Sunday, November 8, 2009
Tuesday, October 6, 2009
First Time Homebuyers Tax Credit
As a REALTOR actively working with buyers in the Antelope Valley (Palmdale/Lancaster/Rosamond) of California, I have a quite a few buyers actively looking for their first homes.
On June 10, 2009 a bill to extend the first time homebuyer tax credit was introduced in congress. You can track its progress at http://media.causes.com/ribbon/558269 -- this is Bill H.R. 2801
A tax credit of any type would be helpful to buyers. Many of the homes currently available in our area are older homes, many needing new carpet, upgraded kitchens, paint, landscaping and a myriad of other things. Though homes may qualify for an FHA or Conventional loan, the home will still need more work. Several of my buyers who closed earlier in 2009 actually re-filed their 2008 tax returns to obtain their tax credit for miscellaneous repairs and landscaping items.
I know that I may look at the world sometimes with rose colored glasses, I think that encouraging homeownership is a good thing. With lenders foreclosing on more homes, we need to encourage the existing buyer pool to purchase now.
Panic is setting in with buyers. We are in the 2nd week of October, and with properties taking a minimum of 40 days to close escrow with a traditional loan, we are very close to not being able to close on or before December 1st 2009, the current deadline on the existing program.
However you feel, take a moment and let your congressperson know.
Tamara Stoebe, REALTOR, QSC, e-PRO
DRE License #01827461
TROTH GMAC REALTORS
1801 W. Ave. K
Lancaster, CA 93534
Cell: (661) 466-6849
Fax: (661) 422-3006
E-mail: Tamara@TamaraStoebe.com
Website: www.TamaraStoebe.com
Follow me on Twitter: http://twitter.com/RealtorTamara
Follow me on Facebook: http://www.facebook.com/TamaraStoebe
Check out my Blog: http://tamarastoebe.blogspot.com
On June 10, 2009 a bill to extend the first time homebuyer tax credit was introduced in congress. You can track its progress at http://media.causes.com/ribbon/558269 -- this is Bill H.R. 2801
A tax credit of any type would be helpful to buyers. Many of the homes currently available in our area are older homes, many needing new carpet, upgraded kitchens, paint, landscaping and a myriad of other things. Though homes may qualify for an FHA or Conventional loan, the home will still need more work. Several of my buyers who closed earlier in 2009 actually re-filed their 2008 tax returns to obtain their tax credit for miscellaneous repairs and landscaping items.
I know that I may look at the world sometimes with rose colored glasses, I think that encouraging homeownership is a good thing. With lenders foreclosing on more homes, we need to encourage the existing buyer pool to purchase now.
Panic is setting in with buyers. We are in the 2nd week of October, and with properties taking a minimum of 40 days to close escrow with a traditional loan, we are very close to not being able to close on or before December 1st 2009, the current deadline on the existing program.
However you feel, take a moment and let your congressperson know.
Tamara Stoebe, REALTOR, QSC, e-PRO
DRE License #01827461
TROTH GMAC REALTORS
1801 W. Ave. K
Lancaster, CA 93534
Cell: (661) 466-6849
Fax: (661) 422-3006
E-mail: Tamara@TamaraStoebe.com
Website: www.TamaraStoebe.com
Follow me on Twitter: http://twitter.com/RealtorTamara
Follow me on Facebook: http://www.facebook.com/TamaraStoebe
Check out my Blog: http://tamarastoebe.blogspot.com
Monday, September 7, 2009
Labor Day
I remember when I was a kid in elementary school and throughout high school, Labor Day, the last hoorah of summer then the first day of school on Tuesday.
During High School I worked the games at the Santa Cruz Beach Boardwalk, and it seemed that I always worked on Labor Day. It was the last hoorah of summer, right? The Boardwalk was always busy until about 6 p.m. when people started packing up and heading home.
Then, I worked in retail and in a movie theater, Labor Day was just another work day for me. People still needed to play and do the things that we do other days of the week, only they got to do it on Monday instead of Saturday or Sunday.
Then I spent 20 years working for Escrow and Title Companies and Labor Day was a day of REST!!
NOW I'm a REALTOR full time, Labor Day, is back to being a day to work. Alot of my Facebook buddies today were talking about all the fun things they were doing with their families and friends. I on the other hand was holding an Open House with my trusty lender from 11 a.m. to 2 p.m. Though the last visitor didn't leave til almost 3 p.m.
We had several visitors, people visiting family in the area, others just out doing their various errands. We had a total of about 30 people through the house, and I think that we may have gotten 1-2 potential clients from this Open House.
