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Stimulus All Locations : Nationwide Real Estate Advice

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Activity 649
Showing results for Stimulus [Clear search]
Sat Jun 5, 2010
Bradley Hudson answered:
Depending on what the guidelines are at the time you purchase, most likely you will lose any benefit of a first time buyer by consigning. Being a first time buyer doesn't necessarily mean you will get any kind of special deal. The gov't stimulus has only been around for the last couple of years in one form or another. ... more
0 votes 12 answers Share Flag
Mon Aug 30, 2010
Bob Georgiou answered:
Jason,

That market is both very pressured but also very desireable. There ais an incredible number of people wlaking around with 200k+ in their pockets looking for "deals" and when those "deals" pop their head then there are multiple offers. In general the best properties will hold steady and the rest will adjust to the appropriate level based on the amount of work (lack of updating) requried. In Windermere, that is not good news.

Will prices go lower? Likely but if you are getting a loan those price corrections won't affect you in the short term. We have HAFA coming in August and then another year or two of distressed market then an interest rate adjustment phase all while the banks are "managing" risk by managing the market. Once prices start going up then the investors will cash out and the world will return back to normal, whatever that looks like a decade from now.

Find a good home, buy for the long term and pay a fair price.
... more
0 votes 31 answers Share Flag
Tue Jun 1, 2010
Nathan Neubauer answered:
Summer time is best time to sell your home, but prices actually improved month over month. From the RMLS," Month-to-month, there were minimal changes in prices. The average sale price rose just 0.6%
($282,100 v. $280,300) and the median sale price went up 0.5% ($240,000 v.$238,900), when comparing April 2010 to March 2010. Maybe give it another 2 months.

Good luck!
... more
0 votes 13 answers Share Flag
Tue Jun 15, 2010
Marge Bare answered:
Hi Vincent,
There are some options available. I would recommend the free HUD counseling services in Portland. They can help you work with your bank to see if you can get your loan modified. If it fits the criteria, you could have your principle reduced. But as you may have heard or read, modifications are sometimes hard to get. It depends on your situation and who holds your mortgage.

IF it helps at all, there are alot of people in your situation so there are options today that wouldn't normally be available. DO NOT pay anyone to modify your loan! Hud counseling is free. The group that helped me was the African American Alliance for homeownership. I was able to modify my loan to an amount more in line with my current value, so it can work.

You can reach them at 503-595-3517. Give them a call and they can see if you qualify and talk with your lender for you, they know how to help and its a FREE service.

I would be happy to talk with you personally if you have questions.
Of course, there are other options such as selling through a short sale prior to a foreclosure, but it sounds to me like you want to save your home, and there really are people and ways to help today that work... so its worth a phone call!
Best to you,
Marge
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0 votes 5 answers Share Flag
Tue Jun 21, 2011
Kamal Randhawa answered:
Hello again Ran,

I feel like San Ramon is appreciating a bit faster the other cities but currently we have seen a slight spike in prices all over Bay Area. There continues to be new development in San Ramon simply due to the fact that homes are snatched up very quickly. This will not make the prices go down by any means.

Kamal Randhawa
Broker
510-932-1066
... more
0 votes 41 answers Share Flag
Tue Jun 21, 2011
Kajiyama answered:
I live in Windemere. In my particular neighborhood homes are getting multiple offers and the prices are going up.
0 votes 57 answers Share Flag
Sun May 16, 2010
Andrea Wince ~ Lic. 01439761 answered:
Hello Kyle, it depends on the area. I've seen some areas revitalizing with multiple offers and other areas that are still declining. What area are you referring to? I can run you a no obligation comparable sold report for a specific neighborhood if you'd like to email me through my website below or through my Trulia profile. Kind regards. ... more
0 votes 10 answers Share Flag
Mon Oct 25, 2010
Heather Peck answered:
Talk to your seller about creative financing (carrying back part of the money needed down, lease option, etc.)

A house doesn't sell for a few reasons but it usually comes down to price. Its only worth what someone will pay for it.

Have you had an open house and marketed to brokers for an opinion on what they think may be wrong? Invited the neighbors to give you an opinion?

