If you are a first time home buyer, you have a lot to learn.
Working from a blank slate you must build an understanding of the housing market, determine what you can afford, land a loan and hone in on a home that's a good fit for your lifestyle.
The transaction will likely become your largest asset ever so there's little room for error.
It is a daunting task, but you can ease your concerns if you take the process step-by-step, watching your footing as you move along the path toward the American Dream.
To that end, Coldwell Banker recently released a list of "Dos and Don'ts" to help first timers turn that stress into the self-confidence you'll need to move closer to your first home.
The list focuses on areas first-timers typically stumble over in their initial home buying attempt. Knowing what you could face will help you avoid some of those trip ups.
The Dos
DO browse for housing information. Begin your search by arming yourself with information. For example, Coldwell Banker's the Home Price Comparison Index allows you to compare average housing costs in over 400 U.S. markets. RealtyTimes Market Conditions gives you a snapshot of thousands of local markets. About.com's Home Buying/Selling section is chock full of the nitty gritty insight you'll need to get going. Stick with the known, long-time real estate information Web sites and you'll learn more than you need to know.
DO examine your credit standing. You need to know your credit standing. You may need to request corrections if there are errors. You may need to adjust your habits if your credit behavior is less than sterling. And you need to take those steps before seeking a loan. Your credit report is free from AnnualCreditReport.com, the federally regulated place to go. You can stagger retrieval of your credit report from each of the big three credit bureaus, getting one from a different agency every four months. Your report is free, but you may have to pay a nominal fee for your credit score (a numerical scoring of your creditworthiness) depending upon your state law and other factors. Learn more about your score at Privacy Rights Clearing House.
DO explore a mortgage pre-approval or commitment. An early green light on a loan will put you in a good negotiation position when you find your dream home. It will also help you shop within your budget.
DO line up a dream team of professionals. You may need a real estate agent, attorney, mortgage broker, home inspector and others to be your professional eyes during your home search.
DO buy for your lifestyle. Your first home may not be your last, so try to anticipate how long you'll live in your home and buy based on plans for the duration. Raising kids, starting a business, taking on a new job, housing Grandma could all impact the size or type of home you need first.
DO heed housing priorities. Separate your "wants" from you "needs" so you know where you can compromise to stay on budget.
The Don'ts
DON'T get taken by the first house or neighborhood you see. Keep an open mind and spend sufficient time finding the right fit in a house and neighborhood for your needs.
DON'T buy more than you can afford. Lenders will often loan you as much as your financial condition warrants, but that may not be what you can comfortably afford. It's better to live with a comfortable mortgage on a smaller home than to struggle every month paying a mortgage on a house with more room than you really need. The down payment, closing costs, monthly expenses and taxes must in total all be within your income and savings range.
DON'T treat your home like a stock portfolio. Homes appreciate and depreciate in cycles which often aren't so predictable. Don't expect your home's value to skyrocket. Buy a home because you need a roof over your head, not for a quick profit.
DON'T try to time the market. Pinpointing the bottom of the market almost always happens after the market has started to turn up. How, otherwise, can you see the bottom? Focus on personal lifestyle needs, not market trends, in terms of timing your home buy.
DON'T sign for a confusing mortgage. Shop around for the best loan, read every detail of your loan contract and get some help understanding terms and provisions that confuse you. Avoid exotic, "creative financing," multi-option loans you don't understand. Again, lifestyle is key. Get a loan that fits.
Thursday, April 9, 2009
BUYER'S GUIDE: 5 Key Areas to Pay Attention to When Purchase a Home
Looking for a new home can be exciting and frustrating. You can help alleviate the frustration by paying close attention to five key areas of the homes you're considering buying; it may save you money in the long run.
Don Walker is an inspector and owner of Ace Home Inspections. He says there are five areas in homes that he frequently reports problems with. They are electrical, foundation, plumbing, the attic, and landscaping.
Electrical Walker says sometimes homeowners assume with newer homes that all will work just fine but that's often not the case. "I inspected a brand new house -- four years old but the electrical was all done incorrectly," says Walker.
Having a complete home inspection will help to rule out any problems and point out any areas of concern. However, even as you're browsing homes, buyers can start to make note of the key areas that Walker mentioned, such as the foundation.
Foundation Walker says a four-year-old home he inspected recently was already showing trouble signs which could result in a costly repair project. "It was a model home. What the homeowners did was plant trees for shade to make it look really nice, but they planted the wrong trees and they're going to crack the foundation and it's going to cut the property value down by $50,000," says Walker.
Walker says in the case of that home, the trees were causing micro-fractures in the tile in various locations of the home. "As you walk through the house, 21 feet in and 30 feet deep, there's just too much root invasion and it's going to ruin their tile," explains Walker.
He says some tell-tale signs with this home were the minor cracks in the foundation that were causing a lifting and separation of the foundation. Also, the windows were not opening and closing properly, "which means the foundation is moving."
However, just because you see cracks doesn't mean there is a foundation problem. "Most people don't understand that there are natural cracks in a house. That's why when we do an inspection report we have to look at it and say 'Okay, this is a typical crack and this one is an untypical crack,'" says Walker. He says some cracks may lead to other problems while others won't.
Plumbing Walker says another big area of concern is the plumbing. It's an area that you can't always spot as easily but it can create expensive repairs if plumbing issues go either undetected or are not properly fixed. "Mold forms underneath sinks when people have a leak and they fix the pipe but they don't take care of the mold," says Walker.
He says things like caulking the sink can help prevent mold. "That's my number one thing I always find -- bad sinks," says Walker.
He says that when you look at the sink, look behind it and most of the time you will discover a little crack. "What happens is, when you wash dishes or you wash your hands in the bathroom or the kitchen, the water gets in that crack and seeps down. Once the water gets behind the cabinet it's in a perfect position to create mold," says Walker. The dampness, humidity, and lack of light can turn that area beneath the sink into a mold-breeding ground.
Attic "You can tell everything about the house by the attic," says Walker. He says other areas of the home can be covered up if a repair had occurred. For instance, if there was a leak and it damaged a wall, with the right contractors and repairs it can be made to look like new and, hopefully, function like new. But Walker says the attic is sort of the eyes to the soul of the home. "In the attic you can tell where all the damage has been," says Walker.
"If you're in a 20-year-old house and you see that the insulation is brand new, you know that there was a water leak because it had to be replaced," says Walker. He adds, "You can tell if the roof is good because you can look right at the wood."
Landscaping "There should not be moisture or plants next to your house," says Walker. He says there should be a 12 inch barrier between the landscape and the house. Walker says otherwise you run the risk of having the foundation crack and affect the home. What happens is, as the landscape that is too close to the home is watered, the foundation and soil expand. Then, when no watering occurs, the foundation dries up and shrinks and this can cause it to crack.
Remember, knowledge is power, so learning about the home before you close the deal on it will keep you from making a mistake that may cost you extra out-of-pocket money later.
Don Walker is an inspector and owner of Ace Home Inspections. He says there are five areas in homes that he frequently reports problems with. They are electrical, foundation, plumbing, the attic, and landscaping.
