I live in Annapolis and love everything about it. It has great small stores, restaurants and amazing view of harbor.  I was just watching the Inside Edition and it looks like there is a house for $50!  Check out the details here and if you don’t win this contest, you can still contact me and I will find you a dream house.

Eligibility rules Do you own a home now? If so, you’re not eligible for the credit. Did you sell your home more three years ago and now rent? You are eligible. The same is true if you’ve never owned a home before. Close on a house before next June 30, and you can claim a credit of up to 10 percent of the purchase price of the property up to a maximum of $7,500.

If your adjusted gross income exceeds $150,000 ($75,000 for singles), the credit maximum begins to phase down in increments. You cannot claim the credit if you are a nonresident alien, financed the property using a state or local housing agency tax-exempt bond mortgage or do not plan to use the house as your principal residence.

Payback Unlike some past tax credit programs, this one requires beneficiaries to repay the credit over an extended period of years. Starting in the second tax year after purchase and continuing for up to 15 years, taxpayers are expected to make pro-rata repayments to the government on their federal filings. Over a 15-year payback period for the full $7,500 credit, the cost would be $500 a year. If you sell the house before the end of the repayment period, and you have no gain on the sale, you won’t be expected to pay the credit back from the proceeds. If you have a net gain, the “recapture” cannot exceed the amount of your gain. In other words, the federal government is taking on all or much of the risk that the value of your new house won’t increase over time.

At its core, the new tax credit functions very much like an interest-free loan for up to $7,500. You pay the principal back in increments over time, but there’s no interest charge to you.

How do you claim the credit? If you pass the eligibility tests and buy before June 30, you simply request the credit on your tax return for either 2008 or 2009, which will be modified for that purpose. The homebuilders association is launching an educational Web site, federalhousingtaxcredit.com, with additional information for consumers.

Do you have any questions?  Contact  Eric Hollis at erichollis@championrealty.com or fill out the contact form at www.houseinannapolis.com

Source: http://www.baltimoresun.com/business/realestate/bal-re.harney03aug03,0,1690467.story

Here is one of the steal in Annapolis.  The price just got reduced and it’s also a great investment!!

For more details and pictures, visit here!

MLS#: AA6570677
Status: Active

LIVE IN THE CARIBBEAN OF ANNAPOLIS!!! Home has 2 balconies which both have views of the chesapeake bay and the marina!! One of only a few units which has a built in air filtration. Great community with 2 swimming pools, (one overlooking the Chesapeake Bay), tennis courts, pier, marina, restaurant and an exercise room..

Listing Information

Subdivision: CHESAPEAKE HARBOUR Foundation: Slab Water: Public Sewer: Public Sewer

Room Information

Main Floor Bedroom 1: 15×11 Dining Room Kitchen Living Room Upper Floor Master Bedroom: 17×14 Bedroom 2: 11×13 Bathrooms: Main: 1, Upper1: 2 Full Baths: 3 Additional Room Information Dining: Other, Sep Dining Rm

Interior Features

Appliances: Dishwasher, Disposal, Dryer, Intercom, Microwave, Oven/Range-Gas, Refrigerator, Washer Flooring: Carpet Wall to Wall Cooling: Heat Pump Heating: Gas Heat, Heat Pump Fireplaces: 1 Handicap: Description: Other Additional Interior Features: Garage Door Opener, Fireplace Glass Doors, Fireplace Mantels, Master Separate Shower, Master – Separate Tub, Master – Full Bath, Shades/Blinds, Tub Soaking, Walk-in Closest(s), Washer/Dryer Hookup

Exterior / Lot Features

General: Parking, Attached Parking, Dock Facilities, Water Access Parking: 2 Garage Spaces, Covered Parking,Drvwy/Off Str,Garage Roof: Asphalt Pool: None Lot View: Water Body of Water: CHESAPEAKE HARBOUR Zoning: R15

Community Features

Community Amenities: Exercise Area, Community Pool, Community Tennis Security Features: Gated Community, Security

Driving Directions

Bay Ridge Rd to left on edgewood to rt on chesapeake harbour drive to left on clinton..

Financial Considerations

Association Fee: $628 Ownership Type: Condo Tax/Property ID: 020290190099122 Tax Amount: $3,629 Tax Year: 2007

Inclusions: Ext Bldg Maint, Lawn Care front, Lawn Care rear, Lawn Care side, Lawn Maintenance, Management, Master Ins Policy, Pier/Dock Maint, Pool(s), Road Maint, Security, Tennis Courts, Trash Removal

It is a really tricky process to select one agent out of tens of thousands. Sure, I’d like you to choose the best one and of course, I want you to pick me, Eric Hollis , from Champion Realty Inc. I have been serving Anne Arundel County community for a while d a great tracking record. I am a local resident, hard working, honest and great listener. I am here to assist you with one of the biggest decisions in your life.

Picking the right agent is tough, but here are some tips and if you are looking for the best, contact Eric Hollis by going www.houseinannapolis.com.

1. Don’t just sign up with an agent because she is your boss’s nephew’s girlfriend. It doesn’t mean anything. Instead, interview at least 3 agents based on the criteria that matter to you. For example, you might want a neighborhood expert, or someone who understands your culture background. Just because the agent you talked is your friend’s friend, that doesn’t mean the person is going to give you the best deal/advice. It’s your house you are looking for and it’s a huge decision to make. So, make sure to pick the right agent.

2. Always include a neighborhood expert agent in your interview list. Drive around your blocks and see who got the most signs. If you know an agent who lives in the neighborhood, interview this person too since he/she has the most intimate knowledge about this neighborhood. One caution when working with neighborhood agent: watch out for low balling on the price. These agents know the numbers well. The unethical ones will try to do a quick sale rather than getting you the fair market value. So when pricing, they will try to set it lower than market value so the property can sell quicker, which in term netting them a big fat paycheck in fairly short amount of time. Ask to see the comps and do your own homework. Ask the agent to show you the comparable houses that are currently selling in your area so you can do a first hand comparison. Eric Hollis from Champion Realty is a local Annapolis agent and he has a lot of happy customers including myself.

3. Ask the agent’s experiences as real estate professional. Of course, the longer the better, but also keep in mind that new agents usually are the hardest working agents. Well established agents may not give you much attention you deserve.

4. Observe how the agent present him/herself on the first visit. If an agent comes in and just wings it, don’t hire the person. Look for an agent who comes in with a presentation (paper or on computer) to explain to you how he/she plans to sell your house and roughly what price you may get. The agents who do homework will most likely put more effort in selling your house.

5. It’s quite common to run into agents who will only put your listing in MLS, put up a yard sign and disappear. So make sure the agent has a marketing plan such as Internet advertising, color flyers, photos, open house, etc…

6. Spot the unethical agents who only care for their own benefits. This is a bit tricky to do. But if you observe carefully, you can catch some red flags. For example, if an agent pushes real hard to have you sign the listing agreement even before discussing what he is going to do for you, you better run. If an agent sets the price real low without having any comps to back it up, it’s not a good sign either. Or, if an agent would accept a higher than norm price to list your property without arguing about the fair market value, this agent only cares about putting up a yard sign in your neighborhood to market his/her name to your neighbors.

7. Finally, you want to feel comfortable working with this agent. Don’t feel obligated if you don’t feel the connection. Remember, you are stuck with this person for months to carry out one of the most important transactions in your life, so it is your right to pick one you like.

If you are new in the area, please click here! You will find visitor info to real estate info. If you plan on moving to Anne Arundel County, I recommend contacting Eric Hollis – www.houseinannapolis.com .