I do my best not to work on Sundays, so I work as hard as I can the other 6 days a week. I am glad I worked today, yeah maybe it was only 3 hours, but it was still a good day. Now I can rest from my labor, have a great rest of the holiday.
During High School I worked the games at the Santa Cruz Beach Boardwalk, and it seemed that I always worked on Labor Day. It was the last hoorah of summer, right? The Boardwalk was always busy until about 6 p.m. when people started packing up and heading home.
Then, I worked in retail and in a movie theater, Labor Day was just another work day for me. People still needed to play and do the things that we do other days of the week, only they got to do it on Monday instead of Saturday or Sunday.
Then I spent 20 years working for Escrow and Title Companies and Labor Day was a day of REST!!
NOW I'm a REALTOR full time, Labor Day, is back to being a day to work. Alot of my Facebook buddies today were talking about all the fun things they were doing with their families and friends. I on the other hand was holding an Open House with my trusty lender from 11 a.m. to 2 p.m. Though the last visitor didn't leave til almost 3 p.m.
We had several visitors, people visiting family in the area, others just out doing their various errands. We had a total of about 30 people through the house, and I think that we may have gotten 1-2 potential clients from this Open House.
I do my best not to work on Sundays, so I work as hard as I can the other 6 days a week. I am glad I worked today, yeah maybe it was only 3 hours, but it was still a good day. Now I can rest from my labor, have a great rest of the holiday.
Thursday, August 27, 2009
Offers on HUD Homes this Week
This has been an interesting week with respect to writing offers. Last week I wrote two HUD offers; One for a Lancaster property listed by HUD for $57,500 and another in Rosamond listed by HUD for $45,000.
Due to HUD guidelines, FHA buyers besides coming in with 3 1/2% down payment must pay any overage they bid on a HUD home between list price and purchase price. For example, the list price of the Rosamond house was $45,000. The HUD appraiser appraised the house at $45,000. This appraisal has been assigned an FHA Case Number which means this appraisal must be used by the buyer’s lender. IF my buyer had offered $55,000 the minimum value based upon actual activity in the area where this property is located, my buyer would have to come in with $10,000 down, the difference.
Since my buyer actually offered $45,000 he only needs to bring in his 3 ½% required down payment or $1,575 a difference of $8,425. My buyer won the bid and we submitted the contract to HUD this week.
Now for Lancaster, my client bid $57,700 and the house actually sold at $80,020.
WHY?? There is no rhyme or reason to this process I feel. IF you are interested in looking at a HUD home, check out the following site:
www.hudpemco.com
Northern California for Kern County Properties
Southern California for Los Angeles or other Southern California county properties.
Follow me on Twitter: http://twitter.com/RealtorTamara
Follow me on Facebook: http://www.facebook.com/TamaraStoebe
Due to HUD guidelines, FHA buyers besides coming in with 3 1/2% down payment must pay any overage they bid on a HUD home between list price and purchase price. For example, the list price of the Rosamond house was $45,000. The HUD appraiser appraised the house at $45,000. This appraisal has been assigned an FHA Case Number which means this appraisal must be used by the buyer’s lender. IF my buyer had offered $55,000 the minimum value based upon actual activity in the area where this property is located, my buyer would have to come in with $10,000 down, the difference.
Since my buyer actually offered $45,000 he only needs to bring in his 3 ½% required down payment or $1,575 a difference of $8,425. My buyer won the bid and we submitted the contract to HUD this week.
Now for Lancaster, my client bid $57,700 and the house actually sold at $80,020.
WHY?? There is no rhyme or reason to this process I feel. IF you are interested in looking at a HUD home, check out the following site:
www.hudpemco.com
Northern California for Kern County Properties
Southern California for Los Angeles or other Southern California county properties.
Follow me on Twitter: http://twitter.com/RealtorTamara
Follow me on Facebook: http://www.facebook.com/TamaraStoebe
Sunday, August 23, 2009
Short Sales
What is a short sale? They are the type of transaction today that we are seeing alot of.
A short sale occurs when the owner of a property owes more on their loan than they can sell their house for. This is the simplest definition.
The owner for a myriad of reasons has determined that they must sale. The reasons for this can include move due to illness, job transfer, job loss, etc.
Some things a buyer of a short sale needs to be aware of:
1. Just because the house is listed for sale, does not mean that the seller can sell the house.
2. When an offer is submitted to the Listing Agent on behalf of their seller, the buyer is submitting the offer contingent upon the seller's existing lender giving their approval of the short sale.
