Leigh Garnett Review

 

 

Quick Takeaways on Property Appraisals- reprint NAR

https://www.nar.realtor/appraisal-valuation

Quick Takeaways on Property Appraisals

• The National Association of REALTORS® encourages independent, credible valuations, recognizing them as an essential component of the real estate industry.
• Over the past few years, there has been a rise in allegations of discriminatory appraisals, which led to the release of the PAVE (Property Appraisal and Valuation Equity) Action Plan. 
• Another critical issue impacting appraisals is appraiser shortages, which may result from stringent educational requirements and over-regulation. NAR supports exploring ways to bring more appraisal professionals to the field. 

NAR Policy on Appraisals

What is a Property Appraisal? 

Appraisal and valuation are extremely important steps in any home buying and/or selling transaction.  A professional appraiser will use the home inspection and current housing market to provide an appraised value, which is very important to the home loan process. There are different methods to valuing a home, and the value of the home is often not the same as the price or cost.

Property Appraisal and Evaluation Action Plan 

In the past few years, much light has been shed on discriminatory appraisals. Unfortunately, there have been numerous appraisals in which a Black homeowner gets a much lower appraisal than when the appraiser thinks the home is owned by a white homeowner. The Biden Administration recently released the PAVE (Property Appraisal and Valuation Equity(link is external)) Action Plan in order to target this deep-rooted discrimination.

Property Appraisal Resources for REALTORS® 

Quick Takeaways on Property Appraisals

• The National Association of REALTORS® encourages independent, credible valuations, recognizing them as an essential component of the real estate industry.
• Over the past few years, there has been a rise in allegations of discriminatory appraisals, which led to the release of the PAVE (Property Appraisal and Valuation Equity) Action Plan by the Biden Administration. 
• Another critical issue impacting appraisals is appraiser shortages, which may result from stringent educational requirements and over-regulation. NAR supports exploring ways to bring more appraisal professionals to the field. 

NAR Policy on Appraisals

What is a Property Appraisal? 

Appraisal and valuation are extremely important steps in any home buying and/or selling transaction.  A professional appraiser will use the home inspection and current housing market to provide an appraised value, which is very important to the home loan process. There are different methods to valuing a home, and the value of the home is often not the same as the price or cost.

Property Appraisal Resources for REALTORS® 

NAR Provides members with a great deal of appraisal resources. REALTORS® can access a variety of appraisal education as well as receive two appraisal related designations, General Accredited Appraiser (GAA) and Residential Accredited Appraiser (RAA). We also highly recommend the use of RPR, The REALTORS® Property Resource®.

The National Association of REALTORS® also supports appraiser independence. Please read our Appraiser Independence Page and our Responsible Valuation Property Policy for our complete stance.

The agent/appraiser relationship is an important one, and NAR has multiple resources for REALTORS® to improve communication between the two. You can watch our Window to the Law: Working with Appraisers video or read the Residential Appraisal Process: FAQs for Agents to educate yourself on the process.

Appraisal Management Companies (AMCs) are an option for lenders and appraisers to consolidate the process of obtaining a home appraisal. NAR supports the regulation of AMCs through FIRREA, the Financial Institutions Reform and Recovery and Enforcement Act.The National Association of REALTORS® also supports appraiser independence. Please read our Appraiser Independence Page and our Responsible Valuation Property Policy for our complete stance.

The agent/appraiser relationship is an important one, and NAR has multiple resources for REALTORS® to improve communication between the two. You can watch our Window to the Law: Working with Appraisers video or read the Residential Appraisal Process: FAQs for Agents to educate yourself on the process.

Appraisal Management Companies (AMCs) are an option for lenders and appraisers to consolidate the process of obtaining a home appraisal. NAR supports the regulation of AMCs through FIRREA, the Financial Institutions Reform and Recovery and Enforcement Act.

Reviews Leigh Garnett Realty Executives of Kansas City

 

FAIR HOUSING MONTH IN APRIL!

 Commemorate Fair Housing Month in April!

