As the deadline approaches (at least for now) on the $8,000 first-time home buyer tax credit, home buyers in Berks County need to be aware of a few suggestions.
1. If you haven’t found a house yet, you better do it. Take the advice of your REALTOR if he or she tells you the home you like can’t settle by the 11/30/09 deadline. They are not out to “trick” you. If your agent has a buyer agency contract with you, they are working for you and want to help you.
2. Forget about buying a short sale, HUD home or bank-repo property. Delays are common, and you can’t take that chance. According to Tom Bitler, an agent with Century 21 Advance Realty and a bank repossession specialist, a bank repossession would be a bad choice. “A lot of these properties have delays with documents being ready for settlement. If you are buying a home for the purpose of getting the tax credit, buying a bank repo would not be a good course of action”, Bitler said.
3. Work with a local lender. Get your loan officer the information asked of you by the deadline the lender sets. If your loan package isn’t ready, you won’t make the settlement deadline.
4. Don’t schedule your settlement for November 30th (or the 28th or 29th for that matter). If you hit any snags, encounter any delays, or the mortgage company underwriter asks for any additional documentation, you might not settle until sometime in December. Patty Hoffman, a title officer from Spectrum Settlement Agency, said, “based on my years of experience doing closings, it is better to schedule a settlement a few days in advance of a deadline like the tax credit. If you schedule for the 30th and you need the tax credit, you are playing with fire”.
This is the “trick or treat” season, and the tax credit is a wonderful “treat”, so don’t be “tricked” by not heeding the cautions in this blog. Get your new home, settle on time, get the tax credit – what a treat that will be!
Thursday, October 22, 2009
Thursday, October 15, 2009
GIRLS LIKE GUYS WHO OWN HOUSES!
Is there a generation of men out there afraid to commit? In this case we are talking about committing to the purchase of a home!
One of my Generation Y agents, Jess Harding, who lives in the Exeter Township area but sells home in Berks County, gave me some interesting input into what women would like in a Gen Y male – a house! Apparently, younger women respect men who already own a home. Sounds pretty much like Boomers and Gen X women to me, but the conversation got really interesting when we began to discuss why Gen Y men don’t buy homes more frequently – fear of commitment. So all you Gen Y guys out there, better call your REALTOR and start shopping for a house! Jess says, “that is the best way for my generation to build wealth”. Pretty smart girl, that Jess.
On the other hand, the single women are a huge demographic in the home buying statistics. They have made the commitment and are ready to buy, and Jess has thrown out the challenge to the reluctant Gen Y males to start buying homes in Berks County before the savvy female buyers beat you to them.
One of my Generation Y agents, Jess Harding, who lives in the Exeter Township area but sells home in Berks County, gave me some interesting input into what women would like in a Gen Y male – a house! Apparently, younger women respect men who already own a home. Sounds pretty much like Boomers and Gen X women to me, but the conversation got really interesting when we began to discuss why Gen Y men don’t buy homes more frequently – fear of commitment. So all you Gen Y guys out there, better call your REALTOR and start shopping for a house! Jess says, “that is the best way for my generation to build wealth”. Pretty smart girl, that Jess.
On the other hand, the single women are a huge demographic in the home buying statistics. They have made the commitment and are ready to buy, and Jess has thrown out the challenge to the reluctant Gen Y males to start buying homes in Berks County before the savvy female buyers beat you to them.
Friday, October 9, 2009
WHO COMES TO OPEN HOUSES?
Be prepared to have lots of company if you visit an open house held by a Century 21 office in the Berks County area during the month of October. October Open House Month is a national promotion, and our agents at Century 21 Advance Realty are hoping to meet lots of people from the Berks County communities at their listings.
So you thought open houses were just to “trap” buyers didn’t you? Open houses definitely give potential buyers a chance to see the inside of properties of interest, but they can do that now with Visual Tours and multi-photo exposure in Trend or any other multiple listing service.