Electrical Walker says sometimes homeowners assume with newer homes that all will work just fine but that's often not the case. "I inspected a brand new house -- four years old but the electrical was all done incorrectly," says Walker.
Having a complete home inspection will help to rule out any problems and point out any areas of concern. However, even as you're browsing homes, buyers can start to make note of the key areas that Walker mentioned, such as the foundation.
Foundation Walker says a four-year-old home he inspected recently was already showing trouble signs which could result in a costly repair project. "It was a model home. What the homeowners did was plant trees for shade to make it look really nice, but they planted the wrong trees and they're going to crack the foundation and it's going to cut the property value down by $50,000," says Walker.
Walker says in the case of that home, the trees were causing micro-fractures in the tile in various locations of the home. "As you walk through the house, 21 feet in and 30 feet deep, there's just too much root invasion and it's going to ruin their tile," explains Walker.
He says some tell-tale signs with this home were the minor cracks in the foundation that were causing a lifting and separation of the foundation. Also, the windows were not opening and closing properly, "which means the foundation is moving."
However, just because you see cracks doesn't mean there is a foundation problem. "Most people don't understand that there are natural cracks in a house. That's why when we do an inspection report we have to look at it and say 'Okay, this is a typical crack and this one is an untypical crack,'" says Walker. He says some cracks may lead to other problems while others won't.
Plumbing Walker says another big area of concern is the plumbing. It's an area that you can't always spot as easily but it can create expensive repairs if plumbing issues go either undetected or are not properly fixed. "Mold forms underneath sinks when people have a leak and they fix the pipe but they don't take care of the mold," says Walker.
He says things like caulking the sink can help prevent mold. "That's my number one thing I always find -- bad sinks," says Walker.
He says that when you look at the sink, look behind it and most of the time you will discover a little crack. "What happens is, when you wash dishes or you wash your hands in the bathroom or the kitchen, the water gets in that crack and seeps down. Once the water gets behind the cabinet it's in a perfect position to create mold," says Walker. The dampness, humidity, and lack of light can turn that area beneath the sink into a mold-breeding ground.
Attic "You can tell everything about the house by the attic," says Walker. He says other areas of the home can be covered up if a repair had occurred. For instance, if there was a leak and it damaged a wall, with the right contractors and repairs it can be made to look like new and, hopefully, function like new. But Walker says the attic is sort of the eyes to the soul of the home. "In the attic you can tell where all the damage has been," says Walker.
"If you're in a 20-year-old house and you see that the insulation is brand new, you know that there was a water leak because it had to be replaced," says Walker. He adds, "You can tell if the roof is good because you can look right at the wood."
Landscaping "There should not be moisture or plants next to your house," says Walker. He says there should be a 12 inch barrier between the landscape and the house. Walker says otherwise you run the risk of having the foundation crack and affect the home. What happens is, as the landscape that is too close to the home is watered, the foundation and soil expand. Then, when no watering occurs, the foundation dries up and shrinks and this can cause it to crack.
Remember, knowledge is power, so learning about the home before you close the deal on it will keep you from making a mistake that may cost you extra out-of-pocket money later.
BUYERS' GUIDE: New Tax Benefits if you Own a Home in 2008-2009
New Tax Breaks on the House
By Broderick Perkins
Talk about tax shelters.
Your home likely provides more tax relief than any other acquisition, thanks, in part, to new federal laws designed to ease financial suffering in the recessionary economy.
Building on a host of existing tax benefits for homeowners, new breaks help you save money on buying a home, owning a home and selling a home.
Check your state for specific rules on income tax breaks levied by your state or other jurisdiction. They don't all match the federal deals.
First up? Breaks made available from the federal "Mortgage Forgiveness Debt Relief Act of 2007".
• Forgiveness of Debt Tax Break. When a lender allows the homeowner to forego repayment of principal and or interest the borrower owes and discharges the debt, the debt is considered ordinary, taxable income. The new law allows certain taxpayers to exclude discharged debt from taxes, provided the lender discharges the debt in 2007, 2008 or 2009.
The amount of debt that can be excluded is limited to $2 million and the exclusion is only available for loans used to buy, build or substantially improve a principal residence. Vacation homes, investment properties and other second homes don't qualify.
The is not a program, but a federal tax break that allows borrowers to avoid foreclosure, and related taxes, when they use a "short sale." A short sale occurs when a lender agrees to write off the portion of a mortgage that is higher than the value of your home (in an "upside down" mortgage), provided a buyer is willing to purchase the property or the lender is willing to finance the remaining balance. Previously, the forgiven portion could be considered income and taxed as such. The Mortgage Forgiveness Debt Relief Act of 2007, effective through 2010, removes federal taxes from forgiven debt for qualifying taxpayers.
Your certified public accountant, enrolled agent or other licensed tax professional can provide details about your qualification.
• Mortgage Insurance Deduction. The relief act also extends federal tax relief for qualified home owners who pay mortgage insurance. Qualified borrowers can deduct the full amount of their private or government mortgage insurance if their insured mortgage originates between 2007 and 2010.
Next? Another set of new tax breaks -- and one tax break take away -- come with the "Housing and Economic Recovery Act of 2008," (HERA) also called "Housing Assistance Tax Act of 2008".
• First Time Homebuyer Tax Credit. HERA's most notable provision is called a $7,500 "tax credit," but it really is more like an interest-free loan.
This deal is for buyers or couples who have never owned a home or who haven't owned a home in the past three years and closed or close the deal from April 9, 2008 to July 1, 2009. Only single taxpayers with adjusted gross incomes up to $75,000 and married couples filing a joint return with incomes up to $150,000 qualify for the benefit. In a "married filing separately" household a maximum credit of $3,750 can be claimed on each return.
Partial credits of less than $7,500 are available for some taxpayers whose adjusted incomes exceeds the limits. The credit is not available for individual taxpayers with adjusted incomes of $95,000 or more and for married taxpayers filing joint returns with incomes of more than $170,000.
All or a portion of the home buyer credit can be claimed as a refund even if the taxpayer has little or no federal income tax owed.
Here's the kicker. Designed to provide a financial incentive to get more people to buy homes in the down market, the $7,500 is actually a no-interest loan that must be repaid over 15 years, beginning two years after taking the credit. If the home is sold within 15 years, the balance of the tax credit payback is due, provided there is ample capital gains. The credit payback is forgiven if there's no capital gain at the time of the sale. (President Obama recently signed an economic stimulus package that boosted the credit to $8,000 for homes purchased in 2009. The tax credit is a real credit that doesn't have to be paid back.)
A move is afoot, with backing frome the National Association of Homebuilders to legislate a real tax credit for buyers, double the current interest-free loan amount or $15,000.
Former real estate broker, U.S. Senator Johnny Isakson (R-Ga), introduced legislation to make the deal a real tax credit (not to be paid back) of the lesser of $15,000 or 10 percent of the purchase price for any homebuyer purchasing any home. The legislation unanimously passed the Senate in early February.
• Standard Deduction for Property Taxes. HERA also allows homeowners to claim an additional standard deduction for property tax if they do not itemize deductions. The additional amount is limited to $500 or $1,000 for joint filers. The amount is claimed as an additional amount on top of their standard deduction. The deduction is valid for the 2008 tax year only.
