Orlando First Time Home Buyers your free $8000 Tax Credit is set to expire really soon. That's right in less then 48 days the first time tax credit will expire and you will have missed out on one of the greatest home buying perks ever!
Plus if you are a move up buyer you can qualify for the $6500 tax credit but again that expires in 48 days as well. If you are on the fence now is the time to get off it and behind it instead!
So how do you qualify for the $8000 or $6500 tax credit?
First Time Home Buyer is someone who hasnt owned a home in the past 3 years
You purchase a home with a value of $80,000 or more (otherwise your tax credit is 10% of the purchase price)
Be under contract on a home by April 30, 2010 and close by June 30, 2010
If you are a move up buyer:
You must have been in your current home for a minimum of the past 5 years
Purchase of homes priced above $800,000 are not eligible for the tax credit.
The income limit for a single taxpayer is $125,000; $225,000 for married joint filing taxpayers.
If you are in the market to purchase a home in the Orlando area dont sit on the fence. Prices couldnt be better, the interest rate is still at an all time low for a 30 year fixed rate mortgage and there is free money from Uncle Sam!
Contact my team and I if you are ready to purchase your first home or move-up property today! We can even help you qualify for down payment assistance programs up to $35,000.
This blog is part of a monthly series about the foreclosure market in the Orlando area. My goal is to keep area home owners and buyers educated on how the REO market is recovering or if it is and what deals are out there for both First Time Home Buyers and Investors. Click the link to see Orlando's February Foreclosure Numbers. Florida 58,865 Bank Owned Homes in the State of Florida Orange Co 5,367 Bank Owned Homes in Orange County Seminole Co 1011 Bank Owned Homes in Seminole County These numbers are said to be accurate as of 3/7/10 12:13 pm My predictions were right the foreclosure numbers are on the rise and up across the board from February and are just shy of being up nearly 50% from January in Seminole County alone as I had predicted and by the end of the month I think we will hit that number.
Area Number of Homes
It's very important when considering to short sale your home that you have an experienced agent on your side. One that has certifications, like a CDPE and proof of prior deals that have successfully closed. Here's why, this weekend I received a call from a clients uncle who is handling his mortgage. The nephew was referred to me at the end of the year by a prior client. After speaking with this young gentleman and helping him some he decided to buy a short sale that he saw driving around. Well this uncle has now called me back 3 months into this deal and no real movement, I told him if he wanted me to help his nephew I would.
After speaking with the nephew today I learned not only is he paying too much for this house the house he has been waiting over 3 months for wasnt a true short sale scenario.
After digging around in public records I see the home owners have a mortgage of $147,000 the contract is for $165,000. They at some point and time took out a second mortgage. Now if the sellers had gone with an Agent that was experienced in short sales here in Orlando they would have had a much easier time closing on this property. The first mortgage is not being shorted, it's simply a regular sale with $18,000 left over. So the unskilled short sale agent decided that the first needed to go through the whole short sale process when it really didnt and wasted over 3 months.
It could have been simple. Go to the 2nd lein holder tell them the first is not being shorted you will receive $18,000 more then you ever would if we dont sell this and the value continues to drop or it goes to foreclosure because the sellers arent paying and within 30 days it should have been an easy short sale process and also would not have negatively impacted the sellers credit the way it is now.
When looking to sell your Orlando home as a short sale make sure to go with an experienced agent that is certified and has verifiable short sales under their belt. We recently had an Indymac short sale approved in under 21 days and another Suntrust short sale package approved in just 59 days. Our team works hard to get your home under contract and more importantly see it through to closing!
Windermere Real Estate for Sale What's going on in the Windermere Real Estate Market? Lets take a look at a snapshot of the sold market from January 2010. Total Windermere Condos Sold: 2 Price Range: $104,000-$114,000 Windermere REO Condos Sold: 1 Windermere Short Sale Condos Sold: 1 No Resale Units sold Total Windermere Town Homes Sold:6 Price Range:$98,100 - $195,090 Windermere REO Town Homes Sold: 1 Windermere Short Sale Condos Sold: 1 4 of the units sold were resale or new construction Total Windermere Single Family Homes Sold: 21 Price Range: $130,000-$7,250,000 Windermere REO Single Family Homes Sold: 6 Windermere Short Sale Family Homes Sold: 7 7 homes sold were resales 28% of sales in January were REO/ Bank Owned Properties 31% of sales in January were Short Sale Homes 41% of Homes for Sale in Windermere that sold were regular sales! Wow and who said you cant sell your Windermere Home in this market? If you need help deciding if now is the time to sell your home or need help determining if you qualify for a short sale contact us today. We are certified distress property experts, CDPE and Certified Luxury Home Marketing Specialists.
Orlando Real Estate for Sale What's going on in the Orlando Real Estate Market? Lets take a look at a snapshot of the sold market from January 2010. Total Orlando Condos Sold: 308 Price Range: $8,100-$1,050,000 Orlando REO Condos Sold: 213 Orlando Short Sale Condos Sold: 75 20 Orlando condo were regular resale Total Orlando Town Homes Sold:49 Price Range:$19,900-$300,000 Orlando REO Town Homes Sold: 28 Orlando Short Sale Condos Sold: 15 6 of the units sold were resale or new construction Total Orlando Single Family Homes Sold: 554 Price Range: $16,250 -$1,840,000 Orlando REO Single Family Homes Sold: 280 Orlando Short Sale Family Homes Sold: 127 57% of sales in January were REO/ Bank Owned Properties 24% of sales in January were Short Sale Homes With more then Half of all sales in Orlando being REO/Bank Owned Homes shouldnt you have a REO Agent on your side? We are a proud member of NRBA (National Reo Brokers Association) Less then 1% of all REO agents belong to this honored group. Let our experience and connections with the bank work for you when purchasing your first home, move-up or investment property.
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Armed w/a developer's know-how, a local resident's familiarity & a savvy need to exceed her customers' expectations, Heather has earned her reputation as Lake Mary and Orlando's most respected Realtor
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