No hay muchas personas que saben o entiende que el congreso enacto un credito para el primer comprador the vivienda...
Este credito es para primeros compradores de casa o personas que no han tenido una casa en los tres ultimos anos;
Este credito no deber ser repagado a el govierno;
El credito es el 10% de la compra de la casa sin exceder $8000;
Este credito is para las casas compradas de Enero 1st a Diciembre 31st 2009;
Para oir mas en espanol, visite la link the IRS Credito para el primer comprador the vivienda
Wednesday, April 1, 2009
Thursday, March 19, 2009
The First Time Home Buyer Credit for 2009
Not many people are aware or understand that Congress enacted a bigger and better Home Buyer Tax Credit.
A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.
The tax credit is for first-time home buyers only.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
For those homes purchased between January 1st and April, 2009, buyers may use the tax credit in their 2008 tax filing. If a buyer has already filed their tax they may amend the 2008 taxes if they want the benefit today.
For more details on this benefit, you may call Soledad or Eric Reaves.
Friday, December 5, 2008
Are Real Estate Auctions good for me?
Are Real Estate Auctions good for me? That is a question that is often raised by our clients and our answer is they can be if you have the stomach for it. We can find SCREAMING deals through these auctions; however, there are a number of things that have to be considered:
Most auction companies have similar terms to the ones outlined below:
For instance, Hudson & Marshall will require the greater of 5% of the purchase price or $2,500.00 as Good-Faith-Deposit if you are the successful bidder. They also require that you bring a minimum of $2,500 in the form of Certified Funds or Cash, just to bid in the auction. Another auction company, REDC, will require the greater of 5% of the purchase price or $5,000.00 as Good-Faith-Deposit if you are the successful bidder on your first property and the greater of 15% of the purchase price or $10,000.00 as Good-Faith-Deposit if you are the successful bidder on any property after the first one.
The purchase of auctioned homes are treated as cash transactions which means that the purchase is not contingent on loan approval. If you are not be able to obtain financing after being the successful bidder, then you forfeit all of your good faith deposit.
Homes purchased at auction are purchased in an “As Is-Where Is” condition. This means two things: What you see is what you get AND Buyer Beware. This criteria is not because the seller is trying to hide anything, it’s only because these properties were acquired through a foreclosure action and the seller (usually the bank) does not have any knowledge of the condition of the property.
To protect itself and its agents, the bank will utilize its own contract where it outlines, over and over again, that the seller and its agents cannot make any warranties or representations about the condition, title, location, or anything else associated with the property.
Once you have bid, you waive the right to cancel the transaction based on any condition of the property. So if you desire to bid on a particular property, it is highly recommended that you do a personal inspection of the property prior to making bid on line or at the live the auction. Once you are the successful bidder, the good-faith-deposit is not refundable on the basis of the condition of the property.
The seller will choose the closing agent and will pay for the title policy.
The total price paid for a home at auction is the high bid amount PLUS a buyer’s premium fee of 5%. In other words, if your highest bid is $146,000, you must add 5% of $146,000 to the total purchase price making your total purchase price $153,300. That 5% is the fee collected by most auctioneers and it stays with them.
Any commissions for a purchase at auction are paid by the seller and it does not affect your bid. That just means that if a buyer does not have representation, the bank, will get more than it budgeted for.
Most auctioned properties are sold under a RESERVED AUCTION procedure. The bank provides an UNPUBLISHED minimum bid that it will accept for each property ahead of the auction. During the bidding, if the current bid meets the reserve price, the auctioneer will cry out: “this property is now an absolute sale”. This lets everyone know that if they bid from that point on, the final bidder has an automatically seller approved price. Unless the auctioneer declares that the reserve has been met in this fashion, ALL other winning bidders have to wait for the seller to give their approval for the sale at the top bid price. This approval can take 10 minutes if a bank representative is at the auction, or up to a week if the selling bank is not at the auction. Therefore, the officers of the bank must review the highest bid and determine if they want to accept it, reject it or offer a counter-offer to the highest bidder.
To gain access to the properties, it is much easier to work with a buyer’s agent who can easily arrange the viewing of the properties. If you do not feel comfortable having representation, then, you must wait for the open houses that will be held by the auctioneers...
