One tool homeowners have to help with the expense of buying a home is the first time homebuyer $8000 tax credit for purchases between January 1 and December 1, 2009. This credit, equal to 10 percent of the home’s purchase price up to a maximum of $8,000, is available for home buyers who have not owned a home within the last 3 … [Read more...] about $8000 First Time Homebuyer Tax Credit…Why Wait?
The big banks these days do not have many fans, especially among Realtors. Do a Google search on "Short Sales Suck" and you will see what I mean. We all have our war stories like the one about the bank that foreclosed on a house after a 5 month short sale "review" only to flood the property once thye took Title. The bank … [Read more...] about The Big Bad Banks…Who’s Wearing the White Hats?
If you look at the current real estate market statistics, it sure looks like things are starting to turn around here in Phoenix. Sales volume is up, equivalent to 2007 levels, and the inventory of homes on the market is down - about an 8 month supply. Things look even rosier of you take the short sales out of the picture - … [Read more...] about What Does the Bottom of the Real Estate Market Look Like, Anyway?
There is a lot of talk in the news these days about toxic assets...but what in the world does that term mean? And why is everyone so worried about them? Toxic assets are a direct result of the decreasing home values applied to some bad loans. Let's say the bank loans Joe Homeowner $100,000 to buy a $125,000 house. The house … [Read more...] about Toxic Assets – The Ultimate Short Sale
Coming on the heels of the Obama Administration's recent launch of a new program to help troubled homeowners, the government has launched a new website to offer assistance to those seeking relief from mortgage payments they cannot afford. The website Making Home Affordable offers several resources to help troubled homewowners … [Read more...] about Making Home Affordable – Website Helps Homeowners Struggling with Mortgage Payments
I happen to have four boys - very energetic ones, I might add - so I always enjoy it when my clients bring their kids along when we are shopping for homes. I probably enjoy it more than my clients do because house shopping with the kids in tow can make the experience a little more stressful, and who needs more stress when you … [Read more...] about Home Shopping with Kids – A New Perspective on Real Estate
Have you heard the old saying: "A recession is when your neighbor loses his job...a depression is when you lose your job." Yeah, that used to be kind of funny until we all found ourselves in a position where we had to decide between the two. Face it, we are all in one category or the other these days. This saying comes to mind … [Read more...] about Is it a Recession or a Depression?
I recently worked with a Buyer on an REO (bank-owned) transaction. Her budget was tight so we had been slugging it out with all the other bargain hunters here in Gilbert to find a great home at a great price. Because we hoped to close the deal sometime in 2009, we decided to forego short sales and that left mostly REO's. It … [Read more...] about What As-Is Really Means – REO Buyers Beware
I recently posted about the zombies of real estate - the short sales. At the opposite side of the spectrum are the foreclosed homes, commonly known as REO's (Real Estate Owned) or homes owned by the bank. REO's are being listed at very competitive prices and often sell in a matter of days. In many areas, the majority of homes … [Read more...] about Bank-Owned Homes – Selling like Hotcakes!
Short sales are the most misunderstand real estate transaction out there. A short sale, or "pre-foreclosure" sale occurs when the Seller is selling the home for less than what is owed to the bank, or banks, if there is a second mortgage on the property. The transaction can only take place if the bank (or banks) approve the … [Read more...] about Are Short Sales Worth It?…The Zombies of the Real Estate Market