Tax Credit Closing Deadline Extended

For first time home buyers who got a contract on a home by April 30, they were supposed to close by June 30 to ensure they received the tax credit.  However, due to 180,000 loans in banks’ and lenders’ pipeline trying to be closed by that date, many worried their loan would not be finalized in time.  To help be sure these home buyers get their credit, the Senate just passed a measure that extends the closing date from June 30 to September 30, 2010.  This should allow banks and lenders the time they need to close these outstanding loans.

For those of you who were worried you wouldn’t make the June 30 deadline, now you can rest easy knowing the extension is in your favor and should allow banks and lenders the time they need to close your loan!

For those of you looking to purchase a home with a USDA loan, the funds are now back and ready for your use.  The funding fee has increased to 3.5% until further notice.

If a loan was not already granted a conditional commitment at two percent it will need to be updated with the 3.5% funding fee as well.

Give us a call at 770-606-0054 if we can help find a home that will work for you!

Opting for new home construction

Whether to buy an existing home or have one built is yet another decision to make during the home-buying process. If you decide to go with new construction, a real estate agent can be a powerful advocate in your corner as you negotiate upgrades, a move-in date and other terms with the home builder.
Below are some basic pointers to prepare you for the journey ahead.

Selecting a builder
Shopping for a large production or custom home builder can be a daunting task. Start by defining what architectural styles appeal to you and then seek out the builders in your area who offer those styles. Due diligence is essential. Ask friends for referrals to get firsthand accounts; verify the builder’s state license status, if applicable; and check whether they’re certified by the National Association of Home Builders.

The builder representative and your real estate agent
A builder representative’s ultimate goal is to sell you a home. His or her role is to provide a wide range of information to help you in your decision-making, from building restrictions, roads and easements to inspections, warranties, rebates and upgrades. A real estate agent knowledgeable in new-home construction will be able to help you wade through all the data and point out the downsides and upsides of each line item. Your agent also can look out for your interests in reviewing the builder’s contract, which often contains more legal jargon than consumer-friendly language.

It’s all about timing
Market conditions greatly dictate a builder’s incentive to make a deal you cannot refuse. When a builder has inventory on his hands, his carrying costs start adding up. When this happens, a builder might be more amenable to strike a favorable deal, whether it’s throwing in upgrades or taking a bit off the asking price. A real estate agent can help you know when market conditions are right for these benefits. Also, watch for builder close-out sales. Builders promote these special events when a new subdivision is near completion but empty inventory still remains.

A word about paying up
While there are always exceptions, most builders require a deposit when a purchase agreement is signed. They also require that the buyer pay for any upgrades prior to closing. If you back out prior to closing, unless the agreement states otherwise, you will lose that money. Make sure you understand every detail in the builder’s contract before signing it.

Give us a call today at 770-606-0054 if we can help you buy a new construction or an existing sale!

• Closing Costs
• The purchase of new Whirlpool^®  appliances
• A mix of closing costs and appliances at the buyer’s discretion up to the maximum 3.5%

• Property sale must close on or before June 30, 2010
• Buyer must be an owner-occupant (second homes are eligible as long as they are owner-occupied)–investors are excluded

Creating your home wish list

Before the home search begins, your real estate agent will want to know as much as possible about the features and amenities you desire. To help your agent better serve you, analyze what you want and what you need in a home’s features and amenities.

Features:

What is HAFA?  Check out this video that explains HAFA, Short Sales and Deeds-in-Lieu.

As a Certified Distressed Property Expert (CDPE) I can help you determine if this is the path for you.  Give me a call today at 770-606-0054 or check out www.avoidbankforeclosurenow.com for more details on distressed properties.

USDA Funding Shortfall May Lead to Changes

For many looking to purchase a home, the government’s USDA program (100% financing) is the preferred option.  However the money for the program is falling short.

 Because of the funding shortfall, the USDA program is receiving additional scrutiny because of its  no downpayment provision and 2% guarantee fee.  For example, we hear that Congress is considering raising the guarantee fee from 2% to 3.5%.  We will keep you apprised of the progress of any legislation.

Post Contributed by Shane Siniard with WR Starkey Mortgage

New Listing: 342 Mona Place Dallas, GA 30132

This home is super clean and ready to move in!  This traditional home is in great shape and nestled on a beautiful wooded lot.  It features laminate wood floors in the family room and kitchen, a finished basement and cute patio.  342 Mona Place has everything needed to call home!

This home is priced to go quickly at $77,850.  Call us today for more details: (770) 606-0054.

New Listing: 22 Mallet Point, Cartersville, GA 30121

This home is totally stunning!  This beauty has loads of space, custom detailing and a master gardner’s look.  It features lots of kitchen counter space, the kitchen opens to a sunny screen porch and it boasts a spacious family room.  If you’re looking for the perfect yard, look no further!  With professional landscaping and an outdoor patio, you’ll love this garden oasis.  22 Mallet Point is priced at $157,700.  Call us today at (770) 606-0054 for more details!

72 Westminster Dr. Cartersville, GA 30120

This 3 bedroom, 2 bath home is a really nice split foyer.  It’s freshly painted on the inside, and features brand new upgraded carpet and padding, a large finished bonus room in the basement, an enormous privacy fenced backyard, new stainless steel appliances, laminate wood floors in the kitchen, foyer and basement landing, and 2 tiered back yard decks.  This home is priced at $115,000.

For more details on this property, give us a call at (770) 606-0054!