Mark Sall-Broker Associate

In many areas of the country, including Los Angeles County, homes offered through foreclosure or short sales are available at substantially reduced prices. However, many of these homes have been poorly maintained or damaged by previous occupants.

Additional great buys can be found in older, well-established neighborhoods offering excellent schools, shopping, employment and other amenities. But the biggest problem for those seeking this type of opportunity has been having a GO TO organization that has all the details. Unfortunately, most prospective buyers are not aware of how to cost effectively finance both the purchase of the home and the renovation work required. RE-build USA is the answer.

HOMEBUYER Opportunity : By including cost of renovation in your home mortgage, you pay for these improvements over time at a much lower interest expense than conventional alternatives.

Click here to learn more about FHA 203k loans (FAQ's)

FHA 203k benefits:

• Only 3 1/2% down payment required, which can be gifted by family members
• More flexible qualification requirements allow those with less than perfect credit to purchase a home at competitive rates
• A single loan for both purchase and improvement of your home means you make only one loan application and pay one set of closing costs - saving you time and money
• FHA loans are assumable and there are no prepayment penalties
• An FHA Energy Efficient Mortgage (EEM) can allow you to qualify for a larger mortgage to add additional improvements that will lower your utility expenses.
• Rather than paying a premium for a home in "perfect" condition, take advantage of the great prices available on foreclosures or other homes on the market that are in need of repair or remodeling
• Instead of paying for a previous owners improvements you may not desire, invest instead in exactly the features, colors, styles, etc. that suit your tastes and needs
• Enjoy the opportunity to live in an up-to-date home in a great location closer to work, shopping, cultural activities and more.

If you or anyone you know is looking for a home which needs some work but can't afford to pay for the work, this program could be perfect. Please have them contact me at 661-965-4647 or email me at mark@servicefirstre.com. You can also go to my wesite at http://www.antelopevalleyrealtor.net/.

Thanks

Clients often ask me if we are at the bottom and if not, should they wait a little longer. My response may not be intuitive until you do some numbers crunching, then it becomes very clear.If you're still sitting on the sidelines waiting for housing prices to hit bottom, you should consider that what might be gained from a further drop in housing prices could easily be lost by a rise in interest rates. Rates continue to be volatile and this opportunity might not last long.

And with first-time homebuyers eligible for an $8,000 tax credit , which does not have to be repaid unless you sell your home within three years and repeat move-up homebuyers eligible for a $6500 tax credit, now is the time. Remember, interest rates and tax credits have a shelf life and who can predict when things will change. Take advantage now! As a Residential Specialist, I can help you find the right house and financing. It has to be a good fit and you have to be comfortable with it.

Would you spend $150,000 for a home with sagging shutters, no landscaping, peeling paint, old appliances, outdated wallpaper and a generally drab exterior? On paper, the house sounds less-than-desirable. But before you answer, consider that this potential fixer-upper is located in California at the bottom of the market. Drab as it may be, could this home sparkle one day? With a coat of paint, some "sweat" equity, and thorough revamping inside and out, could this property be an investment gem? All homes are different, but there are certain criteria which can help you spot a fixer-upper with good potential. Here are a few basic questions to ask: What needs to be changed? There are some homes which are structurally sound that require only cosmetic changes -- say that worn carpet from the 1960's, the historic appliances, or that inefficient heating system which consumes more fuel than a high school. It makes sense to inventory a home to see what can remain and what must go...the bottom line is do your homework. We all know that Real Estate WILL go back up. If you are in it for the long run, don't be afraid of a fixer. Rent it out and let the equity grow. That's your cash cow for the future. Considering investing? I would love to talk with you

Gook Luck

If you are a homeowner wanting to move up, this might help you make that decision.

What is the definition of a move-up or repeat home buyer?
The law defines a tax credit qualified move-up home buyer ("long-time resident") as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.

What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.

It is important to note that you cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse's family members. Please consult with your tax advisor for more information.

I read that the tax credit is "refundable." What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $6,500 home buyer tax credit. As a result, the taxpayer would receive a check for $5,500 ($6,500 minus the $1,000 owed).

Good Luck All!

Please be very careful out there. We all know how many scams there are and they can be very clever. I hope you find this info useful.

The first phase of the 2010 U.S. Census is under way as workers have begun verifying the addresses of households across the country. Eventually, more than 140,000 U.S. Census workers will count every person in the United States and will gather information about every person living at each address including name, age, gender, race, and other relevant data.

The big question is - how do you tell the difference between a U.S. Census worker and a con artist? BBB offers the following advice:

If a U.S. Census worker knocks on your door, they will have a badge, a hand held device, a Census Bureau canvas bag, and a confidentiality notice. Ask to see their identification and their badge before answering their questions. However, you should never invite anyone you don't know into your home.

Census workers are currently only knocking on doors to verify address information. Do not give your Social Security number, credit card, or banking information to anyone, even if they claim they need it for the U.S. Census.

REMEMBER, NO MATTER WHAT THEY ASK, YOU REALLY ONLY NEED TO TELL THEM HOW MANY PEOPLE LIVE AT YOUR ADDRESS.

While the Census Bureau might ask for basic financial information, such as a salary range, YOU DON'T HAVE TO ANSWER ANYTHING AT ALL ABOUT YOUR FINANCIAL SITUATION!!

The Census Bureau will not ask for Social Security, bank account, or credit card numbers, nor will employees solicit donations. Any one asking for that information is NOT with the Census Bureau.

AND REMEMBER -- THE CENSUS BUREAU HAS DECIDED NOT TO WORK WITH ACORN ON GATHERING THIS INFORMATION. No Acorn worker should approach you saying he/she is with the Census Bureau.

Eventually, Census workers may contact you by telephone, mail, or in person at home. However, the Census Bureau will not contact you by Email, so be on the lookout for Email scams impersonating the Census. Never click on a link or open any attachments in an Email that are supposedly from the U.S. Census Bureau.

PLEASE SHARE THIS INFORMATION WITH FAMILY AND FRIENDS.