El Paso, Texas Down Payment Assistance Program

2 new Resale homes available to bid on with down payment assistance of up to $20,000. Call today and work with an experienced REALTOR that will walk you through the program.  These homes are completely rehab. and come with a home warranty. These homes will not last and usually have multiple offers within 5 days of listing. Ask about the preferred lender list. Call 915-873-8646 today!

Se hablo español Yvonne Russell,  REALTOR RE/MAX Buyer’’s Agent 10940 Ben Crenshaw, Suite C El Paso, Texas  79935 CELL (915) 873-8646 FAX (915) 594-9253 Proud member of CCIM, EPPA,  NAR Each Office Independently Owned and Operated.

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Where do I find a list of Foreclosures?

There are tons of websites and resources to find homes available for purchase. The best way is to contact a local Real Estate Agent. They are the most qualified to help you navigate the complex home buying process including “AS IS” purchase contracts.   Local and major banks can also be a good source for a list of Bank owned homes.

The links below may help you find that right foreclosed home to rehab:

Ø  Yahoo Real Estate

Ø  Trulia

Ø  Foreclosure Destination

Ø  Foreclosure Listings.com

Ø  Foreclosure.com

Ø  Bank Foreclosures.com

Ø  Chase

Ø  Citi Mortgage

Ø  Fannie Mae

Ø  Freddie Mac

Ø  Homes Sales.Gov

Article by:

Yvonne Russell,  REALTOR

RE/MAX Associates

CELL (915) 873-8646

FAX (915) 594-9253

Proud member of
CCIM, EPPA,  NAR

Each Office Independently Owned and Operated.

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Obama Care and Real Estate Sales

Under ObamaCare, some Realtors mistakenly advise that if you sell your house after 2013 you will have to pay a 3.8%  tax on the sale. This is an real estate myth I want to debunk. This tax will apply to joint filers with adjusted gross income of $250,000 which recognize a gain on unearned income. This equates to less than 5% of filers. Couples who sell their personal home can already exclude the first $500,000 from tax.

On March 23, 2010 President Obama signed the Patient Protection and Affordable Care Act into law. More recently, it was upheld by the US Supreme Court.

  In brief beginning January 1, 2013 Obama Care imposes a 3.8% Medicare tax on UNEARNED INCOME which may include a gain on the sale of real estate but that gain would have to push your income over $250,000 (or AGI of $200,000 for individuals).

‘‘SEC. 1411. IMPOSITION OF TAX.

‘‘(a) IN GENERAL.—Except as provided in subsection (e)—

‘‘(1) APPLICATION TO INDIVIDUALS.—In the case of an individual, there is hereby imposed (in addition to any other tax imposed by this subtitle) for each taxable year a tax equal to 3.8 percent of the lesser of –

(A) net investment income for such taxable year, or

(B) the excess (if any) of –

(i) the modified adjusted gross income for such taxable year, over

(ii) the threshold amount.”

(The threshold amount in Sec. 1411(a)(1)(B)(ii) 200,000 single, $250,000 married filing separately.)

Note also that:

1) Only *net* investment income and *MGA* income over the exempt amount is taxed.

2) Distributions from qualified plans or IRAs are excluded.

3) Only the income *in excess* of the exempt amount is taxed.

If you live in and own a home for 2 of the 5 years before you sell, the first $250,000 in gain ($500,000 if married) is completely tax free. A gain is not the same as the selling price. The gain is any profit you made on the sale. Read more at Realtor.org

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Selling your Senior's Home

As my grandmother grew older she became more and more attached to her home and her surroundings. I have found, as a RE/MAX realtor, this is especially true when seniors have been living in the same home for 30+ years. At some point my grandmother knew she would have to sell her home to live with my mother. Consequently, because of health issues, potential for falls, their inability to

maintain their home or yard or financial reasons, a senior may have to sell their home and move to another location. This could have been absolutely devastating for my grandmother as it is for many seniors accustom to their independence. The Senior’s family may not be able to help because they live out of town, or they have their own family commitments or because they work full time jobs. Occasionally the elderly do not have children to help them. And in some cases, like my grandmother’s case, the children may be senior citizens themselves with their own set of challenges. Fortunately for my grandmother and my mother, I was an Estate paralegal as well as  a REALTOR with years of real estate experience. With my training and knowledge I was sensitive to the emotional needs of my elderly grandmother and was ready to help.