DO YOU NEED A REAL ESTATE AGENT TO BUY PROPERTIES AT AUCTION?
Although is not required to retain the services of an real estate agent to buy properties at auction, it is highly recommended because of the additional risks in buying at auction. A good agent will help you consider all aspects of buying at auction, provide you with updated pricing information and give you pointers on auction behavior. Your buyer’s agent can also give you access to homes you want to bid on at your convenience, not only during specific open house hours.
After you succeed at being the high bidder, your agent will know how to navigate through the process to make the transaction as smooth as possible. But buying ANY bank-owned property takes patience! The sellers are large companies that are not emotionally involved in selling the homes.
Buying a home is stressful as it is, but if you take it on your own, the stress can be exponentially multiplied. With professional guidance, you will get a great deal, approach home auctions like a pro and buy a home that really fits what you want.
Most auction companies have similar terms to the ones outlined below:
For instance, Hudson & Marshall will require the greater of 5% of the purchase price or $2,500.00 as Good-Faith-Deposit if you are the successful bidder. They also require that you bring a minimum of $2,500 in the form of Certified Funds or Cash, just to bid in the auction. Another auction company, REDC, will require the greater of 5% of the purchase price or $5,000.00 as Good-Faith-Deposit if you are the successful bidder on your first property and the greater of 15% of the purchase price or $10,000.00 as Good-Faith-Deposit if you are the successful bidder on any property after the first one.
The purchase of auctioned homes are treated as cash transactions which means that the purchase is not contingent on loan approval. If you are not be able to obtain financing after being the successful bidder, then you forfeit all of your good faith deposit.
Homes purchased at auction are purchased in an “As Is-Where Is” condition. This means two things: What you see is what you get AND Buyer Beware. This criteria is not because the seller is trying to hide anything, it’s only because these properties were acquired through a foreclosure action and the seller (usually the bank) does not have any knowledge of the condition of the property.
To protect itself and its agents, the bank will utilize its own contract where it outlines, over and over again, that the seller and its agents cannot make any warranties or representations about the condition, title, location, or anything else associated with the property.
Once you have bid, you waive the right to cancel the transaction based on any condition of the property. So if you desire to bid on a particular property, it is highly recommended that you do a personal inspection of the property prior to making bid on line or at the live the auction. Once you are the successful bidder, the good-faith-deposit is not refundable on the basis of the condition of the property.
The seller will choose the closing agent and will pay for the title policy.
The total price paid for a home at auction is the high bid amount PLUS a buyer’s premium fee of 5%. In other words, if your highest bid is $146,000, you must add 5% of $146,000 to the total purchase price making your total purchase price $153,300. That 5% is the fee collected by most auctioneers and it stays with them.
Any commissions for a purchase at auction are paid by the seller and it does not affect your bid. That just means that if a buyer does not have representation, the bank, will get more than it budgeted for.
Most auctioned properties are sold under a RESERVED AUCTION procedure. The bank provides an UNPUBLISHED minimum bid that it will accept for each property ahead of the auction. During the bidding, if the current bid meets the reserve price, the auctioneer will cry out: “this property is now an absolute sale”. This lets everyone know that if they bid from that point on, the final bidder has an automatically seller approved price. Unless the auctioneer declares that the reserve has been met in this fashion, ALL other winning bidders have to wait for the seller to give their approval for the sale at the top bid price. This approval can take 10 minutes if a bank representative is at the auction, or up to a week if the selling bank is not at the auction. Therefore, the officers of the bank must review the highest bid and determine if they want to accept it, reject it or offer a counter-offer to the highest bidder.
To gain access to the properties, it is much easier to work with a buyer’s agent who can easily arrange the viewing of the properties. If you do not feel comfortable having representation, then, you must wait for the open houses that will be held by the auctioneers...
DO YOU NEED A REAL ESTATE AGENT TO BUY PROPERTIES AT AUCTION?
Although is not required to retain the services of an real estate agent to buy properties at auction, it is highly recommended because of the additional risks in buying at auction. A good agent will help you consider all aspects of buying at auction, provide you with updated pricing information and give you pointers on auction behavior. Your buyer’s agent can also give you access to homes you want to bid on at your convenience, not only during specific open house hours.
