Buyers

PASADENA CALIFORNIA HOME BUYER TIPS AND ADVICE

Tips for getting more home for your money – stretch that $.  Read 5 tips for getting more home for your $.

Every industry, real estate included, has its own “rules of the game”.  It is important to understand the proper etiquette when you are shopping for a home in Pasadena.

An absolutely “must read” when buying a home – 9 Stupid Things Buyers do to Mess Up their Home Purchase.

Before you apply for your Pasadena home loan, please take a look at FICO Scores and 5 Steps to a Credit Makeover.  This post can save you a lot of money in lower interest rates!

PASADENA REAL ESTATE GUIDE: UNDERSTANDING THE HOME BUYING PROCESS

Real estate agents are not the same.  Each agent has their own style and process on how they work with their buyers.  Read What does a buyer’s agent do for you to get a pretty good idea on how I work with my home buyer clients.

Okay, so you have an accepted offer, you down payment is lined up… what will you be paying in closing costs?  Read what kind of home closing costs should I expect during escrow?

Did you know that there are two types of closing costs when purchasing a home:  Understand the difference between recurring and non-recurring closing costs.

What are home purchase contingencies?  And, can the escrow be cancelled by a seller?  Yes… read how at Pasadena home sale escrow can be cancelled by a seller.

When you buy a home in Pasadena, it’s usual and customary to put a 3% earnest money deposit.  Make sure that you understand how to protect that hard earned money by reading the fastest way to lose your earnest money deposit.

Now that you found your home, what kind of inspections should you be ordering?  A physical home inspection and sewer line inspection at a minimum!

One of the things that home buyers need to decide on while they are in escrow is how to hold title.  Take a look at Property Title Insurance – What is it for and what are your options?

And, then of course,  a critical decision that you will have to make in escrow is How to Hold Title on your home, condo or townhome – 7 Common Ways of Holding Title in California.

Read also:  When NOT to call a Real Estate Agent


SELECTING A PASADENA REAL ESTATE AGENT:

How do you find a great real estate agent?

Here’s a fun post with a hilarious video.  I get a kick out of it every time I see it – How to find a great real estate agent.  Don’t forget to place those hidden cameras during your Open Houses. :-)

Does your real estate agent utilize the latest technology tools to sell your home and help you buy your home?

The real estate market has changed.  What’s the saying?  “Out with the old and in with the new.”  Well, it’s quite true in many ways.  If you are interviewing for your Pasadena real estate agent, take a look at this post – Is your real estate agent using cutting edge technology?

How do you interview your Pasadena real estate agent?

Every real estate agent market the homes they list a little differently.  What does your real estate agent do for you?

Social Networking and Real EstateRead about why is it important for your real estate agent to have a major presence on social networks? Get an edge over your competition. See also – Is your real estate agent using Social Media to market your home?

4 Tips on First-Time Homebuyer Credit Repayment

Pasadena first time homebuyer in 2008? Did you buy your Pasadena area home under the The Housing and Economic Recovery Act of 2008?  If so,  you most likely received up to $7,500 which needs to be repaid over 15 years. It is very different from the Obama’s stimulus package that was introduced later and allowed home buyers to get an $8,000 credit that did not need to be repaid.

The IRS has a tool to help people who have to repay their First-Time Homebuyer Credit. Reminder letters will no longer be mailed to taxpayers who have to repay the credit but you can now use an online lookup tool on the IRS website to check your repayment obligation.

The following four tips will help you look up information on your First-Time Homebuyer Credit:

1. Who needs to repay the credit?

If you bought a Pasadena home in 2008 and claimed the First-Time Homebuyer Credit, it is similar to a no-interest loan and must be repaid in 15 equal annual installments that began with your 2010 return. Also, anyone who sold their home, or stopped using it as their main home, may have to repay the entire amount whether their home was purchased in 2008, 2009 or 2010.

2. Information needed to access the tool
The First-Time Homebuyer Credit Tool will provide critical account information to help you report your repayment obligation on your tax return. To access the tool you will need: your Social Security number, date of birth and complete address. If you file a joint return, you’ll only be able to access your portion of the First-Time Homebuyer Credit account information.

3. What the tool provides?
The tool will show the original amount of the obligation, annual repayment amounts, total amount paid and the total balance left to be paid. You will be able to print your account page to share with your tax preparer and keep for your records.

4. How to repay the credit?
To repay the First-Time Homebuyer Credit, add the amount you have to repay to any other tax you owe on your federal tax return. This could result in an additional tax owed or a reduced refund. To repay the obligation, you report the repayment on line 59b on Form 1040, U.S. Individual Income Tax Return. If you make an installment payment, you do not need to attach Form 5405, First-Time Homebuyer Credit and Repayment of the Credit, to your tax return. However, if you are repaying the credit because the home stopped being your main home, you must attach Form 5405.

You can access the First-Time Homebuyer Credit Lookup Tool, 24 hours a day, seven days a week, visit the IRS.gov website.

Irina is a Top  Realtor and the founder and President of Pasadena Views Real Estate Team.  She is available to assist you in all of your Real Estate transactions. Email or call her today at (626)629-8439.

Interested in more information about Greater Pasadena Area cities, check out our City Guides below:

Alhambra City Guide

Altadena City Guide

Arcadia City Guide

Eagle Rock City Guide

Monterey Hills City Guide

Pasadena City Guide

San Gabriel City Guide

San Marino City Guide

Sierra Madre City Guide

South Pasadena City Guide


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