Real estate professionals and consumers depend on strong fair housing laws and practices for our communities and economy to thrive. Discrimination distorts the housing market and closes the door on the American dream of homeownership for qualified buyers. At NAR, we advance our commitment to fair housing through policy advocacy, innovative programming, and legal guidance.

Report Housing Discrimination

If you believe your rights may have been violated, we encourage you to report housing discrimination(link is external) to the Office of Fair Housing and Equal Opportunity (FHEO) at the Department of Housing and Urban Development (HUD).

Policy Advocacy

NAR promotes public policy to advance broader homeownership availability, accessibility, and affordability in all communities. We prioritize efforts to narrow homeownership gaps among demographic groups and promote strong enforcement of anti-discrimination laws in the housing market. 

Programs

NAR's Fair Housing Action Plan, abbreviated ACT!, emphasizes Accountability, Culture Change, and Training, to advance fair housing in the industry. We raise awareness, deepen understanding, and hold ourselves accountable.

Compliance

NAR provides guidance and support to ensure our members comply with fair housing laws and the REALTOR® Code of Ethics. We work closely with state and local associations to establish best practices on evolving legal issues in real estate.

April 2020 Real Estate Market Reports Kansas City

TOP MISSED HOME TAX DEDUCTIONS

If you were a client of ours and are looking for a copy of your closing documents - Give us a call!  We have a copy on file. 

Top  missed home tax deductions.  You've got your W-2 forms, and it’s time to go through your finances to file taxes. This usually isn't a fun task, but there’s good news if you bought a home, moved for a job or paid a mortgage or property taxes last year! 

Check out the list below for the top  commonly overlooked deductions for homeowners: 

Moving expenses. To qualify to deduct moving expenses, you must meet a three-part test: closely related to the start of work, distance and time. First, you must have spent money on a move within one year of starting work in a new location. Next, your new work location must be at least 50 miles farther away from your old home than your old job was. And finally, you must work full-time for at least 39 weeks during your first year in that new job.

 Mortgage interest. Like most homeowners, a good chunk of your mortgage payment likely goes toward interest on your loan. The good news is all of this interest is deductible in a lot of cases! There are limits on this rule if you refinanced, have a loan for more than $1 million or own multiple properties.

 Property taxes. You can include all property taxes you paid, according to your 1098. If you bought your home in 2015, you can also count taxes you reimbursed the seller for—that amount will be on your settlement sheet. •Home office. If you work from home, you may be able to claim a deduction for your home office. In general, this deduction is based on how much you use a room in your home for business, like an extra bedroom or garage. There are some limitations based on how often you use that room, and how much of your business is conducted there.

 Home improvements for medical care. For people with disabilities, home improvements that are required by a doctor may be deductible. In a rented house (where other costs were not reduced by a landlord), these costs may be listed as medical expenses.   As always, your individual situation is just that- different from everyone else’s, and may not meet each requirement.

You should always check with an accountant or the IRS directly to be sure you qualify for these deductions.   

Give Leigh or Paul Garnett a call if you are making a move. 816-985-7285 or 816-985-7653. 
We are licensed in Both Kansas and Missouri with Realty Executives of Kansas City.  Five Offices Metro Wide to better serve the Metropolitan Area and Suburbs. 
If you were a client of ours and are looking for a copy of your closing documents - give us a call! We have a copy on file!

Smithville Lake Eagle Days 2016

Mark Your Calendar:

Eagle Days will be hosted on January 9-10, 2016 at the Paradise Pointe Golf Course Complex in Little Platte Park, Smithville, Missouri. Show times on Saturday are 9:30, 11:00, 12:30, and 2:00. Sunday show times are 11:00, 12:30, and 2:00. The viewing station location will be determined the day before the event.

Traditional Dining Room by Minneapolis Interior Designers & Decorators Twist Interior Design

A Classic Design - but some think it is old fashioned and dated. I still love it ! What are your thoughts?

Dove Season Opener Next Week

Dove Season Opener Next Week If you are an avid hunter - which many people are here in the Kansas City Northland -

you are probably looking forward to this weekend and the beginning of the fall hunting season upon us.