• Prorated Capital Gains Exclusion for Residential Real Estate. Second homeowners are helping foot the bill for HERA.
Under current law, married homeowners can exclude from taxation, up to $500,000 in gains from a home sale, provided the property was the primary residence for two out of the previous five years. The maximum exclusion for a single person is $250,000.
Vacation and rental property owners can legally double dip the exclusion by first selling their primary residence and capturing the tax-free gain. Then, after moving into the second residence for two years to qualify it as their primary residence, they are able to cash in again on the tax-free gain after selling the second home.
That ends January 1, 2009 when HERA eliminates the capital gains exclusion for the portion of gain that came while the home served as a vacation or rental property. The act retains the tax benefit for any gain achieved during the period when the property served as a principal residence.
Here's an example for a homeowner who sells a residence after 10 years of ownership and the home was a vacation property for eight years. If the home owner realizes a $100,000 gain when the home is sold, $80,000 would be subject to capital gains tax. The remaining $20,000 would qualify for the exclusion. Of course, if the home is never used as a vacation property, and is the primary residence for two years out of the last five, the full $100,000 gain would still be tax free.
Because the law doesn't take effect until 2009, home owners who move into the vacation home before the end of 2008 will still be eligible for the benefits of the old law.
Whenever it comes to taxes? See a professional.
For all the tax benefits that come with homeownership, see: A dozen tax breaks, on the house
For related reading, see: Foreclosure prevention efforts grow Bush signs landmark housing act $700 billion bailout overshadows $300 billion 'Hope'
Tax Glossary
Deduction -- A tax "deduction" reduces your taxable income. Less income to tax means less taxes to pay. For example, a $100 tax deduction reduces your $50,000 taxable income to $49,900.
Credit -- A tax "credit" is a dollar-for-dollar reduction in your actual taxes due. A $100 tax credit reduces your $1,000 tax bill to $900.
By Broderick Perkins
Talk about tax shelters.
Your home likely provides more tax relief than any other acquisition, thanks, in part, to new federal laws designed to ease financial suffering in the recessionary economy.
Building on a host of existing tax benefits for homeowners, new breaks help you save money on buying a home, owning a home and selling a home.
Check your state for specific rules on income tax breaks levied by your state or other jurisdiction. They don't all match the federal deals.
First up? Breaks made available from the federal "Mortgage Forgiveness Debt Relief Act of 2007".
• Forgiveness of Debt Tax Break. When a lender allows the homeowner to forego repayment of principal and or interest the borrower owes and discharges the debt, the debt is considered ordinary, taxable income. The new law allows certain taxpayers to exclude discharged debt from taxes, provided the lender discharges the debt in 2007, 2008 or 2009.
The amount of debt that can be excluded is limited to $2 million and the exclusion is only available for loans used to buy, build or substantially improve a principal residence. Vacation homes, investment properties and other second homes don't qualify.
The is not a program, but a federal tax break that allows borrowers to avoid foreclosure, and related taxes, when they use a "short sale." A short sale occurs when a lender agrees to write off the portion of a mortgage that is higher than the value of your home (in an "upside down" mortgage), provided a buyer is willing to purchase the property or the lender is willing to finance the remaining balance. Previously, the forgiven portion could be considered income and taxed as such. The Mortgage Forgiveness Debt Relief Act of 2007, effective through 2010, removes federal taxes from forgiven debt for qualifying taxpayers.
Your certified public accountant, enrolled agent or other licensed tax professional can provide details about your qualification.
• Mortgage Insurance Deduction. The relief act also extends federal tax relief for qualified home owners who pay mortgage insurance. Qualified borrowers can deduct the full amount of their private or government mortgage insurance if their insured mortgage originates between 2007 and 2010.
Next? Another set of new tax breaks -- and one tax break take away -- come with the "Housing and Economic Recovery Act of 2008," (HERA) also called "Housing Assistance Tax Act of 2008".
• First Time Homebuyer Tax Credit. HERA's most notable provision is called a $7,500 "tax credit," but it really is more like an interest-free loan.
This deal is for buyers or couples who have never owned a home or who haven't owned a home in the past three years and closed or close the deal from April 9, 2008 to July 1, 2009. Only single taxpayers with adjusted gross incomes up to $75,000 and married couples filing a joint return with incomes up to $150,000 qualify for the benefit. In a "married filing separately" household a maximum credit of $3,750 can be claimed on each return.
Partial credits of less than $7,500 are available for some taxpayers whose adjusted incomes exceeds the limits. The credit is not available for individual taxpayers with adjusted incomes of $95,000 or more and for married taxpayers filing joint returns with incomes of more than $170,000.
All or a portion of the home buyer credit can be claimed as a refund even if the taxpayer has little or no federal income tax owed.
Here's the kicker. Designed to provide a financial incentive to get more people to buy homes in the down market, the $7,500 is actually a no-interest loan that must be repaid over 15 years, beginning two years after taking the credit. If the home is sold within 15 years, the balance of the tax credit payback is due, provided there is ample capital gains. The credit payback is forgiven if there's no capital gain at the time of the sale. (President Obama recently signed an economic stimulus package that boosted the credit to $8,000 for homes purchased in 2009. The tax credit is a real credit that doesn't have to be paid back.)
A move is afoot, with backing frome the National Association of Homebuilders to legislate a real tax credit for buyers, double the current interest-free loan amount or $15,000.
Former real estate broker, U.S. Senator Johnny Isakson (R-Ga), introduced legislation to make the deal a real tax credit (not to be paid back) of the lesser of $15,000 or 10 percent of the purchase price for any homebuyer purchasing any home. The legislation unanimously passed the Senate in early February.
• Standard Deduction for Property Taxes. HERA also allows homeowners to claim an additional standard deduction for property tax if they do not itemize deductions. The additional amount is limited to $500 or $1,000 for joint filers. The amount is claimed as an additional amount on top of their standard deduction. The deduction is valid for the 2008 tax year only.
• Prorated Capital Gains Exclusion for Residential Real Estate. Second homeowners are helping foot the bill for HERA.
Under current law, married homeowners can exclude from taxation, up to $500,000 in gains from a home sale, provided the property was the primary residence for two out of the previous five years. The maximum exclusion for a single person is $250,000.
Vacation and rental property owners can legally double dip the exclusion by first selling their primary residence and capturing the tax-free gain. Then, after moving into the second residence for two years to qualify it as their primary residence, they are able to cash in again on the tax-free gain after selling the second home.
That ends January 1, 2009 when HERA eliminates the capital gains exclusion for the portion of gain that came while the home served as a vacation or rental property. The act retains the tax benefit for any gain achieved during the period when the property served as a principal residence.
Here's an example for a homeowner who sells a residence after 10 years of ownership and the home was a vacation property for eight years. If the home owner realizes a $100,000 gain when the home is sold, $80,000 would be subject to capital gains tax. The remaining $20,000 would qualify for the exclusion. Of course, if the home is never used as a vacation property, and is the primary residence for two years out of the last five, the full $100,000 gain would still be tax free.
Because the law doesn't take effect until 2009, home owners who move into the vacation home before the end of 2008 will still be eligible for the benefits of the old law.
