Tax Credit Extended!

The bill has become law and the tax credit for home buyers has been extended and expanded.  The links below give a detailed Q&A from the National Association of Realtors about the program.  Take a look and if you have other questions, I would be happy to sit down and talk with you about it. 

Comparison

Frequently Asked Questions

ANDY BROWN,
RE/MAX Elite, The DeSelms Team
615-301-7841
AndyBrownRealEstate@hotmail.com
SellNashville.net

Tax Credit for Homebuyers Extended?

It appears that many people have called and congress may be listening.  They are currently debating an extension and possible expansion of the current Tax Credit for homebuyers.  The $8000 for first time buyer tax credit would continue as long as the buyer has an executed contract by April 30^th but does not have to close until June. 

 

The article also stated that it would open the tax credit to current homeowners that have lived in their homes for a consecutive five-year period in the past eight years.  These changes could open a whole new segment of the real estate market that has recently slowed. 

 

Check out the full article from the Wall Street Journal by clicking below http://online.wsj.com/article/SB125678511901015147.html

Home Buyer Seminar

Sign up for my No Hassle Buyer Seminar and you are automatically registered to win the tickets to the Nashville Symphony. Don’t wait log in to win. www.BuyNashville.net then click on the Home Buyer Seminar button.

Should you buy a Foreclosed Property or one that is sold at Short Sale?

I think this decision all comes down to two factors, time and money.  If you ask the average real estate agent, they will most likely tell you that a Short sale home will probably take at least 90 days to work out a contract with all parties involved.  They bank has to see a HUD-1 settlement statement; this will verify all the numbers and cost associated with the transaction.  They will typically send out a minimum of two independent real estate agents to complete a BPO (brokers price opinion) and sometimes send an appraiser.  All of this takes time and a lot of the time the buyer has become impatient and want to close and move in their new home.  The seller also plays a role in the short sale process.  They have to agree on the new terms with the bank.  The bank is agreeing to release the seller from the mortgage obligation but may still want to get paid.  The bank has the option of settling in full at closing or having the seller sign a note for the difference of the original payoff.  Again the buyer has their new mortgage approved and is read to close.

With a Foreclosure, most of the details, (BPOs, appraisals, sellers) have been taken care of or settled with the lender and previous owner, making time less of an issue.  The house may need work because it has more than likely been vacant for a period of time.  The seller could not afford to play the mortgage so they may have probably neglected maintinance items of the house.  Depending on the cost to fix and repair the home and the value of the surrounding home sales, the process could go faster.  Sometimes it goes so fast you can miss out on the opportunity.  A lot of the Foreclosed homes work in a bid process with weekly and daily timeframes.  You should check with your agent or call my office for details. 

Both types of home have advantages and disadvantages; you need to way to sides and decide if either could be right for you.  Whether you want Foreclosures, Short sales, investment, new construction or existing homes, I would be glad to sit down and talk to you about them.  Email, call or go online to see the most recent homes in the middle Tennessee Market. www.BuyNashville.net or andybrownrealestate@hotmail.com.

A Sprint to the End.

It’s about 67 days away from the expiration of the $8000 tax credit.  Have you found the perfect home yet, have you found a realtor.  The typically mortgage and purchase process usually takes between 30 and 45 days.  If you want to close and receive the tax credit, you may want to be finalizing some of these decisions.  You can go to www.buynashvill.net and search current homes for sale and even sign up for my email search that will automatically send you listings as the realtor puts them into the multiple listing computer.  You may find that there are properties that will appear and disappear very quickly these days.  This is because the buyer that signed up with an agent last week to search for new homes has already seen the old inventory and ready to spring into action on the new houses.  If you sign up for the automatic property search at www.buynashville.net it will search while you sleep and you can beat those others to the hot listing that were just put on the market.  Don’t miss out on the tax credit, sign up today. 

