Real estate after the tax credit

The deadline of April 30th 2010 has now passed, wow what a crazy end of month that was!   I worked many late nights and discovered as always the people who waited until the last minute were not actually able to meet the deadline because they did not have the other necessary work done.

It always amazes me that although a home will probably be the largest financial investment a person ever makes, people allot very little time to shop. 

Here are some tips for foreclosure, special programs, mortgage companies:

1. One of the things that few know is that foreclosures can take up to 90 days to close!  Most average about 45-60days. 
2. Although you may put in an offer by April 30th the Seller may not accept it quickly.  In the case of foreclosures the executed date has been as long as TWO weeks after we submitted an offer.
3. A new home may be allowed a higher sales price than an older foreclosure home by the mortgage company.  This was a learning experience for me & my buyer.  She could qualify for new but not a 10 year old resale of the same price.  Tax rates can also effect sales price you will qualify for.
4.  Mortgage company preapprovals are not always reliable.  I found this out the hard way, two foreclosure offers my clients made were accepted and did not close because the mortgage company did not figure their Debt to Income Ratios properly for a Section 8 Voucher program.  Make sure you are working with a reliable lender that has closed loans with the program you want to use.
5.  Down payment assistance can be tricky!  There are only a few REALTORS and loan officers that know how they work & they are changing all the time so even those in the know will have to check status of the funds available.  Some will just tell you that the help is not available to save them effort.  If you truly need asssistance don't give up, there are programs out there but it may take some diligence to get them!
6.  These days EVERY SELLER wants a pre-approval not just a prequalification.  The difference is that a preapproval has required more paperwork upfront not just basic information you input without a current credit report.
7.  Credit repair companies are not all equal.  Some do not understand how to help you repair your credit while allowing you to get a mortgage in the fastest possible way.  Call me for information on credit repair services that work with homebuilders, agents so that you may buy a home the fastest possible way.
8.  Homes are selling in this market.  Make sure your home is priced correctly.  You may need an actual appraisal if your home is unique.  Why waste your time & energy marketing your home at the wrong price, most buyers will need to get a mortgage thus they can only pay what an appraisor deems your homes worth so find out in advance! 

That's it for now!  Check back soon-  Kerrie