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!

• 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

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

Bartow County potential site of ski dome attraction

Developer Steven Winters of SRW Interational, LLC has his eye on a 750 acre tract on Red Top Mountain at Lake Allatoona for a ski dome attraction that could possibly bring 2,000 jobs to Bartow County.  This attraction would feature a huge 1 million square foot ski dome, three hotels, restaurants and shops.  You could potentially water ski and snow ski all in the same day.  This type of tourist attraction would put to work over 1/3 of the unemployed in Bartow County and help stimulate the local economy tremendously.

The developer is lobbying to get Georgia lawmakers to pass a bill that would allow for the first 25% of the sales taxes from the resort to go back to the developer for the cost of their capital investment.  Bills like this have been vetoed in the past, so getting it passed will take some work.  Keep your eyes open for what develops for this potential tourist attraction!

As we all cling to hope for the future of the real estate market, some good news has come our way.  In his letter to the shareholders of Berkshire Hathaway, Warren Buffet said “within a year or so, residential housing problems should largely be behind us.”  This optimistic outlook gets us excited as well!

Nationally, home values have readjusted back to normalized levels.  Fixed mortgage rates are still sitting near record lows and the number of homes available for sale is providing home buyers with more options.  Also encouraging are indications that the high end of the housing market could begin moving again as luxury financing becomes more readily available.

Despite high unemployment and looming foreclosures, experts maintain their expectations that the economy will grow in 2010, while the government carries on its search for solutions to help both troubled homeowners and the unemployed.

USDA Funding likely to run out by April

In a letter to participating lenders, the Housing and Community Facilities Programs of USDA, stated that “program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.  Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.”  This is because it is not certain when additional funding will be available.”

For those of you looking to purchase a home using this program, the time to act is now, before the funds are depleted.

Post contributed by Shane Siniard with WR Starkey Mortgage.

Exterior improvements give more of a return when remodeling

There is an annual report that examines the cost versus value for home remodeling.  The report is helpful for those who are considering making improvements to their homes, especially if their home is one that they consider selling in the near future.  Historically, bedrooms and bathrooms are where people consider spending their money but the return on the remodel investment is not necessarily there.

According to the 2009 Remodeling Cost vs. Value Report the best return for your money are exterior improvements that often are lower cost projects to begin with.  Adding decks, replacing siding, new doors and windows are among projects that recoup the most money when re-selling a home.  The return on these projects is typically 80% or more.

The annual report shows how important first impressions are.  If you are considering selling your home make sure that the exterior is as eye catching as it can be.

Click here to learn more about remodeling costs versus value at The National Association of Realtors’ website.

Take time to choose the right broker when selling your home

When preparing to sell your home it is important to find a real estate professional that will best suit your needs.  A warm handshake and a friendly smile is all well and good but if you want to sell your home pick a broker that is experienced and knowledgeable, someone that will do the best job for you.  When selecting your real estate agent here are a few things to keep in mind:

Data.  Get a prospective Realtor to bring in a copy of what they have listed and closed.  They can present you with an MLS report that displays their inventory.

References.  Get references from a potential Realtor and call them.  Find out what other people’s experience with a particular Realtor has been.

Price.  Get an evaluation of your property.  A solid real estate professional will be able to detail what has been selling and for what price.  He will be able to evaluate your home and your location, giving you a value for your home that will help sell it not deter people from looking at it.

Plan.  What does your Realtor plan to do for you in terms of marketing, sales, listing, etc.  Make sure he has a plan for your house and find out what he is willing to do to get it sold for you.

Real estate is often a person’s most valuable asset.  Do your legwork and choose the best broker for your home.  He or she should be a salesperson.  If they can sell themselves to you perhaps they are halfway to selling your home for you as well.

As a northwest Georgia real estate agent, I have 22 years of full-tim sales experience and a team of highly qualified professionals ready to meet your needs.  I’d love to have the opportunity to meet with you and show you how I can help meet your needs.