New home buyer tax credit details
November 6, 2009 by Fred Romano · Leave a Comment
Congress has extended and expanded the home buyer tax credit for 2009-2010, which is great news for sellers and buyers!
The modifications in the column labeled “December 1 – April 30, 2010” become effective when President Obama signs the bill. All changes made to the current credit become effective on that date, as well.
Contingencies in the Contract
August 20, 2009 by Fred Romano · Leave a Comment
In real estate contracts the contingency is a common element. Contingencies are clauses in a contract that give either the buyer or seller a way to get out of the contract if certain conditions or timelines aren’t met. A commonly used example is that of a buyer making an offer on a new home before selling his existing home. The buyer needs to sell his present home before being able to get financing on the new one. So he makes his offer contingent upon the sale of his existing home.
There will always be a time period associated with such a contingency. If the buyer is able to get his present home sold within that time period, the deal can go forward. But if he fails to sell within the specified time period, the seller has the option of getting out of the deal. In most cases, sellers won’t accept this kind of contingency, because they will most likely feel that they can find another buyer capable of closing the deal without needing to sell another home first. But new home builders are often willing to accept an offer contingent upon the sale of an existing home.
Selling One, Buying Another
August 20, 2009 by Fred Romano · Leave a Comment
In a perfect world, you sell your old home and buy the new one on the same day. Given that things rarely turn out perfectly, here are some things to keep in mind as you work to negotiate the sale of one house with the purchase of another.
Time it right
Fall and spring are the best times for homes to move and you want to consider the season of the year when buying and selling. And if the closing dates aren’t going to coincide, a gap rather than two mortgages is the better. Its easier and usually cheaper to find temporary housing than juggle two mortgages.
Your First Showing is Online!
July 25, 2009 by Fred Romano · Leave a Comment
Let’s talk about your first showing… With today’s buyers, your first showing is absolutely online so make sure your photos make a great first impression.
Here’s what to do:
- Use a higher resolution camera with powerful flash
- Lighting is critical – Turn all lights on even if you’re taking photos during the daytime
- Use a “wide-angle” lens. I use the Kodak V570 and it works great!
- Take a photo “tour” of your home to show online buyers around the place
- Don’t bother with virtual tours or videos – Photos are the best
5 Tips To Sell Your Home Fast
July 4, 2009 by Fred Romano · Leave a Comment
CNN Money recently posted a great article for home sellers in a hurry to sell their homes fast.
Selling a home in a down market almost inevitably means settling for a disappointing price. But to unload your home fast, you’re going to have to dip 10% to 15% below what comparable homes in your neighborhood recently sold for. You still may not be able to compete with foreclosures and short sales, but at least you stand a chance of getting buyers to notice your listing.
Here is the breakdown:
- Undercut your competition
- Make outside cosmetic improvements
- Market to first-time home buyers
- Make your property description pop
- Be able to close fast
Cost Effective Tips for Selling
July 4, 2009 by Fred Romano · Leave a Comment
Having trouble selling your home? You are not alone. In this weak housing market, many sellers are struggling to attract buyers even after drastic price reductions.
Everyone says this is a bad time to try to sell a house. So if you don’t have to sell, don’t. Sit on the place and wait until there’s more action in the market. But if you do have to sell, you’re probably wondering what’s the smartest, most cost-effective approach. A competitive asking price is key. Whether or not you should make some improvements to spruce your home up is a more complicated question.
Using Tax Credit Towards Closing Costs
May 29, 2009 by Fred Romano · Leave a Comment
Great news that will help speed up the housing recovery and offer buyers more incentive to purchase a home now.
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. The loans can’t be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.
How To Buy Homeowners Insurance
May 26, 2009 by Fred Romano · Leave a Comment
You can’t be approved for a mortgage without homeowners insurance, which will cover you if a tree falls on your home, a guest trips on your stairs, an intruder makes off with your valuables, and much more. Watch the video to learn more.
Postlets Single Property Website
May 26, 2009 by Fred Romano · Leave a Comment
Postlets.com offers sellers or agents the ability to create a beautiful single property website for only $5. So what exactly is a postlet? Here are some of the key features and benefits that Postlets.com provides. See a Sample Postlet
A DEDICATED WEBPAGE
Every postlet comes with a dedicated, search-optimized landing page and a unique URL. You can use it in your marketing campaigns and share it on various websites including Facebook. Postlets also come in ten stylish themes complete with integrated maps and other nifty tools.
How To Choose Green Appliances
May 24, 2009 by Fred Romano · Leave a Comment
A great way to save money and help the environment is to choose “green” energy savings appliances for your home. As your current appliances die of old age, make sure you replace them with energy-efficient ones. Enjoy the video!
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