Whenever it comes to taxes? See a professional.
For all the tax benefits that come with homeownership, see: A dozen tax breaks, on the house
For related reading, see: Foreclosure prevention efforts grow Bush signs landmark housing act $700 billion bailout overshadows $300 billion 'Hope'
Tax Glossary
Deduction -- A tax "deduction" reduces your taxable income. Less income to tax means less taxes to pay. For example, a $100 tax deduction reduces your $50,000 taxable income to $49,900.
Credit -- A tax "credit" is a dollar-for-dollar reduction in your actual taxes due. A $100 tax credit reduces your $1,000 tax bill to $900.
Buyer's Guide: What you need to know to buy a home today
What You Need to Know to Buy a Home Todayby Phoebe Chongchua
Don't let a sluggish economy get you down. There are reasons to shop for personal items—including a new home. I recently saw an advertisement for a new car that said you could return the car in the first year if you lose your job. While there may not be that incentive for homes yet, some other perks might give you reason to start your housing search.
If you can afford to buy, consider making homeownership a goal this year, especially if you haven't owned a principal residence in three years prior to buying. The new stimulus package sweetens the deal for homebuyers who purchase a residence on or after January 1, 2009, and before December 1, 2009. The incentive is for first-time homebuyers who remain in their home for at least three years. It provides a credit for 10 percent of the home purchase price, up to an $8,000 limit. The credit can be taken on your 2008 or 2009 tax return.
If you close on a home after the April 15 tax deadline, you can apply for an extension provided that you close on your home before the extension deadline of October 15. If you're extra speedy and have already filed your 2008 return, don't worry—you can file an amendment to claim the credit. You have three years to do that. You'll need IRS Form 1040X to do that.
Taking the credit on your 2009 return or getting the benefit now, before filing your return, by adjusting your income wage withholding are also options.
The full credit applies to those first-time homebuyers whose modified adjusted income is less than $75,000 or $150,000 (filing jointly). The credit amount drops as your income rises. And if your income is over $95,000 or $170,000 (filing jointly) then you're out of luck—the credit is eliminated.
Be sure to speak to experts to ask questions as some other qualifications apply.
Yet another reason, you may want to shop around is to get in on the action while it's still a buyers' market. Others certainly see the U.S. as a stable place to invest. According to the Association of Foreign Investors (AFIRE), a survey released earlier this year showed that more than 53 percent of respondents ranked the "U.S. as the country providing the most stable and secure real estate investments."
Foreigners from China, Thailand, Vietnam, Mexico, Europe, and South America are traveling to the U.S. to see what real estate opportunities exist in the U.S. Areas such as Las Vegas, New York, and Miami have been infiltrated with foreigners who are buying now to take advantage of their stronger currency or the opportunity to stash their cash in a dollar-dominated place. While many are looking for commercial properties, some are vying for residential properties too.
"This is the greatest opportunity we've had in 50 years," says Billy Procida, president of William Procida, Inc., a turnaround management firm for middle market real estate companies. He says even though there is a lot of inventory on the market, certain properties will have less interest and be a better bargain.
"If you buy something that is pristine, painted, clean—brand new—you're going to be competing … . This is truly the time when the folks who are willing to roll up their sleeves and do some work will benefit from it," says Procida.
So if you're ready to buy but wondering if you can qualify for a loan, Procida recommends the following:
Put down 20 percent on a home or don't buy it. He says even if you can get a larger loan, don't risk it. "Buy within your means. Look how we got in this crisis," says Procida. He adds, "There are still people out there doing no income verification loans." Bottom line—buy what you can afford.
Check your credit. Procida says one of his family members found out that there was $20,000 of erroneously reported credit debt. "It's absolutely incorrect, but it was on there," says Procida.
Clean up your credit. "If you have a delinquency clean it up, says Procida. And he advises that you check your report once it's been cleaned up because sometimes the credit agencies neglect to update your credit report.
Be prepared. Get all your financial records such as two years of tax returns in order and have them handy to make the loan process go smoothly.
Liquidity is key. Don't go buy a car before you plan to purchase a home (even if you can return it). Having cash helps to show you are qualified to buy at the price point you want.
Don't let a sluggish economy get you down. There are reasons to shop for personal items—including a new home. I recently saw an advertisement for a new car that said you could return the car in the first year if you lose your job. While there may not be that incentive for homes yet, some other perks might give you reason to start your housing search.
If you can afford to buy, consider making homeownership a goal this year, especially if you haven't owned a principal residence in three years prior to buying. The new stimulus package sweetens the deal for homebuyers who purchase a residence on or after January 1, 2009, and before December 1, 2009. The incentive is for first-time homebuyers who remain in their home for at least three years. It provides a credit for 10 percent of the home purchase price, up to an $8,000 limit. The credit can be taken on your 2008 or 2009 tax return.
If you close on a home after the April 15 tax deadline, you can apply for an extension provided that you close on your home before the extension deadline of October 15. If you're extra speedy and have already filed your 2008 return, don't worry—you can file an amendment to claim the credit. You have three years to do that. You'll need IRS Form 1040X to do that.
Taking the credit on your 2009 return or getting the benefit now, before filing your return, by adjusting your income wage withholding are also options.
The full credit applies to those first-time homebuyers whose modified adjusted income is less than $75,000 or $150,000 (filing jointly). The credit amount drops as your income rises. And if your income is over $95,000 or $170,000 (filing jointly) then you're out of luck—the credit is eliminated.
Be sure to speak to experts to ask questions as some other qualifications apply.
Yet another reason, you may want to shop around is to get in on the action while it's still a buyers' market. Others certainly see the U.S. as a stable place to invest. According to the Association of Foreign Investors (AFIRE), a survey released earlier this year showed that more than 53 percent of respondents ranked the "U.S. as the country providing the most stable and secure real estate investments."
Foreigners from China, Thailand, Vietnam, Mexico, Europe, and South America are traveling to the U.S. to see what real estate opportunities exist in the U.S. Areas such as Las Vegas, New York, and Miami have been infiltrated with foreigners who are buying now to take advantage of their stronger currency or the opportunity to stash their cash in a dollar-dominated place. While many are looking for commercial properties, some are vying for residential properties too.
"This is the greatest opportunity we've had in 50 years," says Billy Procida, president of William Procida, Inc., a turnaround management firm for middle market real estate companies. He says even though there is a lot of inventory on the market, certain properties will have less interest and be a better bargain.
"If you buy something that is pristine, painted, clean—brand new—you're going to be competing … . This is truly the time when the folks who are willing to roll up their sleeves and do some work will benefit from it," says Procida.
So if you're ready to buy but wondering if you can qualify for a loan, Procida recommends the following:
Put down 20 percent on a home or don't buy it. He says even if you can get a larger loan, don't risk it. "Buy within your means. Look how we got in this crisis," says Procida. He adds, "There are still people out there doing no income verification loans." Bottom line—buy what you can afford.
Check your credit. Procida says one of his family members found out that there was $20,000 of erroneously reported credit debt. "It's absolutely incorrect, but it was on there," says Procida.
