About Mary F. Gerace, e-Pro, ASPDirect: 484-595-1624
Mobile: 610-613-4102
Office: 610-647-2600
Mary10271@Verizon.net
Welcome to my website! I'd like to share a little bit about me and how I can put my training, experience and knowledge of the area to work for you. I am licensed in Pennsylvania & Delaware. As an Accredited Home Stager I offer Home Staging as an added service to those who choose to work with me. Using web based technology I will work with you in a respectful & professional manner, keeping you informed at all times. I've raised 3 daughters with my husband in Chester County, I know the area, the neighborhoods and the schools. My experience includes working with first time homebuyers, those downsizing, those relocating to our area as well as investors. Interested in a vacation home/investment property at the Jersey Shore or Delaware Beaches...I can help! Give me a call, let me go to work for you! |
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Senate Approves Tax Credit Extension
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Senate Approves Tax Credit Extension, Expansion
The Senate yesterday passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they've lived in their home for five of the past eight years. Home prices are capped at $800,000.
The legislation was included in a bill to extend unemployment benefits and is expected to be passed by the House today or tomorrow. President Obama is expected to sign the legislation when it's sent to his desk.
Under the bill, income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.
Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The deadline for members of the military serving out the U.S. for at least 90 days between Jan. 1, 2009, and May 1, 2010, has been extended one year.
Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.
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Jersey Shore & Delaware Beach Listings
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Benefits of a Buyer's Agent
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Benefits of a Buyer's Agent For most of us, buying a home is the biggest single investment we're likely to make – and we're only likely to do it maybe once or twice in a lifetime. The process is, by nature, filled with checks and balances - and many complex details. Traditionally, agents were legally obligated to protect the interests of the home seller. Today preferences are changing. One of these changes is that more homebuyers are choosing to have their own real estate agent, known as a buyer's agent, to legally represent them. A buyer's agent represents you, the buyer, not the seller, and has full fiduciary duties, including loyalty to you. By definition, the buyer's agent has your best interests in mind throughout the transaction. The percentage of homebuyers with buyer representation has grown significantly in the past decade. According to a recent National Association of Realtors® survey, nearly half (46%) of home buyers used the services of a buyer's agent last year, and four out of every five buyer's agent agreements were in writing. The benefit of buyer representation is the dedication of a buyer's agent to the home buyer. The buyer's agent and homebuyer establish a mutual agreement, known as a buyer agency agreement that will entitle the homebuyer to, but is not limited by: · Loyalty
The real estate agent must act in the best interest of the buyer. · Disclosure
All material facts such as relationships between agent and other parties, existence of other offers, status of earnest money, seller's financial condition, property's true worth, commission split with other brokers, and legal effect of important contract provisions. · Confidentiality
Any discussions, facts, or information that should not be revealed to others but does not include responsibility of fairness and honesty in dealings with all parties. · Accounting in dealings
Reporting of where any money placed in the hands of the broker is kept. · Reasonable Skill and Care
Arriving at a reasonable purchase price and advising the buyer of such, affirmatively discovering material facts and disclosing them to the buyer, investigating the material facts related to the sale. With a buyer agency, the interests of the homebuyer will be represented in the purchase of the home. This scenario is different from a typical transaction where the buyer is not technically represented. |
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Record Streak Continues for Pending Home Sales
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Record Streak Continues for Pending Home Sales RISMEDIA, October 3, 2009—Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August 2009, rose 6.4% to 103.8 from a reading of 97.6 in July, and is 12.4% above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5. Lawrence Yun, NAR chief economist, said not all contracts are turning into closed sales within an expected timeframe. “The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding complex new appraisal rules,” he said. “No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month.” The Pending Home Sales Index in the Northeast jumped 8.2% to 85.3 in August and is 12.0% higher than August 2008. In the Midwest the index rose 3.1% to 90.8 in August and is 7.6% above a year ago. In the South, pending home sales increased 0.8% to an index of 104.6 and is 8.2% above August 2008. In the West the index surged 16.0% to 130.5 and is 22.3% above a year ago. “There is likely to be some double counting over a span of several months because some buyers whose contracts were cancelled have found another home and signed a new contract to buy,” Yun explained. “Perhaps the real question is how many transactions are being delayed in the pipeline, and how many are being cancelled? Without historic precedents, it’s challenging to assess.” Yun also noted that the data sample coverage for pending sales is smaller than the measurement for closed existing-home sales, so the two series will never match one for one. NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said