People come to open houses to get a feel for a neighborhood, to get decorating ideas, to see if the agent hosting the open house would make a good listing agent, and sometimes even to see if that is the right house for them to buy. Agents get a lot of information to tell the sellers about how people at the open houses relate to their property. We recognize the hot spots that excite the guests at the open house, and it helps us show that property in the best possible light. REALTORS learn as much as they teach about homes in their inventory when properties are held open. Nosy neighbors are welcome to REALTORS and should be to sellers, because statistics show that buyers come from contact with people who live in close proximity to the listing. Picking your neighbors, so to speak!
Jim Fawcett, a REALTOR with our company, Century 21 Advance Realty, says “I like twilight open houses, because the homes look welcoming with the properties lit from within – especially during the fall. I always believed people would like to stop by on their way home from work rather than come out on the weekends”. We love this idea, so watch for twilights closer to Halloween.
A word of caution to potential buyers – don’t panic if the host agent mentions the Consumer Notice, the infamous “green form”. It’s not a contract, just a disclosure, and absolutely for the benefit of the buying public.
Which brings me to a great place to stop for this blog. Agency law is way too serious for a late Friday afternoon blog.
So you thought open houses were just to “trap” buyers didn’t you? Open houses definitely give potential buyers a chance to see the inside of properties of interest, but they can do that now with Visual Tours and multi-photo exposure in Trend or any other multiple listing service.
People come to open houses to get a feel for a neighborhood, to get decorating ideas, to see if the agent hosting the open house would make a good listing agent, and sometimes even to see if that is the right house for them to buy. Agents get a lot of information to tell the sellers about how people at the open houses relate to their property. We recognize the hot spots that excite the guests at the open house, and it helps us show that property in the best possible light. REALTORS learn as much as they teach about homes in their inventory when properties are held open. Nosy neighbors are welcome to REALTORS and should be to sellers, because statistics show that buyers come from contact with people who live in close proximity to the listing. Picking your neighbors, so to speak!
Jim Fawcett, a REALTOR with our company, Century 21 Advance Realty, says “I like twilight open houses, because the homes look welcoming with the properties lit from within – especially during the fall. I always believed people would like to stop by on their way home from work rather than come out on the weekends”. We love this idea, so watch for twilights closer to Halloween.
A word of caution to potential buyers – don’t panic if the host agent mentions the Consumer Notice, the infamous “green form”. It’s not a contract, just a disclosure, and absolutely for the benefit of the buying public.
Which brings me to a great place to stop for this blog. Agency law is way too serious for a late Friday afternoon blog.
Thursday, October 1, 2009
No More Money!
Who knew my initial blog for BerksCountyRealEstate blog would be breaking news!
There is no more funding available for the Tax Credit Advance Loan Program. So you never heard of that? Well, buyers who could take advantage of the $8,000 first time home buyer credit had the opportunity to borrow up to $5,000 to use right at the settlement table. This was called the Tax Credit Advance Loan (TCA), and the consumers loved it. Maybe too much, since PHFA just advised us that there is no longer funding for this program.
Don’t lose heart, though, as the tax credit is still in place, and we hope Congress will extend it. If they do, PHFA (Pennsylvania Housing Finance Agency) might offer the loans again.
If you have a settlement coming, and you are expecting this loan, call your lender right away. As with anything involving the sale of real estate, go to the professional with whom you have been working, and get the correct information right from them. If you listen to rumors, not only will there be no money, there will be no sanity for you either!
There is no more funding available for the Tax Credit Advance Loan Program. So you never heard of that? Well, buyers who could take advantage of the $8,000 first time home buyer credit had the opportunity to borrow up to $5,000 to use right at the settlement table. This was called the Tax Credit Advance Loan (TCA), and the consumers loved it. Maybe too much, since PHFA just advised us that there is no longer funding for this program.
Don’t lose heart, though, as the tax credit is still in place, and we hope Congress will extend it. If they do, PHFA (Pennsylvania Housing Finance Agency) might offer the loans again.
If you have a settlement coming, and you are expecting this loan, call your lender right away. As with anything involving the sale of real estate, go to the professional with whom you have been working, and get the correct information right from them. If you listen to rumors, not only will there be no money, there will be no sanity for you either!
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