Relocate to Wisconsin : May 2009

 

 

BUYER BEWARE of Tax Credit

 

The first time homebuyers tax credit of $8,000 has been approved by HUD for all FHA loans. But don't get too excited too quickly. If you get a chance to read the mortgagee letter, ML 2009-15, it states that you can't use this tax credit for the required down payment of 3.5%.

HUD originally put out mortgagee letter 2009-15 on May 12th, but was rescinded the next day. Please read about that here : $8,000 tax credit rescinded by HUD. For some reason, it was prematurely placed on HUD's web site, but apparently wasn't finalized. Now we have a new version and if not read correctly, you could be putting misinformation out there. So what does the new mortgagee letter state?

 

 

 

Here is the positive part about the tax credit. You can receive the first time homebuyers tax credit upfront, but not through the IRS.  This would be illegal. Please read : It's illegal to receive your tax credit before you close on your home.  Buyers - BEWARE, please read that, because too many people are saying that you can get the money directly from the IRS prior to closing. The IRS & HUD both say no!!!

So how can you receive this upfront?  It can be given to you as a second or a silent second from any Federal, State, or local agencies, and any FHA mortgagee or any FHA approved non-profit organization.  People, in layman's terms, this is already acceptable by HUD's standards, except for the lender that is now able to give the monies upfront in a form of a 2nd mortgage. Another terminology is that this can be an advance loan from any of the entities mentioned above.

 

 

 

Summary :  Essentially, this means that the entities mentioned above, are purchasing this tax credit on your behalf and giving it back to you. The short version of this is that you can use some of the money from the $8,000 Tax Credit as your down payment, but after you put down the first 3.5% of that down payment. Meaning, you have to come up with 3.5% of your own money still. With FHA loans, it can still be a gift from a relative/family member.  It also can come from non-profit or government agencies to be used as your initial down payment, but not used through the tax credit. Overall, the tax credit that is advanced, can be used for all closing costs. But you can't receive monies back at closing. 

And again, keeping in mind, it's illegal to receive this tax credit upfront directly from the IRS. There is more verbiage in the mortgagee letter 2009-15 , but the main point is that you have to have 3.5% of the downpayment yourself, before you can use the tax credit that would be 'loaned' to you.

 

 

THOUGHTS??? - Well, in all honesty, how does this truly help? What is the gov't thinking here? As a buyer, I would still need the initial 3.5% of my monies for the down payment. Again, needing money to buy. I know some of you are for this fact, that buyers should have skin in the game. But keep in mind, this was not the true demise to our foreclosure mess. We need to sell houses to keep this economy going.  Just my opinions and food for thought.  thanks

 

 

My Series on the First time homebuyers $8,000 tax credit - Everything you need to now, from start to finish - What's allowed and what's not allowed :

• The $8,000 tax credit for first time home buyers - The basics - What to know about it  - Understanding what the tax credit is all about.

• Use a 6 month gift from a relative to buy a home, thanks to the Tax Credit - How to get creative in using the tax credit and some FHA mortgage guidelines in helping you use this tax credit to your advantage.

• Using First-Time Homebuyer Tax Credits for the Downpayment - It's GONE !!!! - The story of the $8,000 tax credit - The bottom line, you can't use the actual tax credit as your downpayment.. for your downpayment, unless you get it from other sources prior to buying the house and receiving the tax credit.

• FRAUD ALERT - Advice on the $8,000 first time homebuyers Tax Credit - Do you chance it??? - This explains to you that it's fraud if you directly obtain the money from the IRS before you actually purchase the house. Even HUD and many lenders/investors acknowledge this also.

• The $8,000 tax credit for First Time Homebuyers - How & when to get it legally -  So how can the tax credit be received legally for your downpayment? Just be careful of those that promise other ways not mentioned. I talk about what is illegal in the previous blog above. Please click the link.

• The First time homebuyer $8,000 tax credit has been amended - May 29th, 2009 - Buyer, beware !!! You still need 3.5% of your own money for the down payment. It can't come way of an upfront loan through the tax credit.

