When I'm visiting with people here in Aurora,the question that I am asked most often isn't "What is a short sale?" but "Why do they call it a short sale when it takes so long?" The answer to that starts with the term "short". When we hear the word short we usually think of time or length. In this case it's neither. Think about how your bank account is at the end of the Christmas season, you very likely feel a little "short" on cash right? Well, that's what they mean here too. The person selling the house is asking the bank to accept a shortage on what is owed. So when you think about it that way it make a little more sense as to why it take so long. Once an offer has been submitted to the bank, they then have to look over everything and carefully weigh how much money they are willing to lose, or if they want to take the house back and try to sell it for more themselves. If you or someone you know is behind in their mortgage, and lets face it, most of us do. The first thing that should be done is to contact the bank and see if they would accept a modification of the loan. If they will, then keep the new payments current or even a little early. If that doesn't work, then the next step would be talking to a professional about a short sale. Many agents will work with a short sale, but few of us are certified to work with them. This certification means that we have taken extra training and know all of the ins and outs of what the bank is going to be asking for and looking at. If you'd like more information on this, please visit my site www.shortsalesinaurora.com for a free report that I have prepared especially for you.
Devin Bewley
CDPE, REALTOR
www.shortsalesinaurora.com
Tuesday, February 23, 2010
Monday, February 22, 2010
WHAT WILL THE MORTGAGE AND REAL ESTATE WORLD LOOK LIKE
IN 40 DAYS: -the government is scheduled to ends its $1.25 trillion purchasing of Mortgage Backed Securities.
-A 250,000 loan at 4.875% = $1323 monthly payment
-A 220,000 loan at 6.000% = $1319 monthly payment
A BUYER WILL LOSE $30,000 OF HOME PURCHASGIN POWER IN THE NEXT 6 MONTHS
Fed MBS Program Update: $55 Billion Left to Spend. Private Funding Needed http://www.mortgagenewsdaily.com/02182010_fed_agency_mbs_purchases.asp
IN 70DAYS: -the first time homebuyer tax credit and the move tax credit will be expired
-THIS IS FREE MONEY! People are getting paid up to $8000 for buying something they want! Call me for additional information.
For addition information, CLICK HERE: TAX CREDIT INFORMATION
OR cut and past this link into your web browser
http://MyOptInPage2.com/?pid=5795834
ADDITIONAL CHANGES COMING:
COMING THIS SPRING: FHA CHANGES -April 5, 2010
FHA upfront MI fee will increase from 1.75% to 2.25%
-on a $200,000 loan this is a $1000 INCREASE IN COSTS TO THE CONSUMER
FHA will lower allowable seller concessions form 6% to 3%
FHA will require 5% for certain buyers
-on a $200,000 loan this AN ADDITIONAL $3000 IN DOWN PAYMENT
FHA will be moved up minimum credit score requirement to 580. However, there is not a secondary lender in the country who will purchase an FHA loan with a 580 credit; all lenders are set at 620. With FHA moving up to 580; expect secondary lenders to follow suit by going to a 640 – 600 minimum requirement on FHA.
MORE INVETORY, LOWER PRICES
FHA has recently waived its 90 days seasoning requirement. This means that real estate investors are putting more homes on the market.
In December 2009; banks were forced to make the short process faster and easier…more short sales be sold now that at any point in 2009.
TAKE ACTION:
ARE YOU GOING TO MISS OUT ON THIS OPPORTUNITY?
WHO DO YOU KNOW WHOM THIS INFORMATION WILL HELP?
Contact me at 720-227-7270 or go to my website http://www.metrobrokersonline.com/agents/Devin.Bewley
Have a great day!
Devin Bewley
Thanks to Brian Pintar with Cherry Creek Mortgage for this information.
-A 250,000 loan at 4.875% = $1323 monthly payment
-A 220,000 loan at 6.000% = $1319 monthly payment
A BUYER WILL LOSE $30,000 OF HOME PURCHASGIN POWER IN THE NEXT 6 MONTHS
Fed MBS Program Update: $55 Billion Left to Spend. Private Funding Needed http://www.mortgagenewsdaily.com/02182010_fed_agency_mbs_purchases.asp
IN 70DAYS: -the first time homebuyer tax credit and the move tax credit will be expired
-THIS IS FREE MONEY! People are getting paid up to $8000 for buying something they want! Call me for additional information.
For addition information, CLICK HERE: TAX CREDIT INFORMATION
OR cut and past this link into your web browser
http://MyOptInPage2.com/?pid=5795834
ADDITIONAL CHANGES COMING:
COMING THIS SPRING: FHA CHANGES -April 5, 2010
FHA upfront MI fee will increase from 1.75% to 2.25%
-on a $200,000 loan this is a $1000 INCREASE IN COSTS TO THE CONSUMER
FHA will lower allowable seller concessions form 6% to 3%
FHA will require 5% for certain buyers
-on a $200,000 loan this AN ADDITIONAL $3000 IN DOWN PAYMENT
FHA will be moved up minimum credit score requirement to 580. However, there is not a secondary lender in the country who will purchase an FHA loan with a 580 credit; all lenders are set at 620. With FHA moving up to 580; expect secondary lenders to follow suit by going to a 640 – 600 minimum requirement on FHA.
