Tax Credit Can Be Used as Down Payment

This excerpt was posted by the Kansas Association of Realtors on their website:

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment. Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

"We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment," Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Zillow Home Valuations in New Mexico

Zillow has become a very popular search for home evaluation across the country taking information from the public sites such as county and city property tax registrations. Unfortunately, in the State of New Mexico, Zillow doesn't work.



New Mexico is a Public Non-Disclosure state. This means that public records are limited disclosure in New Mexico. Anyone can call up the county or query the city or county Taxation Dept. or Assessor's website to find how much tax is paid on a property, due, legal description and owners name and mailing address. If you want more information, you can ask a REALTOR if they can find out further information. We have relationships with Escrow Officers at Title companies. Title companies have accessibility to more information than we or the general public does. They are able to find out the name of the MOST CURRENT mortgage company (re-fi or home equity loan but maybe not the original mortgage loan information).



If the property has been sold on an REC (Real Estate Contract), the Title company can find out the purchase price of the property if the REC was recorded with the county.



So, when it comes to home valuation, again, it's best in the State of New Mexico to get it from a knowledgeable, experienced REALTOR.

Green Building

It seems that the Albuquerque Metro Area is becoming more aware of Green building concepts. There have been several high end home builders which have incorporated Green builiding techniques for many years. Artistic Homes, a track home builder, has been incorporating a few concepts such as using a high efficiency boiler to heat homes for several years. Now Artistic is getting into Zero energy homes with solar panels to generate electricity for some of their new homes. There is a new home builder of lower cost homes on the West side of Albuquerque building almost Zero energy homes (without solar panels). They are Paul Allen Homes.

When I was a member of the Northwest Washington Building Inspector Association, we would have vendors come speak at our meetings. One of those meetings, a company who sold and promoted isocyanurate spray on insulation spoke. This past week, while listening to a presentation from paul Allen Homes, I found that they are using the same concept insulating homes. This is the most efficient and cost effective method in insulating homes to date.

If you think about the concept, where is the greatest amount of heat loss in a home? Through the penetrations in the walls and roof. Where is the greatest amount of condensation? On the inside surface of the walls,ceiling and floor insulation (in the Albuquerque Metro area, there are few crawlspaces since most homes are built on concrete slabs). In spraying an expanding foam insulation on the inside surface of sheathings and by insulating the outer perimeters of concrete slabs below frost line, you thereby reduce heat loss/gain and prevent condensation which ruins the R-Factor of fiberglass and cellulose insulations (which have been used primarilly since the changes in codes across the country since the '70's).

I am excited to become involved with this innovative builder in saving customers utility costs as well as selling them homes which may garner tax credits and rebates from the State of NM, the Federal Government as well as Public Service Company of New Mexico. Here are some links for websites to search more information on Going Green.

http://www.cleanenergynm.org/
http://www.usgbc.org/
http://www.buildgreennm.com/
www.pnm.com/rebates
http://www.albuquerquegreen.com/
http://www.housingnm.org/

2009 Homebuyer Tax Credit

Saw an awesome article on details about the 2009 Homebuyer Tax Credit. Here's the link for the article. It's in chart format and makes it comprehensible. Hope you find it useful.

http://www.realtor.org/wps/wcm/connect/b6911d004d24c833931bf726a9949436/government_affairs_tax_credit_chart_022309.pdf?MOD=AJPERES&CACHEID=b6911d004d24c833931bf726a9949436

Google Sketchup 7

Wanted to mention a tool which I used recently for one of my clients. One of my clients wanted to build a custom shed. To assist with the design and dimensions of his custom shed, I Googled for a 3D software. What I came across was Google's Sketchup 6. I used it to design his shed and was placed on Google's Sketchup notifier. Google has now come out with an enhanced version 7. And it's all for free!!!

It's an amazing tool. Took some time to learn Version 6. With the enhanced Version 7, I'm sure they have improved on some of the complexities of the older Version 6. Haven't had a chance to go in and try the new Version 7 yet. Looking forward to playing around with it since I need to build a couple sheds, re-do a patio cover and enclose it as well as several re-model projects in my own home which is a fixer-upper.

10 years ago when I was a contractor, I used a software from Broderbund which I think was called Architect 3D. That was a clunky software in my opinion compared to Sketchup 3D. The nice thing about Sketchup is that you don't have to have a very powerful computer to use the software. But, if you take into account that my computer from 10 years ago was probably half as powerful as my current PC, I guess it's all relative.

