This is a SWEET graphic posted by the good folks over at Moving Authorities...check ‘em out!
repost
Why It STILL Makes Sense to Buy a House by Moving Authorities (.com)
Also posted in Consumer News, Finances, home values, Property Taxes, real estate, real estate information, real estate news, Tax Comments closed
Trying to Sell Your Home? Helpful Things to Prioritize
Paying attention to how your home will appear to others will help you sell your home
If you are trying to sell a home in today’s market there are a few things to keep in mind that will help your home stand apart from the pack. Prioritize and analyze what will fit in your budget and take the steps necessary to make your home show well and appeal to prospective buyers.
- Fresh & Clean: Inspect your home inside and out. Does it need a coat of paint? A fresh coat of paint will always be recouped in the sale of a home and is well woth the cost. Does it look clean and tight? Pack up the mess, the more clutter free a home the better it will show. Likewise an empty house shows better.
- Curb appeal: Pay attention to your home as if you were a potential buyer. Is it inviting? Clean? Shore up your landscaping, make sure that your lawn is green and well-kept, that your flower beds are weeded and mulched, and that the exterior of your house is clean and respectable.
- Inspection: There will be a home inspection completed by the buyer be prudent and do one yourself. Attend to items that could possibly hold up the sales process.
- Best areas of a home to update and remodel? The Master Bathroom and the Kitchen. Don’t spend the money to gut and redo your entire home but remodeling the master bath and kitchen areas of your home will make your home more appealing and grab a buyer’s eye.
- Evaluate: Are the remodel/updates going to net you more than you are putting into them? It is very important in the ned to pay attention to your local market and make the improvements that will help you not hurt you. If you are not going to get the money back that you are intending to put into your home don’t do the changes. Do the low-cost improvements and make do by making your home clean in its appearance.
Check out YahooRealEstate.com for more information and ways to sell your home.
Also posted in Consumer News, Sellers Tagged curb appeal, green, Landscaping, Sellers Comments closed
What Exactly is an REO Property?
REO property is often a bargain for the real estate investor
What is REO property? REO (real estate owned) is property which has been taken back by the lender. REO properties typically sell for less than comparable real estate listings as the lender usually wants to recoup the value of the loan which is traditionally less than the valueof the property. The differences between REO property and foreclosure or short sale property are:
- REO has already been acquired by the lender typically after a failed foreclosure sale or foreclosure auction.
- The REO is owned by the bank (or lending institution) and is listed as an asset on their balance sheet.
- The original home owner is no longer in the picture and the property is for sale.
The downside of REO property is that an REO property is typically not well-maintained by the financial institution that owns it. The positive side of an REO is that a real estate investor or buyer can often purchase the property at a distinctively lower price.
For more information on REO property click here.
Also posted in Consumer News, real estate information Comments closed
Real Estate Report Sees Home Prices Rise, Sales Increase
Real Estate values and sales seem to be on the rise
Clear Capital Report sees home prices rise across the country when analyzing quarterly results. The report sees home value gains in all regions of the country, averaging out to 5%, with the Midwest gaining the most at 11.2%. The real estate improvements are linked with summer being a buying season, increased investment opportunity and the previous large drop in home values.
The second quarter of 2009 followed a period of extremely low real estate activity, couple that with tax incentives, low mortgage rates and reduced home values, and the evidence of a true buyer’s market became omnipresent. Acquiring a mortgage is probably still the most difficult part of the home buying process but money is strating to loosen. Increased sales volume indicates an improvement in the real estate sector, a welcome sign for a beleaguered economy.
For a complete look at the Clear Capital report click here.
Also posted in Consumer News, real estate, real estate news Comments closed
Breaking Down the First Time Home Buyer Tax Credit
There is no doubt that the first time home buyer tax credit is a great thing but there are a few things to know before you assume that you qualify for the full $8,000. The tax credit breaks down as follows:
Who qualifies? First time home buyers and people (or spouses) who have not owned a home for the previous 3 years. You must purchase your home between January 1, 2009 and December 1, 2009.
- What qualifies for the first time home buyer’s tax credit? Only a primary house qualifies. It does not matter if it is a single family home, duplex, townhome, condo, apartment or co-op, if it is a primary residence it will apply.
- What is the amount of the first time home buyer’s tax credit? $8,000 is the maximum amount of the credit. There are 2 factors at play when it comes to getting the credit: The cost of the home and the income of the person or married couple purchasing the home. The credit can be 10% of the closing price up to $8,000 or a person making $75,000 or less or a married couple making $150,000 or less are eligible for the full $8,000.
- Do you qualify for the first time home buyer’s tax credit if your income is higher? Yes and no. If you make more than the $75,000/$150,000 limit you get less of a credit. The maximum income is $95,000 for singles or $170,000 for couples. If you make more than the maximum income you are not eligible for the tax credit.
