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Buying a Home
Article from U.S. Department of Housing and Urban Development
The homebuying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home!
Nine steps to buying a home
- Figure out how much you can afford
- Know your rights
- Shop for a loan
- Learn about homebuying programs
- Make an offer
- Get a home inspection
- Shop for homeowners insurance
- Sign papers
Posted by AmTrust Bank @ 10:15 AM on 11/20/2009 |
Homebuyer tax credit extension is boon to sellers
Article from Fort Worth Business Press
After much lobbying, discussing and negotiating, an expansion and extension of the first-time homebuyer tax credit was approved by Congress on Nov. 5. The current credit, which will end Nov. 30, allots an $8,000 tax credit to first-time homebuyers with an income of no more than $75,000 for individuals or $150,000 for couples. Under the new tax credit, those income caps have been raised and a tax credit also has been added for current homeowners looking to sell and buy a new home.
The first-time buyer credit was extended to any homes under contract as of April 30, 2010, and the income level for the credit was extended to individuals making no more than $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000.
In addition, the new version of the tax credit includes a $6,500 tax credit for any home buyer who has lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential home buyers have a binding contract on or before that date, they will have until July 1, 2010, to close the transaction.
Posted by AmTrust Bank @ 1:40 PM on 11/16/2009 |
IT'S A YouTube VIDEO
Sit back and relax while enjoying AmTrust's new presence on YouTube. Featuring Hops our friendly amphibean friend and available AmTrust REO properties. Go ahead (ribbet) you might just find yourself a new pad! (ribbet)
Posted by AmTrust Bank @ 11:45 AM on 8/10/2009 |
$8K TAX CREDIT DOWNPAYMENT CHALLENGES FLORIDA OFFICIALS
TALLAHASSEE, Fla. – July 8, 2009 – Trying to get the $8,000 tax credit downpayment loan to help a homebuyer? Local officials charged with administering the SHIP (State Housing Initiatives Partnership) program and, by extension, the Florida Homebuyer Opportunity Program’s (FLHOP) $8,000 tax credit bridge loan peppered state officials with questions yesterday in a conference call.
On the positive side, Florida lawmakers decided to offer a bridge loan to first-time homebuyers eligible for the federal government’s $8,000 tax credit through an existing state program. That gives the loan program an existing framework and avoids setting up a new system for disbursing money. On the negative side, the FLHOP program rules differ from SHIP rules, and local SHIP officials voiced a number of legal and pragmatic concerns over the new loan program.
In reality, the program likely kicks off on August 1. It became effective July 1, but the funding mechanism for the loans also started July 1 without any money and must rely on current home sales’ doc stamp taxes to build the reserve.
In addition, some local SHIP officials may not have everything ready by the Aug. 1 date as they struggle to formalize rules and regulations. Since the Florida program operates as a type of mortgage loan, it comes with rules and caveats like many found in first or second mortgages. While up to $8,000 is advanced without interest or penalties if paid within the first 18 months, for example, loan docs must also address potential problems.
“Some (local SHIP officials) are really on top of this and are ready to go,” says Stan Fitterman, a member of the Florida Housing Finance Corporation (FHFC). “Others are very leery to start until the check is in the bank.”
In yesterday’s conference call, many local SHIP officials voiced frustration and confusion. While some of their questions were answered, it became clear that most of the policy decisions must be implemented on the local level.
As a result, Realtors who have questions must contact their local SHIP office. To find your local SHIP office, go to:
http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_SHIPLGContacts.aspx.
The Florida Housing Finance Corporation, which oversees local SHIP officials, released a FAQ list about the Florida Homebuyer Opportunity Program in conjunction with yesterday’s conference call. While directed to local SHIP officials, the FAQ provides some answers being asked by Florida Realtors. The complete FAQ can be found on the FHFC website at:
http://www.floridahousing.org/Home/HousingPartners/LocalGovernments/FL_HOP.htm.
For additional tax credit info, videos, radio ads, an IRS form, posters, flyers, downpayment programs and REO resources, visit FAR’s Homebuyer Center at:
http://http://www.floridarealtors.org/AboutFar/homebuyercenter/index.cfm.
Posted by:Dasha Ray @ 5:20 PM on 7/13/2009 |
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BUY NOW OR WAIT?
