$8,000 Tax Credit Can Be Used For Closing Costs

This just in from the National Association of Realtors!  Good stuff.  Remember, you still need to come up with 3.5% required down-payment, but this can help with all the closing costs.

HUD: Tax Credit Can Be Used on Closing Costs
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.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year–and improved upon earlier this year–to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven’t owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Article by Teresa Robinson, Owner/Buyer Specialist, North Texas Home Finders Contact Teresa at 972.335.0571 or Teresa@Northtexashomefinders.com and she can help you sell your home or find a new one!

Get a Buyer Specialist and rest easy! The builder pays our service charge from their advertising budget which is built into every home they sell. Since these fees do not come out of the home construction budget, you cannot negotiate one penny of a better deal alone. We also work with preowned homes where the seller pays our fees! Visit www.northtexashomefinders.com  for more information.

Teresa Robinson is one of more than 400,000 members of the Real Estate BUYERS AGENT Council (REBAC) of the National Association of Realtors, who have attended the ABR, Accredited Buyer Representative, designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is ”The Voice for Buyer Representation, ” with more than 44,000 active real estate professional members of the organization throughout the world.

Argyle ISD New Listing- Shows like a Model!

3124 Sq ft.

4 Bed

3 bath

Gameroom

Study

ARGYLE SCHOOLS!! LOVELY 2 STORY BUILT IN 2006 THAT SHOWS LIKE NEW! HANDSCRAPED WOOD FLOORS. SPACIOUS MASTER WITH SITTING AREA AND LUXURIOUS BATH. 2 INCH BLINDS AND SOLAR SCREENS. GREAT ISLAND KITCHEN WITH GRANITE CTOPS & DOUBLE OVEN. FAMILY ROOM WITH BUILT-INS. 18 X 14 COVERED PATIO OVERLOOKING LARGE BACKYARD THAT BACKS UP TO GREENBELT. STORAGE BLDG. SPRINKLER SYSTEM. SHOWS GREAT!!!!!!

If you need a professional to find your next home…call: Amy Underwood, Owner/Buyer Specialist, North Texas Home Finders  Contact Amy at 972.921.8787 or Amy@Northtexashomefinders.com .

Get a Buyer Specialist and rest easy! The seller/builder pays our service charge from their advertising budget which is built into every home they sell. Since these fees do not come out of the home construction budget, you cannot negotiate one penny of a better deal alone.  We also work with preowned homes where the seller pays our fees!  Visit www.northtexashomefinders.com for more information.

Great Listing in Country Lakes Argyle- Shows like a MODEL!

June 27, 2009

There is still Time to Get the $8,000 Tax Credit This Year!

That’s right, it’s not too late for first-time homebuyers to get their $8,000 tax credit.  If you close on a home by July 31st, you can file an amendment to your 2008 taxes to obtain the tax credit now.

The same rules apply, first-time homebuyers and those who have not owned a home in the last three years qualify.  The credit is 10% of the home value or $8,000 whichever is less.  The credit begins to phase out at a modified adjusted gross income of more than $75,000, or $150,000 for joint filers.

Do you need to close before July 31st to get the credit?  No.  Eligible buyers can still get the tax credit for purchases made prior to December 1st.  However, buyers who purchase after July 31st will file for the credit on their 2009 tax return.

Article by Chad Underwood, Owner/Broker, Chad@NorthTexasHomeFinders.com, www.NorthTexasHomeFinders.com.

Texas Announces New Down Payment Assistance Programs

The following was taken from the Texas Association of Realtors Newsletter.  Good stuff.

TDHCA releases two downpayment-assistance programs
Texas homebuyers who qualify for the federal first-time buyer tax credit have two new programs from the Texas Department of Housing and Community Affairs that enable them to turn that credit into cash for a downpayment.

• The 90-Day Down Payment Assistance Program enables buyers to receive 5% of the first-lien mortgage amount up to $7,000 for downpayment or closing costs as a 90-day no-interest loan.
• The Mortgage Advantage Program works in conjunction with the 2009 Texas Mortgage Credit Program and the Texas First Time Homebuyer Program. Eligible buyers could receive 5% of the first lien mortgage amount up to $6,000 for downpayment or closing costs as a 120-day no-interest loan.

