Energy Saving Appliances and home improvements can give you a tax break!

You may have heard about the federal tax credits for energy star appliances.  Whether you’re looking to install a new toilet or upgrade your heating and air throughout your home, if you utilize energy saving products, it may give you a tax break.  There are several stipulations around the deductions that are based on the overall energy performance of the items you are changing.

For energy star appliances, visit www.energystar.gov to find out what appliances qualify.  For upgrades to your home, this new website www.houselogic.com has great information on the stipulations around replacing roofs, insulation, hot water heaters and other utilities in your home.  This site also explains some common tax deductions you can take for your home. 

Remember that getting a nice tax break is only one benefit to utilizing these government funded initiatives.  You will also be decreasing your utility bills and helping make our environment a better place for the future.

What is a Short Sale?

For many facing foreclosure, a short sale can be a great option.  A short sale is when a mortgage lender agrees to receive a payoff on the home for less that what is owed on the property.  There are several financial requirements that must be met in order to qualify for a short sale.  As a Certified Distressed Property Expert, I can help you determine if a short sale is the option for you.

One major advantage of a short sale over a foreclosure is the impact on your credit.  If you foreclose on your home, your credit will be affected by at least 250 points up to a possible 300 points and affect your credit score for 3 years.  With a short sale, your credit will be affected by approximately 50-100 points and affect your score for 12-18 months.  In addition, a short sale will be reported as “paid in full” or “satisfied” on your credit but a foreclosure will be reported as “not paid” and stay on your credit history for up to 10 years.

Additionally, any future loans you take out will be affected by whether you foreclose or utilize a short sale.  With a short sale, your credit will not be questioned but unfortunately with a foreclosure your future loan rate may be affected for 7 years after the foreclosure.

Finally, your employment status can be affected with a foreclosure.  Many employers view employees credit history and make their decision to hire based on their credit.  Since a foreclosure stays on your record for so long, it can affect whether or not you are hired for certain positions. 

If you are facing foreclosure, please think about some of these ramifications and contact me to see if a short sale is right for you.  You can email me at bonnie@mullinaxteam.com anytime!

The Market Value of Your Home

With the economic twists and turns over the last couple of years, more people than ever are wondering “What is the value of my home?”  Many factors contribute to the value of your home, including the cost of homes recently sold near you, what comparable homes are selling for in the area, if there are any foreclosures in your neighborhood and the condition of your home. 

Homes that have recently sold in your neighborhood are a huge indicator of what your home may be worth.  Additionally, if there have been any foreclosures in your neighborhood, that can alter to price of your home as well.  If you are wondering what a home in your neighborhood sold for we can tell you what that home sold for for free when you fill out the info in the link.  

If you are wondering what the fair market value of your home is, we can run a free “Comparitive Market Analysis” to give you the fair market price.  Remember, if you are looking to sell your home, properly pricing it in the beginning greatly reduces the amount of time it will take your home to sell.

Let us help you determine what your greatest investment is currently worth.

Identity theft has become a very serious problem in the United States. Thieves are not only stealing your personal information for themselves, but many simply sell it on the black market to another thief. They are using this personal information not only to obtain cash and credit cards, but high-cost electronics or medical procedures as well. There are a myriad of ways that thieves can steal your private information. Be aware of the following threats:

• Phishing: This is an e-mail in your Inbox that claims to be from either your bank, Paypal or Ebay, or other online service. They then ask you to click on a link and enter your personal information. Phishing is the crime of attempting to acquire the username and passwords of bank accounts and credit cards.
• Spoofing and Pharming: Thieves can actually redirect legitimate website traffic to an imposter site, where they will ask you to enter your personal information.
• Spyware: It is very common for people to mistakenly download illicit software and find themselves accidentally clicking on a pop-up. This opens the door for thieves to steal your credit card numbers and passwords by accessing information on your hard drive.
• Vishing: This is “voice phishing”, which is when a thief sends you a phone message asking you to key in your personal information.
• Bank card skimming: Thieves actually add a fake ATM slot and camera to a legitimate cash machine so they can copy your account information. Servers at restaurants can also be armed with a portable card reader.
• Thieves try to steal your wallet and can also go through your garbage for personal information. If at all possible, buy a shredder to destroy bank account information, social security number and credit card information.

If you are concerned that you are an Identity theft victim go to the Federal Trade Comission website for more information.