Maybe take the seller to see similar properties in the area that are priced better to get his/her cooperation?

Just some ideas.
... more
0 votes 7 answers Share Flag
Thu May 13, 2010
Don Tepper answered:
No.

No exceptions.

However . . . .

I'm not a lawyer, so this isn't legal advice. For that, you need a lawyer. And/or an accountant.

But the rules are somewhat different for new construction. To cite two statements from the IRS web site:
~~~~~~~~~~~~~~~~~~
Q. When do I have to buy a new home to get the credit?

A. The credit is available for eligible home purchases after April 8, 2008. You must enter into a binding contract to buy the home before May 1, 2010, and close before July 1, 2010, in order to obtain the credit. For a home you construct, the purchase date is considered to be the date you first occupy the home. (11/19/09)
~~~~~~~~~~~~~~~~~~~~~
. . . . and . . . .
~~~~~~~~~~~~~~~~~~~~~~~~
. What do I have to attach to my 2009 or 2010 return to prove that I bought a new home in order to claim the credit?

A. If you claim the credit on a 2009 (or later) return, you must attach a copy of your settlement statement. For most homebuyers, this will be a properly executed Form HUD-1, Settlement Statement (U.S. Department of Housing and Urban Development) that includes:

Names and signatures (if available) of all parties involved,
Property address,
Purchase price, and
Date of purchase.
If you purchased a mobile home and do not have a settlement statement, you should attach a copy of your executed retail sales contract showing all parties' names and signatures, the property address, the purchase price and the date of purchase.

If you are claiming the credit for a newly constructed home and you do not have an executed settlement statement, you should attach a copy of your certificate of occupancy showing the name of the taxpayer, the property address, and the date of the certificate.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
http://www.irs.gov/newsroom/article/0,,id=218698,00.html

So, note the quote directly above: If you're claiming the credit for a newly constructed home and don't have an executed settlement statement, attach a certificate of occupancy to your tax return. Question: Is it possible for you to obtain a certificate of occupancy for the home?

And, yes, the weather was terrible. But that was back in January and February. There's still 7 or so weeks to go, and the weather now is great.

Hope that helps.
... more
0 votes 5 answers Share Flag
Wed May 19, 2010
Stacey Lange answered:
Hi there! There are a few steps I would recommend to you if you are wanting to utilize your inheritance towards purchasing a home. Improving your credit is a top priority and one step to accomplish that more quickly would be to enroll in a credit repair program with a reputable lender who can oversee the program and ensure that you are working towards the goal of purchasing a home. I have a great recommendation and he has helped and is currently helping a number of our clients -- his name is Robert Wolverton with Cobalt Mortgage in Bothell. Rob can sit down with you and explain the process from start to finish with no obligation. His website is www.robertwolverton.com and phone number 425.418.3233.

Additionally, you can consider a lease option to secure a home now. It is a process that not a lot of agents are familiar with but that I would be happy to meet and discuss with you. Essentially, it allows you to secure a home with a lease agreement and sign a purchase and sale agreement with the seller to work towards buying the home within a 24 month period. Several nuiances are involved but you can earn a portion of your paid rent back as a credit - this would allow you the adequate time to improve your credit to buy.

Feel free to call with questions, I live in Snohomish, so it is a breeze to coordinate to meet with you! Congratulations on your inheritance and good luck with your home buying venture.
... more
0 votes 12 answers Share Flag
Mon Apr 6, 2015
Suzanne Looker answered:
Hi Rouriel,

I wish we had a crystal ball and know the moment prices were going to rise and fall. Unfortunately, our economy is very sensitive and the moment interest rates hike, the prices of housing will fall. I advise my sellers to hold tight if they don't need to sell and my buyers to purchase now while interest rates are historically low.

Please let anyone of us know if you want a comparable marketing analysis on your home and information on purchasing a property.

Regards,
Suzanne Looker
... more
0 votes 44 answers Share Flag
Thu May 20, 2010
James Gordon ABR SFR SRS answered:
