Paula Ricks
Can Make Buying Your Jackson Mississippi Home
Stress-Free!
Have you been thinking of purchasing any of
the Jackson MS MLS real estate listings?
I believe in making your home buying
experience an uncomplicated and simple process.
You should know that I am committed to making
your home buying experience exciting, and free
of hassles and delays. I’ll work diligently to
make sure that every detail of your transaction
is handled promptly and efficiently so that you
can make your move on time. Best of all, my
commission is almost always paid by the seller
so I Represent Buyers for Free! There is never a
fee working with me to buy your home.
Click here to
Search for Jackson MS MLS real estate listings.
Technology is drastically changing the way
buyers search for homes. Buyers can now perform
the majority of their home searches online.
There is no longer a need to physically view
each property in order to know if it will work
for you. Now, buyers use the internet to search
for homes from the comfort of their own homes.
Information on properties is now at buyers’
fingertips.
Real Estate
Agents in Jackson Mississippi
Although the role of real estate agents in
Jackson Mississippi has changed, the need for
experienced, qualified REALTORS® is greater than
ever. Choosing the wrong REALTOR® can cost you
thousands of dollars. Choosing the right
REALTOR® can make the entire home buying process
trouble free.
As one of the best real estate agents in
Jackson Mississippi, I view hundreds of
properties each year and perform hundreds of
pricing opinions each year. My experience and
training give my buyers a negotiating advantage.
I can negotiate the right price and terms and I
can also help you choose other professionals to
make the home buying process easier. These
professionals include lenders, home inspectors,
real estate attorneys, title companies, termite
and pest companies, painters, and other service
providers. To make it easy for you to find the
best professionals in the area, I’ve included my
list of Preferred
Professionals on this website.
This website also allows you to see every
home on the market in the Jackson Metro Area
including Madison, Ridgeland, Brandon, the
Reservoir area, Florence, Richland, Flora and
Clinton…just click
Home Search at the top of the page on this
site.
Real Estate
Investment Consultants in Mississippi
If you are thinking of making a move or if
you are one of the real estate investment
consultants in Mississippi,
please contact me.
We can discuss the areas and amenities that you
prefer and build a list of properties that meet
your requirements. If you prefer, I can prepare
a personal web page for you that will keep you
up-to-date on homes that fit your criteria. That
way you can see the new hot properties and price
reductions right away!
When we find that perfect home for you in the
Jackson MS MLS real estate listings, I’ll run a
full Comparative Market Analysis for the entire
neighborhood. I’ll do this before we write an
offer so that you don’t overpay.
Contact me anytime
to schedule an appointment that is convenient
for you. First Time Buyer or Buyer Who Hasn’t
Owned a Home in the past Three Years?
Buyers who have not owned a home in the past
three years can take a tax credit worth 10% of a
home's sale price, up to $7,500, whichever is
smaller. The credit is good for homes closed
on or after April 9, 2008 and before July 1,
2009, and can be taken on taxes filed during
2008 or 2009. Even buyers who bought a home
before the bill passed, but after April 9, can
claim the credit. Unlike tax deductions, which
only offset taxes by lowering taxable income,
the tax credit is a straight dollar-for-dollar
deduction of your tax bill. So a buyer who would
ordinarily pay $8,000 in taxes would pay just
$500. It's also "refundable," which means if a
buyer's taxes are less than $7,500, the
government will send them a check for the
difference. For example, if a couple's income
generates a tax bill of $5,000, the government
will refund all of that plus $2,500. Buyers
must start paying back the loan within two
years, at a rate of no more than $500 a year for
15 years. When the home is sold, any outstanding
balance will be repaid from the profit; if it's
sold at a loss, the difference will be forgiven.
$7500 First Time Homebuyer Tax Credit
Please find below the key points of the First
Time Homebuyer Tax Credit that became law
through the H.R. 3221 Housing and Economic
Recovery Act of 2008. Please feel free to
contact me should
you have further questions. If this information
is not applicable to you, feel free to pass it
on to your friends and family.
|
Feature |
H.R. 3221 Housing and Economic
Recovery Act of 2008 |
| Amount of Credit |
Ten
Percent of the cost of home, not to
exceed $7500.
Examples:
- If a home costs $65,000, the
allowable credit would be
$6,500.
- If a home costs $120,000,
then the allowable credit would
be $7,500.
|
| Eligible Property |
Any
single‐family residence (including
condos) that will be used as a
primary residence. |
| Refundable |
Reduces income tax liability for the
year of purchase. Claimed on tax
return for that tax year.
Individuals should consult a
professional tax advisor for exact
tax calculations.
Examples:
- If an individual’s actual
tax liability was $5,000, then
after the tax credit is applied
the purchaser would receive a
total refund of $2,500. The
refundable amount is the
difference between the $7,500
tax credit and the amount of
one’s tax liability.
- If an individual’s actual
tax refund was $2,000, then
after the tax credit is applied
the purchaser would receive
a total refund of $9,500.
|
| Income Limit |
Individuals whose Form 1040 filing
status is single (or head of
household) are eligible for the tax
credit if their income is no more
than $75,000. Individuals who file a
joint return may have no more than
$150,000 in income. Individuals with
incomes between $75,001 and 94,999
(single) or $150,001 and $169,999
(joint returns) are eligible for a
partial tax credit. Individuals with
incomes greater than $95,000
(single) or $170,000 (joint return)
are not eligible for this tax
credit. |
| First‐time Homebuyer Only |
Purchaser (and purchaser’s spouse)
may not have owned a principal
residence in three years previous to
purchase. |
| Recapture |
A
portion (6.67% of credit) is to be
repaid each year for 15 years. If
home is sold before 15 years, then
remainder of credit is due in the
year of the sale.
- If a homebuyer claims the
$7,500 credit in 2009 on their
federal income tax return for a
closing that occurred in 2008,
then the credit is received in
2009, so repayment begins in
2010 with an annual repayment
amount of approximately $500 a
year.
- If the homeowner dies, their
heirs do not have to pay back
the remaining balance.
- If the house is sold before
fifteen years have passed and
the home’s appreciation is less
than the amount needed to be to
paid back, the loan is forgiven.
- If the home is turned into a
rental or investment property,
the pay back balance is due in
that year.
|
| Effective Date |
Purchases on or after April 9, 2008
until July 1, 2009 |
Again, when I can be of
further assistance or answer any questions,
Please do not hesitate to
contact me at
601 942-3392.
|
