Buyer’s Agents can help with FSBOs

It is especially important to have your own agent when buying a home that does not have one (For Sale By Owner). Most sellers are not experts on various laws and regulations that pertain to real estate, having a competent agent involved is a benefit to both the buyer and the seller. Fortunately, most FSBOs are also aware of this, and are willing to work with agents. Typically they choose not to use an agent to save money however most of them know that prospective buyers are probably already working with a Realtor and therefore they are prepared to co-broke, meaning they’ll still pay us. So, you can still get all the benefits of buyer representation on a FSBO at no cost to you.

FSBO’s have a 75% chance of getting sued to make 12-16% less on the sale of their home.

86% of FSBOs end up using a real estate agent. Of those 14% that sell it themselves, they make 12-16% less on the sale in order to save 6% for having an agent. 75% of all real estate related lawsuits involve an unrepresented party. Source: NAR

http://www.crestlineteam.com/

Tax Credit Can Be Used for Down Payment

It just keeps getting better! The Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. Now, Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?

• First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
• To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

• The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

• The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
• The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
• The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

• Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

• No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

If you are a prospective home buyer or have additional questions regarding the 2009 First-Time Home Buyer Tax Credit please feel free to contact me at Crestlineteam@Gmail.com or visit us at http://www.crestlineteam.com/

Now’s the Best Time to Purchase a Home

With low mortgage rates and high inventory, the housing market is offering once-in-a-lifetime opportunities.

The purchase of a home is the safest investment you can make for your family and your future. Economic studies consistently show that real estate remains one of the best performing and consistent long-term investments.

For the fourth consecutive year, NC has received the award for the top business climate, according to Site Selection magazine. This is a beautiful state filled with amenities that ensure a wonderful quality of life. There are plenty of opportunities awaiting you.

How you profit by working with a REALTOR® when buying

Buying a home calls for your informed decision.Unlike many real estate agents who are simply licensed by their state to do business, REALTORS® have taken additional steps to become members of their local Board of REALTORS® and have agreed to act under and adhere to a Code of Ethics.REALTORS® do more...much more...Than you may think.

• A REALTOR® can help you determine how much home you can afford. Often a REALTOR® can suggest ways to accrue the down payment and explain alternative financing methods.
• A REALTOR®, in addition to knowing the local money market, also can tell you what personal and financial data to bring with you when you apply for a loan.
• A REALTOR® is already familiar with current real estate values, taxes, utility costs, municipal services and facilities, and may be aware of local zoning changes that could affect your decision to buy.
• A REALTOR® can usually research your housing needs in advance through a Multiple Listing Service -- even if you are relocating to another city.
• A REALTOR® can help familiarize you with the closing process.
• A REALTOR® shows you only those homes best suited to your needs -- size, style, features, location, accessibility to schools, transportation, shopping, and other personal preferences.
• A REALTOR® often can suggest simple, imaginative changes that could make a home more suitable for you and improve its utility and value.
• A REALTOR®, though generally acting as an agent for the property owner, is bound and obligated by the Code of Ethics to give fair treatment to all parties in the transaction.
• A REALTOR® is sensitive to the importance you place on this major commitment you are about to make. Count on this real estate professional to facilitate negotiation of an agreement satisfactory to both seller and buyer.

If you see a home as one of your most important investments, the REALTOR® you work with could be one of your most valuable resources. As a home buyer, you can expect the commitment, integrity and expertise that you'll find in REALTORS®. It is the business of a REALTOR® to work with you by understanding your home buying needs and showing you properties that fit your lifestyle and budget.

If you or someone you know are in need of a REALTOR® then contact the Crestlineteam today.