lonniesnyder's Blog: For Realty Professionals

Hi,

My name is Kim McLaughlin with Axia Financial. Do you know that A tax credit of up to $8,000 is now avaiable if you are a qualified first-time home buyer and purchase a home before December 01 2009?

Here are some highlights of this program;

1)The tax credit is for first-time home buyers only.
2)The tax credit does not have to be repaid.
3)The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
4)The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
5)Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

How do I claim the tax credit? Do I need to complete a form or…

Read Full Post

With so many urban centers being classified as "declining markets," it is now more important than ever to be as familiar with every possible option for obtaining affordable financing for our borrowers and buyers. Because of the new requirements issued by Fannie Mae, Freddie Mac and the private mortgage insurers, every loan officer and realtor needs to know what it takes to get FHA financing for a borrower buying a condominium unit.
Loan officers: it's your business.
Selling agents: knowing will help you market your condo listing to a larger universe of qualified buyers and, if the condo is not eligible, save you the time of having to show a unit to unqualified buyers.
Buyers' agents: the same is true -- no sense in showing someone a condo in a…

Read Full Post

 

  If you've been priced out of the housing market, now is the time to consider buying a foreclosed property. But don't wait; the best-value foreclosed homes--what we call "real estate owned" (REO)--are selling as soon as they come on the market.
Although buyers can also find bargain prices on pre-foreclosure sales or homes sold at foreclosure auctions, most buyers find it easier and less risky to purchase REOs from the lending institutions and government authorities that repossess these homes. (Note: REOs also can refer to properties purchased by corporations from their transferring employees. This article focuses on REOs resulting from foreclosure proceedings.)
Finding a high-value property and negotiating a low-cost contract are the keys to…

Read Full Post

One common first impulse is to ask "How much are they offering?" While price is an important factor, it's also important to sit back and look at the big picture when negotiating a sale. Consider:

1. Buyer's financial situation

·       Is the buyer qualified? ·       What is the buyer's annual income and employment history? ·       How much down payment and closing cost cash is available and what is the source? ·       What type of financial debt does the buyer have? Car loans? Credit cards? 2. Financing method ·       Is the loan type and interest rate realistic for current economic conditions? ·       Is the length of time requested to obtain a loan realistic? 30-45 days is a typical time frame. It allows enough time to process papers, but… Read Full Post

In today's new real estate market the time for hesitation is past. Now is the time for action. To take advantage of the new market, the reality is clear—don't wait:

• If you are ready to move to a home where you would rather live;
• If you can afford a conventional fixed-rate loan;
• If you plan to live there or own it for several years; now is the right time to move or buy a first home, second home or rental.

Waiting rarely pays off for many reasons. I will share with you what we've learned from experience.

Recent Sales

Homes are selling in our area. Yes, there is more inventory. Yes, time on market is longer. Yes, loan requirements are tighter. Yes, there are more short sales, bank-owned foreclosures and rental bargains that pull… Read Full Post

Whether you see the housing market "glass" as half-empty or you see it as half-full, industry experts agree that homeownership is still one of the safest, most secure ways to build long-term wealth. On a national level, home appreciation has historically increased 5% to 6% annually, according to economists at the National Association of Home Builders (NAHB).

Doesn't sound like much? Consider the return on your original investment, not the home price alone. Here's an example that puts it into perspective: Let's say you make a 10% down payment on a $200,000 home (an investment of $20,000). At a 5% annual appreciation rate, your $200,000 home would increase in value $10,000 during the first year. Earning $10,000 on an investment of $20,000 is an…

Read Full Post

 

With so much media attention on the housing market and mortgage industry recently, you may be hearing and reading some unfamiliar terms. Here's a glossary to help:

• Deed in lieu -- when a lender agrees to accept a property's deed (rather than foreclose on the property) to settle the borrower's obligation.
• Jingle mail -- when a borrower mails the home's keys to the lender to transfer control of the "collateral" behind the loan.
• Liar loans -- no-document, stated-income loans.
• Lis pendens -- Latin for "legal action pending," the formal notice that begins the foreclosure process.
• LTV -- Loan To Value percentage, e.g., 80% LTV on a $100,000 sales price is an $80,000 loan.
• NOD -- a Notice Of Default filed in court by a lender…

Read Full Post

There's something for everyone in Renton. And here at the Renton Real Estate Blog it is our effort to keep you up to date, informed not only what is happening in Renton Real Estate but also in the community.

 

To see the latest news and announcements about exciting events and Real Estate opportunities in the City, have a look here

  If you search Google for Renton Real Estate you will find many blog and other web sites that bring out the interesting facts, not only about Renton Real Estate blog, but about the community and it'd unique features. For example...

  Discover the magic of Renton and enjoy the convenient, spectacular location, outstanding value, hometown hospitality, and business-friendly environment. Nestled on the south shore of… Read Full Post