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The I.R.S. has just issued a ruling (Rev. Rule 2006-27) on organizations that provide seller funded down payment assistance to home buyers.

Down payment assistance programs provide cash to home buyers that do not have the necessary down payment or closing costs to qualify for a home loan.

The I.R.S. has ruled that Seller-Funded assistance programs are not charities as defined in section 501 c3. The I.R.S determined that organizations claiming to be charities were being used to funnel money from seller to buyer in a circular financing scam and were not charities. In a typical scheme, a Seller would give the “charity” the amount of money the buyer would need to qualify to purchase the home. The charity would then gift the money back to the home buyer, less fee’s for the service, and the buyer would close on the loan.

The new ruling makes it clear that seller-funded programs are not charities. No tax deduction will be given to the seller. The home buyer can not be include the amount of the assistance as a third party gift on the loan application.

Brokers, buyers and sellers are cautioned to be extremely wary of any down-payment assistance program that funnel money from seller to buyer while purporting that they operate as a charity. Such misrepresentations may constitute loan fraud and should be reported to authorities. You can learn more about this ruling at www.irs.gov/newsroom, click on “News Releases”, then on “IRS Targets Down-Payment Assistance Scams”.

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While the fireplace is a winter focal point in your home, it has little romantic allure while we endure the sizzling summer heat. Take advantage of some design idea’s to brighten up that big fire box as the temperature soars.

First, put away all screens and fireplace tools. Sweep up the ashes and soot. Remove any smoke damage from the surround, then do a bit of camouflaging. Some suggestions are:

1. Place 3 nice, soot free, birch logs or tied bundles of twigs on top of the unused grate.
2. Place several pillar candles in the fireplace to add ambience and a nice aroma.
3. Add a sculpture or dried flowers.
4. Replace the metal screen with a fabric covered one that compliments your decor’.
5. Use a basket or vase of silk plants or flowers. Live plants are not happy inside the fireplace.
6. Place 2 vases with greenery or flowers on either side of the hearth, as shown in the photo.

Flaming or Bare, a fireplace is a focal point of any room. Brighten it up when not in use to increase the appeal of your surroundings.

Realtors have developed their own codes, abbreviations, short cuts and metaphors to describe features and ammenties found in homes. While some like FP or 3/2/2 make logical sense, others leave their home shopping audience, dazed and confused. To make matters more maddening, their code is unstandardized and differs widely depending what part of the country you live in.

As a Monday diversion exercise, I attempted to decode a few classified ad’s. After a few phone calls and a few laughs, I decided to blog some of the code with you today. Enjoy!

Home for Sale #1: Splt 3/2/att 2. wbfp, fl rm, mom, gmt kit, secsy, sd/w, I/G pl & much more.

Translation: 3 Bedroom, 2 Bath split level home with attached 2 car garage. Wood burning Fireplace, Master Bedroom on Main Level, Gourmet Kitchen, Security System, Storm Doors and Windows, Inground Pool and much more.

Home for Sale #2: 2/2/Cal Bung. w/ 1 CRPRT. 1100 HSF. HDWD FL under W/W CPT. New app. & HWH. Needs TLC

Translation: 2 Bedroom, 2 Bath California style Bungalow with a one vehicle Carport. The home has 1100 heated square feet. There are hardwood floors under the wall to wall carpet. New appliances and Hot Water Heater. This home needs a ton of work.

I realize that newspapers charge outrageous fee’s for a line in the classifieds and Realtors do sell items with a lot of special features to describe, but some of these left me in pain from LOL. How many ways are there to describe …?

Parking for your Car:
Gar ———————–Garage
g/a or Att Gar ————Garage is Attached to your home
G/D or Det Gar ———–Garage is Detached from your home
CRPRT ——————-Carport or Covered Parking
1 C or 2 C —————-1 Car or 2 Car
Off ———————-Off Street Parking
Multi ——————–3+ Car Garage
Over ——————–Oversized Garage
RV Prkg——————RV Parking Allowed
SPC———————-Drive Parking Space
STR———————-Street Parking
CVGA——————–Converted Garage (ie: Garage has been converted to a Living area)
FROG——————–Finished Room over the Garage
GDO, GAROP, EGDO—–Garage Door Opener, Remote GDO, Extra GDO
ASRSV——————–Assigned, Reserved Parking

What’s Cookin in the Kitchen?:
Kit or Kt——————Kitchen
Brkf———————-Breakfast Area
Bi D/W or D/W———- Built in Disherwasher (Not built in?)
DSP——————— Garbage Disposal
E or G Rng—————Electric or Gas Range
Gmt Kit——————Gourmet Kitchen
SS App——————-Stainless Steel Appliances
Meik———————Modern Eat in Kitchen
Mk———————–Modern Kitchen
MWV or Micro———–Microwave
Pan———————–Pantry
Ref————————Refrigerator
Sft———————— Water Softener
Trc———————– Trash Compactor
Stv————————Stove
R/O———————–Reverse Osmosis (Water Purifier)

2 fun. C mor on Tues