military and certain federal employees may still be eligible for the tax credit.

First-Time Homebuyer Credit: Members of the Military and Certain Other Federal Employees

The Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:
Extends deadlines for purchasing and closing on a home.
Authorizes the credit for long-time homeowners buying a replacement principal residence.
Raises the income limitations for homeowners claiming the credit.
Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.
For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.
People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.
Several new restrictions apply to homes purchased after Nov. 6, 2009.
Purchasers must attach a properly executed settlement statement to their return.
No credit is available if the purchase price of the home exceeds $800,000.
The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
A dependent is not eligible for the credit.
The new law gives the IRS broader authority to deny first-time homebuyer credit claims, without having to first audit a taxpayer’s return. Known as math error authority, this authority applies, retroactively, to credits claimed on original and amended 2008 returns, as well as to claims yet to be filed.
Additionally, there are new benefits for members of the military and certain other federal employees:
Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer’s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual’s spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer’s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.
Question and Answer
Q. Are both spouses required to be overseas for the requisite time period in order to qualify for the 2011 extension to claim the credit?
A. Only one spouse must be overseas on official extended duty for the requisite amount of time for either spouse to be eligible for the 2011 extension of time to purchase a principal residence and claim the credit.

Ocean front/Nags Head/8 BR For RENT -CLICK HERE

This house is available in May and the first week of June. Click on title for details.
Christine Parrish 757-816-7000

New Programs for first time home buyers

Now that April 30 has passed, there are incentives available for first time home buyers. Rates are still at an all time low and property values in this range are great. This is the time to buy a home.
Whether you are a first timer or you are an investor the market is full of deals.
Visit my web site at www.christineparrish.com and set up your own criteria search.
Have fun, call me if you have questions about any property you see that is interesting.
Christine Parrish 757-816-7000

Mother's Day weekend

Did all you moms have a sweet mother's day weekend. I was riding around Gods Country in the Shenandoah Valley in Staunton. I met a great couple that are from the OBX who moved there opened up a pizza restaurant. What a treat to meet beach people in the Valley.

Back home to the real world now.

Short Sales in Hampton Roads

Lets talk about Short Sales. "Short sale" is a term used to describe a property that has a mortgage balance HIGHER than the market price or sales price.
If you are in this situation and want or need to sell your property, you still can. I know you are thinking that you can't afford to come to the closing table with cash and in some cases hundreds of thousands of dollars to close. So, what are your options.

Short sales take some time and expertise. My goal as an listing agent for you is to keep the bank from foreclosing on your property. It starts with a consultation to determine how much relief you need then determining how we can convince your mortgage company that you are entitle to the relief of the difference of your mortgage and the offer we submit to them. These deals are each unique and require an experienced agent to work through the requirements to get a positive end result.

Are you in this boat? Need to sell? Have to move? Purchased in 2005 with 100% mortgage and now owe more than we can sell your property for in 2010? Call me. I have answers, resources and know how to get these properties sold and help you move on.

A consultation is free. 757-816-7000 Christine Parrish

The OBX of North Carolina

The OBX is a drive to and very popular spot on the east coast. OBX NC, is holding strong on the values during this down economy. Mainly because the income from the rental market helps to pay the mortgage and additional expenses. The rental market is reaching record highs this season which is a help to the investors who own or purchase in this market.

We all know what your return is on your money in the Stock market or bank CD's. Your money is well spent in Real Estate and with the right investment you will build wealth and be able to enjoy the beach.

Call me to discuss options in this market.
Christine Parrish 757-816-7000

Time is running out!

The spring selling season is upon us and opportunities abound to boost the housing market and get it on a positive track. We have the advantages of low interest rates, affordable housing stock and the homebuyer tax credits that expire within just a few weeks. We also have an ever-growing supply of short sale inventory – and the sooner those houses can be sold, the better for all involved.

April 30 is quickly approaching
The homebuyer tax credits have been pivotal in helping move inventory. At this time, it appears that the government will not offer another extension. Any first-time or move-up buyer who is interested in taking advantage of the tax credit must have a binding sales contract by April 30, 2010 – with the home purchase completed by June 30, 2010.

Time is of the essence
Short sales remain significant factors in today’s marketplace, allowing more prospective buyers than ever to become homeowners. Because these transactions are more complex, it is imperative that real estate and lending professionals work efficiently as coordinated teams to help our customers.
We are not hearing that the tax credit will be extended. Hopefully we will have new programs for lending that will keep the purchasing moving.

I am committed to helping you.
Christine Parrish 816-7000