Annie Guthrie

As we get into this program, more and more informationis being disseminated. The more I learn the more I see how astute young people can get a head start with their financial future. A student or young adult just out of college with a good credit history*, a current job*, and parents who might gift him a down payment* just might qualify for the tax incentive. As with most government programs there is a time constraint that insures the home must be used as a primary residence, but it is relatively short only 36 months. During this period you are free to rent bedrooms to help pay the mortgage. The home cannot be purchased from a relative. You do not have to be married and there are income caps. Also, two single adults can purchase a home together and each receive a portion of the credit (see IRS NOTICE-12 for guidance.) If the person is buying a newly constructed home most builders will pay most if not all closing cost. This is also a negotiable item with resales. This is an exciting time to be young and be in the housing market just do not wait too long. The deadline is approaching rapidly!

* Not government requirements but necessary for a mortgage loan...if a young person does not have a down payment often parents will give a tax free gift that helps with down payment or closing cost assistance. ( The photo has absolutely nothing to do w/ this post I just like it !)

Are you going to be out in the rain when Nov31 rolls around?

What have you done ? What have you not done?

The dead line for First Time Home Buyers is Nov 31....... this does not mean you have picked it out..... and you are in love with it. It means you have closed on it.

• Generally when you have signed a contract escrow takes 30 days. That is unless there are no hiccups.
• So lets count back that means you need to have a signed contract by at the latest Nov 1 (Please ask your Realtor how many contract actually sail through with no problems!)
• The contingencies of the contract should be ironed out so inspections can proceed.
• What if the Termite Inspector finds some wood destroying organism ? Sorry can't close unless you have a clear report ...all that must be REPAIRED & reinspected! What if the Home Inspector finds some horrific fault in this home and there is no way you are going to be saddled with this DOG!
• So you have to start the process all over. What happens if there is no choice 2 ?What if someone scooped up your #2 ?

We are talking you are out in the rain !

• Consider you are not going to be the only person trying to push a loan through at this time. The Banks and Mortgage companies are going to be swamped with folks just like you who want to close in time to get that $8000 dollar credit.
• And you know you all are looking for those wonderful bathrooms with separate shower and garden tub.......you want stainless steel appliances. So those really great homes for really good prices are going to be snapped up by some other first time home buyer who did their homework...........

Now is the time to get busy. Choose a great Realtor , Start the Home search and Get approved by you lender ......NOW!

It is tough out there. All sorts of weird things going on!

Buyers asking for closing cost...correction DEMANDING closing cost. Sellers not wanting to pay for traditional seller cost like surveys. Title companies not requiring surveys.........it's just weird.

When a seller is having to pay 4, 5, or 6 thousand dollars in closing cost he is not readily going to pay for those things we are used to having them pay without a peep. Every hundred dollars that sellers can save is a victory in their mind and adds to that bottom line they always thought they would be able to expect.

And careful how you write that offer .....words count today more than ever. Recently we went round in circles because a Realtor used the verbiage " swings." My clients version of that same object was Fort and Jungle Jim. Fortunately, all was resolved and we moved on to a happy conclusion.

Exasperating ? Indeed yes! My conclusion is that it is the BUYERS MARKET we are in ! Nobody seems to be able to get their heads wrapped about that fact. And also the fact that the way things used to be done just does not matter any more.Do we like it ? No ! But it does explain how contentious things are even among Realtors? That would be YES !

For more information on making your sale easier go to ggreal.com

How often do you get a great listing with super nice folks and then on top of that they refer their best friends to you and you list their home as well? And what are the chances that the second would be just as nice as the first. We struck the Jack Pot, these four people were designer clients !Plus both homes sold quickly.....and one of the couples bought in the subdivision we are site managers.....Tamrell Forest !

I put those couples through STAGING HELL ! ( See the Staging Nazi in previous post !) But never was there more than a raised eye brow.Nothing but eagerness and good nature even when one familywas sick with the Flu! Through Migraine Headaches...always yes you can show our home !

Despite the obvious Realtor related adulation of having perfect clients.... these were simply nice people . But what really draws me to this forum is the great friendship these four people have.

They relished in each others successes and were incredibly supportive when things did not always go according to plan.One closing was smooth as glass the other had some last minute issues. Nothing insurmountable but when you have a support system goodness does it make life easier! And this is the pattern these folks have.

I have written about how much my own friendships mean to me .....when I see it between couples it really is endearing....and rare....If these folks are representative of this new group of 30 somethings I would say our country is in good shape !

Tamrell Forest Courtyard Home......For more information go to ggreal.com

The four states that led us into the market down turn are leading us into the upswing. The average sales across the country are up 6 1/2 % from November '08 through February '09. Florida which suffered a down turn of 18.2 %, in February rebounded with 12.5 % increase. Some experts attribute this to lower interest rates and also the numbers of Distress Sales, Short Sales and Foreclosures.

The Real Questions is why are more buyers NOT taking advantage of these ideal conditions? The answer is FEAR! Turn on Radio or TV and what do you hear? Doom and Gloom....that is not to minimize current conditions but still if you have a job, pay stubs and decent credit you can get a loan. There is money available from FHA ,VA Fanny Mae , Freddy.....and you do not have to put 20 % down. There are actually still loans out there with no money down and 3% down loans with conventional sources.

Author David Reed, Mortgage Confidential advises us to examine the past. When was the last time interest rates were this flat ?........1969 ! In '69 you could buy gas for $.35 a gallon and a postage stamp was $.08.Reed advises those buyers who want to buy not to try and outsmart the market. " ..it can skyrocket overnight..."

We are not going to know when the market has come back until we are looking at all the great buys in Retrospect....Don't Wait .....Buy Now !