Both programs require buyers be eligible for the federal first-time buyer credit, complete homebuyer education, and file an amended 2008 federal tax return. Funds are available on a first-come, first-served basis for qualifying purchases made before Dec. 1, 2009. Get full details about both programs at the TDHCA’s Web site.

Article by W. Cody Robinson, Owner/Buyer Specialist, North Texas Home Finders

Contact Cody at 972.365.0432 or Cody@NorthTexasHomeFinders.com

Get a Buyer Specialist and rest easy! The builder pays our service charge from their advertising budget which is built into every home they sell. Since these fees do not come out of the home construction budget, you cannot negotiate one penny of a better deal alone.  We also work with preowned homes where the seller pays our fees!  Visit www.northtexashomefinders.com for more information.

Amazing Foreclosure Deal in McKinney Save Over $260K from Proposed 2009 Tax Value

Ran across this one and couldn’t help but share it!  Beautiful Luxury Home located in McKinney Texas.

2009 Proposed Tax Value of this home per Collin County is $652,580. 
Current asking price of the home is $384,000.  Save $268,580!

This executive luxury home is 4,452 square feet featuring 5 bedrooms, 4 full baths, 1 half bath, media room and game room.  Master bedroom, guest room, and study are located on the 1st floor.  You will love all the attention to detail with the stone elevation, elegant landscaping, extended ceramic tile, hardwood floors, gourmet island kitchen with granite counters, stainless steel appliances, butlers pantry and service bar.  There is also a large tiled covered patio with fireplace and spacious backyard.

This home is a must see and won’t last long.  Call Teresa at her cell 214.475.1957 to schedule your exclusive viewing of this property!

Article by Teresa Robinson, Owner/Buyer Specialist, North Texas Home Finders Contact Teresa at 972.335.0571 or Teresa@Northtexashomefinders.com and she can help you sell your home or find a new one!

Get a Buyer Specialist and rest easy! The builder pays our service charge from their advertising budget which is built into every home they sell. Since these fees do not come out of the home construction budget, you cannot negotiate one penny of a better deal alone. We also work with preowned homes where the seller pays our fees! Visit www.northtexashomefinders.com  for more information.

Teresa Robinson is one of more than 400,000 members of the Real Estate BUYERS AGENT Council (REBAC) of the National Association of Realtors, who have attended the ABR, Accredited Buyer Representative, designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is ”The Voice for Buyer Representation, ” with more than 44,000 active real estate professional members of the organization throughout the world.

Dallas-Fort Worth Ranked 3rd Best Housing Market

The Dallas-Fort Worth area is one of the top three housing markets in the country, according to a just-released economic report from the Brookings Institution.  Brookings researchers make these claims based on the Federal Housing Finance Agency’s quarterly House Price Index, which tracks values of homes mortgaged by Fannie Mae and Freddie Mac.

The housing report was part of a comprehensive nationwide study on the economic health of metropolitan areas nationwide.  Brookings found that 38 of the top 100 metro areas avoided home price declines over the last year, even as prices nationwide dipped 6 percent. Most of these metro areas also had below-average employment declines and are in less-affected parts of the Manufacturing Belt (Pennsylvania and upstate New York) and the Sun Belt (Texas, Oklahoma, Arkansas and Louisiana).

Best U.S. Housing Markets:

1. Houston

2. Buffalo

3. Dallas-Fort Worth

4. Wichita

5. Greenville, S.C.

 Worst U.S. Housing Markets:

1. Stockton, Calif.

2. Las Vegas

3. Modesto, Calif.

4. Riverside, Calif.

5. Cape Coral, Fla.

 Source: Brookings Institution

Chad Underwood, Owner/Broker, Chad@NorthTexasHomeFinders.com, www.NorthTexasHomeFinders.com.

Foreclosed Prosper Model Home 100K under Value..$319,000

$319,000

6/4/2

4800 Sq. ft.

Valued way over 400K

FORMER MODEL HOME LOADED WITH POOL AND SPA!ENTER TO A LARGE OPEN FOYER WITH HANDSCRAPED HARDWOOD FLOORS,PRIVATE FORMAL LIVING WITH SEE-THRU FIREPLACE TO STUDY WITH WAINSCOTING,GOURMET KITCHEN WITH ROCK ACCENT,STAINLESS STEEL APPLIANCES,GRANITE C-TOPS,PRIVATE MASTER WITH VIEWS OF B-YARD RETREAT,GAMEROOM WITH WET-BAR,SUNKEN MEDIA,CUSTOM & FAUX PAINT THROUGHOUT. SOLD AS-IS.

