Category Archives: West Linn home buyers

HUD releases $8000 tax credit update.

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Details are in from HUD on how the $8000 1st time home buyer credit is to be handled through the escrow process; 
Released 6/1/09 from Brian D Montgomery Assistant Secretary for Housing

First Time Home Buyer may use $8000 tax credit for closing costs, prepaids, buying down of interest rate, or downpayments over and above the 3.5% required by FHA. 
Though home buyers may not use towards the 3.5% minimum downpayment but can increase the downpayment using the tax credit.
This is all new to the market and buyers and their lenders will be scambling to make this happen.  Basically, it is moving the credit forward and handled through the escrow of closing. 
FHA expects due diligence from lenders and buyers alike to ensure tax credit entitlement is not taken advantage of and will require FHA to monitor. 
For more information about the $8000 tax credit  and how you can take advantage of free money, give us a call. 
Roberta Nopson 503-495-5231 
Accredited Buyers Representative

$8000 for your downpayment – HUD says yes!

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To sweeten the spring selling season – first time home buyers $8000 credit just turned to cash ~ for your downpayment that is… What are you waiting for?  Choice inventory – incredible rates – and now your downpayment. 

Maybe – not so fast.  HUD is working toward this but as of yet is not able to implement….

Take advantage of this excellent opporturnity – give us a call 503-495-5231. 

HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit

WASHINGTON, May 12, 2009

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the
Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.

Donovan’s remarks came in an address to several thousand Realtors® gathered this morning at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors® Midyear Legislative Meetings & Trade Expo here.

 

Lake Oswego – Looking for a good deal today?

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Most Lake Oswego buyers and sellers in the know understand the phrase ‘real estate is local’.  We hear the news and read the stats that are generalized from national to regional, and sometimes the Oregonian will do a piece on the Portland housing market.  The terms of short sale, bank owned foreclosures and the like are the buzz. 

I get alot of calls and emails from buyers wanting to take advantage of an ‘opportune buy’.  Who wouldn’t.  The buzz has the buyers that have been on the sidelines ready to move back in the market. 

After spending some time with these buyers and/or investors I get the skinny on how they view ‘opportunity’.  Most only want to look at RE0′s (bank owned) or short sales (seller under water).  This leaves a segment of inventory that buyers are forgetting about.

The Motivated Lake Oswego Seller….This is a seller that has given their agent the special authorization to use this term.  The seller wants an offer…any offer.  This is a seller that would bring money to closing to get the home sold.  These are not desperate sellers these are motivated sellers.  This is a seller that would rather pay money than loose their credit rating.

How does opportunity look today in Lake Oswego? 

  • 77 short sales being offered
  • 16 REO properties
  • 25 Motivated Sellers

621 active listings =  19%  opportunity.

Knowing the market and understanding buyers and sellers is what we do.  If you would like more information about the Lake Oswego, West Linn or Portland metro opportune buys.  Give us a call 503-495-5231.

$8000 tax credit – free money if you qualify

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This is a great opportunity for a first time home buyer or one who has not owned a home in the past 3 years.  It is really a double bonus with home prices down to 2005 levels here in the Portland metro area, not only is the home buyer getting a great price, but a credit back from uncle same for making a great investment.  Not one that will need to be paid back unless you sell your home within the first 3 years of home ownership.

Income restrictions apply – for singles 75K or 150K for married filing jointly.   For more detail check out http://www.robertanopson.com/2009-home-buyers-tax-credit.html  or email me and I will forward my home buyers tax credit fact sheet.  Info@lakeoswegohomesellers.com .

To bad the original $15,000 plan with no income restrictions did not pass.  An even better plan would have been one that did not have the first time/3 year limit attached.  Letting home sellers move their current home and then buying their next home and being giving the tax credit.  That would be a stimulous.

Not that this will be the cure all, it is a step in the right direction.  Every home buyer was a first time once.  It can be a very exciting time.  Pricing is down, interest rates are down, and a tax credit, not to mention the tax deduction your new home will give you!

NOTE – I am not a tax professional in this life or the last one….  For tax advise always consult your tax professional.  If you choose to go it alone, remember I told you to seek advise!