Chris Farkas

Last Friday President Barack Obama signed the “Worker, Homeownership and Business Assistance Act of 2009” into law, extending the first-time homebuyer tax credit as well as certain jobless benefits at a time when the US unemployment rate has officially reached 10.2%.

With the first-time homebuyer tax credit originally scheduled to expire on Dec. 1st, 2009, HR 3548 now allows first-time buyers to claim 10% of the purchase price of their home, up to $8,000 for single or married taxpayers filing jointly, if they close on the purchase by midnight June 30th, 2010. Taxpayers must purchase or be locked into a contract to close before midnight on April 30th, 2010.

There is more good news that accompanies the extension. The credit is allowed for those with incomes up to $125,000 or $225,000 for taxpayers filing jointly. The credit reduces for those with incomes between $125,000 and $145,000 - or $225,000 and $245,000 if filing jointly. Anyone with an income higher than $145,000, $245,000 if filing jointly, cannot not receive credit.

Taxpayers who have lived in their home for five consecutive years out of the last eight years before closing on a new home may qualify for a reduced credit - $6,500 joint filers and $3,250 for those who file jointly. Other restrictions may apply so consult your tax professional.

Chris Farkas

Please watch my new TV Show on YouTube
Check out my TalkRealty Podcast

EXIT Realty Associates
Email List Of Homes
Bank Owned Homes
Stop Foreclosure
FSBO Assistance

View Sample Market Report

GOOD NEWS - 30 Year Fixed Rate Mortgages are still below 5.0% and today's 2 Year Auction is going extremely well meaning we might see the rates dip a bit lower.

MORE GOOD NEWS - Fast Closings for Mortgages - With the rates as low as they are and the 1st time Homebuyer Tax Credit deadline the end of November, the number of mortgage loans in process is high. In the field in it common for refinance mortgages to take a minium of 45-60 days to close and I've heard of loans that started 5 months ago that still are in process and not closed! As for purchase mortgages, they too are experiencing longer processing times. Especially FHA.

This information courtesy of: Pennie Talbot-Whitish Mortgage Loan Officer Horizon Bank, Cornwall Office 1500 Cornwall Ave. Bellingham, WA 98225 360.756.2540 360.224.6558 Cell phone 360.733.1872 Fax number pennie.whitish@horizonbank.com www.horizonbankmortgage.com/PennieWhitish

Chris Farkas

Please watch my new TV Show on YouTube
Check out my TalkRealty Podcast
          

EXIT Realty Associates
Email List Of Homes
Bank Owned Homes
Stop Foreclosure
FSBO Assistance

 

View Sample Market Report

The market is flooding with properties that are priced quite down to earth and this is providing the real investors of the US and overseas with some valuable opportunities to earn some real cash. In fact, the earnings you can expect from investing in short sale property can vary anywhere between $25,000 and $200,000 or beyond, the sum being contingent upon your investment, your investment pattern, the location of investment and so on and so forth

With the greater number of property foreclosure incidents occurring across the whole of United States, more and more people are being forced to short sale their homes in order to avoid foreclosure auction, thereby losing home. Short sale is proving to be highly beneficial to all these homeowners by settling their due mortgage at a much lesser rate than what they actually owe to the bank or the lender organization, that is, less than the loan balance. Moreover, since they are under the threats of facing foreclosure and obviously are short of real money, they can hardly avail the traditional means of selling their homes through realtors or to other prospects. The obvious choice for them remains property, thereby avoid foreclosure short sale and it is to this beginning that the real estate industry in the US is gaining on some real momentum.

The market is flooding with properties that are priced quite down to earth and this is providing the real investors of the US and overseas with some valuable opportunities to earn some real cash. In fact, the earnings you can expect from investing in short sale property can vary anywhere between $25,000 and $200,000 or beyond, the sum being contingent upon your investment, your investment pattern, the location of investment and so on and so forth. Most of the times, you can expect to get a short sale property at only 60% of the original rate, which you can sell in the open market, after necessary refurbishments, to earn you over 30% of the price value of the property under concern.

