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If Uncle Sam Paid Off Your Car... Would You Buy A Home Today ?

If your Dear Uncle Sam offered to pay off your car loan to help you purchase a new home... would you do it ?

Well... my dear potential  FIRST TIME home buyers... my dear Hurst, Euless and Bedford, Texas buyers... my dear Fort Worth home buyers... and finally... my dear Tarrant County home buyers... that is exactly what... kinda sorta... your dear Uncle Sam (and of course, Aunt Samantha along with him) are offering to do.

Here's how it works.

Unfortunately, there is pressure involved.  In order to make this happen... as of right now... just a little after 12 o'clock noon today... Friday, April 9, 2010... you have TWENTY-ONE days to find a home, make an offer, and get that offer accepted by the seller... and then have your Realtor get the paperword to their title company.

Now... you don't have to CLOSE on that home until anywhere between now and June 30, 2010.  BUT... you do have to get the contract paperwork done by April 30.

So... here's what you do.  Call your Realtor (me, of course, Karen Anne Stone), let's get out and find you a home... one that you want to make your own.  Then, we make the offer, get the seller to accept it, and GET THE BALL ROLLING !

So how does the rest of that "pay off my car loan" stuff work ?

It works like this:

By April 30, 2010... you finalize a contract to buy a home.

By June 30, 2010... you close on your home.

Then... take a copy of the closing statement to your tax account.  Or, if you do your own taxes, you either fill out your 2010 taxes if you have not yet done that, or you file an AMENDED tax return for 2010.

You provide Uncle Sam with proof that you have closed on your home by June 30, 2010... and then... send in either the tax return, or the amended tax return for 2010.

If you are set to get a refund... you will get THAT refund... PLUS an additional refund of EIGHT THOUSAND DOLLARS.

If you were not going to get a refund, but were going to have to pay some additional taxes... here is an example.  IF... you were going to have to PAY Uncle Sam... ummm... let's say you owed him $2,200... and were going to have to send him a check for that amount... $2,200... not only would you NOT have to send in that check... but you would get the amount of $5,800 dollars BACK from Uncle Sam. (That would be the $8,000 less the $2,200 you owed him... or a net back to you of $5,800.)

You would then take that $5,800... or that $8,000 from the first example... and pay off your car, pay off other bills, go out and buy your wife $8,000 in presents... or anything else you might choose to do.

I myself, even though I might like all those presents if I were your wife, or sweetie, or life-partner, or whatever... I myself would rather you paid off that car.  But... that is just me.

So... call your Tarrant County, Texas Realtor... your Fort Worth Realtor... your Mid-Cities Realtor NOW... that would be me, Karen Anne Stone, at 817-929-3400... and lets go home shopping.

Comment balloon 19 commentsKaren Anne Stone • April 09 2010 12:26PM

Comments

Karen - That is a GREAT way to look at the incentive! Thanks!!!

Posted by Lindsey Hasford, Bringing you home... (Edina Realty) over 9 years ago

I could pay off my car and my daughter (who is in college)'s car with $8,000.  Sad that I am not a first time home buyer. :(

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) over 9 years ago

Karen Anne, Feels like October of 2009. Everyone around here is talking extension. Get off the cotton picken fence if you want to buy a house or a home.

Posted by Paul S. Henderson, REALTORĀ®, CRS, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Northwest.) over 9 years ago

Lindsey:   I am SO glad you like the way I phrased this.  Just about EVERYBODY... all they talk about is the money.  After while... it either gets boring, becomes invisible, or both.  VERY FEW Realtors that I have seen have translated this tax credit into WHAT YOU CAN DO with that money.

So many things are possible... if folks would just use their imagination.  For example... on this car loan stuff.  If you have a car loan balance due of about $8,000... and your car PAYMENT is about $425 (which my own is)... wow... consider the possibilities.

That $8,000... if looked at as being a "mortgage amount"... would bring with it a mortgage payment of perhaps $56 a month.  So... what would benefit a buyer the most... having a $56 LESS mortgage payment (that the $8,000 could buy)... or a $425 LESS monthly obligation (that paying off the car would bring) ?

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 9 years ago

Tammy:  That would be SO cool.  And just think how much that would LOWER your monthly overall payments... and HER overall monthly payments.  People just do not seem to TRANSLATE this $8,000 tax credit into anything that would really affect their lives.  It must be my nine years of teaching that brings me to do that.

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 9 years ago

Paul:  It took me three PROXY ERRORS to get my comment to Tammy to go through just now.  Would you kindly waddle over to Active Rain headquarters and tell those guys to wake up !

Now... yes, it DOES feel like October of 2009.  Extension ?  I don't think it's gonna happen. 

With the primaries coming up, and the Republic Party getting rowdier and rowdier as the days wear on... I think ANYTHING that "appears" to raise the deficit... even though it would be a GREAT stimulant to the economy, and would probably stimulate even MORE revenue to the economy, and thus back to offset any deficit this program would bring... I think anything like this... will be simply jumped on by the Republic Party... and used for their electoral benefit... which I think is not only unfortunate... I think it is just plain greedy.

