Sunday, April 4, 2010
Saturday, March 27, 2010
HAP
If you are active duty and have PCS orders you may qualify for the HAP program to help you in your house sale. This will help you to recover any short fall in what is owed and to avoid a short sale. Here are a few of the guidelines.
Eligibility:
1. Active duty or mandatory retirement at time of leave from duty station.
2. Home must have been your primary residence.
3. PCS orders between February 1, 2006 and September 30, 2010.
4. Purchased home prior to July 1, 2006.
5. Purchase price cannot have exceeded $417,000.
6. Be current on your mortgage payment.
Benefits:
1. Private Sale- formula used when you have equity in your home or if you bring money to close to make up a short fall.
Original Purchase Price times 90% minus Sales Price plus closing cost
2. Government Aquisition with a Buyer- Government buys your home and pays off your mortgage balance and pays the closing costs for your sale. They simultaneously sell your house to the buyer that is found through the sale process. Process takes 90-120 days to complete.
For more information and to download and application, check out the HAP website.
http://hap.usace.army.mil/
Call me for more information or to get started with your listing today!
Eligibility:
1. Active duty or mandatory retirement at time of leave from duty station.
2. Home must have been your primary residence.
3. PCS orders between February 1, 2006 and September 30, 2010.
4. Purchased home prior to July 1, 2006.
5. Purchase price cannot have exceeded $417,000.
6. Be current on your mortgage payment.
Benefits:
1. Private Sale- formula used when you have equity in your home or if you bring money to close to make up a short fall.
Original Purchase Price times 90% minus Sales Price plus closing cost
2. Government Aquisition with a Buyer- Government buys your home and pays off your mortgage balance and pays the closing costs for your sale. They simultaneously sell your house to the buyer that is found through the sale process. Process takes 90-120 days to complete.
For more information and to download and application, check out the HAP website.
http://hap.usace.army.mil/
Call me for more information or to get started with your listing today!
Wednesday, September 23, 2009
Tuesday, September 15, 2009
Saturday, August 1, 2009
Catching Up
Wow! It has been a busy time! I have not posted in awhile except for my new listings. I have been very thankful as I have had a bunch of new listings the past two months. There seem to be a lot of troops moving from the bases here and needing to sell their homes. Unfortunately, many of them are upside down on what they can sell their home for in today's market. Military seller's are waiting for the government to finalize guidelines for the HAP program (Housing Assistance Program). This program would provide funding for those military families who are upside down and have received orders to a new duty station. The guidelines are supposed to be available September 1, 2009 so many are waiting to see what will happen there and to see if they will be eligible.
I finally closed a foreclosure that I had the buyer for this week. It was a LONG process as the appraisal came in low and repairs were needed. It was great to finally get it closed.
I have another closing on Monday! YEAH!
I finally closed a foreclosure that I had the buyer for this week. It was a LONG process as the appraisal came in low and repairs were needed. It was great to finally get it closed.
I have another closing on Monday! YEAH!
Wednesday, July 29, 2009
Saturday, June 20, 2009
Tuesday, June 16, 2009
Sunday, June 14, 2009
Busy, Busy with Real Estate
I know that I haven't posted too much lately. I have been really busy. I have had several new listings and working to try to close several deals. Just to share a few things that I have run into in the past few weeks. I had a buyer purchasing a foreclosed property. We got our appraisal and it came in $5000 low. I was shocked because foreclosures are at the bottom of the market. The market that we are in right now is crazy. The values have dropped so much in the past 4 years-- about 20-25%. We were able to compromise on a new sales price with my buyer paying a little bit above the appraised price. He cannot finance the price above the appraised value, but he is still getting a steal on this particular property. He was bringing a significant of cash to the table anyway, so it didn't make a difference. Now to see if we can get the repairs done and finalize his financing. I will tell you that the lenders are being very careful in lending money these days. So if you are looking to purchase right now, be careful with your credit. Pay your bills on time, do not have any deliquent accounts. Also do not let any of your accounts be overdrawn or have any negative balances. You will need to account for your every time of income and deposits. So be sure to keep receipts and pay stubs. We are having first time home buyer fairs this week in our office from 4-5:30PM -- I will be here Monday through Wednesday- -so feel free to stop by and see me and discuss purchasing a home. More later. . .
Wednesday, May 27, 2009
Monday, May 4, 2009
Tuesday, April 28, 2009
Sunday, April 26, 2009
First Time Home Buyer Tax Credit
I have been meaning to do a post about the first time home buyer tax credit. You may have seen some of the advertisements that we have been running recently about our first time home buyer fairs. We want everyone to know about the $8,000 tax credit that is available to those who are first time home buyers. A first time home buyer is considered someone who has not owned a home in the past 3 years. To be eligible for the $8,000 and yes, $8,000 that does NOT have to be paid back, one has to meet certain requirements.
1. Not owned a home in 3 years.
2. To get the maximum credit of $8000 the home must have a purchase price of at least $80,000. Partial credit given on homes with a purchase price of less.
3. Meet certain income requirements
4. Purchase between January 1, 2009 and December 1, 2009.
That is it! Very simple. You fill out an extra form at tax time and you get the money then. You can also fill out an amended return and get the money now or wait until you file your 2009 return next year.
I repeat. It does NOT have to be paid back!
Call me today to start your home search! and for more information!
1. Not owned a home in 3 years.
2. To get the maximum credit of $8000 the home must have a purchase price of at least $80,000. Partial credit given on homes with a purchase price of less.
3. Meet certain income requirements
4. Purchase between January 1, 2009 and December 1, 2009.
That is it! Very simple. You fill out an extra form at tax time and you get the money then. You can also fill out an amended return and get the money now or wait until you file your 2009 return next year.
I repeat. It does NOT have to be paid back!
Call me today to start your home search! and for more information!
Sunday, April 5, 2009
Friday, April 3, 2009
Short Sale Information
So many people today unfortunately are upside down on their mortgages. There are several factors that have contributed to this. Some simply bought when the market was really booming in 2004-2006 and others took out equity during that time frame. Property values increased very quickly in 2004-2006 and now since them have declined and declined further. It has made for some people to be $50K or more upside down. This can make it difficult for one to sell if they have to. Unfortunately, corporate relocation, military orders or divorce situations cause moves that were not intended when the home was purchased. Many thought they would be in their homes for a long time when purchasing and now find themselves 3-4 years later needing to move. Others are selling because they simply cannot afford their payments any longer because of a change in job or loss of a job. Foreclosure rates have climbed and many are having to look at a short sale in order to sell their home. This is considered a pre-foreclosure. This is what happens in these above situations. The owner has to go to their mortgage holder and talk with them about a short sale. The lender has to agree to accept less than what the payoff is. The lender is a part of the deal. An offer would go to the owner who would sign off on it and then it goes to the lender for acceptance. This process can take months especially if there are more than one mortgages on the property. The owner will have to apply for the short sale and the lender will give them the specifics of what they need. Usually the lender requires a hard ship letter which paints the picture to the lender of why this is a short sale. They will also ask for financial information including W-2, paystubs, tax returns and a financial worksheet. It is also important to sign a release for the mortgage company to be able to speak with your realtor. Short sales can be a solution for those who are struggling to make payments, but another solution can be a loan modification. If you are simply struggling to make payments and don't have to move, I encourage you to call your current lender to see if your loan can be modified to better suit your current situation. If you have to move, then a short sale may be the only way you can go. As a buyer of a short sale, one would expect to get perhaps a better price for a property than a regular sale, but they should expect to not close for at minimum 60 days and in some cases 120 days or more. Be prepared to wait!
Sunday, March 22, 2009
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