November 2009

Appraisal FAQ's

Friday, November 20th, 2009 at 3:17am. 210 Views, 0 Comments.

Here is a quick blog on Frequently Asked Questions on Appraisals.

Who pays for the Appraisal?

The buyer.  Every now and then I would have a buyer saying his/her Lender will pay for it but most of the time it's the buyer cost.

Who orders the Appraisal?

The buyers lender.

How long do they usually take to get complete?

It depends.  I have seen them done anywhere from 3 days to 20 days.

What happens if the home appraises Lower than the purchase price?

We go back to the negotiating table with the Seller.  Basically the seller has to agree to lower the purchase price to close the deal because the buyer can't even get the loan if they don't.  And if the Seller doesn't want to reduce the price, the buyer may cancel and get their deposit back (if the Loan Contingency…

Tax Credit Extended and Expanded!!!

Saturday, November 7th, 2009 at 1:39am. 703 Views, 0 Comments.

I have been waiting for President Obama to sign off on this Tax Credit extension and today he finally did.  The Tax Credit doesn't expire December 1, 2009 anymore, it has been extended to April 30, 2010.  Actually you have to be in a binding sales contract signed by April 30, 2010 and the home purchase to be completed by June 30, 2010.

So Who Gets What?

The First Time Home Buyer Tax Credit up to $8,000 is pretty much the same with one exception that more people are eligible based on an increase in the amount of income someone may earn.

Also added to the Tax Credit program is for those who already own a residence some additional reasons to move to a new home.  This incentive comes in a form of a Tax Credit up to $6,500 for qualified purchasers who have owned…