3. It can take the existing lender 30 days to 18 months or more to provide short sale approval. Keeping in mind that the existing lender does not have to approve the sale. What this means is that the buyer may want this house, make an offer and wait not looking at any other property for 6 months or more waiting on a seller's lender to make up their mind on the sale, and after 7 months the lender could come back and say that they will not authorize a short sale.
What does the seller do then? A seller will continue to struggle to make their payment, move without making any more payments, try to get a renter, etc.
IF the lender decides not to accept the short sale, then this house will most likely end up being an REO (Real Estate Owned) by the bank. The foreclosure process is lengthy and I'll address this in another post later.
Buyers and Sellers beware, a short sale can be a long process. You want to work with an agent who will help you accomplish your homeownership goals.
Call me to discuss your real estate needs.
A short sale occurs when the owner of a property owes more on their loan than they can sell their house for. This is the simplest definition.
The owner for a myriad of reasons has determined that they must sale. The reasons for this can include move due to illness, job transfer, job loss, etc.
Some things a buyer of a short sale needs to be aware of:
1. Just because the house is listed for sale, does not mean that the seller can sell the house.
2. When an offer is submitted to the Listing Agent on behalf of their seller, the buyer is submitting the offer contingent upon the seller's existing lender giving their approval of the short sale.
3. It can take the existing lender 30 days to 18 months or more to provide short sale approval. Keeping in mind that the existing lender does not have to approve the sale. What this means is that the buyer may want this house, make an offer and wait not looking at any other property for 6 months or more waiting on a seller's lender to make up their mind on the sale, and after 7 months the lender could come back and say that they will not authorize a short sale.
What does the seller do then? A seller will continue to struggle to make their payment, move without making any more payments, try to get a renter, etc.
IF the lender decides not to accept the short sale, then this house will most likely end up being an REO (Real Estate Owned) by the bank. The foreclosure process is lengthy and I'll address this in another post later.
Buyers and Sellers beware, a short sale can be a long process. You want to work with an agent who will help you accomplish your homeownership goals.
Call me to discuss your real estate needs.
Saturday, August 22, 2009
Random Thoughts
Life throws curves, and sometimes you just don't see them coming.
In Dec 2007 I was happily working as an Escrow Officer at Old Republic Title. We were busy daily with builder business in Lancaster and Rosamond. Then the market turned.
Fortuneately my step-son and I had taken a real estate agent's class in July of 2007 and the test in September of 2007. I passed and had my license to fall back on.
In May 2008 I began working full time as a REALTOR. What an eye opening experience. In the past I had thought that REALTORS didn't work hard, I was WRONG! REALTORS work hard. Lately we show one buyer 4-10 homes before we write an offer, then when we do write the offer, there are typically 8+ offers on the house. The we show another 6-8 homes before the buyer finds something they "love", and we write another offer. Most offers now are above the list price. We continue to write offers and pray that this offer will be accepted.
On average for me, I write 5-10 offers prior to getting an offer accepted, that equates to 40-50 homes shown. So many buyers don't last through this process that its difficult to make any kind of living as a REALTOR. My respect for my fellow REALTORS has grown exponentially.
If you want to know the real story, please Follow me on Twitter: http://twitter.com/RealtorTamara OR Follow me on Facebook: http://www.facebook.com/TamaraStoebe
In Dec 2007 I was happily working as an Escrow Officer at Old Republic Title. We were busy daily with builder business in Lancaster and Rosamond. Then the market turned.
Fortuneately my step-son and I had taken a real estate agent's class in July of 2007 and the test in September of 2007. I passed and had my license to fall back on.
In May 2008 I began working full time as a REALTOR. What an eye opening experience. In the past I had thought that REALTORS didn't work hard, I was WRONG! REALTORS work hard. Lately we show one buyer 4-10 homes before we write an offer, then when we do write the offer, there are typically 8+ offers on the house. The we show another 6-8 homes before the buyer finds something they "love", and we write another offer. Most offers now are above the list price. We continue to write offers and pray that this offer will be accepted.
On average for me, I write 5-10 offers prior to getting an offer accepted, that equates to 40-50 homes shown. So many buyers don't last through this process that its difficult to make any kind of living as a REALTOR. My respect for my fellow REALTORS has grown exponentially.
If you want to know the real story, please Follow me on Twitter: http://twitter.com/RealtorTamara OR Follow me on Facebook: http://www.facebook.com/TamaraStoebe
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