Clean up your credit. "If you have a delinquency clean it up, says Procida. And he advises that you check your report once it's been cleaned up because sometimes the credit agencies neglect to update your credit report.
Be prepared. Get all your financial records such as two years of tax returns in order and have them handy to make the loan process go smoothly.
Liquidity is key. Don't go buy a car before you plan to purchase a home (even if you can return it). Having cash helps to show you are qualified to buy at the price point you want.
Wednesday, April 1, 2009
FOR SALES: Business, Commercial, Stucco Homes, and Condos
EASTSIDE HOMES FOR SALES
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30 STUCCO HOMES FOR SALES
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GAS STATION FOR SALE
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SUSHI BUSINESS FOR SALE
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CAPITOL HILL CONDOS FOR SALE
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67 BUSINESSES FOR SALES: Subway, Quizzno, Garlic Jim, Gas Station, and Sushi
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100 COMMERCIAL BUILDINGS FOR SALES
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30 STUCCO HOMES FOR SALES
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GAS STATION FOR SALE
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SUSHI BUSINESS FOR SALE
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CAPITOL HILL CONDOS FOR SALE
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67 BUSINESSES FOR SALES: Subway, Quizzno, Garlic Jim, Gas Station, and Sushi
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100 COMMERCIAL BUILDINGS FOR SALES
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Wednesday, March 25, 2009
GREAT DEAL in NORTHGATE CONDOS
http://seattletimes.nwsource.com/html/businesstechnology/2008918753_thornton25.html
Please let me know if you have any questions.
Thank you,
CAITLIN Mallika Ngoc Lu
REAL ESTATE AGENT, SPI
206-335-4567 (BEST way to reach me)
425-877-1251 (Fax)
http://agentcaitlin.blogspot.com/
(Let me know if you want to be included on my daily updates of listings, interest rates, events, jobs)
Please let me know if you have any questions.
Thank you,
CAITLIN Mallika Ngoc Lu
REAL ESTATE AGENT, SPI
206-335-4567 (BEST way to reach me)
425-877-1251 (Fax)
http://agentcaitlin.blogspot.com/
(Let me know if you want to be included on my daily updates of listings, interest rates, events, jobs)
NEW LISTINGS: Commercial Buildings, Businesses, Luxury Condos, and Homes
AMAZING DEALS: $399K 2009 STUCCO HOME with 4beds/2.5baths, 7840sqft LOT
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Wednesday, March 18, 2009
FOR SALE: 2003 Home Built Located in Kirkland
42 Businesses and 64 Commercial Buildings FOR SALES
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Wednesday, February 25, 2009
HOMES/CONDOS ON THE MARKET: King and Snohomish Counties
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Friday, February 20, 2009
LOOKING FOR JOBS? LOOK at 22+ EMPLOYERS HERE
Here are a few web sites that I think it might be helpful to you:
http://www.earlylearningjobs.org/
http://www.seattlejobsocial.com/
http://www.seattle20.com/
http://seattle.craigslist.org/jjj/
http://seattle.bizjournals.com/seattle/jobs/
http://www.covestic.com/careers_opportunities.html
http://www.revelconsulting.com/
http://www.covestic.com/careers_opportunities.html
http://tbe.taleo.net/NA6/ats/careers/searchResults.jsp?org=WETPAINT&cws=1
http://www.intelligentinsites.com/company/careers.html
http://www.commercialmillionsbonus.com/
http://www.eggsprout.com/
http://www.slideshare.net/lisabe/ms-saudi
www.mactusgroup.com email resume to careers@mactusgroup.com reference Core IO/Facebook
valerie.scarsellato@intel.com
www.intel.com/jobs/usa
http://www.intel.com/lifeatintel/
ADITI TECH:
ravikp@aditi.com
http://www.marchex.com/careers
http://www.invisocorp.com/
http://www.tableausoftware.com/
http://www.bluwater.com/
http://www.oakwoodsys.com/.
http://jeffsrecruitingblog.blogspot.com/
http://www.vmware.com/company/jobs/openings/
ANTHONY TSIM
425-705-5670
Anthony_Tsim@hotmail.com
JUN LI
425-444-5866
J.FlyingFish@gmail.com,
MEENU SAINI
206-724-9899
MeenuSaini5@gmail.com
SHELLY KAMRAN
V-Shekam@microsoft.com
DON LELAND
KFORCE TECHNOLOGY STAFFING
Account Manager
206-234-8907
Dleland@kforce.com
KYLE WEBB
XTREME
Director, Business Development
425-753-5294
KyleW@XtremeConsulting.com
BETSY BASCH, PHR
PARKER TECHNICAL
Senior Recruiter
206-652-1573
BetsyB@ParkerServices.com
MONITA NHEM
THE COBALT GROUP
Recruiter
206-219-8189
Mnhem@ColbaltGroup.com
NOAH PERSON
VERTICAL MOVE
Technical Recruiter
425-956-3998
Nperson@VerticalMove.com
Ryan LumPrincipal ConsultantDDI:
425 460 4291Mobile: +1 425 533 1928
40 Lake BellevueSuite 100Bellevue WA 98005USA t:
+1 425 635 0300f: +1 425 635 0333w: www.greythorn.com
http://www.earlylearningjobs.org/
http://www.seattlejobsocial.com/
http://www.seattle20.com/
http://seattle.craigslist.org/jjj/
http://seattle.bizjournals.com/seattle/jobs/
http://www.covestic.com/careers_opportunities.html
http://www.revelconsulting.com/
http://www.covestic.com/careers_opportunities.html
http://tbe.taleo.net/NA6/ats/careers/searchResults.jsp?org=WETPAINT&cws=1
http://www.intelligentinsites.com/company/careers.html
http://www.commercialmillionsbonus.com/
http://www.eggsprout.com/
http://www.slideshare.net/lisabe/ms-saudi
www.mactusgroup.com email resume to careers@mactusgroup.com reference Core IO/Facebook
valerie.scarsellato@intel.com
www.intel.com/jobs/usa
http://www.intel.com/lifeatintel/
ADITI TECH:
ravikp@aditi.com
http://www.marchex.com/careers
http://www.invisocorp.com/
http://www.tableausoftware.com/
http://www.bluwater.com/
http://www.oakwoodsys.com/.
http://jeffsrecruitingblog.blogspot.com/
http://www.vmware.com/company/jobs/openings/
ANTHONY TSIM
425-705-5670
Anthony_Tsim@hotmail.com
JUN LI
425-444-5866
J.FlyingFish@gmail.com,
MEENU SAINI
206-724-9899
MeenuSaini5@gmail.com
SHELLY KAMRAN
V-Shekam@microsoft.com
DON LELAND
KFORCE TECHNOLOGY STAFFING
Account Manager
206-234-8907
Dleland@kforce.com
KYLE WEBB
XTREME
Director, Business Development
425-753-5294
KyleW@XtremeConsulting.com
BETSY BASCH, PHR
PARKER TECHNICAL
Senior Recruiter
206-652-1573
BetsyB@ParkerServices.com
MONITA NHEM
THE COBALT GROUP
Recruiter
206-219-8189
Mnhem@ColbaltGroup.com
NOAH PERSON
VERTICAL MOVE
Technical Recruiter
425-956-3998
Nperson@VerticalMove.com
Ryan LumPrincipal ConsultantDDI:
425 460 4291Mobile: +1 425 533 1928
40 Lake BellevueSuite 100Bellevue WA 98005USA t:
+1 425 635 0300f: +1 425 635 0333w: www.greythorn.com
Wednesday, February 4, 2009
REAL ESTATE INFO: Pay more to sell a home faster
Jim McCarty decided a year ago to give real-estate agents an added incentive to guide buyers past the clutter of for-sale signs to his vacant four-bedroom house about 20 miles outside Minneapolis.
