Homebuyer Tax Credits

In March of 2009, President Obama signed a law adding a new tax credit for certain repeat homebuyers of up to $6,500. Together with the existing first-time homebuyer’s tax credit of $8,000; the stimulus package of $11 billion was intended to boost housing sales. Credits were available to taxpayers who used the home as a principal residence for the following three consecutive years. To avail of these tax credits, the buyer is required to have the contract completed before May 1, 2010 and to close the transaction before July 1, 2010. One of the criteria for repeat home buyers is that he/she should have lived in one residence consecutively for five years of the preceding eight. The new law incorporated anti-abuse measures intended to stem fraud that had become endemic with the existing homebuyer tax credit. The definition of principal residence included a co-op apartment, condominium, attached or semi-attached townhouse; even a boat, motor home or trailer, provided it had eating, sleeping and toilet conveniences.

Dale Warfel knows Federal and State tax credits

Many homebuyers have bought homes in San Jose neighborhoods through the services of Dale Warfel a real estate agent who has worked the area for the last 13 years. Dale Warfel is both Real Estate Consultant and a Certified Short Sale Professional who specializes in the California Bay Area from where he hails. He also deals in foreclosed properties some of which are listed on his website www.dalewarfel.com. Dale Warfel is familiar with federal and state tax credits available to first-time or repeat homebuyers.

Types of Home Listings

There are various types of home listings that a potential home seller should know about, before deciding how best to go about selling their home.

The ‘Open Listing’ is used by owners selling their homes directly. The owner is still prepared to work with real estate agents who are permitted to bring prospective clients to view the home. If a sale transpires, the agent earns a commission. In such a case the agent will not put the home on his/her Multiple Listing Service.

A ‘One Time Show’ is for sale by owner (FSBO) used by real estate agents, and is comparable with an open listing. The seller signs the agreement with the buyer if a deal is reached, in which a commission is guaranteed to the agent.

An ‘Exclusive Agency Listing’ authorizes an agency to list and sell a home for a commission. This does not exclude the seller from finding his/her own buyer. This is not a very popular arrangement as there are a number of pitfalls which leaves the agent’s commission unprotected.

An ‘Exclusive Right to Sell’ authorizes an agent to sell exclusively and appoints him/her as a listing agent. The agent is at liberty to appoint sub-agents. In this arrangement even if the buyer sells the property directly, the agent is still liable to commission. This is by far the most popular and successful listing arrangement.


Dale Warfel – Reputed real estate agent

Dale Warfel is a real estate agent based in the California bay area who has earned a reputation for selling homes at the most favorable price. His website www.dalewarfel.com is a mine of information to prospective home sellers. Dale Warfel offers a free comparative market analysis of what a home is worth in the current market. For a full service in home sale, contact Dale Warfel at 408.624.6202.