Hi
17 years ago
Saturday, February 14, 2009
Monday, February 9, 2009
Qualifying A Property Prior To Purchase
Let’s say that you are driving your car down a stretch of road and you see a beautiful home. Lo and behold, it would appear that this gorgeous home has a for sale sign on its property. It would seem that the gods have smiled upon you as purchasing the home is all you can think of. There is the problem: all you are thinking of is purchasing a home based on its personal appeal to you. Now, it goes without saying that one should purchase a home that is appealing, but there are also practical and pragmatic issues that need to be taken into consideration before making such a purchase. This should include performing a solid and reliable method of qualifying the home first.
On the surface, some may assume that qualifying the home is a complicated procedure. While it is definitely not a cursory venture, it is also not one that is overly complicated either. Basically, what qualifying the property entails is ascertaining the various financial aspects associated with it. For example, what is the market value of the home and what have similar homes in the same area been selling for? If this is a home that is in foreclosure, how much of the remaining mortgage balance does the property owner owe? What is the condition of the home? Is repair work required and what would the costs be? As you can see, answering these questions add additional spheres to an individual’s ability to make a decision as to whether or not the property is worth purchasing.
Chris Farkas is a Realtor with EXIT Realty Associates
www.RainCityHomeSearch.com
www.SellFastWashington.com
www.SellFastSeattle.com
www.FreeBellinghamHomeSearch.com
www.FreeLyndenHomeSearch.com
www.FreeBlaineHomeSearch.com
www.FreeBirchBayHomeSearch.com
www.ColumbiaNeighborhoodHomes.com
On the surface, some may assume that qualifying the home is a complicated procedure. While it is definitely not a cursory venture, it is also not one that is overly complicated either. Basically, what qualifying the property entails is ascertaining the various financial aspects associated with it. For example, what is the market value of the home and what have similar homes in the same area been selling for? If this is a home that is in foreclosure, how much of the remaining mortgage balance does the property owner owe? What is the condition of the home? Is repair work required and what would the costs be? As you can see, answering these questions add additional spheres to an individual’s ability to make a decision as to whether or not the property is worth purchasing.
Chris Farkas is a Realtor with EXIT Realty Associates
www.YourWhatcomAgent.com
www.RealBellingham.com
www.WhatcomShortSale.com
www.RainCityHomeSearch.com
www.SellFastWashington.com
www.SellFastSeattle.com
www.FreeBellinghamHomeSearch.com
www.FreeLyndenHomeSearch.com
www.FreeBlaineHomeSearch.com
www.FreeBirchBayHomeSearch.com
www.ColumbiaNeighborhoodHomes.com
Sunday, February 8, 2009
Washington Economic Stimulus Package Update
Good news you can share with your clients
Due to the efforts of the National Association of REALTORS® and specific members of Congress, we are making significant progress in regards to housing provisions in the National Economic Stimulus Bill.
Last week, the US House of Representatives passed the American Recovery and Reinvestment Act (H.R.1). This bill has some key provisions that will stimulate the housing market:
* It will restore FHA, Fannie Mae and Freddie Mac to 125 percent of median home prices - up to $729,750
* It would eliminate the repayment provision for the $7,500 first time home buyer tax credit
* It expands tax-exempt housing bonds
Two days ago, the Senate approved an amendment to their bill that offers up to a $15,000 tax credit to people that purchase a home in the next year. The credit would apply to anyone, not just first time homebuyers and you would not need to repay the credit. The credit is based on 10% of the purchase price of the home and the credit is spread over two years. So for example, if you buy a house with a purchase price of $300,000, you would qualify for the maximum credit of $15,000. The first year you claim the credit, you receive $7,500, and you would receive the remaining $7,500 the next year.
Senator Patty Murray Introduces Housing Amendment
Senator Patty Murray In addition to supporting the $15,000 credit, Senator Patty Murray (D) Washington, has introduced her own amendment to the Senate Stimulus Bill relating to the FHA and conforming loan limits. Specifically, Murray's amendment:
* Ensures that the 2008 FHA mortgage limits and conforming loan limits do not decline during calendar year 2009.
* Provides discretion to the Secretary of HUD and the Director of the Federal Housing Finance Agency (FHFA) to raise loan limits in sub-areas, up to the conforming ceiling for high cost areas.
* Temporarily increases FHA's Home Equity Conversion Mortgage (HECM) limit to $625,500 for 2009.
"On behalf of all American families and over 20,000 Washington REALTORS® I'd like to thank Senator Patty Murray for introducing this amendment to the Senate Stimulus Bill to increase the loan limits" said Greg Wright, President of the Washington REALTORS®.
This week
The Senate is considering its version of the bill. We anticipate much more debate and some changes in the days ahead, so please check Realtor.org often for updates.
Once the Senate passes a bill, we expect lawmakers to hold a conference to work out the differences, before sending it along to the President. The President wants a finished product by February 16, 2009.
Tell Congress what you think!
You can send an email to urge Congress to support NAR's Housing Stimulus Plan in order to Unlock America's Economy. It is simple and quick to do by clicking on the link below for NAR's Action Center.
Link to NAR Action Center
Due to the efforts of the National Association of REALTORS® and specific members of Congress, we are making significant progress in regards to housing provisions in the National Economic Stimulus Bill.
Last week, the US House of Representatives passed the American Recovery and Reinvestment Act (H.R.1). This bill has some key provisions that will stimulate the housing market:
* It will restore FHA, Fannie Mae and Freddie Mac to 125 percent of median home prices - up to $729,750
* It would eliminate the repayment provision for the $7,500 first time home buyer tax credit
* It expands tax-exempt housing bonds
Two days ago, the Senate approved an amendment to their bill that offers up to a $15,000 tax credit to people that purchase a home in the next year. The credit would apply to anyone, not just first time homebuyers and you would not need to repay the credit. The credit is based on 10% of the purchase price of the home and the credit is spread over two years. So for example, if you buy a house with a purchase price of $300,000, you would qualify for the maximum credit of $15,000. The first year you claim the credit, you receive $7,500, and you would receive the remaining $7,500 the next year.
Senator Patty Murray Introduces Housing Amendment
Senator Patty Murray In addition to supporting the $15,000 credit, Senator Patty Murray (D) Washington, has introduced her own amendment to the Senate Stimulus Bill relating to the FHA and conforming loan limits. Specifically, Murray's amendment:
* Ensures that the 2008 FHA mortgage limits and conforming loan limits do not decline during calendar year 2009.
* Provides discretion to the Secretary of HUD and the Director of the Federal Housing Finance Agency (FHFA) to raise loan limits in sub-areas, up to the conforming ceiling for high cost areas.
* Temporarily increases FHA's Home Equity Conversion Mortgage (HECM) limit to $625,500 for 2009.
"On behalf of all American families and over 20,000 Washington REALTORS® I'd like to thank Senator Patty Murray for introducing this amendment to the Senate Stimulus Bill to increase the loan limits" said Greg Wright, President of the Washington REALTORS®.
This week
The Senate is considering its version of the bill. We anticipate much more debate and some changes in the days ahead, so please check Realtor.org often for updates.
Once the Senate passes a bill, we expect lawmakers to hold a conference to work out the differences, before sending it along to the President. The President wants a finished product by February 16, 2009.
Tell Congress what you think!
You can send an email to urge Congress to support NAR's Housing Stimulus Plan in order to Unlock America's Economy. It is simple and quick to do by clicking on the link below for NAR's Action Center.
Link to NAR Action Center
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