Andrew Kim

How do we get our clients?

In my company, we focus on referrals from previous clients as the main source of getting new clients.

Since there are so many homes to choose from, it is easier to get those buyers off the fence.

The other way to attract clients is thru Facebook, MySpace.

I have gotten a few contacts thru my Facebook friends.

Posting updates about the industry and reminding people that you are in the business, can put the word out to those that might have forgotten about what you do.

The key is getting the word out and reminding people that you are there to help when they need it.

Have you noticed all the homes that are now in contract? Does it seem like there is less bank owned homes to choose from:?

That is true, there are less bank owned homes to choose from. The next phase for these homes to come on the market will be sometime in June to July.

Those buyers looking to purchase a home will have more to choose from and I would suggest not wait too long. The homes in the market now are moving pretty quickly. If the house is in good shape and presents well, most of the homes in our area are moving within days to couple weeks.

Those homes not priced correctly or not showing well, will be on the market for a long time.

Let's get those buyers off the fence. If you are out of homes to choose from, then wait just a bit and you will be able to find one soon.

There was talk last week about FHA allowing the $8,000 tax credit as a down payment for new purchases.

The IRS have stepped in and this doesn't seem to be allowed.

Where the money is going to be coming from is an important aspect of this issue.

If the government can work this out, it will be an important issue that will help those first time home buyers.

Eventually, this can be utilized for conventional loans as well and not just the FHA loans which was the target initially.

If all goes well, then more of our customers will be able to purchase homes this year. Helping customers get into a home this year is very possible with all the homes that are affordable and wtih the rates as low as they are.

Let's push this issue thru and let the customers utilize the money now rather than later.

The $8,000 tax credit is a necessity for some first time home buyers.

Knowing that they can get this money, is something that some first time home buyers are using in making a decision to purchase a home now.

With many more bank owned homes coming on the market in the next few months, it is important to teach the public about this tax credit.

The tax credit can be utilized right away after the purchase of a home by modifying the tax return that was filed for 2008.

Depending on when the purchase took place, I guess you have to look if it makes sense to wait until you file your 2009 tax returns or file for a modification now.

My client who purchased a home in May, using modifying her 2008 tax returns to take advantage of the $8,000 tax credit now.

I also have a few more first time home buyers who are aware of this credit and want to buy a house now instead of later.

It is definitely a good thing that this is available for our consumers.

I finalized the purchase of a home today for my clients. It took 45 days to close on an FHA loan. What a process it was. Not only did the process take the entire 45 days, there were a lot of conditions.

The loan amount was over $417K, so we needed two appraisals.

We needed to make sure there was no issues with the house, like needing repairs, or we needed to make those corrections before the loan could fund.

Finally at the end, it was satisfying to know that my buyers could now move into their new house.

It was a long process, tiring with all the conditions that was asked from my buyers, but untimately, finalized.

Would I choose to do a deal using FHA loan again?

If I had the choice, I would guide my buyers to another direction if possible. There are still loans available with only 5% down on a single family home. The 3.5% minimum down payment is hard to get by if you don't have too much of a down payment.

My first choice is still to go with a conventional loan if possible.