MORE INVETORY, LOWER PRICES
FHA has recently waived its 90 days seasoning requirement. This means that real estate investors are putting more homes on the market.
In December 2009; banks were forced to make the short process faster and easier…more short sales be sold now that at any point in 2009.
TAKE ACTION:
ARE YOU GOING TO MISS OUT ON THIS OPPORTUNITY?
WHO DO YOU KNOW WHOM THIS INFORMATION WILL HELP?
Contact me at 720-227-7270 or go to my website http://www.metrobrokersonline.com/agents/Devin.Bewley
Have a great day!
Devin Bewley
Thanks to Brian Pintar with Cherry Creek Mortgage for this information.
Friday, February 19, 2010
Thursday, February 11, 2010
IRS Expands Low-Income Tax Credit
IRS Expands Low-Income Tax Credit
By Katelyn Ferral Print Article
RISMEDIA, February 6, 2010—(MCT)—There’s a bright spot in the nation’s dismal economic climate this tax season: The Internal Revenue Service (IRS) has expanded the Earned Income Tax Credit (EITC) for 2009, meaning more families are eligible for a larger return from the federal government.
The EITC now includes low-income working families with three or more children, and the top income limit has increased to $48,279 from $41,646 in 2008.
Changes also have been made to the definition of a qualifying child. The IRS estimates more than 5 million additional families will be eligible for the expanded credit this year.
The EITC gave back $50 billion to 24 million taxpayers across the country in 2008, said David Williams, director of electronic tax administration and refundable credits for the IRS. “EITC is one of the largest and most effective anti-poverty programs in government. It lifted millions of people out of poverty last year,” Williams said.
The IRS estimates one in four eligible taxpayers fail to file for the EITC. It’s turning to community partnerships and EITC Awareness Day events to get the word out to those who may not realize they’re eligible for the credit, including workers without qualifying children, non-traditional families and those who earn less than what’s required to file a tax return. “We want people to know that they’re eligible for a refundable tax credit, which means if you don’t owe money, we will still owe you money,” Williams said.
In addition to EITC Awareness Day, the agency is co-sponsoring Volunteer Income Assistance sites with local organizations, offering help with tax preparation and information about EITC and how to claim the credit. “EITC Awareness Day is especially important this year because people who lost their jobs last year, or who went from full-time to part-time work, could be eligible for the first time,” said Christopher Miller, IRS media relations spokesman for Wisconsin, in an e-mail.
(c) 2010, Milwaukee Journal Sentinel.
Distributed by McClatchy-Tribune Information Services.
I'm offering you a FREE Report to explain your options and help you decide on a course of action. The idea of losing a home can be overwhelming, and I feel it is vital for you to have all the facts necessary to make an informed decision. Go to shortsalesinaurora.com and click on the free report.
For more information, please contact me at devinbmetrobrokers@gmail.com or visit my web site for your free report www.shotsalesinaurora.com
Thank you and have a great day!
Devin Bewley
720-227-7270
REALTOR, CDPE
Bailey & Associates
Equal Opportunity Housing
By Katelyn Ferral Print Article
RISMEDIA, February 6, 2010—(MCT)—There’s a bright spot in the nation’s dismal economic climate this tax season: The Internal Revenue Service (IRS) has expanded the Earned Income Tax Credit (EITC) for 2009, meaning more families are eligible for a larger return from the federal government.
The EITC now includes low-income working families with three or more children, and the top income limit has increased to $48,279 from $41,646 in 2008.
Changes also have been made to the definition of a qualifying child. The IRS estimates more than 5 million additional families will be eligible for the expanded credit this year.
The EITC gave back $50 billion to 24 million taxpayers across the country in 2008, said David Williams, director of electronic tax administration and refundable credits for the IRS. “EITC is one of the largest and most effective anti-poverty programs in government. It lifted millions of people out of poverty last year,” Williams said.
The IRS estimates one in four eligible taxpayers fail to file for the EITC. It’s turning to community partnerships and EITC Awareness Day events to get the word out to those who may not realize they’re eligible for the credit, including workers without qualifying children, non-traditional families and those who earn less than what’s required to file a tax return. “We want people to know that they’re eligible for a refundable tax credit, which means if you don’t owe money, we will still owe you money,” Williams said.
In addition to EITC Awareness Day, the agency is co-sponsoring Volunteer Income Assistance sites with local organizations, offering help with tax preparation and information about EITC and how to claim the credit. “EITC Awareness Day is especially important this year because people who lost their jobs last year, or who went from full-time to part-time work, could be eligible for the first time,” said Christopher Miller, IRS media relations spokesman for Wisconsin, in an e-mail.