Good job Google for creating and making available this great tool for the everyday Joe. For any of you interested in checking out the software and downloading it, here is the URL:

http://sketchup.google.com/

Parade of Homes-Part 2

My wife and I viewed several more homes at the Parade of Homes Tour this last Saturday. If you're considering to build a new homes or want to know the quality of certain builders, the Parade of Homes is an excellent way to get to know the builders. Many of the builders are at the homes they have on the Tour to meet, greet and answer any questions from prospective buyers. We met several on the Tour and were able to ask pertinent questions about home features.

Two of the home builders we were impressed with were Sun Mountain Construction and Homes by Marie. They were #'s 49 and 51. Plus, right next to entry #49 was a Sun Mountain home we previewed. The features were excellent. My wife loved the detail of the kitchen at Homes by Marie's entry #49. Since the Parade is over, you can still locate the homes, their addresses and contact info @ http://www.homesofenchantmentparade.com/ . Entry #51 was already sold.

Below you will find the info for the 2 homes on this blog:

Entry #51

64 Victor Road:Take I-25 north to Alameda Boulevard. Turn left on Alameda to Corrales Road. Turn right on Corrales and drive 1.2 miles to Applewood Road. Turn left on Applewood and drive .4 mile, and turn right on the far side of the irrigation canal. Drive .2 mile to Victor Road. Turn left on Victor to the home

This unique home is built to the highest greenbuilding criteria. Features include photovoltaic electricity, a chef’s kitchen with butler’s pantry, a large owner’s suite with sitting room and private courtyard, full guest quarters, and a study. The interior courtyard is equipped with a pool, barbecue, fireplace, and roof deck.
4 bedrooms • 4 baths • 3,920 sq. ft. • $1,400,000

Entry #49

112 Mesa Vista Road
Take I-25 north to Alameda Boulevard. Turn left on Alameda to Corrales Road. Turn right on Corrales Road and continue to the north end of Corrales. Turn left on Paseo Cesar Chavez and follow the road to the Mesa Vista subdivision on the right.

Everything is custom in this 3,320-square-foot home, from the granite sink, alder cabinets, and cobblestone tile to the open dining area looking onto the outdoor living area and views of the Sandia Mountains. The house has a separate large game room/multi-use room off of the children’s wing. The separate master bedroom has an extra-large walk-in closet, a walk-up coffee bar, a large walk-in shower, and lots of storage. The finished oversized three-car garage has epoxy-finished flooring. This home is ready for move-in, with all of the luxurious amenities Homes by Marie is known for.
3 bedrooms • 3 baths • 3,320 sq. ft. • $980,000

Contractor Isn't an Inspector

When selling your home, be aware that a General contractor is not the same as a Home Inspector with the right credentials. The General contractor may be very knowledgeable when it comes to building new homes or remodeling existing homes. But, that does not mean that the contractor is qualified in inspecting your heating, electrical and plumbing systems for possible repairs before closing on a purchase of a home. You have to ask, is he going to warranty the items in the house that he says will work after they break when you move in? In today's economic climate, will you be able to find the contractor in business in the next year?

Professional Property Inspectors are skilled in property defect evaluation as well as being skilled in construction techniques, building codes, discovwery of damage, deterioration and other building defects. Most home inspectors began their careers in the building trades. Construction knowledge is essential in checking the condition of a home, but a comprehensive inspection is much more involved and far more complex than a mere walk through overview that a contractor might perform.

Home inspectors check the electrical systems by pulling the panel and looking to see if there are any faults in how the box is wired. They test grounding and polarity and other features. They check for code compliance with GFCI breakers. They check the plumbing systems which, in Rio Rancho, can be crucial to the purchase of a home. many homes in Rio Rancho have polybutylene pipes. They check all plumbing fixtures inside and out for leaks. They inspect the heating systems for damage and operability as well as built-in appliances, fireplaces for chimney and firebox cracks, garage door openers and more. They check water heaters, crawl underneath crawl spaces, look for faulty drainage, evaluate the condition of the roof, etc. If you ask for a structural inspection, it is more complex and comprehensive and checks such things as foundation cracks, stucco condition, operation and performance of windows and doors, etc.

One last thought is that when a Home inspector looks at a house, their report is accepted by Home Warranty companies which will warrant certain items of the house such as roofs, plumbing, heating and cooling. Without that report, it is unlikely that you would be able to obtain a warranty. So, keep in mind that hiring a professional inspector who is trained to look for defects is a much better choice than a contractor skilled only at new construction and systems.