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Breaking A Lease To Buy A House?

Wednesday, November 28, 2012



Breaking A Lease To Buy A House?


Colorado Springs Lease Break Program Colorado Springs Lease Break Rebate

Here's the scenario: You live in Colorado Springs (or are moving to Colorado Springs), and have decided you want to buy a house and take advantage of low interest rates and low pricing. Or better yet, you have found your dream home and are ready to purchase - there's just one problem: You just signed a lease on your current rental (or apartment) and your stuck.....

Well there's good news! Turner Associates just a launched the first Lease Break Program of its kind in the Colorado Springs Region. Here's how it works:

1) Find out exactly how much your lease break fee is

2) Forward the documenation to us here at Turner Associates

3) Begin working with us as a client (no contract involved) and we'll start the home search

4) When we close on the new home, we will forego a portion of our commission and the title company cuts a check to the leasing company who is owed the lease break fee!

What it means for you:


You don't have to pay for the lease break fee, you remain whole, and you can go ahead and commit to buying the home right now. In addition you can completely avoid the awkward conversation between you and the landlord or leasing director.

What it means for the leasing company or landlord:


They get a check cut to them for the full amount of the lease break fee (up to a limit of $2,000) the day we close on your new home.

What it means for Turner Associates: 


We still receive a generous commission that you don't pay for. Because we are not a franchise, we have the freedom to forward some of our commission to the leasing company to make our clients happy, yet still remain profitable.

So if you are buying a home in Colorado Springs and think you can't get out of your lease - think again!

Call Travis today at  for details on breaking a lease and our Colorado Springs Lease Break Rebate.


Thank you and sincerely,


Turner Associates | Colorado Springs Realtors


info@turnercoloradohomes.com




 

Tax Tips For Relocating

Thursday, November 08, 2012



Tax Tips for Relocating


Tax Tips



Moved or planning to move this year to start a new job? You may be able to deduct certain moving-related expenses on your tax return. You may be able to deduct these expenses even if you kept the same job but moved to a different location. Here are some tax tips offered by an experienced Colorado Springs realtor:

1. Expenses must be close to the time you start work.

Consider moving expenses that you incurred within one year of the date you first report to work at a new job location.

2. Distance Test.

Your move meets the distance test if your new main job location is at least 50 miles farther from your former home than your previous main job location was. (Ex: If your old job location was 3 miles from your former home, your new job location must be at least 53 miles from that former home.)

3. Time Test.

You must work full-time for at least 39 weeks during the first year at your new job location. Self-employed individuals must meet this test. During the first 24 months at their new job location, self-employed individuals must work full-time for at least 78 weeks. If your income tax return is due before these requirement are fulfilled, deduct allowable moving expenses if you expect to meet the time test. There are special rules and exceptions to these general rules. Call us for more information.

4. Travel.

Deduct lodging expenses (but not meals) for yourself and household members while moving from your former home to your new home. You can also deduct transportation expenses, including airfare, vehicle mileage, parking fees and tolls you pay, but you can only deduct one trip per person.

5. Household goods.

You can deduct the cost of packing, crating, and transporting your household goods and personal property, including the cost of shipping household pets. You may be able to include the cost of storing and insuring these items while in transit.

6. Utilities.

You can deduct the costs of connecting or disconnecting utilities.

7. Nondeductible expenses.

You cannot deduct the following moving-related expenses: any part of the purchase price of your new home, car tags, a drivers license renewal, costs of buying or selling a home, expenses of entering into or breaking a lease, or security deposits and storage charges, except those incurred in transit and for foreign moves.

8. Form.

You can deduct only those expenses that are reasonable for the circumstances of your move. Call us if you have any questions.

9. Reimbursed expenses.

If your employer reimburses you for the moving costs for which you took a deduction, the reimbursement may be required as income on your tax return.

10. Update your address.

When moving, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive mail from the IRS. Use Form 8822, Change of Address, to notify the IRS.

If you are interested in getting more information because you are buying a Colorado Springs Home or relocating to or from Colorado Springs , please contact us at info@turnercoloradohomes.com or call


Thank you and sincerely,


Turner Associates | Colorado Springs Realtors


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How To Buy A Colorado Home With A Low Down Payment

Monday, November 05, 2012



How To Buy A Colorado Home With A Low Down Payment


Buying a Colorado Home with a low down payment Buying a Colorado Home with a low down payment



Colorado Housing and Finance Authority (CHFA) announced a new mortgage product designed to help Colorado homebuyers with excellent credit scores avoid having to make a twenty percent down payment in order to escape costly mortgage insurance fees. The program, called CHFA Advantage, will reward first time Colorado Springs homebuyers with credit scores of 700 and above for their strong track record of financial responsibility.

Mortgage insurance is typically required for homebuyers who are unable to make a 20 percent down payment towards the purchase of their home, regardless of their credit score. The mortgage insurance protects the lender should the borrower default on their loan. On average, mortgage insurance costs borrowers between $100 and $200 each month. It is paid as part of their mortgage payment until they accrue 20 percent equity in their home. With CHFA Advantage, borrowers can avoid the mortgage insurance costs, while only being required to make a three percent down payment. For example, with CHFA Advantage, the down payment on a $150,000 home would be $4,500. In the same scenario without CHFA Advantage, borrowers would have to pay $30,000 down in order to avoid mortgage insurance.

CHFA estimates that CHFA Advantage will help 800 Colorado households in 2012 and 2013. For every 100 households served, $20.5 million in direct economic impact will be created and 104 jobs will be supported.


To be eligible for CHFA Advantage, borrowers must:




  • Be a first time homebuyer, eligible veteran, or non-first time homebuyer purchasing in a targeted area

  • Have a minimum 700 credit score

  • Meet qualifying income and home purchase price limits

  • Contribute at least three percent of the loan amount towards their down payment

  • Complete a CHFA-approved homebuyer education class


If you are interested in getting more information because you are buying a Colorado Springs Home , please contact us below or call Travis at (719) 244-3645


Thank you and sincerely,


Turner Associates | Colorado Springs Realtors


info@turnercoloradohomes.com

 

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