first-time buyers need to act now. “Potential first-time buyers must make a contract offer very soon to have a reasonable chance of qualifying for the tax credit,” he said. “Congress needs to extend and expand this program because it’s stimulating the economy and reducing inventory close to price stabilization points.” McMillan said a sizable number of homebuyers already in the pipeline could be let down because of the tight deadline. “We know there is a pent-up demand because sales are below normal levels for the size of our population. The faster we absorb excess inventory, the sooner we’ll turn the corner on home prices, prevent additional families from becoming upside-down in their mortgages, and give Wall Street the confidence to extend credit to other sectors,” he said. “Each home sale pumps an additional $63,000 into the economy through related goods and services, so the benefits of extending and expanding the tax credit far outweigh the costs.” Yun said the forecast for home sales and prices depends very much on whether a tax credit is extended. “All we can say for certain is sales will decline when the tax credit expires because we are not yet on a self-sustaining recovery path. It also raises a risk of a double-dip recession,” he said. “Extending and expanding the tax credit is the best tool in our arsenal to encourage financially qualified buyers to stimulate the economy and help reduce the budget deficit.” |
Top 12 Tips for Buying an Investment Property
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Top 12 Tips for Buying an Investment Property RISMEDIA, September 19, 2009—Christine Van Tuyl and Margaret La Grange, an award-winning mother-daughter team with Prudential California Realty in Coronado, have compiled their latest list, the “Top Twelve Tips for Buying an Investment Property.” “Real estate investors aren’t necessarily all-cash buyers with millions in the bank,” said Van Tuyl, Prudential agent. “Normal folks with $50,000 to put down can make solid investments and get positive cash flow.” Are you ready to buy an investment property? Here are some things to consider. 1. Location, location, location. We’ve said it before and we’ll say it again. Invest in the best location you can afford. It will determine the kind of tenants you will attract, and how much rent you can charge. A property in a desirable location will also appreciate more over time and be less susceptible to the ups and downs of the real estate market. 2. Don’t go overboard when you’re fixing up an investment property. You don’t necessarily need granite countertops and stainless appliances. After all, you’re going to get some reasonable wear and tear when the tenants move out. Most renters are happy with units that are light, bright and clean. 3. Forget about flipping. Real estate today is a buy-and-hold investment—for at least five to ten years. You’ll face considerably more risk with a shorter time frame. Although your rental will almost certainly appreciate over the next 20 years, the next few years are anyone’s guess. 4. Think long term. For most small investors, long-term ownership makes the most sense. You’ll have plenty of time to ride out any swings in the market, and your rental income will be a nice supplement to your day job. Historically, real estate has been an excellent investment, always appreciating a few points over the rate of inflation. 5. Be prepared to have cash on hand. These days, buying a non-owner occupied property requires at least 25-30% down. 6. Calculate the cost of ownership. This includes all the expenses of owning and managing an investment property, not just mortgage payments. Common expenses include property taxes, insurance, utilities, maintenance, vacancies, and repairs. 7. Look for a property for what it can be, not what it is. Buyers with a little imagination can look past the cracked paint and overgrown landscaping and score a great deal. 8. Hire and pay skilled workers to do your renovations. Start collecting recommendations for electricians, plumbers, painters, and contractors. 9. Always screen your tenants. Run a credit check and call old landlords. Ask if they paid the rent on time, what condition the property was when they left, and if they caused any problems with the neighbors. 10. Read up on your rights as a landlord. Learn about the eviction process and other potential issues so you can do things right, saving time and money. 11. Carefully consider all options. In general, buildings with 3-4 units or duplexes pencil out best, followed by single family homes with 3 bedrooms. Some investors find it works out best to buy a duplex and move into one of the units. 12. Enjoy the advantages of your investment property. When managed correctly, investment properties are a great source of passive income—now, and when you retire. Take advantage of amazing tax benefits to make your investment pay off. |
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McMonigle/Dillon Team Listings
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Lot 1 Chester Springs Rd
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10325
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West Vincent Twp
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MLS®
$700,000
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(11 Photos)
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531 Daventry Rd
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10355
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Devon
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MLS®
$599,000
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(1 Photos)
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Lot 3 Chester Springs Rd
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10325
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West Vincent Twp
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MLS®
$189,000
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(15 Photos)
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1786 Harmonyville Rd
