Westport, Connecticut Moves

 First-Time Home Buyers - Time is Running Out to qualify for your $8,000 Tax Credit

This past month, I've seen headlines proclaiming "120 days left", "115 days left", "95 days left" for the $8,000 First-Time Home Buyer Tax Credit.  Sure, this program is in effect through the end of November, but those headlines are misleading.

To qualify for the credit, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the past three years.  The full credit is available for single taxpayers with incomes up to $75,000 and married couples, with incomes up to $150,000.  The credit phases out to zero, at incomes of $95,000 and $170,000, respectively.

In order to receive the credit, you must close on your home purchase no later than November 30, 2009

As of July 30, the Federal Reserve Board made effective the final changes to the Mortgage Disclosure Improvement Act of 2008 (MDIA).  The final rules revise the disclosure requirements for mortgage loans made under the Truth in Lending Act (TIL), and apply to all local banks, major lenders, mortgage bankers and brokers.  As a result, it can now take 45 and possible 60 days (FHA loans) from the time you finalize the contract on your home, until the closing.

Once you agree to a price on your new home purchase, you need to allow time to conduct inspections, possibly renegotiate the price, finalize your contract and secure your mortgage.  Allowing for that time means you only have until the end of September, or certainly no later than mid-October, to find your new home and finalize your purchase contract.

Don't miss out on this opportunity.  Interest rates remain relatively low, prices have softened and the government is offering you an incentive to buy. 

Copyright © 2009 Marilyn Katz, WestportCTProperties, All Rights Reserved... First-Time Home Buyer Tax Credit - Time is Running Out

Photograph taken with a Point and Shoot Nikon, Coolpix S1.  Photo has been cropped but not otherwise enhanced in any way.  Photo displayed taken by Marilyn Katz and is covered by Copyright, all rights reserved and may not be reproduced without express written permission,

Copyright © 2009 Marilyn Katz, WestportCTProperties, All Rights Reserved... Wordless Wednesday - Westport Prudential Office - Flip Flop Party

Sitting at Compo Beach, our first summer in Westport, watching a parade of boats power and sail in and out of the harbor, I knew that I wanted to spend future summers out there, on the water.  One of the many attractions of living in Westport, CT, is its location along Long Island Sound.  Boating is a popular resident activity, with local accommodations available at private yacht clubs, public and town owned marinas,

Our first boat was a 17 ½ foot, inboard/outboard, complete with camper top.  Armed with the knowledge gained from our Power Squadron Safe Boating Course, we ventured out, onto the Westport waters. 

After zipping around the local waters, we often anchored off Cokenoe Island, sometimes flipping the engine up and pulling the boat close enough to walk ashore.  In 1967, United Illuminating proposed building a nuclear power plant on the island.  A group of Westporters filed suit against UI's proposal and their challenge prevailed, in court. As a result, Cokenoe remains a favorite anchorage for Westport boaters. 

It didn't take us long to realize that we wanted to expand our horizons and cruise Long Island Sound, docking at inviting ports, along the way.  Our second boat was a 25-ft ChrisCraft Express Cruiser, with a v-berth and convertible dinette, just large enough to allow our family of four to stay overnight.  After a couple of summers, we again traded up.  By now, we were members of Saugatuck Harbor Yacht Club, surrounded by ever larger vessels.  Our sights were once again set on a larger boat.  We now wanted a twin screw boat, large enough to sleep six, with air conditioning, two heads, full size refrigerator and color TV.

I recall a boating friend of ours quipping that the first 25 feet of boat you buy for yourself.  After that, the additional size is for guests.  Although our larger "yacht" allowed us to spend extended vacations travelling to Montauk, Block Island and Newport, I can't totally disagree with his assessment.  Friends and relatives were regularly invited for a day trip which might include swimming, fishing and, of course, lunch.   Weekend jaunts often found us rafted up with a half dozen member boats, at selected harbors along Long Island's North Shore.  While the Captains/husbands plotted the course, checked the tides, and made sure that engines, generators and navigation equipment were all in working order, the more important preparations guaranteed that galleys were well stocked and ready to provide extensive cocktail hours and elaborate dinners.

In recent years, we've done more boating at the dock, than at sea.  Over time, most of our cruising companions left boating or moved away.  Our boat has become our summer home.  We still spend weekends (and some stolen weekdays) onboard.  From my perspective, the surroundings are terrific.  My view from the back deck is of boats and water.  It's a great spot to pull up a chair, put my feet on the railing and read a good book.

