myBlog

New Short Sale Process – it will help!!

MRozenboom — Tue, 06 Apr 2010 14:10:30 +0000

The new HAFA short sale process went into effect yesterday and will greatly streamline short sales!! If you know someone who is struggling with their mortgage here in the Nashville area they now have new options, including new guidelines to help them modify their loan through HAMP. Have them call us for more information at 615-847-4636.

The YouTube video from the Dept of Treasury – http://www.youtube.com/watch?v=XbPaLHFHL7A – explains the general alternatives to foreclosure. I hope this helps!

Mortgage Rates Drop!

MRozenboom — Thu, 11 Mar 2010 23:04:35 +0000

Mortgage Rates Dropped

NEW YORK, March 11 (Reuters) – “U.S. mortgage rates dropped for a second straight week, remaining below 5 percent, a key level that could boost home loan demand, a closely watched mortgage survey showed on Thursday.”

This is good news for all of us who have been cautiously watching rates. Everyone I know who is smarter than me says rates will rise soon. But when is a much harder prediction. What we know is NOW THEY ARE LOW! And that makes it a great time to buy real estate here in Nashville!

As always if you have any questions we are happy to help. Call Andrew or Mike at 615-847-INFO (4636). Thanks!

New Short Sale Program pays sellers…

MRozenboom — Wed, 10 Mar 2010 08:51:39 +0000

A new program that takes effect April 5, 2010 may help ease the short sale process for some Nashville homeowners. The Obama administration is now trying to grease the very sticky wheels of the short sale process. The new program will encourage banks to accept the short sale (with a streamlined and standardized process) and give the banks $1,000 for their trouble. Another $1,000 can go to a second mortgage if applicable. More importantly, the seller gets $1,500 for “moving expenses” and the bank must agree to forgive the amount that is “short” in the sale. This will allow sellers to walk away with at least something and even more significant, not have to look over their shoulder for the next 10 years to see if the bank sues for the loss.

The big question is HOW WELL AND HOW QUICKLY WILL BANKS ADOPT THE NEW PROGRAM? Well I don’t know if anyone knows the answer but hopefully better and quicker than the loan modification programs rolled out last year.

If you have a home here in the Nashville area that you need to sell or just know someone who needs some good balanced advice, we are here and happy to help. Call us anytime at 615-847-INFO (4636). Thanks!

The Repeat Buyers $6500 Tax Credit

MRozenboom — Wed, 06 Jan 2010 22:29:19 +0000

We have heard a lot about the $8,000 first-time home buyer’s tax credit, but what about that other one for sellers who buy a home?

If you have lived in a home that you have owned for 5 of the last 8 years as your primary residence and you purchase another home in which the contract is accepted by April 30th and closes by June 30th and you make that new home your primary residence then you qualify for the $6500 tax credit. That means Uncle Sam just mails you a check after you fill out a simple form that updates the IRS that you made the home purchase.

You do not have to sell your current home, you would however need to turn it into an investment property for tax purposes (although most need to sell their current home in order to have the financial ability to buy another home). It does not matter if you are purchasing up or down in regards to your current home’s size or value and condos also qualify. However the home cannot be more than $800,000 and your income cannot exceed $145k if you file as a single tax payer or @245k if you file jointly.

If you have additional questions you can contact Andrew or Mike directly at 615-847-INFO (4636) and as always we are happy to help! Thanks!

The $8,000 Home Buyer Tax Credit…

MRozenboom — Fri, 20 Nov 2009 07:37:16 +0000

Do you qualify?

If you or your spouse have not owned a home in the last 3 years and you purchase a primary residence, you get a check for $8,000. Seriously. It is not a tax deduction, it is a credit which means if your refund would have been $400, it will now be $8,400!! And you do not need to wait until the next time you file your taxes. Uncle Sam has made it easy to amend your last tax filing so that you can quickly get access to this windfall after closing, often in less than a month.

Many of our clients have already received their checks and they all say the same thing – “It feels great to hold that big of a check in our hands!”

You have to have a contract accepted by April 30, 2010 and must close by June 30, 2010 in order to qualify. New construction also applies.

Don’t make this harder than it is. If you were thinking about buying a home, there are now more than 8,000 reasons to really look into it.

And as always, if you have any questions, we are happy to help. Call Andrew or Mike at 615-847-INFO (4636). Thanks!

Senate approves Tax Credit!

MRozenboom — Fri, 06 Nov 2009 18:45:40 +0000

Senate approves in an 85-2 vote to extend the tax credit thru April 30,2010 for first time home buyers. Congress added a $6500 tax credit for those who have lived in their home for 5 consecutive years out of the last 8 and who sell and purchase another home. Good news.

Pros and Cons of Travertine Tile…

MRozenboom — Fri, 11 Sep 2009 21:46:40 +0000

I saw this in an article and thought it interesting…
Travertine Tile Pros
- It’s obvious natural beauty
- Easier to cut and shape
- Variety of colors and finishes
- Easier to find matching replacement tiles should you need to
Travertine Tile Cons
- It is quite pourous and should be sealed
- Even if sealed acidic substances like orange juice can quickly stain
- Cost is typically higher
There you have it.

Where does it really hurt?

MRozenboom — Fri, 13 Mar 2009 22:12:34 +0000

A USA Today article finally shed some light upon what most people seem to instinctively know: that while the housing crisis is bad, it does not seem to be what the media is describing it to be in my neighborhood. Well, here is why.
In 2008, 35 counties in the U.S. accounted for HALF of all of the nation’s foreclosures! To put a little perspective on that number, there are some 95 counties here in TN and over 3100 counties in the United States. This unfortunately does not lessen the economic impact to the banks which disperse that impact abroad. And it certainly has not been peaches and roses here in Nashville. However, when you hear real estate numbers being thrown around – make sure they are local numbers. Let’s not get lumped in with the worst 1% of all markets. If you would like a full copy of that article, email me at Mike@NashvilleHomeAdvantage.com. Always happy to help!