Here is the information any buyer needs regarding the new tax credits on home purchases.
The Extended Home Buyer Tax Credit: The Basics for REALTORS, Homebuyers, and Home owners from the National Association of REALTORS.
"Sailing and Selling Lake Keowee Area Properties for Over 33 Years!
Monday, December 28, 2009
The Extended Home Buyer Tax Credit: The Basics for REALTORS, Homebuyers, and Home owners from the National Association of REALTORS.
Monday, December 7, 2009
1700 Keowee Lakeshore Drive, Seneca, SC | Powered by Postlets
If you are looking to buy a home on Lake Keowee that you could possibly share or purchase with someone else... then this home fits the bill. FULLY FURNISHED and ready for you to bring your friends, family and enjoy! Covered boat dock, game room loaded with Pool Table, Air Hockey, Ping Pong, Foos Ball, etc. The perfect vaction home to share with someone else! Buy the home as a group and share the expenses! Click the link below for details!
1700 Keowee Lakeshore Drive, Seneca, SC Powered by Postlets
1700 Keowee Lakeshore Drive, Seneca, SC Powered by Postlets
Wednesday, December 2, 2009
Lakes are FULL of Water!
Well as you might have realized if you live in the Lake Keowee area IT IS RAINING and the lakes in our neck of the woods are full! I personally have not seen the lakes this full in the past six 
years. Duke Energy considers full pond 100 feet but they try to maintain the lake levels at 99 feet elevation for purposes of flood control.
These numbers can be a little confusing. Duke uses a 100 foot scale to measure the levels. Actually Lake Keowee at full pond is 800 feet elevation which would mean that they maintain the lake at 799 feet elevation. I am sure you get the idea.
The Lake Level as of today are below:
Lake Jocassee 99.4
Lake Keowee 99.1
In the history of the lake Duke released water downstream to Lake Hartwell only once that I recall and did not generate power. Then the lake level was 100.5 feet. (800 feet 6" Elevation)
Anyway.... they are full and beautiful! An excellent time to buy that perfect lot or home you have been looking for on the water!
So you might want to visit http://www.perryandsally.com/ to check out a BANK FORECLOSURE we have WATERFRONT on Keowee with a covered dock and priced at $165,000.
You can see the virtual tour at
http://www.perryandsally.com/Listing/VirtualTour.ashx?listingid=2083415
Until Next Time...
Perry
years. Duke Energy considers full pond 100 feet but they try to maintain the lake levels at 99 feet elevation for purposes of flood control.These numbers can be a little confusing. Duke uses a 100 foot scale to measure the levels. Actually Lake Keowee at full pond is 800 feet elevation which would mean that they maintain the lake at 799 feet elevation. I am sure you get the idea.
The Lake Level as of today are below:
Lake Jocassee 99.4
Lake Keowee 99.1
In the history of the lake Duke released water downstream to Lake Hartwell only once that I recall and did not generate power. Then the lake level was 100.5 feet. (800 feet 6" Elevation)
Anyway.... they are full and beautiful! An excellent time to buy that perfect lot or home you have been looking for on the water!
So you might want to visit http://www.perryandsally.com/ to check out a BANK FORECLOSURE we have WATERFRONT on Keowee with a covered dock and priced at $165,000.
You can see the virtual tour at
http://www.perryandsally.com/Listing/VirtualTour.ashx?listingid=2083415
Until Next Time...
Perry
Tuesday, November 24, 2009
Starting Out: New appraisal rules could decrease home's value - The Elkhart Truth - Elkhart, IN
Wednesday, November 18, 2009
A Business After Hours NOT TO MISS!
Dear Oconee County Chamber members and guests. You are invited to a Business after hours at Thraves Jewelers Thursday November 19th from 5:30 to 7:30. Enjoy an evening of networking with you fellow members and guests during the pre holiday season celebration. Hors d’oeuvres and libations will be served. Door prizes will include jewelry, gifts, and a $100 gift certificate for use during the holidays. No need to reply, just come and have fun. Bill and Phyllis Thraves
http://www.wwthraves.com
http://www.wwthraves.com
Monday, November 16, 2009
Rising water levels in Hartwell Lake, other resevoirs lead to cancelation of planned test on lower Savannah River : Local News : Anderson Independent-Mail
Simple solution.... Hold water back in Keowee and Jocassee....
Guess that is too simple.
Rising water levels in Hartwell Lake, other resevoirs lead to cancelation of planned test on lower Savannah River : Local News : Anderson Independent-Mail
Guess that is too simple.
Rising water levels in Hartwell Lake, other resevoirs lead to cancelation of planned test on lower Savannah River : Local News : Anderson Independent-Mail
Friday, November 6, 2009
Homebuyer Tax Credit Changes NEW!
Hi!
There are a lot of questions about the new tax credit that has just been approved. I hope this will assist in answering some of your questions!
Frequently Asked Questions
NEW Homebuyer Tax Credit Changes
Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.
Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a
new home. I have lived in my current home for more than 5 consecutive years and
am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.
Question: I am a firsttime homebuyer but was not within the prior income limits at the time I
entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?
Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phaseout range).
Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I
have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.
Question: I owned my home for 10 years, but sold it two years ago year and have been renting
since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The
keyword here is "consecutive." As long as he lived in that house for 5 years straight what he
did since 3 years doesn't impact eligibility.
Question: I am an eligible firsttime homebuyer. I entered into a contract to purchase on
November 1, 2009. Do I have to go to closing before December 1? How does the
extension date affect me?
Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.
Information Provided by:
REALTORS® Government Affairs Division
There are a lot of questions about the new tax credit that has just been approved. I hope this will assist in answering some of your questions!
Until next time!
Perry Rogers ABR, CRS, GRI, EPro
Broker State of South CarolinaPerry Rogers ABR, CRS, GRI, EPro
Frequently Asked Questions
NEW Homebuyer Tax Credit Changes
Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.
Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a
new home. I have lived in my current home for more than 5 consecutive years and
am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.
Question: I am a firsttime homebuyer but was not within the prior income limits at the time I
entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?
Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phaseout range).
Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I
have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.
Question: I owned my home for 10 years, but sold it two years ago year and have been renting
since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The
keyword here is "consecutive." As long as he lived in that house for 5 years straight what he
did since 3 years doesn't impact eligibility.
Question: I am an eligible firsttime homebuyer. I entered into a contract to purchase on
November 1, 2009. Do I have to go to closing before December 1? How does the
extension date affect me?
Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.
Information Provided by:
REALTORS® Government Affairs Division
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