He agreed to pay his agent an 8% commission, which would be split (55% to 45%) with the agent representing the buyer. Full-service agents in the past few years have been charging 6% commissions and frequently less. Discount brokers charge much less.
MORE DETAILS...go here
http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/PayMoreToSellAHomeFaster.aspx
He agreed to pay his agent an 8% commission, which would be split (55% to 45%) with the agent representing the buyer. Full-service agents in the past few years have been charging 6% commissions and frequently less. Discount brokers charge much less.
MORE DETAILS...go here
http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/PayMoreToSellAHomeFaster.aspx
TAX INFO: 5 tax myths that can cost you money
5-MYTH: Please read on
Myth 1: Students are exempt
Myth 2: My child is working, so I can't claim him as my dependent
Myth 3: I'm over age 55, so I can sell my house tax-free
Myth 4: I can deduct my sales taxes
Myth 5: I'm married, so I have to file a joint return
MORE DETAILS:
http://articles.moneycentral.msn.com/Taxes/AvoidAnAudit/5taxMythsThatCanCostYouMoney.aspx?page=1
Myth 1: Students are exempt
Myth 2: My child is working, so I can't claim him as my dependent
Myth 3: I'm over age 55, so I can sell my house tax-free
Myth 4: I can deduct my sales taxes
Myth 5: I'm married, so I have to file a joint return
MORE DETAILS:
http://articles.moneycentral.msn.com/Taxes/AvoidAnAudit/5taxMythsThatCanCostYouMoney.aspx?page=1
LOAN INFO: Is there such a thing as a no-cost or no-fee loan?
In a word, no. If you see a promotion for a no-fee or no-cost loan, be skeptical.
An advertised "no-fee" loan means the borrower does not have to pay any escrow or closing costs up front.
Here’s the catch, and it’s a big one. The loan may actually cost the borrower more over the long term because all of these costs are rolled into the new note through higher interest or more principal.
Banking regulators have been cracking down on these misrepresentations. It costs money to process a loan, and you must eventually pay it one way or another.
http://moneycentral.msn.com/quickref/quickref.asp?Cat=10&SelCat=4&RefType=0&QAMode=1&QID=86&Topic=4&Sub=6
An advertised "no-fee" loan means the borrower does not have to pay any escrow or closing costs up front.
Here’s the catch, and it’s a big one. The loan may actually cost the borrower more over the long term because all of these costs are rolled into the new note through higher interest or more principal.
Banking regulators have been cracking down on these misrepresentations. It costs money to process a loan, and you must eventually pay it one way or another.
http://moneycentral.msn.com/quickref/quickref.asp?Cat=10&SelCat=4&RefType=0&QAMode=1&QID=86&Topic=4&Sub=6
Wednesday, January 28, 2009
MOST EXPENSIVE HOMES IN WA STATE
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Thursday, January 15, 2009
INTEREST RATES UPDATE: 1-15-09, Thursday
4.750% = 15yrs Fixed Rate
5.250% = 30yrs Fixed Rate
>6.500% = 5/1 ARM Fixed Rate
NOTE:
***These rates are 30-day LOCK period
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
5.250% = 30yrs Fixed Rate
>6.500% = 5/1 ARM Fixed Rate
NOTE:
***These rates are 30-day LOCK period
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
INTEREST RATES UPDATE: 1-14-09, Wednesday
4.750% = 15yrs Fixed Rate
5.250% = 30yrs Fixed Rate
>6.500% = 5/1 ARM Fixed Rate
NOTE:
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
5.250% = 30yrs Fixed Rate
>6.500% = 5/1 ARM Fixed Rate
NOTE:
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
Tuesday, January 13, 2009
INTEREST RATES UPDATE: 1-13-09, Tuesday
4.750% = 15yrs Fixed Rate
5.375% = 30yrs Fixed Rate
>6.500% = 5/1 ARM Fixed Rate
NOTE:
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
5.375% = 30yrs Fixed Rate
>6.500% = 5/1 ARM Fixed Rate
NOTE:
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
INTEREST RATES UPDATE: 1-12-09, Monday
4.750% = 15yrs Fixed Rate
5.500% = 30yrs Fixed Rate
>6.500% = 5/1 ARM Fixed Rate
NOTE:
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
5.500% = 30yrs Fixed Rate
>6.500% = 5/1 ARM Fixed Rate
NOTE:
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
Friday, January 9, 2009
YOU'VE GOT TO SEE THIS HOME!
- $650,000 ==> KIRKLAND CITY
- 3766sqft LIVING SPACE
- 4 BEDROOMS; 3.5 BATHROOMS
- BUILT in 2008
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONmA6LU6O0luLwCkSwr4enEI%3D&KeyRid=1&Include_Search_Criteria=
- 3766sqft LIVING SPACE
- 4 BEDROOMS; 3.5 BATHROOMS
- BUILT in 2008
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONmA6LU6O0luLwCkSwr4enEI%3D&KeyRid=1&Include_Search_Criteria=
INTEREST RATES UPDATE: 1-9-09, Friday
4.500% = 15yrs Fixed Rate
4.875% = 30yrs Fixed Rate
>6.500% = 5/1 ARM Fixed Rate
NOTE:
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
4.875% = 30yrs Fixed Rate
>6.500% = 5/1 ARM Fixed Rate
NOTE:
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
SAMMAMISH/REDMOND/KIRKLAND HOMES Built in 2000+
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONiPPiePCLqG45ke3Wp%2Foq2U%3D&KeyRid=1&Include_Search_Criteria=on
Thursday, January 8, 2009
BRAND NEW CONDOS
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONq2j6IUr5LYP1VFB0SPQN%2Fs%3D&KeyRid=1&Include_Search_Criteria=on
BRAND NEW HOMES
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONo02SpNoSf5e0g41kbYz9yo%3D&KeyRid=1&Include_Search_Criteria=on
INTEREST RATES UPDATE: 1-8-09, Thursday
4.375% = 15yrs Fixed Rate
4.750% = 30yrs Fixed Rate
>7.375% = 5/1 ARM Fixed Rate
NOTE:
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
4.750% = 30yrs Fixed Rate
>7.375% = 5/1 ARM Fixed Rate
NOTE:
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
CAITLIN'S CONTACT INFORMATION
CAITLIN MALLIKA NGOC LU
REAL ESTATE AGENT
Skyline Properties, Inc.
