First time buyers, move up buyers....what are you waiting for?
The first time homebuyers tax credit of up to $8000 has been extended up to April 30, 2010!!!!! And there has been an expansion to include move-up buyers with a credit of up to $6500!!!
But there is no need to wait until April, great bargains are on the market now. Contact me to start your search now and move into your new home by the holidays.
Tuesday, November 10, 2009
Sunday, November 8, 2009
REO Specialist
At Simpson Associates, our Broker and Agents are certified REO Specialists. You can count on us to handle your foreclosure or short sale property with excellence and expedience.
If you are a seller and have any questions about what a short sale is or what happens in foreclosure, or if you are a buyer looking for properties and don't understand the different processes, please don't hesitate to contact me. Auctions are also gaining in popularity, so if you need information about buying or selling properties at auction, just send me an email. Thanks to the miracle of Blackberry, I can always be reached at LisaMerrittRealtor@gmail.com.
Also check the sidebar - I've added a new section with links that include the REO platforms we use as well as other sites that contain valuable information.
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If you are a seller and have any questions about what a short sale is or what happens in foreclosure, or if you are a buyer looking for properties and don't understand the different processes, please don't hesitate to contact me. Auctions are also gaining in popularity, so if you need information about buying or selling properties at auction, just send me an email. Thanks to the miracle of Blackberry, I can always be reached at LisaMerrittRealtor@gmail.com.
Also check the sidebar - I've added a new section with links that include the REO platforms we use as well as other sites that contain valuable information.
Thursday, November 5, 2009
One Step Closer...First Time Buyer Tax Credit
Good news for first time homebuyers. Extension of the tax credit passed the Senate on November 4, 2009, and the bill is on to the House then President Obama for signature. The President has publicly indicated his support for the program, so it is likely to take effect.
The extension will make it possible for first time buyers under contract by April 30, 2010 to qualify for up to $8,000 in tax credit. Some municipalities have set up funds to provide the tax credit up front to purchasers so that they may use it towards downpayment, so check with your local city or county government. Other private sources may also be available.
The credit extension may also help existing homeowners who sell and move up by offering a credit of up to $6,500.
Good news all around!
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In other good news, my listing at 2430 NW 4 Street went under contract in two weeks! Contact me to list your property today.
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The extension will make it possible for first time buyers under contract by April 30, 2010 to qualify for up to $8,000 in tax credit. Some municipalities have set up funds to provide the tax credit up front to purchasers so that they may use it towards downpayment, so check with your local city or county government. Other private sources may also be available.
The credit extension may also help existing homeowners who sell and move up by offering a credit of up to $6,500.
Good news all around!
*********************************************
In other good news, my listing at 2430 NW 4 Street went under contract in two weeks! Contact me to list your property today.
Wednesday, October 21, 2009
New Listing - 2430 NW 4 Street, Miami, FL
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Thursday, October 15, 2009
Essential First Time Buyer Tips
With the first time homebuyer tax credit window rapidly closing, do your part to make your deal close on time! Many first time buyers seem to think they can just be under contract by November 30, but that is not true!!!! The property must CLOSE by Nov 30.
Most lenders need a minimum of 30 days to close a loan and many will not guarantee that everything will be wrapped up by Nov. 30. And of course with the tendency to procrastinate....more and more people witll be trying to get their paperwork done as we come closer to the deadline.
From Tom KElly at Inman News, "FHA-insured loans can take longer, even with an in-house underwriter. If the lender must send the file to the investor to have it underwritten, the lender is at the mercy of the investor's workload. Underwriting time frames should be shorter now because overall volume is lower, but everyone in the lending industry expects a late tax-credit rush."
So as s first time buyer, do your part to help your loan close and pull together your documentation in advance:
•Copy of driver's license and Social Security card
•Pay stubs (covering most recent 30 days)
•W-2 and 1099 statements for 2008 and 2007
•Copy of 2008 and 2007 federal tax returns with all schedules
•Bank statements for checking, savings, money market, CDs and IRAs (covering past two months) including account number and bank.
And that is just to get started! Keep in close contact with your mortgage banker or mortgage broker to make sure that you comply with providing any additional information as quickly as possible!
For more information, visit the full article by Tom.
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Most lenders need a minimum of 30 days to close a loan and many will not guarantee that everything will be wrapped up by Nov. 30. And of course with the tendency to procrastinate....more and more people witll be trying to get their paperwork done as we come closer to the deadline.
From Tom KElly at Inman News, "FHA-insured loans can take longer, even with an in-house underwriter. If the lender must send the file to the investor to have it underwritten, the lender is at the mercy of the investor's workload. Underwriting time frames should be shorter now because overall volume is lower, but everyone in the lending industry expects a late tax-credit rush."
