Let's Talk About It

I know I am in the minority when I say that the passage of The Emergency Economic Stabilization Act of 2008 was needed, needed quickly and I support the bill

I think that when the bill was first drafted a few weeks ago and introduced to us by President Bush, the labeling of it as a "bailout" was a huge mistake. To me, a bailout is something given with nothing in return. This bill is not that; it authorizes the Treasury to buy mostly mortgage backed securities from investment banks. These securities have a value and will likely to increase in value over the next few years as our economy turns around. These securities will then be offered to investors for more than what they were purchased for, hence we taxpayers should see a profit and hopefully a tax benefit of some kind.

I say the bill was needed because there had to be something done that would get this "bad paper" off of the bank's books so they would start lending money again...money for businesses to make payroll, buy inventory, expand their operations, home purchases, new cars, college tuition. If the bill wasn't passed, we would have witnessed lending completely freeze up as banks would not even want to lend money to other banks.

Here is a link to an article by the National Association of Realtors that gives you a summary of the bill and what it means to me and you.

The Emergency Economic Stabilization Act of 2008

I am working with several buyers right now, two have made offers recently on bank owned properties only to find out that there was slightly better offers made a few hours before ours. We will eventually be in the right place at the right time.

With this said, if you are thinking of buying a home soon, don't hesitate when you find the one that feels right. Don't "think about it overnight", just do it.

With the feds financial workout plan being constructed, I look for a rush of buyers very soon. Lenders will be wanting business as soon as the bad paper is off the banks books.

Get out there now and find what you want before somebody beats you to it. Call or email me with any questions or to get started.

Someone sent me this video clip. I usually don't pass this stuff around, but this one is just way too funny not to.

Enjoy.

Since the intervention of the Feds into Fannie and Freddie's business, mortgage interest rates have taken a dive.

If anyone is on the fence now, they are not serious buyers. Plenty of inventory and LOW interest rates along with somewhat less restrictive requirements to qualify.

Most lenders have already passed a "drop dead" date for their FHA loans using seller contributed funds using a non-profit organization.

There are still a couple that are doing loans using the program and have not set a date yet for a rate lock.

If a buyer is thinking of buying a home using a FHA loan and seller contributed funds...they must make contact with a Realtor and mortgage person ASAP.

Many of my potential home buyers have been waiting for prices to continue to drop.  However, there is new information that may affect your ability to purchase a home in today's market.

On Sept 29th, 2008, the most popular down payment assistance programs where you can receive up to 10% of the home's value to be used for your down payment and closing cost is being eliminated.  Most banks are stopping this on the Sept 15th.

While prices may be coming down, it is highly unlikely that it will come down more than what you will receive by taking advantage of this program.

This program is for FHA Loans. But, if you want to take advantage of this program before the Sept 15th deadline, we have to act now.

Please click the link below to begin speaking to a mortgage representative to get started.  You have nothing to lose and a down payment to gain.

Thank you and call me with any questions. Click this link to begin the process.

Some real estate agents absolutely hate giving any of their commission up. I am finding that in today's slow real estate market, we need to be aware of what home buyers and sellers are feeling. Sometimes we have to think outside the box to keep our business moving forward. That is why from now through the end of the year, I am offering home buyers a rebate. The amount depends on the sale price of the home. Details are below.

There are plenty of homes available and tons of "good deals" just waiting to be had right now. Usually during the fall season, home sellers are willing to negotiate a better deal because they want to get the home sold before cold weather and the holidays.

This is why I am making a special offer to you. Purchase a home with me and receive a cash rebate after closing to use anyway you need to...buy some new window coverings, buy the paint to cover up the purple walls...whatever you need, or just put it away for a rainy day.

Here is my offer.

The legislation that recently enacted that gives first time home buyers up to a $7,500 tax credit may be a good idea for some, but for many home buyers, it may be a catastrophe waiting to happen.

In a nutshell, a first time home buyer can receive up to a $7,500 no interest loan that is to be repaid over 15 years. Sounds good, right? Well, if you sell your home anytime prior to the loan being repaid, you will be required to pay the balance out of any equity you have in the home at closing.

Here is a link to a brochure and FAQ's about the program.

Here is a link to a good Q and A web site that should help you decide if this is a good idea for you.