(c) 2010, Milwaukee Journal Sentinel.
Distributed by McClatchy-Tribune Information Services.
I'm offering you a FREE Report to explain your options and help you decide on a course of action. The idea of losing a home can be overwhelming, and I feel it is vital for you to have all the facts necessary to make an informed decision. Go to shortsalesinaurora.com and click on the free report.
For more information, please contact me at devinbmetrobrokers@gmail.com or visit my web site for your free report www.shotsalesinaurora.com
Thank you and have a great day!
Devin Bewley
720-227-7270
REALTOR, CDPE
Bailey & Associates
Equal Opportunity Housing
Sunday, February 7, 2010
Four tips to buying and selling real estate
Four tips to buying and selling real estate
Buying and selling real estate can be a confusing and nerve wracking experience. I have put together a few tips that can make the experience much more enjoyable and smooth.
The first thing that you will want to do is to check out your local market, or the area that you are looking to buy in, to see what other homes currently on the market are selling for. This will help you to decide what price you should be going for. If you’re selling your home, you don’t want to put a price on it that is to low and lose out on the money you should be able to get. Likewise, if you price it to high, you’ll end up holding onto it longer. The same can be said if you are going to be buying a home. You want to make sure that you aren’t paying to much, or that the area that you are looking at isn’t out of your price range.
Secondly, you want to make sure that you have a well qualified agent working for you. Say for example, you are looking for senior housing. In that case you would want someone who is a Certified Senior Housing Specialist. Maybe you are behind on your mortgage and need to do a short sale, then you’d want a Certified Distressed Property Expert to help you through all that that entails. Most importantly, you want to make sure that they have the REALTOR designation. The reason for this is that while all real estate agents adhere to a strict code of ethics, a REALTOR has agreed to abide by an even more strict code. Those of us with this designation take it very personally and are very proud to have it.
Number three on your game plan should be to consult the appropriate specialists. You may need to talk to a lawyer or an accountant to see what buying or selling your home may mean for you in other areas of your life. If you are selling your home, have it inspected when it is first listed, this way there are no surprises once you are under contract. If you are buying a home with a loan, get a pre-approval letter from your lender so that you don’t end up falling in love with a home that you can’t afford.
Once you have an idea of where you want to live, or how much you want to sell your home for, then you need to set up a game plan with your agent. This way, everyone knows what the goals and expectations are and they can work together towards them. This way you can have something of a checklist with your agent as to what you will be doing and what they will do to help you.
For more information on buying or selling a home, you can contact me at
http://www.metrobrokersonline.com/agents/Devin.Bewley
if you or someone you know is in mortgage trouble please get my free report 7 short sale myths at www.shortsalesinaurora.com
Thank you,
Devin Bewley CDPE, REALTOR
Metro Brokers
Buying and selling real estate can be a confusing and nerve wracking experience. I have put together a few tips that can make the experience much more enjoyable and smooth.
The first thing that you will want to do is to check out your local market, or the area that you are looking to buy in, to see what other homes currently on the market are selling for. This will help you to decide what price you should be going for. If you’re selling your home, you don’t want to put a price on it that is to low and lose out on the money you should be able to get. Likewise, if you price it to high, you’ll end up holding onto it longer. The same can be said if you are going to be buying a home. You want to make sure that you aren’t paying to much, or that the area that you are looking at isn’t out of your price range.
Secondly, you want to make sure that you have a well qualified agent working for you. Say for example, you are looking for senior housing. In that case you would want someone who is a Certified Senior Housing Specialist. Maybe you are behind on your mortgage and need to do a short sale, then you’d want a Certified Distressed Property Expert to help you through all that that entails. Most importantly, you want to make sure that they have the REALTOR designation. The reason for this is that while all real estate agents adhere to a strict code of ethics, a REALTOR has agreed to abide by an even more strict code. Those of us with this designation take it very personally and are very proud to have it.
Number three on your game plan should be to consult the appropriate specialists. You may need to talk to a lawyer or an accountant to see what buying or selling your home may mean for you in other areas of your life. If you are selling your home, have it inspected when it is first listed, this way there are no surprises once you are under contract. If you are buying a home with a loan, get a pre-approval letter from your lender so that you don’t end up falling in love with a home that you can’t afford.
Once you have an idea of where you want to live, or how much you want to sell your home for, then you need to set up a game plan with your agent. This way, everyone knows what the goals and expectations are and they can work together towards them. This way you can have something of a checklist with your agent as to what you will be doing and what they will do to help you.
For more information on buying or selling a home, you can contact me at
http://www.metrobrokersonline.com/agents/Devin.Bewley
if you or someone you know is in mortgage trouble please get my free report 7 short sale myths at www.shortsalesinaurora.com
Thank you,
Devin Bewley CDPE, REALTOR
Metro Brokers
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