Five Star Winner 5 Years running

Congratuations to Paul Garnett - He has once again received the Five Star Award for 2013. The Five Star Real Estate Agent Program is designed to identify and showcase real estate agents in a local market who score highest in overall satisfaction. This is the 5th year Paul has received the award. You can reach Paul at his office at 816-453-9100 or on his cell at 816-985-7285(PAUL).

Realty Executives Area Realtors , Paul R Garnett PC, 100 NW Englewood Road, Gladstone, MO 816-453-9100 ext.295

PaulR. Garnett, PC was recently announced as a 2012 Winner of the Five Star Professional Award Five Star Real Estate Agents scored highest in overall satisfaction The Five Star Real Estate Agent Program is designed to identify and showcase real estate agents in a local market who score highest in overall satisfaction. This is the 4th year Paul has received the award. You can reach Paul at his office at 816-453-9100 or on his cell at 816-985-7285(PAUL).

Your Front Door

The front door of your house is one of the very first things that people see when they come to visit you. It is one of the most important aspects when it comes to your house's curb appeal, yet many people neglect decorating their front door or don't take the time to make it special.

Here are some tips for decorating your front door that will be sure to give people a good first impression about your home and to make your entrance warm and inviting.

One of the easiest ways to spruce up your front door on your house is to paint it. One of the most popular colors these days for front doors is red because it really packs a punch and can make your house look more interesting.

If you have a house that is painted or sided with neutral colors, painting your front door red is a great way to make a first impression.

If your house colors won't go with red, choose a color that compliments your house and paint your door that color instead. For the most part, dark colors like black, deep brown or red tend to make more of an impact and make your front door a greater visual element of your home.

To really add interest try painting the edge of the door a different color than the center or the panels of the door.

If you have a door with windows in it, you may want to consider replacing the windows with stained glass panels or gluing stained glass directly to them to create a glass mosaic. This is a wonderful way to class up your door while adding an artistic element to your home that helps to set it apart from others in your neighborhood.

Wreaths are one of the easiest ways to decorate your front door. One of the nice things about wreaths is that you can get them for any season and you can just change them out when the season changes.

Try using a wreath of colored leaves for fall, a wreath of red berries for winter and a living wreath with actual herbs or plants growing out of it for spring or summer.

All of these different styles of wreaths can either be purchased already made up or you can make them yourself and save money. Either way they are a wonderful way to add an interesting element to the entry of your home.

Another fun way to dress up your front door is to add a wall planter to it. These planters are flat on the back and are designed to hang against a wall. You can hang the planter directly on your door instead and fill it with beautiful flowers.

In the winter when it is too cold for flowers you can instead add elements like twigs with berries on them, evergreen branches or some other decorative element.

Make your house shine and stand out from the others on the block with lots more useful home & garden tips and decorating ideas. Find a huge selection of articles related to home and garden, family, arts and crafts, hobbies, and much more at http://www.add6.com

Article Source: http://EzineArticles.com/?expert=Sarah_Callen

Waterfowl and Eagles in Smithville, Missouri

Smithville Lake offers wildlife viewing opportunities during this time of year that aren't available in other seasons. "Flocks of migratory waterfowl are wintering at Smithville taking advantage of the warmer mid Missouri climate over that of our northern neighbors," said Pat Thomas, Director of Clay County Parks, Recreation and Historic Sites. "In addition to the resident Canada geese that live at the lake year-round, Snow and Blue geese, a variety of duck species and Great Blue Heron can be seen on the water or flying over the lake on any given day. By early spring Pelican flocks will be stopping to rest at the lake on their long migration south."

Close on the wingtips of these migratory birds are American Bald Eagles. With approximately 45 to 50 bald eagles wintering at Smithville Lake, sightings are likely, according to Thomas. "Bald eagles often feed on ducks and geese, generally taking the sick or weak," Thomas said. "Bald eagles are huge with a 6 to 7 -1/2 foot wingspan and are easy to differentiate from waterfowl. We do, however, have some juvenile bald eagles residing here. They do not have the telltale white head feathers, but are just as magnificent at their mature counterparts."

