Barb Beckwith

You've all heard about the Tax Credit of up to $8,000 when you buy a home and have not owned a home in the last 3 years (definition of a first time homebuyer). If you are one of those buyers thinking you can relax because you have lots of time, well the clock is ticking. You must be closed on your home by November 30, 2009. Under normal circumstances you would have some more time. But what has been "normal" in our real estate markets and the economy for the last couple years? Right, nothing. Lenders today need more time to process loans for even the most qualified buyers because of the added regulations and appraisal requirements. That coupled with the fact that all of you are about to realize you don't have much time will bring an overwhelming number of loans to be closed at the last minute.

Rumor has it that the Tax Credit will be extended and even expanded. In my humble opinion, I believe it will be at least extended. But I don't know that I'd bet on it. We all hope Congress will act and keep the momentum that has started going. In other parts of the country $8000 may not seem like a lot, but here in Northeast Ohio, that makes a real difference on whether or not hard-working folks can buy a home. And if the sellers of the homes they buy can now make a move up, they can take advantage of our still incredibly low interest rates.

There is plenty of inventory, plenty of good homes out there for you to choose from. Take advantage of this opportunity.

No matter where you go, people are talking about the real estate market. One says it's great and you can practically steal homes at these prices. Another says it's horrible and even if you could find a house, it is impossible to get financing. And then there's the national news that is nothing but doom and gloom! Just who do you believe???

Well, I'm here to try to set the record straight for you.

1. Since I started in the real estate business in 1978, there has never been a better time for First-Time buyers to purchase a new home. This is especially true in Northeast Ohio.

2. GET YOUR REAL ESTATE INFO AND ADVICE FROM A LOCAL REAL ESTATE PROFESSIONAL! I'm out there in the trenches every day and know what is going on right now. And believe me, it is changing all the time. What was true last year or even last week may not be true today.

3. Prices have dropped and there are a lot of homes on the market. Sellers are competing for buyers. Even though sellers understand they will probably have to sell for considerably less than they would have a couple years ago, keep in mind most sellers are not so desperate they will accept a ridiculously low offer. So - fantastic deals -just no steals.

4. You can get financing. If you have a secure job, 3.5% of the purchase price for a down payment (can be a gift from a relative) and have a decent credit score, you may be eligible for an FHA loan. And I can show you how to have the seller pay for your share of the closing costs!

5. Foreclosures. Now here is where some real opportunity exists. Even though these homes are dirt cheap, they may not be up to your comfort of living. Some have been abused and stripped of thing like light fixtures, appliances, bathroom fixtures and yes, even the kitchen sink. These homes would not be eligible to be financed under traditional standards. BUT, I can show you how to finance the home plus repairs and/or improvements you need with an FHA 203K Streamline loan. Click for more info on the 203K loan. Then call me so we can get started.

6. And the best for last - as part of the economic stimulus plan, the Tax Credit for First-Time Homebuyers has been increased to $8,000 and you now have until December 1, 2009 to close on your new home. Click here for the latest info on the tax credit.

Feel free to contact me either by email or phone to discuss your options. Don't forget, as a buyer you pay no commission for professional representation.