Bob Murphy Online

Are Contract for Deeds DEAD in INdiana and Kentucky?

The Federal government passed a law sometime in 2008 called The Safe Act. Among other things this Act gave the States two years to enact their own or adopt the new Federal Law.

Indiana adopted the Federal Law by Rule sometime in 2009.

Since that time it appears it has been unlawful to sell Real Estate on Contract for Deed unless you meet some very stringent requirements.

1) You can sell to a Family member via Contract for Deed.

2) You can sell your Primary Residence via Contract for Deed.

3) You must be a licensed Mortgage Broker in order to offer Mortgages in Indiana or Kentucky if you do NOT meet the first two requirements listed above.

This new Rule in Indiana will make it therefore unlawful for a Builder to sell homes built via Contarct for Deed as many Builders have done in the past to help people who could not otherwise purchase a home.

This Rule will affect Investors who purchase, the renovate homes to place back into the marketplace.

What do you think about this rule?

What do you know about it?

If you are working with a Contract for Deed it might be a good idea to seek the advise of an Attorney.

Have you re-filed your Indiana Property Tax Exemptions yet this year.  If you haven't you need to.  Indiana is updating there property tax system and as part of the update, All property eligible for property tax exemptions must re-file any current exemptions.

As a property owner you should receive a Pink Notice with your tax bill this year explaining the need to re-file.  However most people don't pay close enough attention to these kind of notices.

If you have any questions about your Indiana Property Tax Exemptions please give me a call.

Bob Murphy

Broker Associate

RE/MAX FIRST

502-773-2564

BobMurphy@ReMax.net

Sex Offenders Website.

If you would like to check an address in Floyd County Indiana for published Sex Offenders work places and home addresses here is a link to a website that will allow you to do so.

http://www.insor.org/insasoweb/initAdvancedSearchForm.do

Nice Home in Sellersburg Indiana

This lovely home qualifies for Indiana Rural Housing financing.  That means 100% financing with no PMI.

This is a 1400 + square foot home with a Full Unfinished basement. 

The Family Room has a custom built Fireplace and lots of room too.

The 1 Acre lot lot includes this huge fenced backyard.  A great place for the family to play or for your pets to roam.

If you would like more information about this home or if you would like to know more about 100% Rural Housing financing please give me a call.  You can reach me at 502-773-2564 or you can contact me via email at Bob.Murphy@RealLiving.com

Visit my other listings at http://www.RealLiving.com/Bob.Murphy

The New Year is almost here.  Will you Buy a Home in 2010?

Home prices are down in almost every market right now.  Interest rates are still at historic lows.  The Home Buyer Tax credit applies to just about everyone now.  Do you really need another reason to Buy a New Home?  By the way that doesn't mean literally a "New" home.  Just a home that is new to you.  There are many existing homes on the market right now that are priced right.  Even New Construction homes are priced down next to just a couple years ago.

Well if you need just one more reason to buy now.....here it is.

Interest rates are expected to begin climbing this year and could possibly be a full point higher then they are now by the end of the year.

Home prices are already beginning to climb in many markets and will probably finish the year higher in 2010 then they have been for the past year or so.

The Home Buyer Tax credit is set to expire for homes not under contract by the end of April 2010 and another extension is probably not going to happen.

This is the "Perfect Storm" for almost any home buyer right now.

If you are a current home owner and you have lived in your home for 5 consecutive years of the last 8 years, you are eligible for a $6500.00 tax credit if you purchase a new primary residence.  Whether you sell your current home or not.

If you are a First Time Home Buyer you are eligible for an $8000.00 Tax Credit if you have your new home under contract by April 30th of 2010 and close by June 30th of 2010.

If you would like more info about the advantages of owning your own home you can reach me at 502-773-2564 or you can email me at BobMurphy@Insightbb.com

You can also visit my website at www.RealLiving.com/Bob.Murphy

Home for Sale in Jeffersonville Indiana

Here is a lovely home on 2 Acres in the city.  There is Commercial potential with this property.

