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Archive for the 'First Time Home Buyers' Category
October 26th, 2009
What Every Buyer Should Know Before Purchasing
In this fast paced market, with multiple offers, low inventory, low interest rates and buyers all clamoring for the same homes, there are a few things every buyer should know before purchasing a home.
Property taxes and qualified interest are deductible on an individual’s federal income tax return.
Often, a home is the largest asset an individual has and is considered one of the most valuable investments available.
A portion of each amortized mortgage payment goes to principal, which is an investment.
A home is one of the few investments that you can enjoy by living in it.
A REALTOR can usually show you any home whether it is listed with a company, a builder or a even a For Sale By Owner.
Working with a REALTOR to purchase a For Sale By Owner home can be very advantageous because someone is looking out for your best interest.
Your Real Estate professional can provide you with a list of items you will need to complete your loan application so you will be prepared.
A homeowner can exclude up to $500,000.00 of capital gain tax if married and filing jointly or up to $250,000 if filing single or filing separately. The home must have been the tax payer’s principal residence for the previous two years.
A first time home buyer is defined as someone who has not owned a home as their primary residence in the last 3 years. There is a first time home buyer tax credit available.
These are just a few important things to consider when deciding to buy. As a professional REALTOR, I can help guide you through the process of buying your home. Call or email me directly at JennBurroughs@gmail.com or 858-521-7277 .
Jennifer is a member of the award wining real estate team of Teti & Oelink and Associates, at Windermere Exclusive Properties in Rancho Bernardo. This team of agents is uniquely positioned to assist you in buying or selling your home. Call today for a confidential appointment.
September 10th, 2009
The Truth About Short Sales
In my previous Blog I shared with my first unexpected short sale scenario. This time, I will tell you about another scenario that happened one week later.
The second scenario… The Buyer is a first time home buyer who falls in love with a 1 bedroom condo. She is putting 20% down and gets Sellers acceptance on a short sale in March. After 5 months of patiently waiting on Bank approval of the short sale, the bank finally comes through and authorizes the short sale. Ten days before the scheduled closing, the Listing Agent informs me that the Seller is talking to an attorney about the possibility of being held liable for the deficiency. Keep in mind, we have a fully executed contract, an opened Escrow, a completed home inspection, completed appraisal and a Buyer who has given notice to her current landlord that she will be moving out. At this moment, we are still anxiously awaiting the decision of the Seller as to how we are going to proceed.
My Buyer has retained legal counsel and is in the process of exploring her options.
Lesson Learned: It is becoming more obvious to Sellers that more Banks are exercising their recourse options, causing more sellers to give short sales a second thought. It is becoming extremely important for Buyers and their agents to make sure that the Sellers are doing their due dilligence at the beginning of the short sale process to ensure that the short sale is the best option.
September 2nd, 2009
The Truth About Short Sales
Over the past 3 years Buyers in San Diego and Southwest Riverside Counties have noticed a huge influx of short sale listings hitting the Real Estate Market. In some market areas, in lower price ranges, as much as 90% of the inventory can be a Short Sale or Bank Owned Listing.
Most Buyers who with the guidance of an experienced, educated Agent who understands the contract, bank addendum’s, and truly represents their clients best interest can maneuver their way through the bank owned process with a minimal to moderate amount of surprise. Buyers and agents know that you are buying properties in an “as is” condition and that the perceived “deal” in in the listed price. We all know that banks will not do repairs, they threaten a Per Diem, and we never close on time.
I like to think of myself as one of those agents who understands this process and can articulate to my clients what to expect. I am the agent who talks with clients up front about the truth in the real estate market. The fact that you may have to write 10 or more offers to get an accepted offer, get prequal’d with multiple Lenders, and come up in price to compensate for the closing costs that you are asking for the seller to pay is standard conversation that my buyers understand.
Just SOLD
