An extension of the $8,000 first time homebuyer tax credit appears like it will be extended.
The Obama administration encouraged first-time homebuyer's more time to claim the popular tax credit.
Tim Geithner and HUD Secretary also welcome efforts by congress to extend the credit for a limited period of time.
Here's a quick summary of the negotiations:
1. Looks like the deadline may be extended to April 30, 2010
2. Buyer's must have a sales contract by April 30, 2010 but can take up to 60 days to close the purchase.
3. Credit may be extended to existing home buyers. Existing homebuyers may be defined as having lived in their home for the past 5 years, and may be able to claim $6,500.
4. Income limits may be increased from the current limit of $75,000 single, $125,000 married, to $150,000 single to $225,000 married.
Terry S. Smith is an Associate Broker with DPR Realty LLC in Scottsdale Arizona. You can reach him at (602) 763-1858 or by e-mail. Terry@AZLenderForeclosure.com Go here to search for Scottsdale Homes:
http://www.scottsdalelenderforeclosure.com/
Monday, November 2, 2009
Monday, September 28, 2009
How to Buy Foreclosures in Scottsdale
In this article I’m going to cover how to buy Scottsdale Foreclosures the right way. Buyer’s sometimes do not realize that buying homes from the bank is different than buying a Scottsdale Home from a traditional seller off the MLS. This short article will help you get the deal of a lifetime.
Have Your Financing Ready to go
If you’re going to finance the purchase of a Scottsdale Foreclosure you MUST have an (LSR) Loan Status Report all filled out and signed by you or your offer will not be submitted to the bank for consideration. If you are paying all cash, make sure all the monies are liquid and available, and make a copy of your bank statement for proof of funds. Home Equity Lines of Credit are NOT considered cash until they are tapped.
Make your First Offer Your “Highest and Best’
With the tremendous competition for foreclosures in Scottsdale, you need to offer your best price right up front. Scottsdale Foreclosures are already priced at rock bottom prices and offering your highest and best will increase your chances of buying the property.
Make sure the package is complete
Sign all addendum’s and provide everything the listing agent wants. Incomplete packages tend to be ignored by the bank. Hiring an agent who has done a lot of bank owned properties is your best chance to acquire Scottsdale Real Estate because these agent has done this before and know what needs to be in the packet for your offer to be considered.
Make your offer as simple as possible
Putting a lot of contingencies in your offer will send up red flags to the asset manager. Asking for longer inspection periods, termite treatment’s, or for the seller to pay for this or that will be ignored. The bank has the property and if you want the deal you will have to accept whatever terms the bank offers.
Give the bank enough time to accept the offer
Putting short response times in your Scottsdale Foreclosure offer will be futile. The asset manager will only sign the contract once you have agreed to the counter offer they all send once your offer has been verbally accepted. There is not enough time for the asset manager to respond to your offer in 24 hours, so don’t put a short time period in your offer thinking you’ll get a faster response, it won’t happen.
Ensure the Scottsdale home will qualify for FHA financing before writing an FHA offer
If the home needs major renovations, then it does not qualify for FHA financing. A good Scottsdale Foreclosure specialist will be able to tell you if the property would qualify for FHA financing or not.
Stay with one lender and close on time
Scottsdale Foreclosures have a specific deadline to close. If you miss that deadline by shopping different lenders then you will have to pay a per day penalty.
Have a backup plan
Sometimes these homes have title issues. Title companies have to wait for the special warranty deed from the seller. This is the most common thing a buyer must wait for.
Change all the locks the day you move in
The listing agent uses master keys to re-key all their Bank Owned Properties. Anyone with these master keys can get into your home. Quickset now offers lock’s that cannot be bumped. For an extra $20.00 it’s worth the price to ensure the safety of your family.
Hire a buyer’s agent who specializes in Scottsdale Foreclosures
Make sure your agent specializes in Scottsdale Foreclosures. Only 4.7% of agents who work in Scottsdale specialize in getting these great deals for their clients. The only way to find a good agent who specializes in Scottsdale Foreclosures is go to their web site and read their web page. Do they even mention Scottsdale Foreclosures?
If you’re looking for an agent who had done a lot of these deals, go to my web site.
Click Here to Search for Scottsdale Foreclosures or call me at (602) 763-1858 Terry Smith.
Have Your Financing Ready to go
If you’re going to finance the purchase of a Scottsdale Foreclosure you MUST have an (LSR) Loan Status Report all filled out and signed by you or your offer will not be submitted to the bank for consideration. If you are paying all cash, make sure all the monies are liquid and available, and make a copy of your bank statement for proof of funds. Home Equity Lines of Credit are NOT considered cash until they are tapped.
Make your First Offer Your “Highest and Best’
With the tremendous competition for foreclosures in Scottsdale, you need to offer your best price right up front. Scottsdale Foreclosures are already priced at rock bottom prices and offering your highest and best will increase your chances of buying the property.
Make sure the package is complete
Sign all addendum’s and provide everything the listing agent wants. Incomplete packages tend to be ignored by the bank. Hiring an agent who has done a lot of bank owned properties is your best chance to acquire Scottsdale Real Estate because these agent has done this before and know what needs to be in the packet for your offer to be considered.
Make your offer as simple as possible
Putting a lot of contingencies in your offer will send up red flags to the asset manager. Asking for longer inspection periods, termite treatment’s, or for the seller to pay for this or that will be ignored. The bank has the property and if you want the deal you will have to accept whatever terms the bank offers.
Give the bank enough time to accept the offer
Putting short response times in your Scottsdale Foreclosure offer will be futile. The asset manager will only sign the contract once you have agreed to the counter offer they all send once your offer has been verbally accepted. There is not enough time for the asset manager to respond to your offer in 24 hours, so don’t put a short time period in your offer thinking you’ll get a faster response, it won’t happen.
