Team Green Earns NAR Short Sales and Foreclosure Certification
Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales
Glendale, CA, March 29, 2010 — Team Green with Keller Williams has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.
According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.
“As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”
The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves.
If you are in need of assistance in either buying or selling a short sale or foreclosed property, please call us today at 818.588.6476. All consultations are free and strictly confidential.
Monday, March 29, 2010
Friday, March 26, 2010
New California Hmebuyer Tax Credit Signed Into Law!!
New California Homebuyer Tax Credit
Yesterday Gov. Schwarzenegger signed Assembly Bill 183, the Homebuyer Tax Credit legislation, into law.
AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be able to take the allowed tax credit. The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).
The positive impact of the federal home buyer tax credit is clear. Nearly 40 percent of first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered, according to C.A.R. research conducted last year.
The state’s previous home buyer tax credit program was so successful that it ran out of tax credits by the end of June 2009, eight months before it was set to expire and just as housing markets appeared to be turning a corner. Unlike last year’s legislation, AB 183 adds a tax credit for the purchase of an existing home by a first-time home buyer.
AB 183 will significantly contribute to the effort to stimulate jobs-creation within California's housing market by helping to incentivize first-time home buyers to purchase homes that have been abandoned, foreclosed upon and returned to the lender, or have been sitting on the market for extended periods of time. It is these homes that will require substantial rehabilitation by the new owners, which will in turn generate a tremendous increase in jobs and accessory purchases connected to home improvement activities.
If you are considering selling, visit our free offers page by clicking here to get a free evaluation of your home. Buying or selling, if you are ready to make a move call us at 818.LVTMGRN (818.588.6476) or click here to contact us. We look forward to hearing from you.
Still not sold on us? See what our clients are saying about us by clicking here.
Yesterday Gov. Schwarzenegger signed Assembly Bill 183, the Homebuyer Tax Credit legislation, into law.
AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be able to take the allowed tax credit. The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).
The positive impact of the federal home buyer tax credit is clear. Nearly 40 percent of first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered, according to C.A.R. research conducted last year.
The state’s previous home buyer tax credit program was so successful that it ran out of tax credits by the end of June 2009, eight months before it was set to expire and just as housing markets appeared to be turning a corner. Unlike last year’s legislation, AB 183 adds a tax credit for the purchase of an existing home by a first-time home buyer.
AB 183 will significantly contribute to the effort to stimulate jobs-creation within California's housing market by helping to incentivize first-time home buyers to purchase homes that have been abandoned, foreclosed upon and returned to the lender, or have been sitting on the market for extended periods of time. It is these homes that will require substantial rehabilitation by the new owners, which will in turn generate a tremendous increase in jobs and accessory purchases connected to home improvement activities.
If you are considering selling, visit our free offers page by clicking here to get a free evaluation of your home. Buying or selling, if you are ready to make a move call us at 818.LVTMGRN (818.588.6476) or click here to contact us. We look forward to hearing from you.
Still not sold on us? See what our clients are saying about us by clicking here.
Friday, March 12, 2010
Offers That Stick
Offers That Stick
The phenomenon of multiple offers, a situation in which multiple buyers submit bids for a house and end up competing for it, has returned as of several months ago. It was prevalent in the strong market a couple of years ago and, now, the dropping prices, some sweet deals on distressed properties, relatively low interest rates, and an $8,000 federal tax credit for first-time buyers and a $6,500 credit for repeat buyers, have caused our local markets to heat up again. In fact, California practitioners report an explosion of competitive bidding, and in some places supply actually is shrinking and prices are ticking up. The result is that some buyers who are anxious and able to enter the market still are losing out.
For example, some of our clients have bid on—and lost out on—more than half a dozen properties. Wondering how to prepare? Keep in mind:
• Competent advice: Seek REALTORS® like Team Green who can explain how competitive a market is, and where you fit with it, and who are able to prepare you for the process—and potential disappointments—ahead. Most importantly, take their advice and study the comparable properties with them to ensure you understand the market.
• Investor competition: You may be competing with investors delivering contingency-free, all-cash offers. Be prepared to deliver your best offer, if need be. Also, get prequalified for loans, have all paperwork in order, and know precisely how high you can afford to bid.
