’re ready to buy please give me a call at 402-967-4251 or email me at Marie.Otis@cbshome.com.

They have produced a terrific video I want to share with you. It tells how the Big O, using good values and common sense avoided the housing bubble that crippled many parts of the country. The video highlights our diverse economy and low unemployment. Omaha real estate is strong as it the city itself.

When you’re ready to buy or sell in the big O please give me a call at 402-967-4251 or email me at Marie.Otis@cbshome.com.

The buyer is not pre-approved for a mortgage loan. This person can tie up your home, preventing you from considering better offers. You can take your home off the market for 30 days and then find out the Buyer can’t secure the loan. 

Mortgage Fraud: A Buyer tells you to take your house off the market for a period of time, and in exchange, the Buyer will pay you more than the asking price later. This is usually a sign that the person plans on using your home as part of a mortgage fraud scheme in which he obtains a loan for more than the house is worth, pays you a little more than what you were asking, and pockets the excess proceeds.

A cash back at closing deal in which the person offers you more than the home is worth if you agree to kick back the extra money at closing. Don’t do it.

The offer comes with no or very little Earnest Money Deposit. A word to the wise: the lower the EMD, the more likely the deal will fall through.

The prospective buyers make the purchase agreement contingent upon their home selling.  This is a common one but you should understand that several other transactions must occur first. It may be a good deal but remember it may be months before you actually close on your home – if at all.

A good Agent will make certain you consider all the consequences of an offer. They should have plenty of experience and expertise to make certain you are not disappointed.  If you’re ready to sell or buy a home give me a call at 402-964-4251 or email me at Marie.Otis@cbshome.com and get ready to MOVE WITH THE BEST!

For example, the national writer claimed that guilty agents used Photoshop to make the grass greener, or they added landscaping with digital wizardry. Some even included kitchen appliances that weren’t really there or made the outside of the home look freshly painted when the real house was a mess of peeling paint.

Here at CBSHOME Real Estate we have a professional service that takes photos of properties both inside and out. Most agents here do not take their own photos. We do not manipulate videos or photos to make houses look better. If you suspect photos you find on local websites are doctored then you should report it to the Omaha Board of Realtors or the State of Nebraska Real Estate Board.

Such practices should not be tolerated. At CBSHOME Real Estate we pay for pictures of houses that list in the winter with snow on the ground. Then in the spring we have the pictures taken again so they can show off their greenery. But we don’t use software to change the reality.

I love that I can post pictures on many websites for my Buyers and Sellers. It’s wonderful to post videos of the home’s interior on the web.  It really helps sell the houses. I won’t give it up. But I’m asking you to beware of pictures and videos on the web.

If you’re thinking of buying of selling any time soon please give me a call at 402-697-4251 or email me at Marie.Otis@cbshome.com.

It’s embarrassing because I told the Seller’s agent to arrange an appointment to see the house. It’s embarrassing because the Seller many times has to juggle their lives to get out of the house with their families and pets.

Yes, it’s embarrassing but it also sends a clear message. The Seller hasn’t considered curb appeal when listing their home. Weeds, bare patches of soil, dirty windows, clutter and chipped paint all shout neglect. The message is, “we don’t care for our house and neither will you.”

Cleaning the outside of the house and yard is just as important as the inside. Clean the windows until they sparkle. Use paint to get rid of the chipped look and brighten everything up.  Mow the lawn, trim the landscaping and spray the weeds. One great tip is to plant marigolds along the walk or put out big planters of yellow flowers. Believe it or not, yellow sells.

I’ve got lots of terrific tips for making your home stand out even on a strict budget. Take a look at the great video from Lowe’s on curb appeal. And when you are ready to put your home on the market give me a call and I’ll advise you too on curb appeal. Together we’ll get your house sold and get you into a new home. Email me at Marie.Otis@cbshome.com or phone me at 402-697-4251.

1. Many buyers don’t realize they have to pay for a home inspection once the offer has been accepted. This can cost between $200 and $300 and must be paid upfront.

