Tag Archives: allegheny township

New Changes for Home Buyers

Yesterday I was at a meeting regarding new changes in the home buying industry. There is a lot to know for all parties involved in the process and starting October 3, 2015 (unless it is delayed again), there will be new waiting periods in the buyers paperwork for the mortgage due to the requirement to re-disclose new or updated information to the consumer.

The CFPB (Consumer Financial Protection Bureau), has initiated new waiting periods to protect the consumer/home buyer. If a loan is originated before October 3, 2015, it will fall under the current rules.

So basically why is this important? Because it can affect your closing date. This is really MY main concern for both my buyers and sellers. I will tell you that if you have all your life’s belongings in a truck and you are thinking you are driving it right over to the next house, hmmm, maybe not. This can and does happen now (on occasion for various reasons) but the risk from what I am seeing may be higher.

Ok, my point is if you are buying a home after October 3, 2015, (and you are not paying cash) you need to have good people working with you can keeping up on paper work. Buyers and sellers also need to diligently participate with the process. A buyer needs to get info and paper work to the lender as soon as possible. Do everything they tell you to do and what they tell you NOT to do. ( Don’t go buy new furniture on your credit card before you close or anything else large for that matter like a new car – it will change your debt to income ratio if you are right on the edge – just don’t do it!) You can buy the furniture or whatever after you close. Your credit and employment is checked again before closing.

So one of the things that can trigger a re-disclosure: If the fees to the buyer changes more than 1/8 of a percent at a certain point, it can trigger a re-disclosure. If this re-disclosure is with in 3 days of closing, hmmm, your are not closing on your scheduled date. This is one example of a re-disclosure scenario. Now I was also told that all banks do not do 3 days some may make it as late as 7 days. If the buyer does not have access to email then it will be the later time period.

One of the lenders that I work with is trying to make this process as smooth as possible for the buyers and everyone involved.

Attached are a few videos to explains some of the process. If you have bought a home before, then you may be familiar with terms and paper work that is mentioned already. If not you will be seeing it, if you are buying a home. Make sure you surround yourself with good, efficient, and knowledgeable people. You will be fine.

I do not necessarily endorse the companies providing information in this video.  The buyer is free to choose their own lender and closing/title company.  These video were made with the original deadline date of August 1, 2015 which has since been delayed to October 3, 2015 of of this blog entry.

 

 

Would You Want a Home with This Inclusion?

This morning the agents in my office visited a few new homes that came up for sale.  It is an older home great shape but needs some updating and would make a great starter home. It has two full baths, brick, and is cape cod style. There is another home on the property that has two bedrooms, block building, real cute, would make a great rental. Both are located on a 1.6 acre lot. The property has plenty of level area for picnics or playing but over in the corner is . . . . a cemetery. It is a quite interesting. Would that keep you away or give you interest in buying? There appears to be about maybe about twelve grave stones. The stones date as far back as the 1700’s. It is surprising that you can even read some of the stones.  I was able to snap a few with my cell phone. This property is only maybe about 2 miles from our office. It comes with a cute stove too.

So in summary:Â Two homes (a two and a three bedroom) on 1.6 acres and a cemetery for a little over $100K.

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Homebuyer Tax Credit Window is Ticking Away

The days and hours are ticking away for the homebuyer tax credit. Have you pick a house? Activity is picking up fast. Keep in mind that you have to approximately October 1, 2009 to get a property under contract with a seller.   It will take approximately 6-8 weeks to close.  A homebuyer needs to close on their home by November 30, 2009 to qualify for the government homebuyer tax credit. Keep in mind there is a holiday in this window and loan officers will not be available during this time. The 6-8 week period is an average processing time as long as things go smoothly. So if you have your eye on that house or are sitting on the fence, jump off and get running. You have about two weeks left.

Additional Tax Credit Info

Real Estate Market is Picking Up

You know, as an agent, I am noticing changes in the market. I have recently seen some homes go on the market and sell in a week or a day. Some foreclosures and some regular home sales. Homes are starting to move faster. Some homes are crisp, clean, and great curb appeal and some homes are just a plan good old deal that needs just a little work.

Just last week I started working with a young couple that is getting married in the summer.  They are looking for a starter home under $30K. There are a few around that are in livable condition. Funny thing is that at least three they inquired about were sold in less than a week with multiple offers. One that had been on the market for over a year had four interested parties including mine and boom gone – sold to the owner’s daughter.

So inventory is getting sold off more quickly. I must say from what I am seeing, it is a fast moving spring market for the homes that are priced right and have the appeal.  Buyers you have a little over 6 months to take advantage of the first time home buyer tax credit. Combine that with today’s interest rates.  Also, consider those homes that have been sitting there (that you have been watching), they may not get reduced anymore in price.  They will just be sold – boom gone.