The tax credit is a real boon for first time home buyers and does not have to be repaid. If you qualify for the tax credit and have been considering purchasing a new home there could not be a better time. Low interest rates, low home values and the first time home buyer tax credit all add up to the right time to call an experienced local Realtor.
Resource and for more information: Realtor.org
Also posted in Consumer News, first time home buyer tax credit, First-time Homebuyer, real estate, Realtor, tax credit Comments closed
Consider Seller Financing If you Are Having Trouble Finding A Buyer
As we are all too aware, obtaining a mortgage today is much harder than it was just last year. One new concept that is becoming more and more popular is ‘Seller Financing.’
The ‘Seller Financing’ concept can give home sellers an edge over competition as it fully eliminates that large obstacle so many buyers face today, and in turn will help augment your number of potential buyers.
Another benefit to consider with Seller Financing is the steady income you will receive from the mortgage payments. Right now with all of the market volatility that we are experiencing, this could be your one steady interest earner – in some cases up to 7% or more!
This is a guaranteed return. If you don’t need the proceeds from the sale of your home immediately, seller financing can be a great investment. You might also consider partial seller financing. Most buyers will have a cap on their loan allowance, and as the seller you can consider financing the rest at a higher interest rate than normal. Keep in mind that as the seller you would not have to hold on to this mortgage forever, as it can be sold on a secondary market. If you’re worried about buyer default on the loan, you can fall back on reclaiming the home through a legal foreclosure process.
For more information on seller financing go to Financial Web. http://www.finweb.com/mortgage-loan-education/seller-financing.html
Also posted in Consumer News, Uncategorized Comments closed
Attention: First-Time Home buyer $8,000 Tax Credit Expires 12/01/2009
If you decide to purchase a home by December 1, 2009, you will be entitled to an $8,000 tax credit. This amendment to the economic stimulus bill will be available to if you purchase your first home between 1/1/2009 and 12/1/2009. Home buyers will be entitled to claim a total tax credit of $8,000 or 10% of the purchase price, whichever is less. To avoid possible abuse of this credit, it is only allowed for your primary residence and will only have to be re-paid if said house is sold within two years of purchase. Keep in mind that you must close on or before December 1, 2009 to be eligible for the credit. Most closings take about sixty days, so with that in mind you must go under contract by October 2nd, 2009 – this gives you seventy-three days from today to find your first home. If you manage to meet these deadlines, all you have to do to claim your credit is fill out I.R.S. Form 5405.
For more information about this credit go to the IRS website.
Also posted in Consumer News, First-time Homebuyer Comments closed
Do Not Believe The Many Myths You May Have Heard About Short Sales
If you currently are in a situation where you must sell your home and you owe more on your home than what it is worth to sell, a short sale can be a very good solution to your problem. Many myths have evolved over time, but understanding the reality is a way to help yourself. Seven short sale myths are:
- Short sales are impossible and never get approved. It is true that short sales are more difficult but they are not impossible. A Certified Distressed Property Expert has extensive training to help homeowners in distress.
- Banks Don’t Accept Short Sales. In reality, banks are doing whatever they can to avoid a foreclosure.
- You must be behind on your mortgage to negotiate a short sale. Many lenders today focus on verifiable hardship, monthly cash flow shortfall and insolvency – not just people in default.
- Buyers Avoid Short Sales. Many agents report that buyers call them looking for short sales. Short sales are becoming synonymous with a “good deal”, specifically with international buyers.
- Listing your home as a short sale is embarrassing. Recent estimates state that 1 out of 5 homeowners in the U.S. is in this situation. You are not alone!
- Banks prefer to foreclose. Banks do NOT want to foreclose. Banks, investors and the federal government have all publicly stated that if a person qualifies for a short sale, then the deal needs to be considered.
- There is not enough time to negotiate a short sale before my foreclosure. Many lenders today will stall a foreclosure up to the final day of the process, with a legitimate contract.
For more information about short sales go to About website.
Also posted in Consumer News, Short Sale Comments closed
Options To Consider Before Giving In To A Foreclosure
Today in the United States there are more and more homeowners facing the devastating financial challenge of foreclosure. Many times it can be avoided. Here are a few options besides foreclosure, along with a short explanation of each.
- Reinstatement: This option is extremely simple, but the most difficult. The homeowner asks the mortgage company the total amount owed and pays it all, including fines and fees. It does not require approval, and lenders will allow this up to the day before the final foreclosure sale.
- Forbearance or Repayment plan: This is when a homeowner negotiates repaying their back payments over a period of time. Usually, the homeowner makes their current payment as well as a portion of the back payments owed. Most lenders require homeowners to be qualified for this option.
- Mortgage Modification: This plan is when either the interest rate of the loan, the principal balance or the term of the loan is reduced. The result is generally a lower, more affordable payment for the homeowner. Homeowners need to qualify for this option and must supply all necessary documentation, while the lender has to be actively pursuing modifications.
For more information on ways to avoid foreclosure go to the HUD website.
Also posted in Consumer News, foreclosure Comments closed
The Bubbles…
InfoGraphic