 

 

 

 

 

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages - 

- Conventional Loans - 203 k loans -

- Mortgages -

 

Experience & Knowledge at its BEST !!!

 

_________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!

Copyright © 2009 by Jeff Belonger

A few days ago I posted about contacting the White House ...as I read through the comments...I noticed Missy's comment....you asked for it you got it....

 

With over 147,413 members on the Activerain network ...if I learned one thing by being in this network...we is always better than me....so I challenge as many people as possible to take a minute and write the White House....

June 5th, 2009 or reblog a post...but better yet...write your own thoughts..directly to the White House!

Please post on that particular day.....or write the White House...lets flood the White House's contact us page and the search engines. 

I was really thinking do these people in Washington really understand what people are going through..hell what we as real estate agents are going through...trying to help people who want help but with little cooperation. 

Bailout the People and not Establishments!

We tend to write many great articles here...reporting the facts in many cases...we tend to express our opinion but really what good is it doing?  We can all do more......

CONTACT US

President Obama is committed to creating the most open and accessible administration in American history.

While some may think this is not your fight in truth it is everyone...its impacting...you...me and many others.  With empty houses...property values....and more broken dreams, uncooperative lenders, ridiculous time lines and the excessive cost to taxpayers today, tomorrow and the future. 

Sometimes all it takes...is that one extra voice...

Contact the White House June 5th, 2009

Are you with me????

Will I ever sell a listing again without the words short sale?

I'll be in the office putting together yet another short sale listing

It's clear, people need help today!

About The Author: Midori Miller is a Real Estate Trainer and writes and trains Real Estate Training and assists sellers in short sale situations. Midori is a Licensed Florida Real Estate Broker , License # BK645709 and a member of the Daytona Area Association of REALTORS. Contact midorimiller@yahoo.com or (386)453-3236.

To me this is good news...and worth sharing....I admit if it wasn't for Frank Garay and Brian Stevens of TBWS daily... I might not have caught this as fast as I did!

 

Imagine that a standardized short sale process...something that is long overdue and happy to see the government is doing something about it! 

Get Your Copy...

Know the changes especially if you boast of being a short sale expert!

Thanks Frank and Brian....

I love you guys and keep broadcasting because its good stuff!

 

About The Author:  Midori Miller is a Real Estate Trainer and writes and trains Real Estate Training and assists sellers in short sale situations. Midori is a Licensed Florida Real Estate Broker, License # BK645709 and a member of the Daytona Area Association of REALTORS.  Contact midorimiller@yahoo.com or (386)453-3236.

Don't waste any time!  This is a LIMITED TIME OFFER!!!

(I'll tell you about the limited aspect of this offer later in this post.)

Really, I know that sounds like a "come on".  You have been in this business.  You've seen all the scams and schemes being used to sell something to real estate agents.

If I can convince you that this offer is legitimate, would you be willing to spend $19.95 to learn from nine of your fellow agents.  These agents are sharing - no holds barred - what they have learned about technology and they want you to have the information.

What information you ask?

Reintroduce yourself to some of your Active Rain colleagues as I tell you what they have written for you.

I will briefly tell you about each expertly written chapter - just to give you a glimpse of how groundbreaking this book can be to you and your career. 

Have you ever seen another book where other agents took the time to share what they know so you can prosper?

You may already know you want the book.  If so, go to the order page here.  There is no reason to delay.

An uncommon treasure trove of information is what you will find here.  It is like having some of your favorite people sitting beside you and helping you undersand what needs to be done to take your business up to the next level.

Let me begin introducing each individual author from the upper left side and circle round the perimeter of the group and end with a little about my chapter.  (I'm in the center.)  You will find more information about each chapter in the blog of the individual author.

Missy Caulk - If you have been attempting to sort out the advantages of different marketing approaches on your website...sit down with Missy as she downloads a wealth of experience into her chapter, "Time vs Money (Organic Searches vs Pay per Click)".  This is not just a clever title or a quick teaser.  You will find a complete analysis of the pros and cons of the two approaches to being found on the internet - instead of being buried like a "needle in a haystack" on the world wide web.

