Ownership responsibilities take some by surprise…
The larger the downpayment, the better…
Overpriced listings give buyers bargaining chip…
Tips for increasing chances of lender approval…
Post-closing debacles highlight importance of due diligence…
Greed can lead to huge price reduction…
Higher sales a ray of hope among foreclosures, unemployment…
Issues to look for before signing contract…
Sellers, be careful what your listing says
Misleading for-sale ad can be legal nightmare…Federal/State laws: ask us why
Some may not realize financial benefit they expected…
………… “I found the house of my dreams. It’s in foreclosure and the bank will sell it to me for a great price.”
“How good is the price?” I asked. “Just before the real estate market crashed, the seller was asking $780,000 for the property. Today, I can buy it from the bank for $215,000. What do you think?” she asked.
“How would I know?” I replied. “All you’ve given me is the price.”
“Yes!” she squealed. “Now my husband and I can afford it.”
“Only cheap people buy on price,” I replied. “Just because something is cheap doesn’t mean it’s worth the cost.”
I then explained to her one of my most basic money principles: I buy value. I will pay more for value. ……..If I feel what I am buying is of value, I’ll pay the price. Value rather than price has made me rich.
Against my advice, my friend sought financing for her “dream” home. Fortunately, the bank turned her down. The house was on a busy street in a deteriorating neighborhood……… If her past is a crystal ball to her future, she will likely always be cheap and poor, even though she is a good, kind, educated, hard-working person.
The Extended and Expanded Tax Credit agreement includes the following provisions:
Who: First -time homebuyers-same definition as current law
Who: Repeat purchasers. Must have used previous home as a principal residence for 5 of the 8 previous years.
Income Limits: $125,000 for single filers/$225,000 for joint filers. Same for both first-time and repeat/move up buyers.
Limitation on cost purchased home: $800,000
Time Frame: November 6, 2009 to April 30, 2010 (As reported by the Federal Housing Tax Credit Website)