In Santa Fe, put your Solar Power installation on your property tax bill
This is such a cool program – Santa Fe County homeowners can now put their solar – or any renewable energy source – installation on their property tax bill, payable over time.
“…The renewable energy district will allow property owners to obtain long-term loans, up to 20 years, to buy and install solar thermal, solar photovoltaic, wind and geothermal systems at low interest rates.
The systems cost thousands of dollars, and many property owners can’t raise the upfront capital or find affordable loans to pay for them, Sill said. “This will make energy improvements more accessible and affordable to the public,” he said…”
Advice on Seller Financing from Wall St Journal
Very interesting column in today’s Wall St Journal about whether a seller should accept an owner-financing option to sell their house. Extract below:
Once you’re satisfied that the buyer isn’t a habitual deadbeat, Mr. Leibowitz says there are a few additional things you should do to protect yourself. One is to insist on a hefty down payment of at least 20%, which will give the buyer an economic incentive to keep payments current. Another is to consider giving a contract for deed, also known as a land contract, instead of a mortgage. (Here’s a sample form.) A contract for deed only confers full ownership rights after the home is completely paid off, and makes it easier for you to reclaim your home if the buyer doesn’t pay. (Here are details from Illinois Legal Aid on how to evict.)
Finally, if you are satisfied that the buyer is financially responsible, but you really don’t want to play banker forever, you have two other options. You can give the buyer a lease-option for a few years–with part of the lease payment going towards the purchase of the home–until he can repair his credit sufficiently to take out a traditional mortgage. Or you can offer financing, accept the buyer’s payments for a few months to establish that he’s paying faithfully, and then sell the loan to a private investor.
7 Things You Need to Know About the $8000 Housing Stim
Great story in US News about the $8000 first time homebuyer stimulus package.
Uncle Sam recently tossed an additional incentive into the mix. To stimulate demand, President Barack Obama’s $787 billion economic stimulus plan–which was signed into law in mid February–included a tax credit of up to $8,000 for first time-home buyers. Here are the 7 things you need to know…