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Chester County
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MLS®
$1,899,000
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(12 Photos)
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15 Autumn Hill Lane
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Sunwood Farm
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MLS®
$769,900
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(5 Photos)
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105 houndstooth Cir
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West Vincent Twp
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MLS®
$725,000
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(15 Photos)
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10 Tunbridge Lane
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Trend
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Wyckfield
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MLS®
$599,900
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(15 Photos)
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101 Fields Court
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Landenberg
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Highlands at White Clay
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MLS®
$575,000
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(7 Photos)
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172 Culpepper Court W72
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Malvern
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Malvern
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MLS®
$550,000
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(12 Photos)
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1155 Newbury Ln, West Chester, PA 19380
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10353
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Hersheys Mill
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MLS®
$549,000
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(11 Photos)
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14 Lammey Way
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Downingtown
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MLS®
$539,000
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(12 Photos)
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1213 Princeton Ln, West Chester, PA 19380
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10353
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Hersheys Mill
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MLS®
$499,000
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(12 Photos)
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18 Clover Ln, Malvern, PA 19355
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10354
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Malvern
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MLS®
$489,000
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(15 Photos)
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164 Paper Mill Circle
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E Nottingham Twp
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Paper Mill Woods
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MLS®
$465,000
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(7 Photos)
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233 Paoli Pike
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Malvern
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Malvern
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MLS®
$425,000
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Now Is The Time To Buy Real Estate
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Now's the Time to Buy in Real Estate
Investors are returning as the real estate market recovers.
BusinessWeek’s real estate guru Marc Roth points out these opportunities, which he says make sense if investors are willing to look over the property carefully and ask tough questions.
Options they should consider include:
- Buying a single-family house. This could be a first home or a dream home or a home to rent out.
- Buying a multi-family investment property.
- Snapping up a vacation property. There are deep discounts to be found in high-end resort areas.
- Investing in a Real Estate Investment Trust. REITs were hit hard in the downturn, but many are on their way back.
Source: BusinessWeek, Marc Roth (08/26/2009)
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Lose Your Job, Keep Your Home – Ask for Help Before it’s Too Late
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Lose Your Job, Keep Your Home – Ask for Help Before it’s Too Late By Amy Hoak RISMEDIA, Sept 11, 2009—(MCT)-Few words sting like the ones that inform you that you’re being laid off — especially today, with jobs so hard to come by. If you’re a homeowner, the blow of a job loss can be even worse. In households with more than one wage earner, halving the monthly income can severely stretch a budget. And in households where there’s one breadwinner, having zero income can be devastating. A rainy day fund helps, but it’s important to craft a plan early about how you’re going to get through the rough patch. More people are facing this nightmare today: While the volume of subprime mortgages headed to foreclosure is falling, the volume of prime, fixed-rate mortgages defaulting is on the rise, according to statistics from the Mortgage Bankers Association. The MBA’s chief economist said that’s a result of rising unemployment. “If you don’t have the prescribed three to six months income in the bank (now eight to 12 months due to how long it takes to replace that job), you’re really in deep trouble with some troubling decisions to make,” said Gail Cunningham, vice president of public relations for the National Foundation for Credit Counseling, in an e-mail. The NFCC is a national, nonprofit credit-counseling network. “We always advise people to pay their living expenses in full (this includes the house payment), followed by any secured debt (usually the car payment), and then the creditors. This will keep a roof over your head, food on the table, utilities paid, medicine in the cabinet, the kids at day care, etc. Once the money runs out, no one beneath that line gets paid. However, this assumes that there’s either some savings to fall back on or another income source,” she said. Between programs offered by the government and loan servicers, there are additional options available for today’s homeowners before they slip into foreclosure — if they speak up and ask for help. Or maybe the best answer is to start over again by cutting your losses and selling your home or pursuing a short sale if you owe more on your mortgage than your home is worth, those in the industry say. Whichever road you choose, it’s important to make contact with the lender or servicer as early as you know you could have a problem on your hands — and before you get behind on your payments. The MBA has a listing of contact information for lenders and servicers, including links to Web sites that give consumers a glimpse of some of the help that is offered. “A lot of customers call us very late in the process, and it becomes extremely difficult for us to explain everything in one shot and to resolve everything to their satisfaction,” said Sanjiv Das, CEO of CitiMortgage. Early communication is also stressed at Chase, said Christine Holevas, a bank spokeswoman. Remember also to be open and honest about your financial situation. You may think you’re bettering your chances for help by fudging on income information, for example, but it will in fact slow the process down; when income is verified and is found to be false, you’ll have to start over again, she said. For help, there are counselors who will sit down with you and sort through options and paperwork. Chase, for example, has counselors at 27 homeownership centers throughout the country to assist its borrowers, Holevas said. The U.S. Department of Housing and Urban Development has a list of approved housing counselors, or homeowners can connect with a counselor through the NFCC site. The solution that has gotten some of the most press this year has been the government’s Home Affordable Modification Program, which lowers monthly payments for borrowers based on debt-to-income ratios. Borrowers have to successfully complete a three-month trial period before the modification is finalized. Some homeowners are still confused about who is eligible, said Greg Hebner, president of MOS Group, a loss-mitigation service provider that works with lenders and servicers. For one, the program “requires a hardship, but does not require you to be delinquent,” Hebner said. “That is an important consumer misconception—if I’m still making my payments there is no help for me.” But what the government does require is some amount of monthly income within the household, said Drew Kessler, director of sales for Rand Mortgage, in New City, N.Y. In a dual-income household, for example, if one person loses his or her job, a modification is a possibility. With one breadwinner, it probably isn’t. “There has to be some viable source of income,” Kessler said. “If they lost wages, or found a new job, the banks will work with them.” Kessler’s advice: It might be best to accept a job that pays less instead of holding out for one that is best suited to your salary history in order to qualify for the adjustment. A borrower also has to be in danger of imminent default to be eligible, Holevas said. “They’re going to take a look at what your liquid assets are,” she said. If a borrower has more than seven months worth of payments in savings, he or she is not yet in imminent danger of falling behind and likely won’t be able to modify, she said. If you do qualify, it’s important to submit complete and accurate information in order for the application to move through the process without hiccups, Holevas added. If you don’t, “the back and forth tends to really slow things down,” she said. Remember, if you don’t qualify for the government’s program, many mortgage servicers have their own modification plans, Holevas said. All options can be examined if you start early enough. “Contact your lender when you think you’re going to have a problem,” she said, even if you’re a couple of months out from not being able to make your payment. For some homeowners, however, it might make more sense to sell their home and start fresh. Home sales are up recently in many markets, and if you’re living in a home that would be attractive to a first-time buyer eligible for the government’s first-time buyer tax credit, you might be able to take advantage and make a sale before the credit expires at the end of November, Kessler said. “Maybe sell now and get yourself in a smaller property, a less costly property,” he said. For homeowners who owe more on their mortgages than their homes are currently worth, short sales can be a viable option. In a short sale, the home is sold for less than the mortgage amount — with approval from the lender — and the difference is forgiven. Short sales usually take longer than a traditional sale, so borrowers might want to seek out a real-estate agent who is a certified default property expert in order to expedite the process, said Rich Rollins, president of National Quick Sale, a firm that works with the mortgage industry to get short-sale offers processed. His firm also helps match up investors with distressed properties, working out deals that allow the homeowners to give up ownership but rent their home, with the potential for them to “rent to re-own,” he said. He warns, however, to be careful of unsolicited offers of help from people claiming they can save your home, he said. “Be very wary of people who approach you for a profit or fee upfront,” Rollins said. “You’ve got to be diligent because there are people out there trying to steal your money,” he said. “You’re already in a precarious position. Don’t let people take advantage and take the money that you do have.” (c) 2009, MarketWatch.com Inc. |
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