Tag Archives: first time home buyer - Page 3

Home Buyer Tax Credit – Closing Extension Possible!!!

Posted by on June 11, 2010 No comments

An Amendment to a current bill working its way through Congress would extend the closing time on the Home Buyer Tax Credit from 30 June, 2010 to 30 September.2010. I have two buyers that I have been fighting for since February, who wrote Short Sale contracts, and it looked like we would not get them closed until July.  The proposed bill would not allow any new purchases to be considered for the tax credit but this would sure help them and the thousands of others who were hoping to get the credit but are fighting a losing battle against time-frames and overloaded lenders, negotiators, underwriters, and appraisers.

Share

TUCSON MLS Statistics March 2010

Posted by on April 21, 2010 No comments
I wish we could sustain the March statistics for the next nine months with similar increases but I fear with the 30th of April quickly approaching the Numbers in most categories will go down with a rise in Days on Market and Active Listings. April will still show statistics similar to March but May will be another story unless the Federal Tax Credit is extended. There are more Short Sales and Foreclosures coming which can really create a problem without an extension of the Tax Credit.
Oct.

2009

 Nov.

2009

 Dec.

2009

 Jan.

2010

 Feb.

2010

 Mar.

2010
Average Sales Price
 $195,258 $188,384 $201,216 201,219 $195,996 $201,710
Median Sales Price
 $158,000 $162,500 $154,000 $160,000 $150,000 $157,680
Total Units Sold*
 1063 1011 919 712 741 1169
Active Listings
 6213 6350 6130 6618 6739 6799
Days On Market
 71 73 73 73 68 69
Listings Under Contract**
 1287 947 847 1155 1417 1549

The figures on this table are subject to change due to late reportings and corrections. These changes are reflected in the next months statisical blog post after we receive the updated information. For this reason you will find inconsistencies if you compare the data on multiple tables.
* Closed during the month.
** For the current month (not the total listing under contract)

David and I have started increasing our efforts to help those with Foreclosure problems by offering our Short Sale expertise if needed. If you feel you are getting close to Foreclosure please contact us so we can see if there is anything that can be done with your Lender, to possibly allow you to Modify your Loan, and if not possible get you on the Short Sale path. A Short Sale allows you to get your FICO scores back up so you can purchase again around the two year point. Things change on a monthly basis so we are constantly changing how we approach each transaction. I mentioned the HAMP and HAFA programs. The HAFA started on April 5th but I am hearing some bad things about HAFA. I have to wait to fully understand the program before I can say yes, use it if it becomes available. It seams that these Government back programs have many bad things about them. Time will tell. I hope to create a web page on my site to give you links to as much information as I can find on Short Sales and all the programs and information that surround this area. Maybe by the time I update this Blog I will have it up.
Call us for anything we can do to help you. My cell is 240-7130.
Share

Pre-qualified? What is that? (republished)

Posted by on August 25, 2009 No comments

I wrote a few articles back in 2006 which were published on various websites, and I thought I would share these again in my Blog over the next few weeks. Not much has changed in the procedures, but three years have past and we have been in a housing crunch for almost those entire three years. I hope this information is beneficial to you.

Pre-qualified? What is that?

Use and distribution of this article is authorized as long as the author’s information and copyright is included.

Author: Barry Fotheringham

Article: Pre-qualified? What is that?

Dated: 01/14/2006

You have been looking at homes through a Multiple Listing Service (MLS) link or a Homes magazine and you want to start looking at homes. You call your choice of Real Estate Agent and during the conversation the agent says, “Are you pre-qualified?”

Get pre-qualified?

Before you get ready to buy a home you need to see a lender and start the loan application process. If you are not sure who to contact, talk to your real estate professional for recommendations. I personally like my clients to talk to a loan representative that works directly for a Mortgage Company.

Why do You need to get pre-qualified first?

Most Real Estate agents do not try to do the work of a lender. True professionals usually recognize the need to rely on other true professionals to bring your transaction to a successful close. The Real Estate agent does not want to show properties without the buyer completing a tri-merge credit check through a lender. The cost of the credit report is normally under $25. The credit report will show your credit history and include three FICO scores. It is the middle score that is normally used by the lender. You will also need to complete a loan application. With all the loan programs available, it is up to the loan representative to explain the different type of loans that may be available to you. It is at this point that you will know how much home you can purchase. Be sure you get a “good faith estimate” which shows the costs of the loan and your approximate monthly payment from the lender. This will help your agent structure the costs and financing of your Residential Purchase Contract.

If you are in the state of Arizona your lender will also complete the Arizona Association of REALTORS® form called the “Loan Status Report” (LSR) which must accompany the Residential Purchase Agreement. The Purchase agreement is the most important document, but the LSR is the one item that allows the procedure to continue to an acceptance or a counteroffer. Without the completed LSR it is a total rejection by the Seller. The lender prepares the LSR based on your application and credit report.

I hope you now see the importance of getting pre-qualified before you start looking at properties.

About the author:
Barry has been in the Tucson Real Estate Business for over 30 years. He holds the CRS, GRI, and e-Pro designation with the National Association of REALTORS®. He is the Broker for his family owned business.
Tucson Real Estate For Sale Ability Realty – Barry Fotheringham – Search 1000′s of listings in the Tucson MLS and find valuable information on Tucson!

Share