Smithville Lake is adjacent to the community of Harbor Lake, Smithville, MO and only moments from Lake Meadows also located in Smithville, MO. Homes start in the 140's, many plans from which to choose. This area qualifys for the USDA Rural Housing Loan with zero percent down to those who qualify. Call Paul Garnett at 816-985-7285, Realty Executives Area Realtors.

Kansas City Parade of Homes , Kansas City Northland

2011 Spring Homes Tour- Kansas City Metropolitan area and suburbs


For 49 years the Spring Homes Tour has served as the leading resource for consumers shopping for a new home. Produced by the Home Builders Association of Greater Kansas City, the 2011 Spring Homes Tour will return April 16 through May 1!

If you would like more information on the Homes Tour Give Paul Garnett a call at 816-985-PAUL (7285). He will be host to one of the parade of homes entries and will have spring parade of homes books available.

How Would You Like to Participate in Record for Next 30 Years?

Tax Credit Closing Extended

Tax Credit Closing Deadline Extended


After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law. NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation.

Lake Meadows, Smithville, MO, New Homes 100% Financing, NO Money Down

Sales have been very bsen brisk for Lake Meadows in Smithville, Missouri. As of 4/30/2010, there is only one new construction model home available for sale. The Lake Meadows area is only moments from Smithville Lake and Paradise Pointe Golf Complex. Homes start at $149,900 and this area qualifys for the USDA Rural housing loan, Direct Program as well as the Guaranteed program. This loan offers qualified buyers a no money down option. Call Paul Garnett at 816-985-PAUL for details.

More homes are under construction to meet the demand of this wonderful neighborhood.
www.YourRealEstateTeam.com

U.S. Department of Housing and Urban Development (HUD)

U.S. Department of Housing and Urban Development (HUD)

Frequently Asked Questions - New Tax Credit Rules

Frequently Asked Questions
The Home Buyer Tax Credit Extension & Expansion authorizes a tax credit of up to $8,000 for qualified first-time home buyers or up to $6,500 for qualified current homeowners purchasing a principal residence between November 6, 2009 and April 30, 2010.The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

Who is eligible to claim the tax credit?
First-time home buyers who purchase a home between January 1, 2009 and April 30, 2010.Current home owners purchasing a home between November 6, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
Contracts must be written and in-hand by April 30, 2010, however buyers have until June 30, 2010 to close on the property.


What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.


How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000 for first-time buyers and $6,500 for repeat buyers.


Are there any income limits for claiming the tax credit?
The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.


What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.


I am an eligible first-time homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?
You do not have to close before December 1. Once the new legislation was signed, it was as if the November 30 date had never existed. Therefore, so long as the contract settles before April 30, the purchaser will be eligible for the credit.


Existing homeowner credit: Must the new house cost more than the old house?
No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6,500 credit.


I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement after November 6. Will I qualify for the $6,500 tax credit?
Yes. The new income limitations go into effect November 6, 2010. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if you go to settlement after November 6, 2010, you should be eligible for the credit (or a portion of the credit if you're within the phase-out range).


I am a first-time homebuyer but was not within the prior income limits at the time I entered into my contract to purchse on October 30, 2009. I will be covered, however, by the new income limits. If I go to settlement after November 6, will I be eligible for a credit?
Yes. The existing homeowner credit goes into effect for purchases after November 6, 2010. There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.


I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a non-negotiable price of $825,000. Will I be able to receive any of the $6,500 tax credit?
No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.


I owned my home for 10 years, but sold it two years ago and have been renting since. If I purchase a home, will I be eligible for the $6,500 tax credit if I meet all the other eligibility tests?
Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6,500 credit. For example, say John and his wife bought a home in 2000 and lived there until 2008 when they got divorced. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword is "consecutive." As long as he lived in that house for 5 years straight, what he did since doesn't impact eligibility.


Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after November 6, 2009 and before July 1, 2010.In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.


I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.


I bought a home in 2008. Do I qualify for this credit?
No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit.



Source: National Association of REALTORS®