Jacque Lorang’s Blog

When the government extended the $8,000 first time home buyers credit and add the new $6,500 credit for repeate buyers they also threw in a little something extra for our service men and woman.

Military, intellilgence and diplomatic personnel who serve abroad for atleast 90 days in 2009 or 2010 will get an extra year to qualify for the credit. The law also eliminates a repayment requirement for those who are forced to sell their homes as a result of their official service.

Here is the official summary of that bill:

Official Summary

10/8/2009–Passed House without amendment. (This measure has not been amended since it was introduced. The summary of that version is repeated here.) Service Members Home Ownership Tax Act of 2009 - Amends the Internal Revenue Code to:
(1) exempt members of the uniformed services, the Foreign Service, and employees of the intelligence community on official extended duty service from the recapture requirements of the first-time homebuyer tax credit;
(2) extend the first-time homebuyer tax credit through November 30, 2010, for individuals serving on official extended duty service outside the United States for at least 90 days in 2009;
(3) exclude from gross income payments to military personnel to compensate for declines in housing values due to a base closure or realignment; and
(4) increase penalties for failure to file a partnership or S corporation tax return. Amends the Corporate Estimated Tax Shift Act of 2009 to increase corporate estimated tax payments in the third quarter of 2014 by an additional 0.5%.

The extension of the First time home buyers $8,000 tax credit includes a new credit for existing home owners who are looking to move up or just change locations. If you have lived in your home for 5 consecutive years out of the last 8 you can sell your current home and buy another home and recieve a $6,500 tax credit for doing so! You must sell and have a new property under contract by April 30, 2010 and have until June 30, 2010 to close.

For more details check out : http://www.mortgagemarketguide.com/specialannounce_land_FEDSIGN.html

Generally here in Montana most sellers list their home without getting a home inspection. Many know some of the repairs that are needed and may make sure those are handled before opening their home to buyers, and some decided to let the buyers decided what needs to be repaired, but either way, when it comes to selling a home surprises are bad.

Typically after the buyer and the seller meet and come to terms on the contract the buyer has 10 days in which to have a home inspection done and based on what is found they may do one of three things: they may decided that everything is o.k and continue on with the contract without making demands for repairs, they may ask for some or all the items in the inspection report to be fixed or repaired, or they may at this point walk away and get their Earnest money back if the repairs are too daunting or irreversible.

The sellers may then do a few things also, they may agree to fix the items requested by the seller, or not. If they don’t fix the items, the buyer may then decided if they want to walk away.

Typically this process works fine, as long as repairs are minor like replacing an outlet or dealing with a small area of peeling paint. The problems arise when an entire roof needs to be replaced, you have termites or a foundation is crumbling. These are big ticket items and may cost the seller a lot of may or cause the buyer to walk away completely. These are not fun situations to be in when you have dealt with trying to sell your home for several months or if you already have a contract on your next home and need this one to sell in order to purchase your new home.

In real estate it is always important to pay attention to detail because typically thousands of dollars are on the line and peoples lives can be extremely inconvenienced due to a seemingly small glitch.
Having a home inspection pre-listing can save you and your potential buyer from surprises big and small. Also, if you let potential buyers see the home inspection it may prompt a quicker sell!

Home inspectors can be found by looking in the  phone book under “home and building inspection service” or by asking your lender or Realtor who they recommend.

To take advantage of the $8,000 tax credit you must close before December 1, 2009, which is comeing up fast. It typically takes 1 month to close and you need to give yourself time to find the right home.
Call, text or email today to find out how I can help you take advantage of this unique opportunity and possibly even use the tax credit as your downpayment and closing costs!

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Jacque Lorang | Billings Real Estate Professionals | (406)690-5277 5010 John Hogan Trail, Shepherd, MT Quality Construction new home. Too many extras to list! 3 acre fenced lot. Single level home. Custom kitchen with large island and hickory cabinetry. 3BR/2BA Single Family House offered at $349,900 Year Built 2009 Sq Footage 2,100 Bedrooms 3 Bathrooms 2 full, 0 partial Floors 1 Parking 3 Car garage Lot Size 3 acres HOA/Maint $0 per month DESCRIPTION Amazing quality in construction and materials. Must see. Quiet secluded neighborhood close to town. Bring your Horses! http://rosthomesinc.webs.com/ see additional photos below PROPERTY FEATURES - Central A/C - Central heat - Fireplace ADDITIONAL PHOTOS Photo 1 Photo 2 Contact info: Jacque Lorang Billings Real Estate Professionals (406)690-5277 For sale by agent/broker Equal Opportunity Housing Posted: Jul 30, 2009, 8:01am PDT

Here is an investment opportunity. The front house in finished to the drywall but needs to be finished. You could live in the back house while finishing the front then turn either or both into rentals. The lot is 1 acre and zoned Controlled industrial. This is a unique opportunity to run almost any business out of your home. Or build most any type shop. Great access to Interstate.
Tons of potential for a great price!

Jacque Lorang | Billings Real Estate Professionals | (406)690-5277 102 Riverside Rd, Bllings, MT INVESTMENT OPPORTUNITY. 2 houses on 1 acre lot. Front house has been renovated but unfinished, could live in back house while finishing front. Lots of 4BR/2BA Multi-Family, 2 units offered at $139,900 Year Built 1931 Sq Footage 2,252 Bedrooms 4 Bathrooms 2 full, 0 partial Floors 2 Parking Unspecified Lot Size .898 acres HOA/Maint $0 per month see additional photos below PROPERTY FEATURES - Central heat - Office/Den - Dishwasher ADDITIONAL PHOTOS Photo 1 Photo 2 Contact info: Jacque Lorang Billings Real Estate Professionals (406)690-5277 For sale by agent/broker Equal Opportunity Housing Posted: Jul 30, 2009, 9:03am PDT

We Americans love the word SALE! We are always looking for great deals and huge bargains, whether its cloths, dinner or our home. But sales in real estate come in a different form then sales in the supermarket. Sure, homes values go up and down and you can get a great deal when home prices are low, but living in Billings we don’t see these up’s and down’s like the rest of the country. Our best sales come in the form of interest rates.
Most home owners purchase their home using a typical 30 yr. fixed rate mortgage, that means that each month your payment will be determined by the price of your home AND the interest rate.