Ensure the Scottsdale home will qualify for FHA financing before writing an FHA offer
If the home needs major renovations, then it does not qualify for FHA financing. A good Scottsdale Foreclosure specialist will be able to tell you if the property would qualify for FHA financing or not.
Stay with one lender and close on time
Scottsdale Foreclosures have a specific deadline to close. If you miss that deadline by shopping different lenders then you will have to pay a per day penalty.
Have a backup plan
Sometimes these homes have title issues. Title companies have to wait for the special warranty deed from the seller. This is the most common thing a buyer must wait for.
Change all the locks the day you move in
The listing agent uses master keys to re-key all their Bank Owned Properties. Anyone with these master keys can get into your home. Quickset now offers lock’s that cannot be bumped. For an extra $20.00 it’s worth the price to ensure the safety of your family.
Hire a buyer’s agent who specializes in Scottsdale Foreclosures
Make sure your agent specializes in Scottsdale Foreclosures. Only 4.7% of agents who work in Scottsdale specialize in getting these great deals for their clients. The only way to find a good agent who specializes in Scottsdale Foreclosures is go to their web site and read their web page. Do they even mention Scottsdale Foreclosures?
If you’re looking for an agent who had done a lot of these deals, go to my web site.
Click Here to Search for Scottsdale Foreclosures or call me at (602) 763-1858 Terry Smith.
Saturday, September 19, 2009
8000 Tax Credit Deadline is coming
The deadline is fast approaching for first-time home buyers to receive a federal income-tax rebate up to $8,000. Eligibility requirements are as follows:
1. MUST close by November 30, 2009
2. Tax rebate is 10% of the purchase price UP TO A MAX of $8,000
3. The home buyer cannot have owned a home in the past 3 years.
4. Income limits are $75,000 individuals, $150,000 filing jointly.
5. You cannot purchase from a close relative.
6. Buyer's must live in the home for AT LEAST 3 yeras or you will have to repay the rebate.
Terry S. Smith is Broker Associate for DPR Realty LLC. He grew up in Scottsdale Arizona and have lived in Arizona for 43 years. You can reach him at Terry@AZLenderForeclosure.com or call him at (602) 763-1858
1. MUST close by November 30, 2009
2. Tax rebate is 10% of the purchase price UP TO A MAX of $8,000
3. The home buyer cannot have owned a home in the past 3 years.
4. Income limits are $75,000 individuals, $150,000 filing jointly.
5. You cannot purchase from a close relative.
6. Buyer's must live in the home for AT LEAST 3 yeras or you will have to repay the rebate.
Terry S. Smith is Broker Associate for DPR Realty LLC. He grew up in Scottsdale Arizona and have lived in Arizona for 43 years. You can reach him at Terry@AZLenderForeclosure.com or call him at (602) 763-1858
Friday, September 18, 2009
Now is a great time to buy a home
http://budurl.com/ScottsdaleAZ
Source Video.FoxBusiness.com
Excellent video on why now is a great time to buy a home.
Also don't forget the $8,000 tax credit ENDS on November 30th .
Source Video.FoxBusiness.com
Excellent video on why now is a great time to buy a home.
Also don't forget the $8,000 tax credit ENDS on November 30th .
Phoenix home prices bottomed month-to-month in June 2009
According to Arizona State University's Repeat Sales Index, prices in Phoenix Arizona rose 0.8% from May to June 2009. The index compares prices of single family homes against itself at different points in time, rather than comparing different homes with different quality factors.
The median price of Phoenix Homes in June was $122,000 up from $119,000 in May. And according to the ASU-RSI, preliminary median prices for July was $125,000 and $127,000 for August.
Looking back it's clear we are increasing a couple of thousand dollars every month says Terry S. Smith from http://www.azlenderforeclosure.com/
The deals I'm seeing with multiple offers tells me there is a big demand for homes in the lower price range.
Investors from California are buying up the lower priced homes and renting them with 2-300 positive cash flow every month.
The median price of Phoenix Homes in June was $122,000 up from $119,000 in May. And according to the ASU-RSI, preliminary median prices for July was $125,000 and $127,000 for August.
Looking back it's clear we are increasing a couple of thousand dollars every month says Terry S. Smith from http://www.azlenderforeclosure.com/
The deals I'm seeing with multiple offers tells me there is a big demand for homes in the lower price range.
Investors from California are buying up the lower priced homes and renting them with 2-300 positive cash flow every month.
$8,000 Tax Credit COULD be raised to $15,000 with NO income limits!
A proposal by Senator Johnny Isakson Republican from Georgia would raise the credit amount from the current $8,000 set to expire on November 30, 2009 to $15,000 good for 1 year. It would also REMOVE the income caps that are currently in place (75,000 for single tax payer 150,000 couples)
Isakson says "I think we have a realistic chance of doing this" He further commented "Our problem in NOT the first time homebuyer, it's the move up buyer"
I think it's a great idea says Terry S. Smith from http://www.azlenderforeclosure.com/ the government MUST get money into the hands of the consumer or this economy will not turn around. We need to go back to focusing on main street since wall street has already been bailed out.
Isakson says "I think we have a realistic chance of doing this" He further commented "Our problem in NOT the first time homebuyer, it's the move up buyer"
I think it's a great idea says Terry S. Smith from http://www.azlenderforeclosure.com/ the government MUST get money into the hands of the consumer or this economy will not turn around. We need to go back to focusing on main street since wall street has already been bailed out.
Monday, September 14, 2009
Trustee Sales Decline in August by 987
Filed notice of trustee sales for the month of August were down 987 from July 2009
Subscribe to:
Posts (Atom)
