The first thing that came to my mind was Steve Martin in The Jerk.
The new phone books are here!
The new phone books are here!
Tag Archives: buyers
The New Tax Credits are Here…
- Tuesday, 10 November 2009 00:59
- Written by Lane Bailey
- 0 Comments
One step away from Tax Credit Extension…
- Thursday, 05 November 2009 18:06
- Written by Lane Bailey
- 2 Comments
Today the House passed the Unemployment Extension Bill by a vote of 403-12. Yesterday the Senate Bill passed 98-0. I think it is a slam dunk that the President will sign this legislation in the near future.
The new version of the Homebuyer’s Tax Credit still has the $8000 for First Time Homebuyers, as the version expiring November 30th had. It also allows $6500 for “move-up” buyers, provided they have been in their home more than 5 years. There is an income cap of $125,000 for individuals and $225,000 for couples. Also, there is a price cap of $800,000 for the purchased home.
Mortgage Thoughts from Ken…
- Tuesday, 27 October 2009 21:41
- Written by Lane Bailey
- 1 Comment
One of the mortgage guys I work with not only has it on the ball… but he does a pretty good job of writing about it…
Here are three recent posts from Ken that people getting mortgages… or thinking about it… should read:
A real pre-qualification can take as little as a couple of hours and a seasoned loan professional can easily guide you through the process. Anyone who gives you a pre-qualification over the phone without having seen any evidence to prove what you have said is giving you a decision based on credit and payment history with your statements only. This type of pre-qualification is what gives loan officers a bad name.
—When Should You Get Pre-Approved For A Purchase Loan?
There are different levels of approval with virtually every mortgage application to loan process and agents we really need you to do your best accept them even if you don’t understand them. Otherwise you’re going to continue driving the loan officer (me 🙂 nuts and forcing the weaker ones to lie to you or avoid you. Let me help you not contribute to their delinquency by briefly explaining some of the levels of loan approval and addressing how I handle them individually.
—Pre-Approval, Approval, Conditional, Cleared – What the ____?!
Almost every loan application has some similar needs. If the agent knows what these are and can help prep the client to get these together quickly and accurately then the agent and the loan officer can start out by standing on the same side of the mud puddle and pulling the same direction on the rope. These are not absolutes and are not carved in stone but at least 9 of 10 loan applications need most of the following:
—How To Help The Loan Go Smoother and Faster
Enjoy these posts. They will go a LONG way towards getting you on the track to home ownership.
Groovy Site for First Time Home Owners…
- Friday, 23 October 2009 23:15
- Written by Lane Bailey
- 0 Comments
- Image by lane.bailey via Flickr
The time is getting late for those that wish to take advantage of the Tax Credit for First Time Home Buyers, but for those that are going to hit the marks, or for others that might be in their first home, here is a pretty cool site that I ran across…
The company that put the site up is American Home Shield. They are a home warranty company… keep that in mind as you surf the site. There is still some good information, and some contests that might net you a few freebies…
If you haven’t already bought a home, and want to get it done before November 30th… the clock is ticking. Better call me right away…
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First Time Home Buyers… I just found a REAL bargain…
- Saturday, 26 September 2009 23:47
- Written by Lane Bailey
- 0 Comments
- Image by mlhradio via Flickr
The October issue of Realtor Magazine (our industry magazine) had an interesting article about dispelling myths while educating first time home buyers. The third point was about the realities of “bargains”.
There are absolutely some bargains in the market… But, often those properties that are the real bargains are NOT the ones that have rock-bottom prices.
The HECK you say…
Really… I have been in some pretty cheap properties in the last few months. It seems that a house priced at $25,000 in a neighborhood or $150,000 homes would be a slam-dunk, right? That deal starts to look WAY less attractive when the issues get added up…
- roof
- mold
- floor coverings
- appliances
- plumbing fixtures
- electical fixtures
- copper wire
- copper plumbing
- landscaping (not to make it pretty, but to stop water from washing away the foundation)
- HVAC
- driveway paving
Seriously, I looked at a house that needed all of that. It would be faster, easier and probably cheaper to bulldoze the house and start over. Since the lot would be worth about $10,000… and it would take about $15,000 to clear the lot and get it ready for a new building… This wasn’t a deal.
Of course, most aren’t that severe…
However, there are a lot of times where one house will be significantly cheaper than another for sale, but after correcting its issues, it actually ends up costing more. It might be simple things like carpet and appliances, or maybe something more involved, like a roof or HVAC.
This often ties back to “I need to see all of the options“, presented earlier. In this case, we just want to get a look to make sure that it really is in that bad of shape.
I have looked at a lot of “bargain” properties and have a pretty good feel for them. There are some great deals, but they are usually not the first ones to present themselves… They are generally in much better shape and slightly more expensive.
Finally…
Remember that the deal properties often still need work. And it is probable that the buyer will have to come up with cash for that work, in addition to downpayment and other closing costs… it isn’t something to bootstrap.
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