Lee Davenport

Yes time is ticking but it is not too late if you are a determined first-time home buyer to take advantage of the $8,000 federal tax credit, which expires Nov. 30.

To identify those properties that can close by the Nov. 30th deadline for the home buyer tax credit prior to sending a lot of time viewing them, ask these important questions that aren't likely addressed in the listing. These can include:

Is there mold?
A need for extensive repairs?
Aging systems or appliances?
Troublesome neighbors?

Buyers should factor in these questions before making an offer:

How long has the property been on the market?
Have there been any price reductions?
Are there any offers written on the property?
Do the home owners need to move by a specific date?

Other recommendations include:

Obtain as much information about financing as possible so you can make an offer.

Avoid short sales as they may take longer to close.
Begin the process right away.

For more tips, contact places2love@gmail.com or 404.444.5777. Happy House Hunting!

Source: Move.com, Scott Voak (09/23/2009)

Here's how the most common foreclosure-prevention scams work:

The desperate home owner gets a letter that says something like, "We know you're having a hard time. We have a pipeline to your lender and can help you save your home. Call this toll-free number now."

Home owners call the number and agree to pay $1,200 to $1,500 upfront for help with their mortgage. Nothing happens. Their home still goes into foreclosure.

Harold Kirtz, a lawyer for the Federal Trade Commission who is prosecuting these scammers, says victims are often well educated and financially savvy, but they also are "in a very vulnerable state."

Here are some red flags that should make a home owner run in the opposite direction:

1. If the company guarantees success. Nobody can guarantee a lender won't foreclose or will modify a loan.
2. If the company wants money upfront. "We can't say all advance fees are illegal," Kirtz says, "But in most cases they're probably bogus."
3. If the company wants the home owner to send mortgage checks directly to the modification firm. The only certainty there is that the company will cash the checks.

Source: Washington Post Writers Group, Kenneth R. Harney (09/13/2009)

It you like the trendy, city-chic condominums found in many metro areas and you want to be sure to take advantage of the low prices found in this great Buyer's market, make sure your eyes are wide open in making a condo purchase. If you are contemplating purchasing a condominium, be sure to review a long list of documents for the Home Owner's Association (HOA) and other information to make sure that the property you are considering is a solid buy in this challenging market.

The following information is at the top of the must-consider list from condo HOAs:

1. Budget. Examine the current budget, a year-to-date statement of income and expenses, and a couple of previous years' budgets to see how they've changed.
2. Reserve study. Understand the plan for maintenance and how it will be paid for.
3. Special assessments. Ask if there have been any and whether more are planned.
4. Delinquencies. How many owners are behind in their payments? Many lenders say no more than 15 percent of owners can be in arrears or they won't write mortgages in the complex.

Source: Chicago Tribune, Lew Sichelman (08/23/2009)

A bill that helps home buyers afford energy improvements and encourages banks to offer a discount on loans to pay for reducing energy usage passed the U.S. House in June and could pass the Senate in the fall.

The American Clean Energy and Security Act of 2009 requires Fannie Mae and Freddie Mac to offer discounts on mortgages that include extra cash for making a home more energy efficient.

These discounts, which are already in effect at some lenders like J.P. Morgan Chase & Co. and Bank of America, include savings on closing costs for homes that have Energy Star appliances.

The Federal Housing Administration is offering a plan through its approved lenders that allows borrowers to add the cost of making efficiency improvements into the mortgage, but the extra money doesn't count toward determining how much loan a borrower can qualify for. For instance, a borrower who adds $5,000 to a $100,000 loan to afford new Energy Star appliances would only have to qualify for $100,000 - not $105,000.

Source: The Wall Street Journal (08/24/2009)

Many individuals love their timeshare property but if that does not describe you and you are desperately trying to get out, here are some tips that may help you. Although it is true timeshares are among the most difficult real estate to resell, it is not impossible. In this economic climate, buyers are rare and management companies will refuse to take the unit back and even threaten debt collection if an owner fails to pay maintenance and management charges.

Here are some suggestions from Lisa Ann Shrier at TimeShareInsights.com for getting out from under an unwanted timeshare:

• Most property managers won't buy back the unit or even take it off an owners' hands without paying anything, but it's worth asking.
• Avoid sales agencies that charge an upfront fee to sell a timeshare. Chances are these deals are going nowhere.
• Advertise the property widely and expect to get no more than 35 cents on the dollar.
• Look for a charity that will take the property as a donation.
• Consider renting the property.

Source: Tribune Media Services, Ed Perkins (08/24/2009)