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Resources

Welcome to the Bay Area's Best REOs Resources page.

This is the place to get answers to all of your real-estate questions and get current information on various aspects of the Bay Area's buying and selling market. Please read below for our most recently updated information:

Here are some FAQ's About the new homebuyer tax credit update:

"TAX CREDIT OVERVIEW Who Gets What?

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

- What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

- What are the Income Caps?
The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

- What is the Maximum Purchase Price?
Qualifying buyers may purchase a property with a maximum sale price of $800,000.

- What is a Tax Credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.

- How Much are First-Time Homebuyers (FTHB) Eligible to Receive?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

- Who is Eligible fort FTHB Tax Credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible. As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

- How Much are Current Home Owners Eligible to Receive?
The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

- Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

- Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.

According to the IRS, factors that would demonstrate the ownership of the property would include:

Right of possession,
Right to obtain legal title upon full payment of the purchase price,
Right to construct improvements,
Obligation to pay property taxes,
Risk of loss,
Responsibility to insure the property, and
Duty to maintain the property.

- Are There Other Restrictions to Taking the FTHB Credit?
Yes. According to the IRS, if any of the following describe a homebuyer’s situation, a credit would not be due:

They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from step-relatives)
They do not use the home as your principal residence.
They sell their home before the end of the year.
They are a nonresident alien.
They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

- Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?
Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?
Yes, provided that the child meets the other requirements for the tax credit."

Rebates for ENERGY STAR Appliances

In the coming months you may be eligible to receive rebates from your state or territory for the purchase of new ENERGY STAR-qualified appliances.

These rebates are being funded with $300 million from the American Recovery and Reinvestment Act of 2009. Under this program, eligible consumers can receive rebates to purchase new energy-efficient appliances when they replace used appliances.

State Information

Each state and U.S. territory was allowed to design its own rebate program, and all 56 plans have now been approved by the U.S. Department of Energy (DOE). Learn about those programs and when they are projected to start. (Note: This Web site is the only official DOE-sponsored Web site; be cautious of "fake" Web sites.)

Types of Appliances

More than 70% of the energy used in our homes is for appliances, refrigeration, space heating, cooling, and water heating. Replacing old appliances and equipment with those that are ENERGY STAR® labeled can help American families save significantly on their utility bills. Each state and territory may select its own set of ENERGY STAR qualified products to rebate. DOE has recommended that states select from among the following appliances:

Boilers
Central air conditioners
Clothes washers
Dishwashers
Freezers
Furnaces (oil and gas)
Heat pumps (air source and geothermal)
Refrigerators
Room air conditioners
Water heaters

Frequently Asked Questions

Who will issue the rebates?

Each state is designing and running its own unique Appliance Rebate Program. DOE is providing funding to all states, five territories, and the District of Columbia to develop and implement these programs.

How much will each state receive to fund its program?

Each state will receive an amount proportionate to its population compared to the total U.S. population, with a floor of no less than $100,000. See the complete list of allocations by state (PDF 11 KB). Download Adobe Reader.

Are states offering rebates now?

A state can not begin to offer rebates until its program plan has been approved by DOE. States submitted their plans to DOE on October 15, 2009, and DOE is currently in the process of reviewing these documents.

When will my state's appliance rebate program take effect?

Each state will establish its own implementation date and communicate the information to its residents. DOE has posted the dates each state has proposed to launch its program, pending DOE approval.

I just bought an efficient appliance. Will the rebates be available retroactively?

Only purchases of qualified products made during the specific time period established by each state will be eligible for a rebate.

How long will the rebate programs last?

The rebate program will continue as long as the states and territories have money to support it. While they have until February 2012 to spend the money, it is likely that the money will go quickly. States and territories must indicate how they intend to notify consumers when the funding for rebate program is exhausted.

Who is eligible for a rebate?

The program is for consumers. Each state will specify exactly who is eligible to participate in its program, and some states are likely to limit rebates to only certain types of consumers, e.g., low-income.

Do I have to turn in my old appliance to be eligible for a rebate?

Only purchases that replace an existing appliance are eligible for a rebate. DOE is strongly encouraging the recycling of old appliances purchased under the program. See the ENERGY STAR Recycling page for more information on appliance recycling.

Can I get more than one rebate from my state?

Each state will decide if consumers will be eligible for more than one rebate when purchasing appliances covered in the program.

What are the rebate amounts?

Each state and territory will choose dollar amounts for the products selected. Amounts could range from $50 to $250, depending upon the product being purchased, the purchase price, and other potential market factors.

Can consumers combine the rebate with other incentives, such as the federal tax credit or a utility rebate?

A consumer can combine a state rebate with the federal tax credit for the same product, as long as the purchase qualifies under the rules of both programs and is not specifically excluded. Consumers may also be able to combine the state rebate with a local utility rebate, but eligibility should be verified with both organizations. For more information on additional incentives and rebates, please see the Database of State Incentives for Renewables and Efficiency.

How much energy can I save when I replace a used appliance with a new ENERGY STAR-qualified model?

Energy savings will depend on the specific appliance and model being replaced, but new ENERGY STAR appliances save significantly more energy than those manufactured years ago. For example, replacing a clothes washer made before 2000 with a new ENERGY STAR model can save up to $135 per year. Replacing a refrigerator made before 1993 with a new ENERGY STAR model can save up to $65 per year. Learn more about ENERGY STAR appliances.

Find out more about the energy savings potential of these products:

Why are rebates different state-by-state?

Every state has specific energy needs and the rebate program allows flexibility to design the right program for that particular state. For example, residents living in warm-weather states may benefit more from the use of energy-efficient air conditioners, while consumers in a cold-weather state would benefit more from efficient furnaces.

What is the ENERGY STAR program?

ENERGY STAR is a joint program of the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy helping consumers save money and protect the environment through energy efficient products and practices. All appliances and products with the ENERGY STAR label meet strict energy efficiency guidelines set by the EPA and the DOE.