When I bought my first home in 1993, I had been looking for quite sometime. At that time the market was turning over houses very quickly. I kept loosing them to other buyers – it was very frustrating. The home that I chose, had only been on the market 10 days. I walked in and new I wanted it. I had the offer written up that night and it got accepted. I was told another woman was coming back the next day to pay cash and I beat her to it. I was so happy that I was able to secure the home. I lived there for almost 10 happy years.

Previous Posts

First-Time Homebuyer Federal Tax Credit Info

First-Time Homebuyer Tax Credit Details

Great News! Tax Credit Can Be Used for Down Payment

Spacious Colonial on Two Country Acres

This two story home is an exceptional buy. The long driveway leading to this spacious home on two acres is pleasantly inviting. Relax on the font porch or lounge on the back porch near the pool. There is lots of room to run and play. The down stairs has a wonderful open floor plan. There is a first floor mud/laundry room next to the large garage. Perfect for keeping all the dirt from coming inside. The garage has additional storage above the parking area. The kitchen is newly remodeled with hardwood floors. The carpet throughout the house is in excellent shape. Sprawl out in this four bedroom, two and a half bath home that is ready for immediate occupancy. There are also three finished rooms in the basement ready for business or hobbies. The home also has newer windows and a home warranty. It is a must see! Recently reduced to $249,900.

Contact me to view today!

433 Markle Rd
Allegheny Twp
Apollo, PA 15613

MLS#758965


Virtual Tour

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Spring is Almost Here and It is Time to Buy!

This is definitely a buyers market. There is still a lot of inventory, prices are low and interest rates are low. Take advantage of this point in time and get in the market. The market is picking up and activity is increasing.

The following is from ReatlyTimes.com article:

“We are seeing a confluence of events that contributes to the increase in the number of closed sales,” said Quincy Virgilio, president of the Santa Clara County Association of Realtors in San Jose, CA.

“Interest rates are at a record low and the affordability index nears a 5-year high. For first-time buyers, rents are skyrocketing and that’s an added incentive to buy a home now,” added Virgilio, also broker-owner of Realty World California Property Network, also in San Jose.”

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photo copyright 2000, Amy S. Myers,

First-Time Homebuyer Federal Tax Credit Info

The president my company, Century 21, Tom Kunz, sent out a letter summarizing the great benefits for this new first-time buyer credit. Please see below an explanation that may be easier to understand but remember to always consult a tax or legal professional to see how it is truly going to help you financially.

“As you may have heard, significant improvements in the temporary First-Time Homebuyer Tax Credit were signed into law on Feb. 17 as part of the American Recovery and Reinvestment Act of 2009 to provide a housing stimulus for first-time home purchases that occur between Jan. 1 and Dec. 1, 2009.

This is even better news for first-time homebuyers than the tax credit announced in April 2008 because not only has the tax credit maximum increased from $7,500 to $8,000 – but more significantly – it does not need to be repaid unless the individual re-sells the home within three years.

There are several notable points about this federal income tax credit that I have bulleted for your convenience. They are:

• Credit maximum was increased from $7,500 to $8,000. The credit is calculated as 10% of the purchase price. Example: If the purchase price is $70,000, the credit is $7,000.
• Removed the repayment requirement, provided the homebuyer does not resell the home for three years.
• Eligibility remains for first-time homebuyers only. In this case, a first-time homebuyer is defined as an individual who has not owned a primary home at any time during the three years prior to purchase, but who may have done so prior to that time. Although certain income limits do apply, the amount of the credit is the same for all taxpayers, married or single.
• To be eligible for the full tax credit, the homebuyer can have an annual adjusted gross income of no more than $75,000 ($150,000 on a joint return). A homebuyer with an annual adjusted gross income above that level and up to $95,000 ($170,000 on a joint return) is eligible for a reduced tax credit.
• The tax credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home between Jan. 1, 2009 and Dec. 1, 2009. It can be claimed on a 2008 tax return (to be filed by April 15, 2009), an amended 2008 tax return, or a 2009 tax return. Individuals should consult a professional tax advisor for exact tax calculations and timing.”

Here is an outline to help you better see how this benefit will work. View the Consumer Guide chart and see the explanation of these important points.  The National Association of Realtors® has created a Major Modifications Chart.

Again please note that Real Estate Agents are not a tax or legal professionals, so as a home buyer you should consult you own advisors.

Frequently Asked Questions for First-Time Homebuyer Tax Credit from the National Association of Realtors website, Realtor.org

Previous Related Post on First-Time Home Buyer Credit

Price Reduced – One Floor Living

Get ready for spring with this cozy two bedroom ranch home that has many updates: New roof, siding, deck with awning, and includes appliances. There is a large basement and plumbing for another bath. You will love the over-sized yard which is great for picnic fun. Some finishing touches need completed Also includes a HSA Home Warranty. Call today to view!


Location: 227 Talisman Lane, Harrison Twp, Natrona Heights, PA 15065


Click here for more details and photos – refer to MLS 760973


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