Jay Badru/Certified REO Specialist

" The MBAG office has received the following update on the Home Buyers Tax Credit...

The House and Senate yesterday approved a continuing resolution that includes a provision that would extend current loan limits for FHA and the government-sponsored enterprises through next year.

Additionally, Senate leaders announced they have agreed to an extension of the $8,000 first-time home buyer tax credit through April 30. The popular credit, which has strong support from the Mortgage Bankers Association, is set to expire Nov. 30.
The CR, which keeps the federal government running through Dec. 18, passed the House on a 247-178. The Senate vote was 72-28" Source: MORTGAGE BANKERS ASSOCIATION OF GEORGIA, http://www.mbag.org

Now that congress has passed the extension of $8,000.00 tax credit for first time homebuyer's iincluding another $6,500 tax credit to existing homeowners who have lived in their current home for a consecutive five-year period withing the past eight year's, what next for all buyers?

The answer is all buyer's must be ready to take advantage of these tax credit's now and should not wait untill the last minutes. In early September, we saw a lot of home buyer's scrambling to be on under contract by October ending so they can close before the previous December 1st tax credit expiration. The new tax credits would required home buyers under contract by April 30 and close before July 1 2010.

Therefore, now is the time to act. Agents should broadcast these news to all buyer's in their market area so we can get housing market moving again.

Senator Johnny Isaksons, R-Ga has introduce a legislation to congress that would raise home buyer's tax credit to $15,000.00 for first time buyer's and move up buyer's over the next year. You can visit this section of Senator Isaksons web site to read more about it http://isakson.senate.gov/econ.htm the senator was right when he said

"I think we've got a realistic chance of doing this," Isakson says. "Our problem is not with the first-time home buyer, it's the move-up buyer."

I am elated about this, what about you?

Lately, I have been asked by many buyer's and buyer's to be about the "Housing and Economic Recovery Act of 2008" regarding home buyer tax credit how it may or may not benefit them.

Rather than guessing or simply saying I don't know, I figure is better to go to Uncle Sam web site and let it out. Clink on the link below to read all about it

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

A seller ask me the question on my topic today, what's in for him by selling his home as short sale. My response to him are fellow's:

1. Your credit rating will look better than a seven year foreclosure, and is a better alternative than bankruptcy

2. You are under water on your mortgage, no buyer will pay you over what you owe due to current market conditions

3. You will be able to purchase another home in three or four year's if you re-establish your credit

4. Foreclosure embarrasses a family, and strips an owner of his/her dignity

5. You are not alone, Metro Atlanta, GA has one of the highest foreclosure rates in the nation.

The owner then told me that he will give a thought and call me back. I just told him no thanks and left the house.

SO you want to be above the Real Estate Recession Curve? try the following steps:

1. Select cities in 2-4 miles radius of where you lives or the area's you know very well.

2. Go to HUD Foreclosures websites and select foreclosed properties in those area. You may check out the properties and take interior photo's for your ad.

3. Call or inquire on-line from the HUD Property Manager's in those cities.In GA the web address www.hudpemco.com, tell them you want permission to advertise HUD home. (Any Licensed Real Estate Agents can advertise HUD homes)

4. Select as many free on-line advertising medium in those cities, and advertise these homes to out of state investor's

5. Use your current local HUD Foreclosed Properties incentives. (In GA $100.00 Down available to First time Home Buyers on insured Properties) are common in some ares, to advertise to first time home buyer's

6. Be persistence with your ad, and stop listing to the News about how bad things are. There many are folks right now signing offers or contract as you read this blog.

7 Advretised 5 to 8 or more properties at a time. You will be suprised about the result get

8. Be familiar with HUD foreclosure Advertising rules and regulations, and bidding rules

9. Get all serious buyer approved before you show them any house. and ask investor to show proof of funds if paying cash, or document's that they have funds to close.

10. Believe me it works. Is not working hard, but working smart. Did I metioned HUD commission on sold properties is up 5% to the Selling Broker/Agent? Good Luck!! Your comments, questions, and suggetions are welcome.