If you need a professional to find your next home…call: Amy Underwood, Owner/Buyer Specialist, North Texas Home Finders  Contact Amy at 972.921.8787 or Amy@Northtexashomefinders.com .

Get a Buyer Specialist and rest easy! The seller/builder pays our service charge from their advertising budget which is built into every home they sell. Since these fees do not come out of the home construction budget, you cannot negotiate one penny of a better deal alone.  We also work with preowned homes where the seller pays our fees!  Visit www.northtexashomefinders.com for more information.

Do the Right Thing

In recent negotiations with other agents, I have been amazed at the number of people that really do not understand the concept of “do under others as you would have them do unto you.”  For example, one agent we engaged recently thought it was an appropriate negotiation strategy to YELL constantly when communicating on the phone.  When in fact it had the opposite effect, we no longer listened to their point of view and that behavior ultimately hurt the client they were representing.

Remember, sales price takes up about 90% of why one offer is chosen over another, but there are other factors that sellers consider.  A seller may not have a new place to live identified when they receive your offer.  If you have some flexibility in your moving times, your lower priced offer may get accepted because of your ability to lease the home back to the current sellers until they can find a new place to live. 

Your agent’s level of professionalism can greatly impact the success of your transaction.  If both agents treat their clients and each other with respect, they can work together to find the best solution for both parties involved.  When lines of communication are open, it is easy to bring up important facts like ability to close quickly if needed, to lease back a property to sellers, or in some cases to lease a vacant property to a buyer while waiting for the financing process to get wrapped up.

Doing the Right Thing is very important for your entire buying and selling process.  Be respective that you are dealing with other human beings who have families (dogs, children, etc).  Be mindful of this when requesting a late evening showing of a property.  Sellers also need to work on flexibility.  Most buyers have a job and must work until after 5PM.  After all without their job, they wouldn’t qualify for a loan!  Not all of us are fortunate enough to be trust fund kids.

When it comes time to negotiate the findings of an inspection report and determine the repairs that are most important, take in all the factors.  Buyers need to remember how much they beat up the seller on price in the beginning and understand if a seller has no more to give.  Sellers need to take in to consideration the buyers perspective.  After all a single first time home buyer may not understand how easy some repairs may be to do on their own.

Finally, when the day arrives for closing and as a seller you are moving out.  Do the right thing and leave the home in a move in condition for your buyer.  It helps to have the home professionally cleaned after all your stuff is gone.  Don’t leave stuff behind in your attic or garage unless it is directly related to the home (for example, extra tile or carpet is good to leave behind).  After all, how would you feel if on moving day, you went to put up food in your new refrigerator and found it filled with mold?

When you select your agent, be mindful of their level of commitment to you and their job.  Are they going to be on your side through the entire process and most importantly is their level of professionalism going to help or hurt your position!

Article by Teresa Robinson, Owner/Buyer Specialist, North Texas Home Finders Contact Teresa at 972.335.0571 or Teresa@Northtexashomefinders.com and she can help you sell your home or find a new one!

Get a Buyer Specialist and rest easy! The builder pays our service charge from their advertising budget which is built into every home they sell. Since these fees do not come out of the home construction budget, you cannot negotiate one penny of a better deal alone. We also work with preowned homes where the seller pays our fees! Visit www.northtexashomefinders.com  for more information.

Teresa Robinson is one of more than 400,000 members of the Real Estate BUYERS AGENT Council (REBAC) of the National Association of Realtors, who have attended the ABR, Accredited Buyer Representative, designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is ”The Voice for Buyer Representation, ” with more than 44,000 active real estate professional members of the organization throughout the world.

Will Adding a Swimming Pool Increase My Home’s Value?

I get this question often by current homeowners.  The answer will vary for your specific market. In my opinion if you currently own a home in the Dallas/Ft. Worth marketplace that is priced between $100,000 and $200,000, do not waste your money.  You will not get it back when it comes time to resale your home.  Homes that are priced from about $250,000 and up will not necessarily benefit, but it may not hurt the resale.  You have to remember that families with small children in many cases do not want the risk of a pool.  Moms want to be able to open the back door and let the kids play with minimal supervision instead of having to watch them every second to make sure they didn’t jump in the pool.  In essence you are limiting the number of buyers that will look at your home.  For the upper end homes priced at $350,000 and up, a pool is a must have for most of these buyers.  Be careful to put in a pool priced appropriately for your home.  You will  not get the full value out of a $100,000 pool if your home is only worth $350,000, but you will if you home is worth over $700,000.