This home built in 1950 has more then 1000 square feet of finished living space. 

The Kitchen has been upgraded as has most of the rest of the home.

But more importatnt then the house itself is the nearly 2 Acres and it's proxcimity to the heart of Jeffersonville.

Would you like to know more about this piece of property?  Visit 3616hamburg@realliving.com

Or visit my website at www.RealLiving.com/Bob.Murphy

Wonderful Home in Jeffersonville INdiana.

This Awesome home in the desirable Elk Pointe neighborhood has more than 3000 square feet of finished living space and another 1200 square feet ready for you to finish.

The Family room has New Hardwood Flooring and French Doors that overlook the Deck and Gazebo area.

This home has a Master Suite that measures 15 x 30 feet and three aditional bedrooms as well.

If you are interested in learning a little more about this home you can see more at http://3503ElkPointe.RealLiving.com   or you can call me at 502-773-2564.

Would you like to see more of my listings?  You can at http://www.RealLiving.com/Bob.Murphy

Did you buy a home in Indiana this year?

Have you filed for your tax exemptions if you did?  IN INdiana you have the benefit of a tax break on property taxes if you file for certain exemptions.

The typical exemptions that nearly everyone qualifies for are "The Homestead Exemption" and "The Mortgage Exemption".

You qualify for "The Homestead Exemption" if the home is your primary place of residence.

You qualify for "The Mortgage Exemption" if you have a current mortgage on your home.  This one is very interesting because you don't necessarily have to have a balance on your mortgage to qualify for the exemption.  Many homeowners take out an equity line on their home when they don't have another mortgage, just to qualify for this exemption.

The tax savings can amount to a large sum of money.  The exemption amount is taken off the assessed value of the property before the property taxes are applied to the home.  Many homeowners reduce the value of their home for tax purposes by as much as $48,000.00.

A couple things you should know about these exemptions:

1) If you bought your home in 2009 you have until December 31, 2009 to file for the exemptions to have them apply in the following year.

2) If you refinance your home you must re-file for the Mortgage exemption.

It is easy to file.  Take a phto ID (Drivers License) and your property address to the Auditors office in the county in which you are filing.  Simply let the Auditor know you want to file for your exemptions.  The clerks in the office will walk you through this process.  It takes about 10-15 minutes.  Sometimes there is a small fee (Like $1.00) charged by the Auditor to process your filing.

Once you file KEEP YOUR RECEIPT.  It is the only proof you have that you did indeed file.

If you have questions about filing your tax exemptions in Indiana please give me, Bob Murphy, a call at 502-773-2564 or you can email me at Bob.Murphy@RealLiving.com

If you are in the market to buy or cell a home in Indiana or Kentucky I am licensed in both states.

Want to see my listings?  Visit http://www.RealLiving.com/Bob.Murphy

How do I file for the First Time Home Buyer Tax Credit?

The First Time Home Buyer Tax Credit has been extended.  So if you purchased your home after November 06,2009 and want to file for the tax credit I am afraid you will have to wait a little longer.  The current Form 5405 applies only to qualifying purchases made by November 06,2009.

This link will take you to the Form 5405 you will need to file for the First Time Home Buyer Tax Credit.

http://www.irs.gov/pub/irs-pdf/f5405.pdf

 If you have questions about the tax credit please call me, Bob Murphy, at 502-773-2564 or you can email me at Bob.Murphy@RealLiving.com.

Before filing the Form 5405 it may be advisable to talk with a Tax Professional.

Short Sale Home in Eastern Jefferson County Kentucky

This is a very nice 3 bedroom 1 bath home in Louisville Kentucky with a detached 1 car garage.  All offers must be approved by a third party. 

If you would like more information about this home please contact me, Bob Murphy, at 502-773-2564 or you can email me at Bob.Murphy@RealLiving.com

To view other homes I have listed visit my website at http://www.RealLiving.com/Bob.Murphy