206-335-4567 (best way to contact me nowadays)
AgentCaitlin@gmail.com
Http://AgentCaitlin.BlogSpot.Com
http://www.facebook.com/people/Caitlin-Mallika-Ngoc-Lu/644271203
I SERVE BUYERS/SELLERS IN:
- WASHINGTON STATE: King and Snohomish Counties
- CALIFORNIA STATE: Silicon Valley, Orange County and LA
- INDIA COUNTRY (Effective May 2009)
REAL ESTATE AGENT
Skyline Properties, Inc.
206-335-4567 (best way to contact me nowadays)
AgentCaitlin@gmail.com
Http://AgentCaitlin.BlogSpot.Com
http://www.facebook.com/people/Caitlin-Mallika-Ngoc-Lu/644271203
I SERVE BUYERS/SELLERS IN:
- WASHINGTON STATE: King and Snohomish Counties
- CALIFORNIA STATE: Silicon Valley, Orange County and LA
- INDIA COUNTRY (Effective May 2009)
CAITLIN'S APOLOGY
Friends,
This BLOG is a work-in-progress masterpiece. Please accept my apology in advance if any contents in here are below your expectation and any errors I've unintentionally made. I will do my best to rectify any mistakes in a timely manner.
This BLOG is a work-in-progress masterpiece. Please accept my apology in advance if any contents in here are below your expectation and any errors I've unintentionally made. I will do my best to rectify any mistakes in a timely manner.
DISCOUNTS
By using my REAL ESTATE BUSINESS CARD... you will get these discounts from my
friends/colleagues.
DISCOUNT and VENDOR NAME:
- 5% off at APNA BAZAAR Grocery Store in Bellevue, WA*
- 10% off at MEHFIL Fine Dining Indian Restaurant*
- 10% off at NAVYA LOUNGE, Restaurant/Bar, Seattle, WA*
- 15% off at TOMMY THAI in Kirkland, NE 85th and 122nd*
- 20% off at PRO NAILS located in Bellevue (pedicure/manicure/facial treatment, etc.)*
- $50 for 1st Time Consultation on PERSONAL TRAINING Service*
- 25% off at HOTEL, INN at HARBOR STEPS, Seattle*
- $525 off at WELLSFARGO BANK for your Refi or New Mortgage (Underwriting fee)***
- 25% off on MORTGAGE with CAITLIN
- $300 off on Processing Fee and Free Credit Report at COUNTRYWIDE***
- 40% off on FURNITURE purchase, Cost Less Furniture Co. ***
NOTE:
*Applies to Washingtonians only!
***Applies to 50 States
You DON'T have my Business Card? Call me or Email me!
friends/colleagues.
DISCOUNT and VENDOR NAME:
- 5% off at APNA BAZAAR Grocery Store in Bellevue, WA*
- 10% off at MEHFIL Fine Dining Indian Restaurant*
- 10% off at NAVYA LOUNGE, Restaurant/Bar, Seattle, WA*
- 15% off at TOMMY THAI in Kirkland, NE 85th and 122nd*
- 20% off at PRO NAILS located in Bellevue (pedicure/manicure/facial treatment, etc.)*
- $50 for 1st Time Consultation on PERSONAL TRAINING Service*
- 25% off at HOTEL, INN at HARBOR STEPS, Seattle*
- $525 off at WELLSFARGO BANK for your Refi or New Mortgage (Underwriting fee)***
- 25% off on MORTGAGE with CAITLIN
- $300 off on Processing Fee and Free Credit Report at COUNTRYWIDE***
- 40% off on FURNITURE purchase, Cost Less Furniture Co. ***
NOTE:
*Applies to Washingtonians only!
***Applies to 50 States
You DON'T have my Business Card? Call me or Email me!
$669,999 KIRKLAND HOME LOCATED IN JUANITA
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONrPrNFyJOiEYpJ25g6RaZ8Y%3D&KeyRid=1&Include_Search_Criteria
HOME FOR SALE: Bothell, Woodinville, Kenmore
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONj3wsSikwOLgrljQKDyJmKU%3D&KeyRid=1&Include_Search_Criteria=on
HOME FOR SALE: Kirkland/Redmond/Sammamish
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONiJ7xrz0N2QlEL7L2VPjycQ%3D&KeyRid=1&Include_Search_Criteria=on
RATES UPDATE = WED = 1/7/2009
30yrs LOAN PROGRAM LOOKS PROMISING!!!!
4.375% = 15yrs Fixed Rate w/ Principal + Interest Payment
4.625% = 30yrs Fixed Rate w/ Principal + Interest Payment
>7.375% = 5/1 ARM Fixed Rate w/ Principle + Interest Payment
NOTE:
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
4.375% = 15yrs Fixed Rate w/ Principal + Interest Payment
4.625% = 30yrs Fixed Rate w/ Principal + Interest Payment
>7.375% = 5/1 ARM Fixed Rate w/ Principle + Interest Payment
NOTE:
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
RATES UPDATE = TUE = 1/6/2009
4.375% = 15yrs Fixed Rate
4.750% = 30yrs Fixed Rate
>7.375% = 5/1 ARM Fixed Rate
NOTE:
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
4.750% = 30yrs Fixed Rate
>7.375% = 5/1 ARM Fixed Rate
NOTE:
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
RATES UPDATE = MON = 1/5/2009
4.625% = 15yrs Fixed Rate Principal + Interest (P+I) Loan Program
5.125% = 30yrs Fixed Rate P+I Loan Program
ABOVE 7.25% = 5/1 ARM Fixed Rate P+I Loan Program
NOTE:
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
5.125% = 30yrs Fixed Rate P+I Loan Program
ABOVE 7.25% = 5/1 ARM Fixed Rate P+I Loan Program
NOTE:
***Mortgage professionals received these rates update on daily basis. Note that the lender representative or loan officer will charge you Origination Fee plus the third parties closing costs in order to get this MARKET RATE. Also, your rate is depend on your Loan to Value, Credit Score, and Downpayment.
***Wellsfargo Bank's Rates
EARN $250,000 to $500,000 in REAL ESTATE APPRECIATION and IT IS TAX FREE
Here is how:
1) You can earn up to $250,000 in Real Estate Appreciation if you are a SINGLE PERSON
2) You can earn up to $500,000 in Real Estate Appreciation if you are a MARRIED COUPLE
***Appreciation is based on the LOCATION and other factors.
1) You can earn up to $250,000 in Real Estate Appreciation if you are a SINGLE PERSON
2) You can earn up to $500,000 in Real Estate Appreciation if you are a MARRIED COUPLE
***Appreciation is based on the LOCATION and other factors.
THINGS YOU CAN DEDUCT from your income...
FIRST TIME HOMEBUYERS:
Here are the basic items that you can deduct from your Annual Salary:
- INTEREST PAYMENT
- PROPERTY TAX
- ORIGINATION FEE
- HOME INSPECTION FEE
a. If you refinance your mortgage, ask me in person or via phone. Too wordy to explain
in here.
Primary Residence = can be a home or a condo or a townhome
Here are the basic items that you can deduct from your Annual Salary:
- INTEREST PAYMENT
- PROPERTY TAX
- ORIGINATION FEE
- HOME INSPECTION FEE
a. If you refinance your mortgage, ask me in person or via phone. Too wordy to explain
in here.