After you succeed at being the high bidder, your agent will know how to navigate through the process to make the transaction as smooth as possible. But buying ANY bank-owned property takes patience! The sellers are large companies that are not emotionally involved in selling the homes.
Buying a home is stressful as it is, but if you take it on your own, the stress can be exponentially multiplied. With professional guidance, you will get a great deal, approach home auctions like a pro and buy a home that really fits what you want.
Wednesday, August 6, 2008
Should I buy an REO Property?
Is it wise to buy a bank-owned property also known as REO (Real Estate Owned by the Bank)?
Before you set out to find the perfect bank owned property, there are some things one needs to understand.
First and foremost, there is a misconception that BANKS A MAKING A LOT OF MONEY when selling these homes, but that could not be furthest from the truth.
Banks do not want to own Real Estate because that is not how they make money. By the time the time the foreclosure action has been completed, the lender owes the delinquent taxes and all the penalties attached to the taxes, the servicer of the asset has placed hazard insurance on the property to protect the asset, association dues might be delinquent, city liens for city ordinances might have been also attached, etc and value of home is much less than the amount of the loan the bank gave to the previous owner. By the time all the cost is added up, banks and its investors are losing lots money. Therefore, banks are trying to mitigate their losses by selling the asset (REO property) as quick as it can be possibly sold and they do so by pricing the homes lower than any other homes in the neighborhood.
ARE REO PROPERTIES A GOOD DEAL?
Location and condition of the property are two very important factors when considering the purchase of a bank-owned property. Usually, the price set by the bank will reflect the condition of the property, but that is not always the case because banks depend of local agents to determine the fair market value of the property. Has a property been condemned? Although the bank will pay of title insurance, it also important to make sure that title work is closely reviewed. IF YOU WANT A GOOD DEAL then you will need to exercise a lot of patience because banks are slow in responding and that is not not because they are being sneaky but the delays are caused mostly by the number of homes that are being handled by the REO Departments and/or asset managers at the bank's end. Also, Bank-Owned properties do not work hand-in-hand with the counties down payment assistance programs, but some banks will pay closing costs.
DO YOU NEED A REAL ESTATE AGENT TO BUY REO PROPERTIES?
Although is not required to retain the services of an real estate agent to buy a bank-owned-property, it is highly recommended because of the nature of the purchase, which is always “AS IS." A good agent will know how to navigate through this transaction to get you what you are looking for. Again, patience is required when buy a bank-owned property.
Before you set out to find the perfect bank owned property, there are some things one needs to understand.
First and foremost, there is a misconception that BANKS A MAKING A LOT OF MONEY when selling these homes, but that could not be furthest from the truth.
Banks do not want to own Real Estate because that is not how they make money. By the time the time the foreclosure action has been completed, the lender owes the delinquent taxes and all the penalties attached to the taxes, the servicer of the asset has placed hazard insurance on the property to protect the asset, association dues might be delinquent, city liens for city ordinances might have been also attached, etc and value of home is much less than the amount of the loan the bank gave to the previous owner. By the time all the cost is added up, banks and its investors are losing lots money. Therefore, banks are trying to mitigate their losses by selling the asset (REO property) as quick as it can be possibly sold and they do so by pricing the homes lower than any other homes in the neighborhood.
ARE REO PROPERTIES A GOOD DEAL?
Location and condition of the property are two very important factors when considering the purchase of a bank-owned property. Usually, the price set by the bank will reflect the condition of the property, but that is not always the case because banks depend of local agents to determine the fair market value of the property. Has a property been condemned? Although the bank will pay of title insurance, it also important to make sure that title work is closely reviewed. IF YOU WANT A GOOD DEAL then you will need to exercise a lot of patience because banks are slow in responding and that is not not because they are being sneaky but the delays are caused mostly by the number of homes that are being handled by the REO Departments and/or asset managers at the bank's end. Also, Bank-Owned properties do not work hand-in-hand with the counties down payment assistance programs, but some banks will pay closing costs.
DO YOU NEED A REAL ESTATE AGENT TO BUY REO PROPERTIES?
Although is not required to retain the services of an real estate agent to buy a bank-owned-property, it is highly recommended because of the nature of the purchase, which is always “AS IS." A good agent will know how to navigate through this transaction to get you what you are looking for. Again, patience is required when buy a bank-owned property.
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