So as s first time buyer, do your part to help your loan close and pull together your documentation in advance:
•Copy of driver's license and Social Security card
•Pay stubs (covering most recent 30 days)
•W-2 and 1099 statements for 2008 and 2007
•Copy of 2008 and 2007 federal tax returns with all schedules
•Bank statements for checking, savings, money market, CDs and IRAs (covering past two months) including account number and bank.
And that is just to get started! Keep in close contact with your mortgage banker or mortgage broker to make sure that you comply with providing any additional information as quickly as possible!
For more information, visit the full article by Tom.
Monday, September 28, 2009
Florida existing home and condo sales continue up!
Great news from the Florida Association of Realtors! Excerpts from the roport below:
ORLANDO, Fla. – Sept. 24, 2009 – Florida’s existing home sales rose in August – marking a full calendar year (12 months) that sales activity increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.
Existing home sales rose 28 percent last month with a total of 13,850 homes sold statewide compared to 10,813 homes sold in August 2008, according to Florida Realtors. The state association also reported a 45 percent increase in last month’s statewide sales of existing condos compared to the previous year’s sales figure.
“For a year now, statewide sales of existing single-family homes in Florida have increased each month compared to the year-ago figures,” says 2009 Florida Realtors® President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando. (CCIM stands for Certified Commercial Investment Member and CRE is the Counselor of Real Estate designation). “This is encouraging news, and while it shows the beginnings of recovery, the housing market still needs time to continue its gradual absorption of housing inventory that will help stabilize home prices. That is why it is critical for Congress to extend the first-time homebuyer tax credit into 2010. And, because it’s now taking longer to finalize a home sale, first-time buyers who want to take advantage of the $8,000 federal tax credit need to act quickly, or they may miss the closing deadline of Nov. 30, 2009.”
Signs point toward continued positive momentum in the housing sector, according to NAR’s latest industry outlook. NAR Chief Economist Lawrence Yun predicts existing home sales will rise through the fourth quarter. “Unless the tax credit is extended, no one should be surprised to see home sales drop in the first quarter of next year,” he said. “However, the fundamentals of the housing market and the economy are trending up, and we expect home sales to generally pick up in the second quarter of 2010. The buyer psychology may be shifting from, ‘Why buy now when I can purchase later,’ to ‘I don’t want to miss out on a recovery.’”
Interest rates for a 30-year fixed-rate mortgage averaged 5.19 percent last month, down significantly from the average rate of 6.48 percent in August 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
© 2009 Florida Realtors®
Read the entire report at http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=223958
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ORLANDO, Fla. – Sept. 24, 2009 – Florida’s existing home sales rose in August – marking a full calendar year (12 months) that sales activity increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.
Existing home sales rose 28 percent last month with a total of 13,850 homes sold statewide compared to 10,813 homes sold in August 2008, according to Florida Realtors. The state association also reported a 45 percent increase in last month’s statewide sales of existing condos compared to the previous year’s sales figure.
“For a year now, statewide sales of existing single-family homes in Florida have increased each month compared to the year-ago figures,” says 2009 Florida Realtors® President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando. (CCIM stands for Certified Commercial Investment Member and CRE is the Counselor of Real Estate designation). “This is encouraging news, and while it shows the beginnings of recovery, the housing market still needs time to continue its gradual absorption of housing inventory that will help stabilize home prices. That is why it is critical for Congress to extend the first-time homebuyer tax credit into 2010. And, because it’s now taking longer to finalize a home sale, first-time buyers who want to take advantage of the $8,000 federal tax credit need to act quickly, or they may miss the closing deadline of Nov. 30, 2009.”
Signs point toward continued positive momentum in the housing sector, according to NAR’s latest industry outlook. NAR Chief Economist Lawrence Yun predicts existing home sales will rise through the fourth quarter. “Unless the tax credit is extended, no one should be surprised to see home sales drop in the first quarter of next year,” he said. “However, the fundamentals of the housing market and the economy are trending up, and we expect home sales to generally pick up in the second quarter of 2010. The buyer psychology may be shifting from, ‘Why buy now when I can purchase later,’ to ‘I don’t want to miss out on a recovery.’”
Interest rates for a 30-year fixed-rate mortgage averaged 5.19 percent last month, down significantly from the average rate of 6.48 percent in August 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
© 2009 Florida Realtors®
Read the entire report at http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=223958
Wednesday, September 9, 2009
ATTN: Investors, 1st Time Buyers - Great Deal!
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