However, how much profit you make is determined by your vision and certain aspects that you need to keep in mind in order to make a deal worthy of investment. Let yourself be open to several options in investment, although keeping in mind what would fetch you more returns and which would not. Deciding on a particular property for investment is of crucial significance as your choice can make or break a deal in no time at all. Always predicate your choice of property on the ability to make profit out of it – for instance, take into consideration the location of the property and how viable it will be in the open market, when you intend to sell it at a later point in time.

Assess the property of your concern very well before you opt to buy it. For example, consider the number and extend of repairs and refurbishments you will need to do in a particular property to make it viable to a general buyer. Remember, every dollar you put in for repair or refurbishment is a part of your investment and it will definitely affect the returns you wish from it. However, if you foresee good profit opportunities, investing after a property will not be a bad deal. For this you need a general understanding of the real estate market and its forces. It is advisable to consult a short sale expert agency for their assistance in this domain. From negotiating with a seller to that with the concerned mortgage authority - the short sale experts - they will best help you address every aspect involved in the closing of a successful real estate deal.

Chris Farkas

Please watch my new TV Show on YouTube
Check out my TalkRealty Podcast
          

EXIT Realty Associates
Email List Of Homes
Bank Owned Homes
Stop Foreclosure
FSBO Assistance

 

View Sample Market Report

Today's market presented a terrific opening for qualified buyers. Here are three tips to help sellers make the most of today's opportunities:

* Make it shine. Buyers are attracted to attractive homes. Make your home stand out by mowing the lawn, raking the leaves, washing windows, and cleaning the carpets. These are small things that will make a big difference.

* Remove clutter. Not only do clean homes show better, but tidy homes offer more to the imagination. One person's treasure is another person's trash. Removing unnecessary clutter will help potential buyers envision their own potential or the home.

* Pay attention to the market. Work with your agent and price your home to sell. A competitively priced home is the one that sells first, and in this market that counts for a lot.

These simple tips can help you sell your home and take advantage of our today's market. Please contact us if you have any questions about selling your home. We are here to help!

Chris Farkas
Please watch my new TV Show on YouTube
Check out my TalkRealty Podcast

EXIT Realty Associates
Email List Of Homes
Bank Owned Homes
Stop Foreclosure
FSBO Assistance

View Sample Market Report

homes for sale, bellingham WA, foreclosure, foreclosures, short sales, homes, houses, columbia, fairhaven, samish, lettered streets, alabama hill, old town, silver beach, cordata, birchwood, whatcom falls, puget, york, sehome, mt. baker, mount baker, wwu, south hill, edgemoor, happy valley, cornwall park, king mountain, meridian, whatcom chamber of commerce

Existing home sales are up 3.4 percent over the same time last year, according to a recent report by the National Association of Realtors® (NAR). Helped by the $8,000 tax credit to first time buyers, existing home sales are on pace to reach 5.1 million units for 2009, up from the 4.93 million units projected in August 2008.

Existing Home Sales By Region

"Home sales retrenched from a very strong improvement in July but continue to be much higher than before the stimulus. The first-time buyer tax credit is having the intended impact of bringing buyers into the market, allowing them to take advantage of very favorable affordability conditions,” said Lawrence Yun, NAR chief economist.

Although existing home sales are up from this time in 2008, the overall numbers are down from just one month ago. "The decline demonstrates we can’t take a housing rebound for granted," Yun said. In the previous four months, sales had risen over 15 percent. Low mortgage rates have contributed to the overall market rise. Freddie Mac reported an average national commitment rate of 5.19 percent in August for a 30 year conventional fixed rate mortgage, down considerably from 6.49 percent offered in August 2008.

Chris Farkas
Please watch my new TV Show on YouTube
Check out my TalkRealty Podcast

EXIT Realty Associates
Email List Of Homes
Bank Owned Homes
Stop Foreclosure
FSBO Assistance

View Sample Market Report

homes for sale, bellingham WA, foreclosure, foreclosures, short sales, homes, houses, columbia, fairhaven, samish, lettered streets, alabama hill, old town, silver beach, cordata, birchwood, whatcom falls, puget, york, sehome, mt. baker, mount baker, wwu, south hill, edgemoor, happy valley, cornwall park, king mountain, meridian, whatcom chamber of commerce