Since she lived during the early 1900’s her move required downsizing and disposing of a tremendous number of her possessions which requires specialized training and knowledge. As a relocation specialist or Senior Real Estate Realtor, I typically provide a turnkey process that includes assessing and identifying items to keep, recommending licensed auctioneers or other disposal methods, hire cleaning personnel, recommending movers and local senior care facilities. More importantly, as a licensed REALTOR, I arrange for the sale of the home. I concentrates more on a complete service package for the sale of the property and/or the purchase of a new living arrangement.

Please contact me today for a free consultation at (888) 845-2408.

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Estate Plan for selling your home

Have you appointed an Executor to your estate for the disposition of your personal assets including the sale of your real estate holdings? Essentially, the executor’s job is to carry out a deceased person’s wishes, making sure that assets go to the people or organizations the deceased person wanted to inherit them. But of course, this simple fact doesn’t begin to hint at the work involved or the emotional aspects of being the Executor of an estate. It’s not always easy, but it’s a job that your executor can do well if he/she brings to it a large measures of patience and persistence this individual must possess.  Effectuating an estate or trust can take from six to 18 months, depending on the circumstances and the laws in your state. This is by no means a comprehensive list of issues that may arise but merely ten tips to make your executor’s job easier.

To make your Executor’s job easier, consider taking these steps:

1. Make a list of significant assets and keep it current.

2. Write a simple, clear will.

3. Hold as much property as possible in ways that will avoid probate (consult and estate attorney).

4. Set out final arrangements in writing.

5. Make sure documents such as the will, tax returns, deeds, and insurance policies are accessible to the executor you chose.

6. If you own (or might, after the death of a spouse) assets worth more than $2 million, investigate ways to avoid federal estate tax.

7. Prepare a list of professionals you have been working with such as an attorney, accountant, real estate professional, funeral home, etc.

8. If the estate will contain hard-to-sell assets such as complicated investments or a family business, make a clear plan for the executor to follow.

9. Prepare a list of debts.

10. Head off disputes by explaining the your estate plan to family members and asking them to respect it.

Disclaimer: The information provided in this site is not legal advice, but general information on real estate issues commonly encountered. Russell-Realtor is not a law firm and is not a substitute for an attorney or law firm.

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Selling a home as an Executor of an Estate

What are some of the duties of the Executor when selling a house?

If you have been appointed the Executor of an estate you should consult a board certified Estate attorney. That notwithstanding here are some of the duties and responsibilities you will be charged with once the probate court has ruled the will is valid and you are selected the Executor as it relates to real property:

·         Notify all heirs and other interested parties if and when you plan to put the house up for sale.

·         Obtaining an accurate “fair market value” of the house from an independent party such as a licensed residential appraiser or with the help of a real estate agent. You must secure the home, maintain and keep it insured.

·         Filing the petition to sell the probate house with the courts

·         Upon confirmation from the probate court, the Executor may either be granted full or limited authority to carry out the transaction (this according to the IAEA – Independent Administration of Estates Act)

·         Compiling all the necessary documentation (contracts and disclosures) that will be used in the sale of the home.

·         Hire a reliable real estate agent who is experienced in probate and trust sales and be able to explain the language, the documentation and the steps in the process to conduct the sale on behalf of the estate.

·         Entertain offer to purchase and agree and comply with the terms and conditions for the contract to purchase and addendums.

·         Duty to report back to probate court to finalize the sale with the court’s approval.

·         Directing the funds acquired at closing from selling  the house back to the deceased’s estate.

Disclaimer: The information provided in this site is not legal advice, but general information on real estate issues commonly encountered. Russell-Realtor is not a law firm and is not a substitute for an attorney or law firm.

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El Paso Home Buyer Assistance Program

The National Stabilization program now has two new listings at rock bottom, below market homes for sale. This is a great program if you need down payment and closing cost assistance. These properties are completely rehabilitated foreclosed homes. Recently I was able to secure a home for a family at 20% below market plus $15,000 in assistance. These homes go to "first-come and qualified buyers only". Call me for more information (866) 580-6181 or (915) 873-8646 Se hablo español Yvonne Russell,  REALTOR RE/MAX Buyer’s Agent 10940 Ben Crenshaw, Suite C El Paso, Texas  79935 CELL (915) 873-8646 | (888) 845-2408 | FAX (915) 594-9253 If you are relocating to another area, let us know. We have a network of RE/MAX agents throughout the country. Connect with Russell-Realtor on Youtube, Zillow, Remax,  Active Rain, El Paso Preferred Lenders, MLS Access, JD Power Survey-”Top Rate Real Estate Agent”, Zillow Reviews, Community Involvement

Yvonne Russell, RE/MAX of Texas, RE/MAX Associates, 10940 Ben Crenshaw Dr Ste C, El Paso 79935

Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services

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