Should a buyer buy a property now or wait a little longer is the dilemma many prospective home buyers are facing today. As a professional real estate broker, you may think my answer is biased if I say Buy Now or you may say that I am not a prudent business person if I say Do Not Buy now. Either way, I am going to illustrate the advantages and disadvantages of both decisions and hopefully you can make your own choice … with a bit more information now.
If you are in the market for a new home but are “trigger shy” because of this delimma, you probably have stronger motivations not to buy. Please do not use that as an excuse to NOT make a great financial decision. Home prices in Massachusetts, in particular, are as low as they are going to be in my opinion. About 1/3 of all the homes I list for AmTrust Bank (foreclosed homes) are receiving multiple offers. This means that the foreclosed properties are being priced aggressively enough for a quick sale. Therefore an argument could be made that prices have stabilized. If prices have stabilized, it is the right time to buy.
If you believe prices will still drop, what sort of market indicators are you basing your decision on? Is it the media? Well, the media has to dramatize all info in order to get your attention. The media is also about 3 months behind on real estate trends. Here are some hard verifiable market facts for the Massachusetts consumers… There are 37% less homes now available for sale… good old economic rule dictates that scarcity increases demand.
If you are an investor, you probably do not need to “buy now” but if you are a consumer looking for a place to live there has not been a better time to buy in the past 12 years.
If you would like to discuss your situation in particular, email me at Nilton@LisboaRealty.com and I will respond within 8 hours!
Posted by:Nilton Lisboa @ 2:50 PM on 6/25/2009 |
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WHAT IS AN REO PROPERTY?
Sometimes called REO, sometimes bank-owned – this means Real Estate Owned. These are properties that have reverted back to the Bank as owner. All sales are made through realtors. Advantages to purchasing an REO property include – typically a cost savings, no need to wait to move in, no back taxes or liens to worry about.
Posted by AmTrust Bank @ 9:45 AM on 6/24/2009 |
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BUYER SEMINAR VERSUS BUYER CONSULTATION MEETING
As a Realtor who has performed many buyer seminars as well as many buyer consultation meetings, I feel very strongly that your time as a prospective buyer is much more productive in 1 of these two methods of information gathering.
A Buyer Seminar is a formal presentation by skilled/experienced (hopefully) Realtor, loan officer, attorney, and or home inspector. The goal is to cover as many topics as possible in a 2 hour time frame in the home buying process. In my experience, most buyers are overwhelmed with the information overload. They learn about the general process of buying a home but what they typically want are answers to their particular situation. In my opinion what they get is more questions than answers in the all encompassing presentation. Also, the buyer seminar has been replaced by the internet with its vast information. Thus in my opinion the buyer seminar is no longer a productive time/energy for buyers.
A Buyer Consultation Meeting is a one on one buyer seminar tailored to the buyers’ specific situation…your situation! As an Am Trust Bank realtor, here is what I typically cover on the meeting:
- 3 Types of buyers
- 3 Types of Sellers
- Your Wants and Needs
- Home Buying Process & Timeline
- Financing a home in today’s market
- Design a plan of action
Call me a non traditionalist but I believe in personal service and one on one attention all the time…Which many Realtors have discounted due to the internet consumer revolution. Yes, use the internet to gather initial listings and general buyer tips but use the buyer consultation to buy a home. The buyer consultation meeting not only truly prepares the buyer for what’s ahead; it also aids the buyer in answering the 3 most important buyer questions:
- Am I able to purchase a home financially?
- Am I willing to spend the time/energy?
- Am I ready to buy?
Now, since you are at this website, you are here wanting or needing to buy a home. You are also here because you want to buy a bargain home. Am Trust Bank does have some great deals and when you partner with an agent who services the banks’ foreclosed properties you will be getting the buyer consultation meeting along with inside information into the particular foreclosed properties advertised here. This way you will be answer the tough question to help you determine what is truly important for you and your family. Good luck and Happy Shopping!!
Posted by:Nilton Lisboa @ 11:10 AM on 6/16/2009 |
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SPECIAL FINANCING
AmTrust is offering special financing when you purchase one of our Real Estate Owned properties. We have hundreds of foreclosed homes and lots available for immediate purchase nationwide.
Posted by AmTrust Bank @ 7:20 AM on 5/8/2009
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