The Tax Credit
Provided by NAHB - www.federalhousingtaxcredit.com
$8,000 First-time Home Buyer Tax Credit at a Glance
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
The above article was found on the NAHB website at http://www.federalhousingtaxcredit.com/
More information and a FAQ pages can be found by visiting their website.
Thank you to the National Association of Home Builders for compiling this great summary!
Most everyone is probably aware of the 2009 First Time Home Buyer Tax Credit by now. What most people may not realize is that you need to make an offer by October 9th to be able to close by the deadline. This means you have a couple of weeks only!!! Read more about the tax credit by clicking here or call me at 816.377.6389 or e-mail at AJ@UrbanKCLiving.com. Hurry!
Read the full article from Reuters Download Reuters says U.S. Mortgage Applications Rise As Rates Plunge.
When I receive a fantastic service from a local KC business owner, I gladly spread the word to others. After all, my business is built on referrals and I always appreciate clients sending people my way if I did a good job for them!
If you haven't heard of Kristopher Saim Photography, you must check out his website and some of his work.This is a local KC business that is here to stay. The founder, Kris Saim, makes working hard for his clients a breeze since he has a true passion for photography.
More so now than ever, photography in Real Estate is extremely important. Most buyer's today at least start their home search online if not use the internet throughout most of their buying process. If there are not quality photo's posted in MLS, on the broker's websites and everywhere advertisement is placed, a buyer probably isn't going to give the property a chance to view it in person. This is true for curb appeal as well seller's! Make it inviting - don't let buyer's drive right past your home!
Kris not only creates some of the highest quality of photos, he does it in a recognizable way. So many times when I work with buyer's they tell me "this home does not look like the pictures online". Kris keeps the pictures true to life but also captures details in the home that buyer's might otherwise have missed. Kris has taken pictures of my clients home in 2009 and some have sold in less than a week.The pictures help get buyer's into the home.
Kris also is very experienced in wedding photos, engagement photos, sporting events, family events, Urban Scenes and many other types of photos in addition to real estate.
You can view some of his work on his website at www.KristopherSaimPhotography.com.
Some lender rules are changing this week. What do you need to prepare as a buyer to keep things moving smoothly to close? I asked a trusted lender to compile some information on what to expect and what to prepare for in advance to keep things moving smoothly during the buying process. I want to give him a big thanks in advance for preparing this great article!
Terry Hayter with Solutions Bank wrote the following article of "good to know" information for buyers.
When a borrower makes an application, the lender must present them with initial disclosures within three business days. The disclosure package includes the Good Faith Estimate, Truth in Lending disclosure, and other legal forms as required by law.
If the disclosures are mailed, the lender must allow three business days for receipt of the disclosures by the borrower. During this period the only fee that may be collected is a reasonable charge for a credit report. If the application was made in person and disclosures delivered at that time, other fees such as for appraisal may be collected. If disclosures were mailed, only the credit report fee may be collected until the third business day has passed.
The borrower must be provided a copy of the appraisal a minimum of three days prior to loan closing. If not, closing must be delayed until the borrower gets a copy and the three-day window for review has passed. (The borrower may also opt out of this requirement)
Any changes in fees or rate that result in an APR change of 0.125% require re-disclosure. The borrower must then receive new disclosures and have at least three days to review before closing. Once again, this is to insure the borrower has time to review and is comfortable with the loan terms and costs.
Also, keep in mind that if lenders change in the middle of the process, the new lender will have to start the disclosure process over again. Changing lenders in the middle of a transaction may result in lengthy and costly extensions.
Many borrowers today are often too busy to come to the office to make the application. These borrowers do it conveniently by phone or online. In these cases, the disclosures are mailed to them. As a result, the timeframes and wait period will be slightly longer.
So, let’s say you want to close as quickly as possible. What can you do to be proactive and make sure the processing time moves as quickly as possible?
For additional information, please contact Terry Hayter. You can also contact Terry for your purchase and refinance loan needs!
Terry Hayter
Mortgage Officer
Solutions Bank
Mission Farms
10685 Mission Farms
Leawood, KS 66206
P 913-239-1251 M 816-591-4738 F 913-341-2525
In speaking to many local KC REALTORS, and from my own personal experience, some lender appraisals are currently coming back as "low ball appraisals" for many qualified buyers.
Given the current market and economy, this does not come as a surprise. Lenders want to make sure before offering financing to a buyer for a particular home that the current market value supports the purchase price. Lenders determine current market value of a property from an appraisal. That is fair enough - no questions asked.
What seems a little unfair is that two different appraisers can determine the current market value of a home to be different - VERY different.
When a lender hires multiple appraiser's, one appraisal can come back with one market value and another appraisal can come back with a discrepancy of $10's of thousands of dollars different. How is that possible?
To read more about this subject, CNNMoney.com wrote an article. To read the full article, please visit this Link.
Have you as a buyer or seller ran into this scenario? What was the outcome? It is vital in the current economy to use a lender that offers the best customer service possible, the best terms for you and a lender that can close when promised.
I was lucky enough to attend the Melrose Corner opening and was pleasantly surprised so I thought I would share...
The two building development, Melrose Corner, is located in West Plaza. This is just a few walkable blocks from the Country Club Plaza. This new to the market development offers many features that today's buyer is looking for!
There are three prepackaged upgrade options you can choose from in their one bedrooms condos.
The Malibu one bedrooms are offered at $99,950. This finish package is pretty much "as is". However, they are very clean and they shine. Great for the first time homebuyer.
The Beverly is offered moderately at $114,950 and offers many updates. The model condo in this finish is very light and airy in colors with white kitchen cabinets.
The fully upgraded Hollywood one bedrooms are offered at $129,950.
You do have the option to pick and choose your finishes and the level of finish in your unique home.
They also have a few two bedrooms condos said to be offered at $189,950.
Gated parking, balconies, in unit laundry, and an outdoor common area grilling space are just a few features to mention.
For your private tour, please contact me at 816.377.6389 or AJ@urbanKCliving.com.
Melrose Corner is marketed exclusively by Chartwell Realty.
The Kansas City Power & Light District has announced that they will soon be opening a Green Roof & Park. This area is to be around 1/2 acre and will be open during daylight hours. Urbanites will soon be able to enjoy their lunch break or relax after work in this green concious environment. The park will be opening soon just north of Cosentino's Market at the corner of 12th Street and Main. See you on the roof this summer!