To find out all th details of the extended and new tax credit, go to http://www.federalhousingtaxcredit.com/faq2.php
It will answer many of the questions you may have, especially on the new $6500 Move-Up/Repeat Home Buyer Tax Credit. It will explain that the homebuyer does not actually have to purchase a property higher in value than their present home. Take a look!
I went to a very informative seminar put on by Bank of America this week and was stunned to learn that 71% of short sales fail. The no. 1 reason is that the proper documentation is not submitted timely. If we, as agents are going to due diligence in the representation of our sellers, the necessary documentation should begin to be gathered as soon as it is apparent that a short sale will be attempted. Don't wait until an offer is received. Then once that acceptable offer is received, a complete package is ready to be sent into the lender, with no further delay. You may even wish to send in preliminary documentation prior to the offer being received to establish the fact that a short sale is being started.
It's in the 70's today in Denver, but Copper Mountain opens to skiers and snowboarders today. It will be the fourth resort to open this year. Arapahoe Basin, Loveland and Wolf Creek are also open. They have gotten a great head start on natural snow with the snowstorms last week. So plan to come to the beautiful Rocky Mountains to enjoy great sunshine and wonderful snow this winter. It's a wonderful place!!
As soon as the President signs the bill on Friday, First Time Homebuyers will have more time to utilize that First Time Homebuyer Tax Credit. With the new bill, first time homebuyers will have until April 30 in which to go under contract, and then must close by June 30, 2010. This is for residences priced at $800,000 or below. It will also make more potential buyers eligible in that it will raise the allowed adjusted gross income where the tax credit would begin to phase out from $75,000 to $125,000 for single filers and from $150,000 to $225,000 for joint filers. The Plus is that the bill also creates a $6500 credit for home owners that wish to purchase a home who have lived in their home for at least 5 consecutive years out of the past 8 years, whereby they go under contract by April 30 and close by June 30.
I just closed a HUD deal and prior to closing, I noticed that there were no carbon monoxide detectors installed in the home. The home is located in Colorado and effective with July 2009, any sold home needs to have a carbon monoxide detector installed within 15' of any sleeping area. That's what I thought, anyway. But when I asked the HUD representative about where the detectors were, I was told that government owned homes do not have to comply with that law. You've got to be kidding me!? How can it be any less important for the new family within that HUD home to be protected from carbon monoxide than in any other home? Some things I just don't get.
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Certified Distressed Property Expert (CDPE) to help you or someone you know that may be facing foreclosure. I can help! Serving entire Denver Metro. area specializing in the Northern suburbs.
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