Will the First Time Homebuyer Tax Credit be Extended?

***Breaking news! 10/29/2009**** A $6,500 tax credit for some existing home owners has been added to the most likely version of the Senate's Tax Credit Extension proposal to reach the vote...we are all biting our fingernails to see what happens next!  The current proposal would apply to homes going under contract by April 30, 2010 and closing escrow by June 30, 2010.  It still remains to be seen how that final vote goes and what happen when the measure goes to the House of Representatives and the President for final signature...stay tuned! The $8,000 First Time Homebuyer's Tax Credit is due to expire on November 30, 2009. Bad news if you … [Read more...]

Will the First Time Homebuyer Tax Credit be Extended?

The $8,000 First Time Homebuyer's Tax Credit is due to expire on November 30, 2009. Bad news if you don't have a house in escrow and want to take advantage of the credit. But the good news is that the Senate is closing on a proposal to extend the tax credit through 2010. According to major news outlets, both Senate Republicans and Democrats are supporting efforts to extend the tax credit through 2010 to continue the momentum in the improvimg the US housing market. The measure is being tied to another proposal to extend unemployment benefits. and appears to be headed for a vote late this week or next. The most likely scenario is that the … [Read more...]

5 FAQs About Trustee Sales in Arizona

Unfortunately, many homeowners are receiving Notices of Trustee Sale on their homes, but with little information, they may be overwhelmed with questions. Here are the answers to 5 frequently asked questions about Trustee Sales in Arizona. * What is a Trustee Sale? * How do I know if my home is up for a Trustee Sale? * What do I do if I receive a Notice of Trustee Sale? * What are my options? *What happens after the Trustee Sale? … [Read more...]

Hey Homebuyers…Are You Serious?

If you are shopping for a new home, you need to ask yourself this question...are you serious? Here are three clues: 1. Have you been fully qualified - that is gone through desktop underwriting - with a capable lender? That is a loaded question, but one that is vital to your sucess in a quest to purchase a home. Way too many deals are falling out due to lack of financing. 2. Are you available? With the primo homes selling in a matter of days - even hours - when your realtor calls with a find, you need to hop right in the car and check it out. 3. Are you ready to write an offer? The fact is, you are probably going to write several … [Read more...]

Short Sales from the Bank’s Point-of-View

I recently attended a short sale round table where a loss mitigation manager from a local bank discussed his views on short sales. It was interesting to hear from the bank's point of view. What I found very interesting was the LM manager's attitude. Although he is empathetic to those who have a true hardship, his primary focus is on protecting the bank's assets. If he can help the customers in the process, he is happy to do it. But in the end, they chose to borrow that money and they agreed to pay it back. And he wants as much of it back as he can get. For those who are trying to use the current economic conditions for their own … [Read more...]

The Myth of Loan Pre-Qualification

Remember when you could call up a lender, tell them how much you make and how much you owe in car and credit card payments and they would tell you how much you qualify for? Well, those days are over... Today, I have the unpleasant task of cancelling a contract for one of my buyer clients because their loan fell through. This is happening way too often as the mortgage industry continues to tighten up on their lending practices. My clients were pre-qualified and the lender assured us that they were in good shape. But when we presented the contract and it was time to put the deal together, my clients were told that they are out of luck. At … [Read more...]

Want the $8,000 Tax Credit? Better Move Quick!

The deadline for the $8,000 Tax Credit for First Time Home buyers is December 1, 2009, but you really only have a month left to find a home if you want to qualify. To meet the Dec 1 deadline, your COE must be on or before November 30, 2009 which is the Monday after the Thanksgiving holiday. Since Wednesday, Nov 25 will most likely be a half day for Title companies and banks, the last day you can realistically close is November 24, 2009. A word of warning: You DO NOT want to close on Tuesday, Novemebr 24!! That day will be insane. If you really want to qualify for the tax credit plan your close of escrow during (or before!) the week of … [Read more...]

Come to My Garage Sale!

Next weekend, I am going to have a garage sale.  My kids love garage sales, but I don't do them a lot.  I have never had one since we moved into this house three years ago.  I thought about it a while back - my garage seems to be getting cluttered with "stuff" and I would like to reclaim the space. But...this garage sale is not about space. Like so many people out there, I am battling right now with a dire financial situation.  It really sucks, that's just a fact.  I have felt so low I would have to reach up to touch the ground.  But I refuse to give up.  I have reached out to other people who are going through the same thing and  I am so … [Read more...]

A Time for Heroes and Champions

Yesterday was an extraordinary for me - a very bad day that taught me some very good things. I was devastated to learn that the short sale I have worked on since January - Chase Bank is a tough group to deal with - is being cancelled by the Buyer.  I am not sure which was harder to take - the fact that all that work seems to have gone to waste, or the fact that I will not receive the commission that was going to carry me through the next month.  Probably the latter...with the challenges facing each and every transaction, 25-35% of deals are falling out.  I have had more than my share lately, and the bank account is looking pretty empty.  So … [Read more...]

Attention: This is NOT a Buyer’s Market!

Last year, here in Phoenix, it was a Buyer's market.  This year it is a Seller's market. Plain and simple.  But that message seems to get lost in all the media hype about foreclosures and short sales, and desperation and reports that the sky is falling.  So, without any hype, without any fanfare, here are the facts: Months of Inventory:  The magic number is 6 months - that's a balanced market.  Right now, there are 4.2 months worth of inventory in Metro Phoenix.  Last month, there was 5 mths worth of inventory and last year there was 9.2 months worth of inventory.  Conclusion:  there are not enough houses to go around. Pending Sales vs … [Read more...]