June 2009

Using the $8,000 Tax Credit Towards Down Payment

Wednesday, June 24th, 2009 at 1:57am. 219 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.

Where are all the Listings???

Tuesday, June 23rd, 2009 at 3:33am. 279 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, San Diego 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…