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 9 years ago

Karen - Third attempt to post a comment!  Since I haven't a car payment, I guess I would have to use the money to go and purchase a car so I could have a payment. :)

Posted by Steve Hall, Make the Call to Hankins and Hall (RE/MAX United) over 9 years ago

Steve:  Second attempt to post an answer to your comment.  Also... I have written another post... a great post about revitalizing a downtown are of a small city... and have tried to submit it four times.  Nothing, nada.  Right now... it is on another open screen on my computer... just sitting there... DEAD in the water.  Active Rain will not respond.  I got two "Error" responses... and luckily hit the "back" button, and the post is still there.  But... after it came back the second time... I cannot get it to do ANYTHING... even though the word "done" is sitting there in the lowest left-hand corner... as if it went through... which it DID NOT.

Anyway... I will try this comment with you, now.

I think it is just great that... although you do NOT have a current car payment, that you would go out and purchase a new car... with a new payment... in order to "stimulate the economy."  You are truly a "Great American."  LOL.  And... thanks for not giving up in trying to post your comment.

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 9 years ago

Karen Anne- You are so right. This is FREE money. Act now people.

Posted by Ellie McIntire, Luxury service in Howard County & Catonsville (Ellicott City Clarksville Howard County Maryland Real Estate) over 9 years ago

Ellie:  I am not sure who or why... but the fact remains... there are only twenty-one days left for this incredible personal GIFT being available.  And, with this $8,000 gift from Uncle Sam and Aunt Samantha... buyers who right now have a combined RENT and CAR PAYMENT each month... can... in many markets in this country... they can buy a new home... and end up with a house payment... total PITI... that is LOWER than their current combined rent and car payment total.

If only more buyers realized that... and if only more REALTORS... "understood that, and presented that" to their buyers.

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 9 years ago

Oh Karen Anne- I am so looking forward to the day when there will be "HER" payments, but yes, if I qualified I'll be all over that additional $800 of income I could get between our two car notes.  I am currently working with a couple of first time home buyer couples.  I just hope we can get them both something under contract before the deadline.  But folks are cutting it so close. 

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) over 9 years ago

Tammy:  I would be so great, and such a release of stress for you, or for anyone, to get rid of eight hundred dollars of car payments.  Mine is $425 a month... and it is one of the lowest I have had in years.  Luckily it is for my 2007 Honda CR-V.  It will be paid up... actually... in about two years.  Yikes... it has sneaked up on me.

And... I just know that will be "it" for awhile.  The last Honda I had... an Accord... I drove for 233,000 miles.  That... is equal to the distance from the earth to the moon.  So... it appears that in 24 months... I'll have a car that I can at least drive for quite a while before needing to be replaced.

Good luck with your sweet daughter.  Got a picture of her ?  I'd love to see it.

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 9 years ago

Karen Anne, I love the way you wrote this blog and put it in such down-to-earth-easy-to-understand language.  You're a born teacher!!

Posted by Barbara S. Duncan, GRI, e-PRO, Executive Broker, Searcy AR (RE/MAX Advantage) over 9 years ago

Barbara:  You are very kind.  Thank you.  It really isn't all about actually "knowing" something... but about knowing how to share it with others.  Sometimes there are things that I don't know... that take me a long time to either teach myself, or learn... but then once I know it... I feel I can teach it to anyone.

Currently I am trying to play with learning how to use WordPress.com.  For others, it might be very easy, but for me it is just trudging along... slowly... making mistakes, one after the other.  But... I know if I can just get it into my head... I will not have any problem whatsoever sharing it with others in such a way that THEY will not have the same trouble learning it... that I have.

Barbara... thanks for the kind words.  Hope things are going well up there in Searcy.  Take care...

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 9 years ago

LOVE THAT ...What a great way to put it!  We are nearly at the end and people came out of the woodwork this week....My question...WHY did you wait so long???

Posted by Ruthmarie Hicks (Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605) over 9 years ago

Hi Karen Anne... great angle you have working here!  I hope it gets your phone ringing, because time IS running out for sure!

Posted by Steve Shatsky over 9 years ago

Ruthmarie:  Thanks so much.  And, why did I wait so long ?  Sheeesh.  I can't do EVERYTHING.  But, there is still time.  Time to get the paperwork done.  At least these lucky buyers to not have to be CLOSED by the end of April.  That whole idea of hoping for quick-closings... I am afraid, had gotten pretty close to impossible.

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 9 years ago

Steve:  Great "angle"... huh ?  LOL.  It is just a different way of "presenting" the tax credit... rather than the worn-out way that so many Realtor folks have been using, and so many prospective buyers have been hearing for so long.  At this late date... now most mentions of this tax credit... get ignored.  Thanks for the kind words.  :)

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 9 years ago

Karen Anne - I thought your post was very creatively written.  It also helps to show how people can still utilize the tax credit at this late date.  Hopefully you will find some clients who need your help.

Posted by FN LN over 9 years ago

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