Primary Residence = can be a home or a condo or a townhome
BRAND NEW HOMES
PRICE TAG: $500,000--$700,000
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONhpwb0J7XFUyz7lblebX%2FCU%3D&KeyRid=1&Include_Search_Criteria=on
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONhpwb0J7XFUyz7lblebX%2FCU%3D&KeyRid=1&Include_Search_Criteria=on
MOST EXPENSIVE HOMES IN WA STATE
PRICE TAG: $10,000,000 -- $35,000,000
Dream BIG. Think BIG. Dream does come true ;0)
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONnqHumb9daFhEd7JBFFtF1s%3D&KeyRid=1&Include_Search_Criteria=on
Dream BIG. Think BIG. Dream does come true ;0)
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONnqHumb9daFhEd7JBFFtF1s%3D&KeyRid=1&Include_Search_Criteria=on
LISTING: COMMERCIAL FOR SALE
PRICE = Up to $2,000,000.00
CITIES = Kirkland, Redmond, Bellevue, Bothell, Lynnwood and Seattle
Please let me know if you'd like to know more details on any of them.
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONm2tmQd6YyC7W%2BM9sNuQ%2Bvs%3D&KeyRid=1&Include_Search_Criteria=on
CITIES = Kirkland, Redmond, Bellevue, Bothell, Lynnwood and Seattle
Please let me know if you'd like to know more details on any of them.
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONm2tmQd6YyC7W%2BM9sNuQ%2Bvs%3D&KeyRid=1&Include_Search_Criteria=on
LISTING: BUSINESS FOR SALE
PRICE = Up to $300,000.00
CITIES = Kirkland, Redmond, Bellevue, Bothell, Lynnwood and Seattle
***3 Quizzno's For Sales!
Please peruse the Business Listing below and let me know if you'd like to know more details on any of them.
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONrG14iY8NtND6Ge4ZjYyiuY%3D&KeyRid=1&Include_Search_Criteria=on
CITIES = Kirkland, Redmond, Bellevue, Bothell, Lynnwood and Seattle
***3 Quizzno's For Sales!
Please peruse the Business Listing below and let me know if you'd like to know more details on any of them.
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONrG14iY8NtND6Ge4ZjYyiuY%3D&KeyRid=1&Include_Search_Criteria=on
TIPS: 5 Ways to Get Better Compensation in 2009
1) Prove your worth to the company
2) Know the market and its demand (know yourself and how can your skills benefit the firm)
3) Ask for a 6-month review (make sure you build great rapport with your boss)
4) Ask for a review at a RIGHT TIME (this is the key)
5) Think outside of the box (if you want to climb up the ladder)
2) Know the market and its demand (know yourself and how can your skills benefit the firm)
3) Ask for a 6-month review (make sure you build great rapport with your boss)
4) Ask for a review at a RIGHT TIME (this is the key)
5) Think outside of the box (if you want to climb up the ladder)
HOME-4-SALE: MOTIVATED SELLERS, Home @ $669,999 w/ 5%SOC (Buyer's Agent's)
DETAILS ON THIS HOME:- Built in 2003
- 2570sqft Living Space
- 4 bedrooms; 2.5 bathrooms; woodfloor; iron rail upstair; chandeliers; elaborate entrance
- Superb condition; move-in ready!
- Lake Washington School District
- Motivated Sellers!!!!!!!!!!!!!!!!!
HOME SITE:
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONrPrNFyJOiEYpJ25g6RaZ8Y%3D&KeyRid=1&Include_Search_Criteria=
INFO: LOAN INFORMATION
Friends,
This loan program existed in year 2007 and it went away on 3rd and 4th quarters of year 2008. Hence, it is no longer available, except the following downpayments that you need to arm yourself with when you are planning to purchase a home/condo/townhome.
DOWN PAYMENT & LOAN PROGRAMS:
I. 3.5% Down Payment for FHA Loan (one person/family can have 1 FHA loan only)
II. 5% or 10% or 15% or 20% down payment for Primary Home Purchase (house/condo/townhome)
III. 20%+ for investment properties (home/commercial/condo/townhome for rentals)
HOW TO GET BEST INTEREST RATE:
A. You must evaluate your Salary, Credit Score (740+ as a median) and how much your
down payment. You will get charge on Premium Mortgage Insurance (PMI) if you down less
than 20%. This cost will add to your mortgage payment (including Interest, Principal,
Property Tax, Insurance, and PMI.)
B. The general rule is you try to stay at $417K loan amount, a net after your downpayment
in order to get the best rate possible.
C. Jumbo Loan is anything above the $417K amount, and you will get hit with a bit higher
interest rate than the conventional loan amount.
This loan program existed in year 2007 and it went away on 3rd and 4th quarters of year 2008. Hence, it is no longer available, except the following downpayments that you need to arm yourself with when you are planning to purchase a home/condo/townhome.
DOWN PAYMENT & LOAN PROGRAMS:
I. 3.5% Down Payment for FHA Loan (one person/family can have 1 FHA loan only)
II. 5% or 10% or 15% or 20% down payment for Primary Home Purchase (house/condo/townhome)
III. 20%+ for investment properties (home/commercial/condo/townhome for rentals)
HOW TO GET BEST INTEREST RATE:
A. You must evaluate your Salary, Credit Score (740+ as a median) and how much your
down payment. You will get charge on Premium Mortgage Insurance (PMI) if you down less
than 20%. This cost will add to your mortgage payment (including Interest, Principal,
Property Tax, Insurance, and PMI.)
B. The general rule is you try to stay at $417K loan amount, a net after your downpayment
in order to get the best rate possible.
C. Jumbo Loan is anything above the $417K amount, and you will get hit with a bit higher
interest rate than the conventional loan amount.
GOOD DEALS: FANTASTIC DEAL located in KIRKLAND
Check this $620,000 home out:- A HUGE Equity in this home for this price and its location!
- Built in 2006
- 4 bedrooms; 2.75 bathrooms; a den and bonus room; 3200sqft living space; >9000sqft lot
- Check out the site below
- Got questions for me? AgentCaitlin@gmail.com or call me at 206-335-4567
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONrd7lbkMT%2BpgxMu%2BfhFENtw%3D&KeyRid=1&Include_Search_Criteria=on
YOU CAN COMPARE THESE SOLD HOMES:
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONmYYC62lJwHVRIWolgZxbfA%3D&KeyRid=1&Include_Search_Criteria=on
- Built in 2006
- 4 bedrooms; 2.75 bathrooms; a den and bonus room; 3200sqft living space; >9000sqft lot
- Check out the site below
- Got questions for me? AgentCaitlin@gmail.com or call me at 206-335-4567
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONrd7lbkMT%2BpgxMu%2BfhFENtw%3D&KeyRid=1&Include_Search_Criteria=on
YOU CAN COMPARE THESE SOLD HOMES:
http://locator.nwmls.com/scripts/mgrqispi.dll?APPNAME=Locator&PRGNAME=MLSLogin&ARGUMENT=I9xUF6hi%2BAmcF%2B8gU%2BqONmYYC62lJwHVRIWolgZxbfA%3D&KeyRid=1&Include_Search_Criteria=on
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