Archive for March, 2010
Home Buying Checklist for First Time Home Buyer
Posted by elpasorealestateblog in buying a home, el paso homes for sale, first time homebuyer, reloating to el paso, tax credit on March 31, 2010
- Get Pre-Qualified before you go house hunting to understand you financial picture
- Repair your credit. You can start by getting a free copy of your credit report.
- Home Buying Timeline: 2-3 month from mortgage approval to Closing depending on credit.
- Find an agent with First-Time Home Buyer experience. One of the most costly mistakes First-time home buyers make is not understanding Agent and their duties. Many rush off and find a home then assume the Listing Agent of the home they chose will represent both parties equally. This is never the case, even when the Agent listing the home says he will act as an intermediary in the transaction. Why? Because the listing Agent already knows so much about the seller that he will struggle to now act in your best interest too. Not even a lawyer would put himself in this situation. Home buyers should always have their own agent whose only duty is to him/her.
- Understand the balance between your income limitations (your budget) and the home you want/need. Keep a list of the homes you see and record each homes pros/cons. Hint: Use mnemonics or memory tricks to distinguish the different homes you tour such as "123 Main is the house with big blue room" or "123 Main is the foreclosure" etc...
- Once you decide on a home, you and your agent will sit down and write an offer. If you are lucky this will be an open and shut case. Although, if your have many contingencies or want allot of concessions (like I want 4% closing cost plus all the appliances plus etc...) this process can take a long time.
- If your offer is accepted then the time clock starts to run so you need to get all your ducks in a row. You will need to apply for a mortgage, get the home inspected, your lender will require an appraisal, you will shop for homeowners insurance (and maybe flood insurance), you may want to buy a home warranty (about $450) and arrange for closing agent.
- Get Final loan commitment from your lender
- Do a walk through of the property.
- Closing day: Closing procedures vary from transaction to transaction. But generally speaking you will exchange payment (certified funds, usually a cashier's check) for the keys to the house. You will meet at the escrow office and a closing agent will walk you and the seller through all the paper work to put the title to the house in your name, verify your insurance, sign the mortgage commitment, secure your down payment and closing cost and other documents. Make sure to have a picture i.d.
Westside El Paso Homes for Sale
Posted by elpasorealestateblog in e paso hom, relocating to el paso, relocation service on March 31, 2010
4855 LOS REALES 2767 4 2 0 1
1408 PLAZA FATIMA 1676 3 2 1 0
7092 LUZ DE ESPEJO 1400 3 2 0 0
7388 GOLDEN HAWK 2078 3 2 1 0
7616 LUZ DE LUMBRE 2209 3 2 1 0
730 ESPADA 1821 2 1 0 1
480 SAN BLAS 1982 3 1 0 1
6805 IMPERIAL RIDGE 2216 4 2 0 0
1412 DESIERTO RICO 1 2353 4 2 1 0
1540 CENTURY PLANT 1 2263 3 2 1 0
6128 LA POSTA 1 1953 4 2 1 0
6400 PINO REAL 1 2713 5 1 0 2
5834 MIRA SERENA 1 2305 4 2 0 1
6936 MARBLE CANYON 1 2095 4 2 0 0
6612 BRISA DEL MAR 1 2323 4 2 0 1
6349 FRANKLIN RIDGE 1 2090 3 2 1 0
6737 BRISA DEL MAR 1 2317 4 1 1 1
6411 LOS ALTOS 1 2479 4 1 0 2
6721 WESTWIND 1 2768 4 2 0 1
6805 ECHO CLIFFS DR 1 2426 4 2 0 0
1051 LOS JARDINES 1 2405 2 2 0 0
781 VIA CIPRO ST 1 2022 3 2 1 0
6096 VIA SERENA 1 2692 4 2 0 0
1074 LOS JARDINES 1 2612 3 2 1 0
6561 WIND RIDGE 1 2587 4 2 1 0
Principal Forgiveness: And Now We All Pay
Posted by Realty Check with Diana Olick in Uncategorized on March 26, 2010
Treasury Confirms Underwater Help
Posted by Realty Check with Diana Olick in Uncategorized on March 25, 2010
Will Treasury Adopt a Mortgage Plan Like BofA’s?
Posted by Realty Check with Diana Olick in Uncategorized on March 24, 2010
Huge Jump in Homes for Sale
Posted by Realty Check with Diana Olick in Uncategorized on March 23, 2010
How does the 8000 tax credit work
Posted by yvonne in Uncategorized on March 22, 2010
Q. How does the $8000 tax credit work for First-Time Homebuyer?
A. This program does not require any repayment of the credit provided that the purchaser uses the property as their primary residence for a period of thirty-six months after their date of purchase.
Buyer will receive a credit of up to ten percent (10%) of the purchase price or a maximum of $8000.00 as a credit on your 2010 tax return, provided that your new home has a final sale price of $800,000 or less. This program went into effect on January 1, 2010 and is available to qualified buyers of their first new home provided that they have the property under purchase contract on or before April 30, 2010 and closed prior to June 30, 2010 to be able to qualify for the credit.
Buyer(s)cannot have an income greater than $75,000.00 as non-married purchaser or $150,000.00 for married purchases that file a joint tax return.
Q. When does the Tax Credit of 2009 run out?
Q. Can I file electronically?
A. No. Because of the documentation requirements for claiming the credit, taxpayers who claim the credit on their 2009 tax return must file a paper — not electronic — return and attach Form 5405
How does the $8000 Tax Credit work
Posted by elpasorealestateblog in $8000 tax credit, el paso homes for sale, foreclosure listings in el paso, ft bliss relocation, homes for sale el paso on March 22, 2010
A. This program does not require any repayment of the credit provided that the purchaser uses the property as their primary residence for a period of thirty-six months after their date of purchase.
Buyer will receive a credit of up to ten percent (10%) of the purchase price or a maximum of $8000.00 as a credit on your 2010 tax return, provided that your new home has a final sale price of $800,000 or less. This program went into effect on January 1, 2010 and is available to qualified buyers of their first new home provided that they have the property under purchase contract on or before April 30, 2010 and closed prior to June 30, 2010 to be able to qualify for the credit.
Buyer(s)cannot have an income greater than $75,000.00 as non-married purchaser or $150,000.00 for married purchases that file a joint tax return.
Q. When does the Tax Credit of 2009 run out?
A. First Time Homebyer Credit
Q. Can I file electronically?
A. No. Because of the documentation requirements for claiming the credit, taxpayers who claim the credit on their 2009 tax return must file a paper — not electronic — return and attach Form 5405
Fannie/Freddie/FHA Loan Volume Falling Fast
Posted by Realty Check with Diana Olick in Uncategorized on March 19, 2010
Private Loan Mods Outnumbering Govt. Mods
Posted by Realty Check with Diana Olick in Uncategorized on March 17, 2010
