As ironic as this may sound, here is a succinct IRS publication that explains some of the details of the homebuyer tax credit. Included in the document is how you can buy a house in 2010 and file a form to get the credit on your 2009 tax return. Homebuyer Tax Credit Info 2009 2010 ... » Learn More about How do you receive the homebuyer tax credit on your 2009 tax return
I’ve heard at least 3 times this week, “Tell me what a short sale is again, Amy.” So… A short sale is when a lender accepts less than the total amount owed to pay off the mortgage when the property is sold. The homeowner (aka borrower) must show a qualified hardship for the bank to consider ... » Learn More about Please tell me what a short sale is again in real estate…
Part 1: Risks If you ask homebuyers why they are looking at foreclosures, the answer often is, “Because they’re such a good deal.” The word “deal” for me is on par with other four letter words which I won’t mention (but you can guess). Deal is a selfish word. Deal is one of those temptation words. ... » Learn More about Buying a Foreclosure – Risks vs Benefits
Buyers are often confused at the role of a good residential real estate agent. They think that the agent takes them out, shows them houses and sells them one. The agent is just the gatekeeper of the lockbox and keeps them from having to attend open houses. So these misinformed buyers think that they ... » Learn More about Why Buyers Need a Buyer’s Agent for New Construction
On Friday I heard one of the big three networks is doing yet another expose-style story about how homebuyers got duped into bad mortgages contributing to the foreclosure crisis. All of these stories seem to have one consistent theme – the property buyer/borrower fails to take any responsibility for ... » Learn More about When are mortgage borrowers going to learn?