2. If the down-payment is less than 20% of the mortgage most lenders will require buyers to buy mortgage insurance. It can total as much as 2.5% of the loan and must be paid at the closing table. In addition, a monthly fee must be paid until the equity in the home equals 20%.

3. Then there are additional closing costs which include:

            Termite inspection

            Administrative expenses

            Title Searches

            Appraisals

            Property taxes

            Mortgage Insurance

            Lender fees

According to the National Association of Realtors, closing costs could add up to 4-6% of the sale price. The good news is that mortgage lenders are required to give the buyer a Good Faith Estimate (GFE). New 2010 federal regulations require the GFE to break down costs in detail. The GFE has gone from one page to three pages so the buyer can see what the closing costs are going to be if they agree to purchase the home.

4. Many buyers also forget they will have to (in some cases) pay Homeowner Association dues or maintenance fees depending on what subdivisions they choose to live.

5. Don’t forget moving expenses. This can cost you several hundred dollars even if you do most of the moving yourselves.

6. Finally, unlike an apartment, the new homeowners will have to be responsible for water, electricity and heating bills. When something breaks the homeowner must arrange for and pay for the repairs. There is no more landlord to call.

If you are ready to ditch the landlord and buy or build your first home give me a call at 402-697-4251 or email me at Marie.Otis@cbshome.com.  I’ll make certain you know all the costs you’re facing when getting you into that new home.

What Are Gift Funds?

According to Kristin, Gift funds are a gift of cash given to the borrower. Gifts must be given voluntarily and without obligation to repay. Specific requirements must be followed and those specifics depend on the source of the gift funds.  It’s important to remember that if ay condition of repayment or compensation is expected or implied, it is not considered a gift.

As I stated, there are several specific requirements from lenders when working with gift funds depending on the source of the gift. There are several sources that may be considered including

1. Individual Gifts
2. Grant Funds
3. Employee Assistance Plans
4. Down Payment Assistance Programs

It is so important to have someone guide you through this process. Do not hesitate to call me a t 402-697-4251 or email me at Marie.Otis@cbshome.com. I can make certain you get all the help and advice you need. That dream home may still be within reach sooner than you thought.

That Monday they headed to their lenders office and told the mortgage officer all about the home they wanted to buy. The officer was delighted and began the usual credit check and underwriting review. Much to their mutual dismay to soon became obvious that Bill and Janie simply could not afford such a home. They mourned about it for a bit but being young they soon bounced back and began to look again.

Bill and Janie then looked for homes in their price range. Unfortunately, they compared everything they saw to their original choice and so, of course, nothing measured up. Soon they became discouraged and gave up the search.

Don’t let this happen to you. Go to your lender first to determine how much you can spend and even more importantly what you will be comfortable paying out each month. Then it time to meet with your Realtor. When you find the right house you got a distinct advantage over other house hunters. When they know you’ve been pre-approved they know you have the financial backing to make a deal.

When you’re ready give me a call and I will give you the names of several reputable lenders. Pre-approval from these lenders will give you the power you need to seal the deal when we find your dream home. You can reach me at 402-697-4251 or email me at Maire.Otis@cbshome.com. Let’s work together.

According to Lawrence Yun, chief economist for the National Association of Realtors, the tax credits have pushed about 900,000 additional buyers into the market. Mr. Yun believes the additional stimulation has helped stabilize home prices as well.

"It is laying the foundation for more normal housing market conditions," Yun said.  "He added that the tax credit was “helping assure that we have a sustainable economic recovery as homeowners don't see further destruction of their wealth."

This is your last chance to get into a home you’ve been dreaming of so don’t delay.  This is the time to buy and take advantage of the still low interest rates and the tax credit.

There are a lot of rules you must know so don’t delay another moment.  Give me a call at 402-967-4251 or email me at Marie.Otis@cbshome.com and we’ll do all we can to meet the necessary requirements by April 30, 2010.