Andy Brown
(615) 301-7841

Competition in a Buyer’s Market

Buyer’s market can still be very competitive.  I think there might be a misunderstanding going around that people can wait forever in a buyers market to decide on a house to purchase.  If you think about it the buyer that saw the home yesterday or last week may be a couple of steps ahead of you.  They may have already seen that other home that you want to compare it to, to make certain its priced correctly.  The home buying market in Nashville and Middle Tennessee is heating up.  All homes for sale under $275K are targets.  You may ask youself why this price range?  Most first time buyers out to take advantage of the tax credit can typically qualify between 100k and 275k, so they are out in force looking for that great buying opportunity.  This is not a play to get you to make a quick or rash decision, its just fact of supply and demand.  There are still some home builders out constructing new home but a great deal of the small builders have stopped for one reason or another.  This means that inventory will start to come down.  Whrn this happens Buyers will be putting multiple offers on the best of the rest.  Look carefully, choose wisely but do your homework.  I have lots of tools to help the home buyers in Nashville, TN.  Just check out my website or give me a call. www.BuyNashville.net

Andy Brown

How is the Home buying process and Starbucks alike?

I walked into Starbucks the other day a gentlman ordered a tall no whip carmel lite skim frap with sprinkles.  I am still getting used to tall being small.  It is a languages totally born from the coffee the way you want it generation.  This is very similar to the market with houses.  It is very rare if you will ever find 2 houses that are exactly the small or 2 buyers that would buy the same house.  You might find 2 buyers that like or love the same house but I would venture to guess they are for completely different reasons.  Some people tlook for the perfect bathroom set up, while others are more concerned with the kitchen arrangement.  Men are typically drawn to the unfinished areas or the bonus room.  Think of arcades or state of the art theatres.  Women are usually looking for entertaining spaces or a place to pamper and unwind.  Outside space can be a mutual thing but again for multiple reasons.  Women for the beauty and men for the return to life in the caves.  Just like with Starbucks, there a thousands if not millions of home choices.  I would be more than happy to help guide you through the terms and styles of todays homes, we can even meet at Starbucks.  You can also always check me out online at www.BuyNashville.net .     

 

Andy Brown
www.BuyNashville.net | www.SellNashville.net

Tax Credit Extension

It appears there might be an extension of the tax credit, but should you wait.  Last we I posted a column telling folks if they were wanting to buy a home they should not wait till congress decides to extend the credit through next year, they should make a decision based on their budget and current situation.  I received and read through the article here and it made me think.  If you are a first time buyer now and congress opens the tax credit up to everyone it could cause the market to become more competitive if the pool of buyer increases.  Its simple supply and demand, if the tax credit is open to everyone, you as a first time home just got lumped onto the same status as all the other buyers in the market.  Don’t get me wrong, I am all for opening up the tax credit, I just think first time buyers have a better advantage to buy before the 11-30-09 deadline.  If you any questions or would like more information on the current Nashville, Middle Tennessee Real Estate Market contact me at www.BuyNashville.net . 

Andy Brown

What happens when the tax credit expires on November 30th 2009?

If this is the burning question in your mind, I may have a solution.  If you are a first time homebuyer or have not owned a home in the last 36 months, you should most likely be out shopping for a new home.  No one knows at this point what is coming next, but the market is right to buy or sell.  Interest rates are still low and banks are still lending money.  As a buyer, you need to get in touch with a mortgage lender or call me, Andy Brown, and I will refer you to one of my experienced mortgage partners to get pre-approved.  Note recent blog article for approve vs. qualified.  After you know how much you are wanting to and can afford to spend call to set up a consultation to start the home buying process.  For Sellers, with all these buyers running around trying to find the perfect house by 11/30/2009,  you need to finish the repair stuff you have been putting off and call for a free market analysis (hyperlink this) and/or an in home visit to view our marketing plan.  Either way I would not wait to see what happens, I would go ahead and create your own change.

Andy Brown
www.SellNashville.net | www.BuyNashville.net

Would you rather have a part time attorney looking out for your business interest…

So why would you trust the search, negotiating and closing of your home purchase to a part time real estate agent.  One of my lending partners called and asked if I had trouble getting part time agents to call my office back in the transaction process.  Yes because a lot of times they are not available during regular working hours.  Our office thought about this and wanted to create a better way to communicate with our clients and business partners.  As an agent I may be working with you, showing a home or meeting at a client’s home discussing the market conditions and value of the home, however others may have questions.  The Team is set up to answer questions and handle issues even if the agent is on another appointment.  The support staff is well versed and trained to answer all types of Real Estate related questions.  Each member of the team has gained more experience in one year than most part time and full time agent will ever witness.  We have averaged over 300 happy buyers and sellers for the last 5 years.  So if you want to see if our concept will work for you send us an email or give me a call.

Andy Brown
(615) 301-7841
www.SellNashville.net | www.BuyNashville.net