Beng that is a question for the title company to answer. I have been involved in a few transactions where the deed was not properly conveyed. In the transactions that I was involved with it took anywhere from a few days to 3 months.Have your agent call the title company and ask them for an estimated timeline and also let them know about the financial repurcusssions. ... more
0 votes 8 answers Share Flag
Fri May 14, 2010
Regina Jackson answered:
I am assuming that you are not represented by a Buyer's Agent? If that is a the case then your best remedy is to the contact the state Real Estate Commission. Normally your Buyer's Agent would be the person to advocate on your behalf, in the absence of an agent, you will need to contact the Commission for help. Good luck. ... more
0 votes 8 answers Share Flag
Sun Apr 25, 2010
Leasing To Own Solutions answered:
Hey there Maxie...

Granted, I don't know the full details of your contract or agreement...but I'll take a stab.

Generally speaking, a Lease-to-Own deal usually consists of a Lease Agreement and an Option to Purchase Agreement where it remains a landlord-tenant/buyer relationship until you complete the deal by exercising your option. A Contract for Deed is basically a sale at the beginning of the arrangement. Here is an article that Attorney Bill Bronchick wrote on the differences:

http://www.reiclub.com/articles/lease-option-contract-for-deed

It's hard to say exactly how your deal was put together. I would consult with an Attorney who is familiar with these type of transactions. (Although I hope you had already done this). I don't believe the "stimulus" check can be used unless you close by the end of April (or whatever the date the government stipulated).

Hopefully this gives you a little more guidance.

Darin
Lease-to-Own Professional
Independent Consultant
... more
0 votes 2 answers Share Flag
Fri Aug 13, 2010
Heidi Zizza answered:
H0nestly I dont know how to answer this. Its an interesting question and I would love to read some more answers on this. My town has curbside recyclying but I am not familiar with the "stretch code" ... more
0 votes 1 answer Share Flag
Fri May 21, 2010
Joan Braunschweiger answered:
Respect,
I kind of wish you would share the details of your experience. I find consumer feedback highly valuable.
The first step in filing a complaint is to talk to your realtor';s broker.
Each state has their own real estate board. If talking to the agent's broker doesn't bring you any satisfaction, then file a complaint with Arizona's real estate board.
... more
0 votes 7 answers Share Flag
Mon May 30, 2011
Don Tepper answered:
From an economist's standpoint: Yes.

From the individual's standpoint: It depends.

And keep in mind that the recession is much, much more than real estate sales. How about employment? How about industrial output? How about GDP? How about new unemployment claims? How about retail sales?

And keep in mind that Newsweek is not the final word on the economy.
... more
0 votes 18 answers Share Flag
Sat Apr 17, 2010
Paulina Vaklinova answered:
Hi Marilynne Dos R...
What about a single family house ? Are you looking to stay in JC or you are open to another touwns as well? I have a beautiful colonial house in Union, NJ- Short Sale. If you are interested get in touch with me.

Paulina Vaklinova
Worbucks Corporation
908-906-2122
pvaklinova@msn.com
... more
0 votes 8 answers Share Flag
Sun Apr 25, 2010
Dan Chase answered:
If I was in charge my solution would be simple. A minimum of 10 years before buying again after foreclosure. No exceptions. After 10 years you might be able to. But you would only be able to buy with at least 20% down or whatever the highest conventional mortgage asked for.

The scenario above if carried out (literally) millions of times is just asking for a future financial problem that could be avoided.

Just so you know I am being fair, the banks should not have gotten tarp. They stay afloat on their own or get sold off for debts. This whole situation and solution is screwy and wrong.
... more
0 votes 32 answers Share Flag
Thu Aug 15, 2013
Fred Glick answered:
I would find a local office of Princeton and go there and talk with someone.

Also, just because you have an ARM, it does not mean it will go up. As a matter of fact, the LIBOR index is now under 1.00 and the new rates people are getting are in the high 3's.

You also need to have a real issue with making the payments in order to qualify for the modification IF the lender is willing to do it. They are not required, especially since it is jumbo.

Another way to go is your local congressperson's office to see if they can help.

But please- do NOT go to one of these 'loan mod' people. They are usually scams and not worth the money they want. Either the lender wants to do it or not.

Best of luck.

You can email me fred@fredglick.com with any direct questions.

Fred
... more
0 votes 14 answers Share Flag
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