If you haven’t seen or heard the words ”Short Sale” then welcome to 2009 where up to half of the properties in some areas are short sales.  It’s a reasonably new solution needed to help correct our national real estate market and given the alternative of massive foreclosed homes flooding the market with inventory, it does ease things into an economic recovery.

First, here’s a little explanation of a short sale so I can explain where the banks are going with this scenario.  Typically, a distressed home owner who is seeking a short sale will be facing one or all of the following conditions:  (more…)

Absolutely they are!  However, a few things you should know before considering a bank-owned property.  For instance, because the bank has never occupied these properties, the “seller’s disclosure” describing pre-existing conditions with the house is requested to be waived by the buyer.  How does this affect you?  (more…)

Here’s what you need to know about mortgage interest rates.  Have you been watching the interest on your bank’s website waiting for the best time to lock your rate?  Or maybe the local news has been giving a brief report on the market and the Fed’s announcment that they are cutting the rate (more…)

A big thank you goes out to each and every person who helped and supported the extension and expansion of the first time home buyer tax credit.  Our needs have been heard today and we can rejoice in what will prove to be a very important move forward for real estate. 

 First Senate unanimously voted 98 to 0 to extend the first time home buyer tax credit. Then it passed in the House today 403-12 and finally President Obama signed the bill on Friday. 

 Not only did the bill extend (more…)

Congress approved the extension of the first time homebuyer tax credit, but we are not out of the woods yet.  The question is now whether or not Senate will give their blessing and pass this first time home buyer tax credit.  There are many reasons to support the bill.  For instance, a study done by the National Association of realtors (NAR) found an average of $63,000 is injected into the economy for each home sale.  Our national economy is recovering but still delicate at this point.  Removing the tax credit now, during the slow season, could undo all the work that was accomplished by installing the homebuyer advantage.

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