Opinions vary on this subject, but bottom line.  If I know I will be living in the home for a long time and really want the pool, I would build it for my family to enjoy.  I would keep in mind that I am spending the money on my family and not investing in a home improvement project.

Article by Teresa Robinson, Owner/Buyer Specialist, North Texas Home Finders Contact Teresa at 972.335.0571 or Teresa@Northtexashomefinders.com and she can help you sell your home or find a new one!

Get a Buyer Specialist and rest easy! The builder pays our service charge from their advertising budget which is built into every home they sell. Since these fees do not come out of the home construction budget, you cannot negotiate one penny of a better deal alone. We also work with preowned homes where the seller pays our fees! Visit www.northtexashomefinders.com  for more information.

Teresa Robinson is one of more than 400,000 members of the Real Estate BUYERS AGENT Council (REBAC) of the National Association of Realtors, who have attended the ABR, Accredited Buyer Representative, designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is ”The Voice for Buyer Representation, ” with more than 44,000 active real estate professional members of the organization throughout the world.

14 easy Weekend Tips for a “Smarter Home” from Popular Mechanics

14 easy Weekend Tips for a “Smarter Home” from Popular Mechanics

1. Turn down the water heater: Lower the temperature to 120 F, and for every 10-degree drop, you recoup 3% to 5% of the power bill. No temperature dial on the tank? Check the temperature at the tap farthest from the heater.

2. Unplug appliances: Turn off power strips or pull the plug on appliances completely. Idle machines suck up 11% of your home’s electricity.

3. Clean your dryer: Slip a shop-vacuum hose into the dryer’s guts to remove lint wads and boost efficiency. Use an electric leaf blower to clear lint from vents that lead to the outside. It’ll work like new.

4. Optimize heating and cooling: Move furniture and rugs away from vents and radiators. Run a fan with the cooling system raised 2 degrees to drop cooling costs by 14%.

5. Drip-irrigate beds: Line gardens with hoses — no sprinklers, no hassle. Use mulch to retain moisture, and set timers to water in the morning.

6. Adjust mower blades: Cut no more than one-third the grass blades’ height — this helps your lawn develop strong roots, remain moist and absorb runoff.

7. Trust the dishwasher: Fully loaded, the dishwasher uses less water than hand-washing dishes. Save power by using the air-dry mode, not heat.

8. Insulate the attic hatch: Keep the conditioned air downstairs by weatherstripping the attic hatch’s edges. Cover the hatch with rigid polystyrene insulation.

9. Use small appliances: Downsize your cooking device: Toaster ovens consume half the energy of a full-size electric oven; microwaves use only one-third.

10. Install storm windows: Storm windows reduce heat loss through windows by 25% to 50%. Magnetic internal storm windows go up without a ladder.

11. Streamline the fridge: Fridges work best at about 38 F; freezers should register between 0 F and 5 F. Leave a thermometer inside for 24 hours, then check it.

12. Keep filters clean: Pleated electrostatic filters catch up to 60% of allergens (blue fiberglass ones catch only lint and dust). Change them every two to three months or as soon as they show discoloration.

13. Draw the curtains: Cover windows to prevent air loss. Curtains engineered for insulation multiply the R-value (a measure of thermal resistance) of standard insulated glass.

14. Fix a leaky toilet: Drop food coloring in the tank; if it ends up in the bowl, there’s a leak. Replacing the flapper can save thousands of gallons of water a year.

This article is courtesy of Elizabeth Svoboda for Popular Mechanics

If you need a professional to find your next home…call: Amy Underwood, Owner/Buyer Specialist, North Texas Home Finders  Contact Amy at 972.921.8787 or Amy@Northtexashomefinders.com .

Get a Buyer Specialist and rest easy! The seller/builder pays our service charge from their advertising budget which is built into every home they sell. Since these fees do not come out of the home construction budget, you cannot negotiate one penny of a better deal alone.  We also work with preowned homes where the seller pays our fees!  Visit www.northtexashomefinders.com for more information.