My Blog

Help for Home Owners

8/26/2009

Don't fall victim to cash up front mortage or re-fi scams:


Contact the U.S. Department of Housing&Urban Development
(hud.gov) at 451 7th St. SW, Washington, D.C. 20410
for referrals to state agencies that offer foreclosure assistance, or the Homeowner Preservation Foundation (hopenow.com)
at 1-888-995-HOPE (1-888-995-4673)

Ripped from the Headlines

7/14/2009

Scott Burns recent column slams lenders:


"It is a miracle that any homes are sold in the
U.S."
(Statesman Journal, Salem Oregon, Sunday, July 12, 2009, Nationally Syndicated Personal Financial columnist)


If he had a difficult time completing a new home purchase how hard is it for you to find  &  secure your new home?  

My recommendation:

  • Use the Services of an Accredited Buyers Representative
  • Sign a Buyer Broker Agreement
  • Understand the many services your agent should bring to your transaction, including changes in lending, appraisals, Truth in Lending and much, much more!


If you haven't owned a home in the last 3 years you could qualify for the first time home buyer credit of up to $8000.

Have we hit the floor on home value?

5/20/2009

My answer is an unequivocal yes! Though in most price points, it is still a buyers market, we are close to a balanced market for homes priced under $225,000 in the Salem Keizer area.


What is a balanced market? Generally, when the number of homes available represents 5-7 months of inventory it is considered balanced market. So, the absorption the rate, when active homes become sold homes has been coming down through-out the spring.


Why this price point? Part of the reason is likely the first time home buyer credit up to $8000. First time home buyers are a huge part of closed transactions today, projected to be 53% of total sales. Also, there is some discussion from HUD Secretary Shaun Donovan that the federal government would like to monetize this credit and allow buyers to use these funds as part of their down payment. Still lots to work out how banks would manage this so, stay tuned!

Buyer Broker Agreements

5/9/2009

Why do I use a Buyer Broker Agreement?

Because I both list and sell residential properties, I often have buyers call on my listed properties and then call every other listing agent on all of the homes of interest. That can be a lot of calls going over the same information again&again. Perhaps you are tired of explaining once again what you want in your new home?

 

If you want to have someone working explicitly/exclusively on your behalf, work with an ABR Accredited Buyers Representative and/or with a Buyers Broker. A Buyer's Broker can create unique buyers tours; negotiate your agreement; provide assistance with lenders, inspectors and title companies plus many other services.

 

Of course there are many processes in the purchase of your home; one of the most important is to have an objective view on the value, location and condition on the home you decide to purchase.

 

The list side of a transaction has a 4 page agreement with the seller and a sell side has a 2 page agreement with the buyer. Both are contracts, both are binding and the 2 agreements in concert are the basis of doing business in real estate.

 

For more information or to see the Buyer Broker Agreement follow this link: Buyer Broker Agreement Form

Energy Credits

4/21/2009

Thinking about the energy credits available?

Check out this website to get the facts about upgrading your home:

http://www.energy.gov/taxbreaks.htm

 

Also see the summary of the energy tax incentives included in the:
Emergency Economic Stabilization Act of 2008


This is a great time to consider improving your energy efficiency, save on your utility bills and get a tax break too!

New Loan Modification Program

4/16/2009

Having difficulty meeting your mortgage payments there is help!

You are not alone: changes in the market, in marital status, job and many other reasons can put someone into difficulty. If you are currently paying more than 31% of you income for your mortgage check out the site below to see if you may quality for a loan modification or loan workout. Just be a bit patient as lenders are yet to really gear up staff in order to work through requests efficiently.

MOST IMPORTANT: WATCH OUT FOR SCAMS / HELP IS FREE
DO NOT PAY UPFRONT FOR ANY SERVICE THAT CLAIMS TO FIX YOUR MORTGAGE

http://www.makinghomeaffordable.gov/

 

"Mark to Market"

3/17/2009
Have you heard this accounting term in relation to the housing market? Confused? Drop me an email for answers on this and other trends in real estate today.

Aggregator

3/12/2009
What is an Aggregator? How does this promote my home on the internet? Who do you link to?
Drop me an email for answers.

CMA

3/12/2009
Curious about what your home/property is worth today? What exactly is the 'Comparative Market Analysis' and how is this different from an appraisal? Drop me an email for answers.
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