As for the guys' perspective...Well...They can always find something interesting to do in the bilge!

Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Westport, CT Pleasure Boating - A Gender Perspective

Offer and counter-offers go back and forth and the buyers and sellers finally reach an agreement on price.  The homeowners breathe a sigh of relief, knowing their home is finally sold...or not! 

Let's Make A Deal

While price may be the major issue in reaching an agreement, there may still be hurdles to overcome before the deal becomes a closed transaction. More often than not, there are additional conditions, known as contingencies, which must be cleared, before the sales contract is enforceable.  Each contingency will include an action and a date by which it must be met or removed and an understanding of who is responsible for covering any cost incurred. If the contingency cannot be met, the buyers may escape the contract without forfeiting the deposit.  The most common contingencies deal with mortgages and property inspections. 

Mortgage Commitment

In addition to obtaining a loan commitment by a given date, the mortgage contingency may stipulate specific terms, such as 30-year, fixed rate, at a given interest percentage.  Failure to qualify financially is the most obvious reason for being unable to obtain a mortgage.  However, particularly in the current environment of falling home prices, the loan commitment may be denied because the property does not appraise at a high enough value.

Property Inspections

The buyers will want a home inspection done to determine the physical and systems condition of the property.  The inspector will examine such structural conditions as roof, windows, siding and foundation, and systems conditions, including plumbing, heating and electrical. Other inspections may include testing for water quality, pest infestation, radon, lead paint and asbestos.  Depending on the property, the buyers may also require inspections of the oil tank, septic system, well, pool and tennis court.

If any unacceptable conditions are discovered, the buyers may ask for them to be remediated, be given a credit or have the contract cancelled.  There will be a specified time period in which to resolve the situation or terminate the sale.

Other Contingencies

In some cases, the contract may include a property sale contingency.  In this instance, the buyers will make the sale contingent on their being able to sell their current home.  In some areas, this is known as a Hubbard Clause.  Other contract limitations may include contingencies that are only applicable to a particular property.

Most agents will advise their homeowners to remove and replace any fixtures they want to keep, before they put their home on the market.  The buyers may acknowledge that the chandelier, sconces, etc. are excluded from the sale, but having seen the item, they may require that a comparable fixture be installed in its place.  Guaranteed, if Grandma's chandelier is still in place, and the sellers can't bear to part with it, it will become a condition (contingency) of sale. 

On a rare occasion, a contingency will make it into the contract, based on an erroneous assumption.  Such was the case of a contingency stating that the sellers had to kill and remove the poison oak vine, growing around a large tree.  It turned out that the objectionable growth was a Climbing Hydrangea Vine that the homeowners had a local nursery plant and train, to climb the tree.

            This contingency will heretofore be known as the

                                De-Vine Contingency.

Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved... Real Estate Sales and the De-Vine Contingency

On Saturday, May 9, citizens representing 99 Westport residences made their way to the Westport/Weston Health District Parking Lot, to take part in Westport's first Community "Shred Day."                           

While visiting her daughter in Chapel Hill, NC, Westporter Nina Streitfield was impressed by the use of local shred days.  She wrote to Westport's First Selectman, Gordon Joseloff, suggesting the activity for Westport.   Joseloff liked the idea and turned to Town Clerk Patricia Strauss to help implement the program.  After interviewing three vendors, the town contracted with Secure EcoShred of Brookfield, who enthusiastically endorsed the effort and offered their services at a deep discount.

Under the program, each household was allowed to bring up to five, 12 X 18 inch boxes of papers to shred.  Paper shopping bags could be used as substitutes for the boxes.

As cars pulled into the lot, Patty Strauss and Pat Scully checked people in, confirming residency and noting the number of boxes/bags to be shredded.

Members of the  Staples High School Service League of Boys (SLOBS) then helped residents unload their cars and carry their boxes to the shredder.

From 9 A.M. until Noon, Westporters took the opportunity to safely dispose of documents containing confidential information, including cancelled checks, tax papers and bank statements.  Some residents parted with personal papers, such as old love letters. 

By the end of the morning, the contents of 237 boxes, containing 5000 lbs of paper, had made its way through the shredder. 

Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Westport, CT- Community Shred Day

Photograph taken with a Point and Shoot Nikon, Coolpix S1.  Photo has not been enhanced or edited, in any way.  Photo displayed taken by Marilyn Katz and is covered by Copyright, all rights reserved and may not be reproduced without express written permission,

Copyright © 2009 Marilyn Katz, WestportCTProperties, All Rights Reserved... Wordless Wednesday - Happy Passover