Real Estate Blog 
Using the $8,000 Tax Credit Towards Down Payment
Wednesday, June 24th, 2009 at 1:57am. 50 Views, 0 Comments.
Just a quick blog with an update on using the $8,000 Tax Credit towards the down payment or closing cost. On May 29th, it seems HUD approved to use the Tax Credit towards down payment or closing cost but there isn't any third party who has fully implemented it into use. So basically it can not be done yet. One other thing to know when it will actually be available to be used is you can't use it as part of the 3.5% of the down payment. It would be used for down payments that are higher than the 3.5%.
Once one of my team members find a third party that implemented this program, I will blog about it right away.
Your San Diego Realtor,
Paul Caparas
858-349-2390
Where are all the Listings???
Tuesday, June 23rd, 2009 at 3:33am. 72 Views, 0 Comments.
The number 1 question I have been asked for the past month or so is
"where are all the listings?” Well, let’s think about it.
First, a traditional homeowner who isn't in financial trouble. Chances
are they aren't selling because they may owe more than their home is worth so
they rather wait it out. Next, homeowners who are in financial trouble
are probably planning to walk away from their home, trying to do a Short Sale
or the popular choice, talking with their Bank/Lender in doing a Loan Modification.
Lastly, Bank Owned Foreclosures. From last November to March, most Banks halted
Foreclosing on homes to wait for the details of President Obama's plans to help
distress homeowners so during that 4-5 month period, the inventory of homes…
Who is Selling?
Wednesday, April 8th, 2009 at 2:09am. 119 Views, 0 Comments.
There are different types of Sellers on San Diego’s MLS in this current market and here is a quick blog about them.
Traditional Seller - Seller isn’t in distress and no Lender Approval. Just a regular sale like what everyone is use to seeing 2 or 3 years ago.
Short Sale Seller - Currently trying to negotiate with his/her Lender to sell the home at the current market value even though the Loan Balance is higher. This Short Sale process is long and you will need a lot of patience. Everything including Purchase Price and Repairs are subject to Lender’s Approval. Basically the Lender has the final say on how much the home will sell for, not the Seller. My Buying Short Sale Blog
Bank Owned Seller - The Bank took…
$10,000 Tax Credit for New Home Purchase
Wednesday, April 1st, 2009 at 3:07am. 139 Views, 0 Comments.
By now you should know about the $8,000 First Time Home Buyer Tax Credit but did you know you can get an additional $10,000 Tax Credit if you purchase a Brand New Home! That's right, you can get up to $18,000 in Tax Credit. Well actually I think the $10,000 Tax Credit will be credited over 3 years which will still may still add up to $18,000. To learn more about the $10,000 tax credit, here is a link:
http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml
By the way, the $10,000 Tax Credit for a New Home Purchase is for only Califonia. So if you are interested in taking advantage of these credits and ready to buy your new home, please email me or give me a call at 858-349-2390. Thanks.
Paul Caparas
Broker Associate/REALTOR
Weichert Realtors…
First Time Home Buyer Tax Credit (Up To $8,000)
Tuesday, February 17th, 2009 at 5:22pm. 924 Views, 1 Comments.
Great News! First Time Home Buyers will get up to $8,000 Tax Credit if you purchase a principle residence on or after January 1, 2009 and before December 1, 2009. The best part is the $8,000 credit is it doesn’t have to be repaid!
For the past month or so I have been getting a lot of calls about this credit and now it passed, it is the time to take advantage of this credit. If you are interested in buying a home and would like to take advantage of this credit, please let me know. Even if you are not ready to buy now but maybe in 3-6 months, let’s get you prepared because you still have until December 1st!
We can have a quick meet and greet at my office to discuss your goal. Feel free to call me at 858-349-2390 or contact me…
FAQs on Buying a Bank Owned Foreclosure
Monday, February 16th, 2009 at 2:36am. 240 Views, 1 Comments.
This is just a quick Blog on Frequent Asked Questions on Buying a Bank Owned Foreclosure on the MLS. If you have a question that isn't on here, please let me know.
Is the Asking Price the Starting Bid?
No, it is just the Asking Price. You can offer whatever you want.
Is the process of Buying a Bank Owned Foreclosure long?
No. Once you make an offer, the average time for the Bank/Seller to respond is 3-5 days. Then once accepted, 30 day Escrow. This isn’t like a Short Sale where you make an offer and may have to wait a couple of months for a response on your offer.
What is the main difference from Buying a Bank Owned Foreclosure versus a Conventional Seller?
The Bank/Seller is Exempt from certain disclosures. They really…
100% Financing!?!
Wednesday, February 11th, 2009 at 2:25am. 174 Views, 0 Comments.
A Blog about VA Loans by Shelly Heimer with The Lenders Group
VA guaranteed loans are made by lenders and quarantined by
the U.S Department of Veterans Affairs (VA) to eligible veterans for the
purchase of a home. The guaranty means the lender is protected against loss if
you fail to repay the loan.
VA does not require a down payment and the borrower usually receives a lower interest rate than is ordinarily available with other loans.
Other benefits of a VA loan include:
· Negotiable interest rate (IRRL)
· Closing Cost Comparable – sometimes lower –than other financing types.
· No private mortgage insurance
· Right to prepay loan without penalties
· Mortgage can…
Bank Owned Foreclosures Coming Up on the Market
Tuesday, January 20th, 2009 at 1:35pm. 227 Views, 0 Comments.
I have been getting a lot of calls from potential buyer saying the inventory of homes for sale is somewhat lower than expected. Well this is what’s going on. For current home owners, it’s probably the worst time to sell your home so you barely see those homes on the market. And for Bank Owned Foreclosures, from what I was told, Banks are on hold on putting their Foreclosed homes on the market for the past month or so but that hold will end soon. The date that I am hearing is January 30th but is subject to change. With that being said, next month we may see a large inventory of Bank Owned Foreclosures and if you want to buy one, be prepared. Get Pre Approved and when you see the home you like and the price is right, go for it. All…
Highest and Best!
Tuesday, January 13th, 2009 at 1:27pm. 197 Views, 0 Comments.
If you are planning to buy a Bank Owned Foreclosure (REO) that is listed in the MLS, you might hear the term "Highest and Best". What is Highest and Best? Highest and Best is used when there are 2 or more offers on the Bank Owned Foreclosure property basically telling all potential Buyers to make their Highest and Best offer. This is the Bank/Seller's way of a multiple counter offer.
How to Approach Highest and Best
Now you might be thinking, I might be bidding against myself. Well you might or might not. The way to approach it is by making your Highest and Best offer where you will be happy if you get or don't get the home. What I mean is you decide on the price and terms where you say, I will be happy if I get the home on these price and terms but if…
Home Buying Process
Tuesday, December 16th, 2008 at 1:43am. 199 Views, 0 Comments.
Buying a home may be one of the largest purchases you will make in your life so here is a quick reference list you can use when you are in the process of buying a home.
1. Get Pre Approved - Don't start looking at homes until you are know how much you can afford.
2. Start Researching - Start researching online on what type of home and location you can afford.
3. Hire a Buyers Agent - Hire a Buyers Agent and tell him/her what exactly what you are looking for in your criteria. Now let them do the reseach for you such as keeping you updated with any New Hot Listings. The good ones sell Fast even in this market.
4. Look at homes - After looking about 3 homes in your criteria, your Buyers Agent will have a really good idea what you are looking for.
5. …