• No automatic low balls: Despite market challenges, don’t automatically make offers dramatically below asking prices. If you’ve been eyeing a property that has seen multiple price reductions and you’re ready to jump, others likely have been doing the same. It makes for stiff competition. Some think that if an asking price is $325,000, they can get that house for $250,000. That’s not the case. Study neighborhood comparable properties that are for sale and that have sold and consult with your REALTOR® to develop strong, realistic offers.
• Buy less: Just one reason to look at property below your means is that you’ll have money in reserve to bid up if you need to.
• Short sales: The process can be tedious and lengthy. Short sale acceptance dates can run two weeks to six months. Negotiating short sales can be tricky, so be certain your agent is experienced in the process. And know whether you have the stomach for such a route. Team Green has certified short sale and foreclosure experts to help you with these special purchases. Make sure that if you decide to choose someone other than Team Green to represent you, that they are experts in the process.
• Bank-owned property: Again, you may be competing with investors. Work with your agent to determine properties’ worth. Make your offer as attractive as possible. That may entail offering a larger down payment, not requesting closing cost assistance, or agreeing to a shorter timeline. The more you have your ducks in a row before making an offer, the more sellers will see you’re ready, willing, and able to complete the transaction.
If you are considering selling, visit our free offers page by clicking here to get a free evaluation of your home. Buying or selling, if you are ready to make a move call us at 818.LVTMGRN (818.588.6476) or click here to contact us. We look forward to hearing from you.
Still not sold on us? See what our clients are saying about us by clicking here.
The phenomenon of multiple offers, a situation in which multiple buyers submit bids for a house and end up competing for it, has returned as of several months ago. It was prevalent in the strong market a couple of years ago and, now, the dropping prices, some sweet deals on distressed properties, relatively low interest rates, and an $8,000 federal tax credit for first-time buyers and a $6,500 credit for repeat buyers, have caused our local markets to heat up again. In fact, California practitioners report an explosion of competitive bidding, and in some places supply actually is shrinking and prices are ticking up. The result is that some buyers who are anxious and able to enter the market still are losing out.
For example, some of our clients have bid on—and lost out on—more than half a dozen properties. Wondering how to prepare? Keep in mind:
• Competent advice: Seek REALTORS® like Team Green who can explain how competitive a market is, and where you fit with it, and who are able to prepare you for the process—and potential disappointments—ahead. Most importantly, take their advice and study the comparable properties with them to ensure you understand the market.
• Investor competition: You may be competing with investors delivering contingency-free, all-cash offers. Be prepared to deliver your best offer, if need be. Also, get prequalified for loans, have all paperwork in order, and know precisely how high you can afford to bid.
• No automatic low balls: Despite market challenges, don’t automatically make offers dramatically below asking prices. If you’ve been eyeing a property that has seen multiple price reductions and you’re ready to jump, others likely have been doing the same. It makes for stiff competition. Some think that if an asking price is $325,000, they can get that house for $250,000. That’s not the case. Study neighborhood comparable properties that are for sale and that have sold and consult with your REALTOR® to develop strong, realistic offers.
• Buy less: Just one reason to look at property below your means is that you’ll have money in reserve to bid up if you need to.
• Short sales: The process can be tedious and lengthy. Short sale acceptance dates can run two weeks to six months. Negotiating short sales can be tricky, so be certain your agent is experienced in the process. And know whether you have the stomach for such a route. Team Green has certified short sale and foreclosure experts to help you with these special purchases. Make sure that if you decide to choose someone other than Team Green to represent you, that they are experts in the process.
• Bank-owned property: Again, you may be competing with investors. Work with your agent to determine properties’ worth. Make your offer as attractive as possible. That may entail offering a larger down payment, not requesting closing cost assistance, or agreeing to a shorter timeline. The more you have your ducks in a row before making an offer, the more sellers will see you’re ready, willing, and able to complete the transaction.
If you are considering selling, visit our free offers page by clicking here to get a free evaluation of your home. Buying or selling, if you are ready to make a move call us at 818.LVTMGRN (818.588.6476) or click here to contact us. We look forward to hearing from you.
Still not sold on us? See what our clients are saying about us by clicking here.
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