Colleen Fischesser - If you were thinking that this book may be "too elementary my dear" - I want to assure you that you will learn a thing or two from Colleen.  This veteran agent and prolific blogger teaches you how to "Become the Master of Your Own Domain."  She compares template websites to a fully customized site.  She invites us to accompany her in her evolution in becoming a webmaster and gives us the truth about the challenges...even some of the mistakes she has made along the way.  Don't miss her 5 Essential Steps in building your own website.  Miss one step on this list and you will get more frustration than success.

Brian Block - He counts himself lucky to be the only man among eight brilliant women in this book.  His chapter helps us move "Towards 100% Online Lead Generation."  He explores specific strategies to move your business in the same direction as today's client - online!  In a time where 87% of the potential buyers spend months on the internet before contacting an agent, he gives us great timely tips that will hep us to take control over lead generation. Learn exactly how to gain the trust of these "agent-phobic" clients...make more profit...and have fun doing it.

Carol Smith - If you feel like giving up saying that you are too far behind to even try, you need to read Carol's chapter,  "Technology: Nemesis or Redeemer?".  She gives you a gentle nudge to break down the barriers that are holding you back and "take the plunge" into the internet.  With her advice, you will step with confidence into the world of our internet-enabled clients and truly profit from it.

Joeann Fossland - All these tech-tools can be wonderful!  But they can actually be an impediment to creating profit in your business if you cannot control the time you spend on using those tools.  Joeann, a renown and intuitive real estate coach, brings us face-to-face with the reality of time management.  This chapter alone will be worth the price of the book.  "How to Avoid Burn Out or Addiction" has 10 effective methods for lowering the risk of complete overload.

Sarah Reiter - You may understand the value of all these technological advances...but how do you get it all done???  The answer might be a REVA.  Sarah's chapter, "Virtual Assistants - The Future of Real Estate Support" lists 7 primary areas where a REVA can assist in your marketing.  She also gives us 6 reasons why a virtual assistant may be better than having an on-site assistant.  Perhaps the most valuable part of her chapter is where she gives specific, step-by-step instruction about how to hire a REVA. 

Natalie Langford - The old adage "List to Last" in real estate has a whole new meaning when you are expected to be everywhere and do everything for today's sellers.  They know that the buyers are on the internet and they want to be assured that their listing has a prominent place on the web too.  Her chapter, "Using Internet Tools to Serve the Seller" is a vital resource for you to use in meeting the expectations of sellers.  Use her checklists for the 8 essential areas for superior online marketing presence.  She offers one list of resources after another in this chapter to make it easy for you to see where you are and learn new ways to sell more homes with the internet.

Celeste "Sally" Cheeseman - In an upbeat and positive way that can only be offered by this Active Rainer, Sally shares her personal journey into blogging.  Her chapter helps us to see "Through the Eyes of a Real Estate Industry Social Media Blogger."  Beginning in early 2007, she has been a consistent, reliable source of that "Aloha" spirit and has attracted hundreds of fans from around the world.  She invites us to use her 9 bottom-line points of advice...calling it "It all boils down to this."  You can't miss this charming, personal and interesting chapter.

Kathi Frank - That's me!  I readily admit at the very beginning of this book, "I am, without a doubt, the most technologically inept person involved in this book."  However, I am hyper-aware of the changing expectations of the internet-enabled client.  In my chapter, I try to help you "Speak the Language of Today's Internet-Enabled Client".  All the tools and techniques will fail you if you speak to the clients in the same way you have been taught in the past - with scripts and dialogues that sort and qualify prospects in a way that is aggessive and outdated.

Now - The LIMITED OFFER!!!

 The first printing of the books have been ordered and will soon be available in print.  You have the opportunity to get an advanced digital download of the entire 140 page book.  Right NOW! AT NO COST TO YOU!  This exclusive offer is only good until June 30, 2009. 

After that date, you will pay $12.95 for the digital book PLUS $19.95 for the printed book.

 You simply do not want to miss this amazing opportunity!  Technology is literally changing the future of our business.  Whether you are a novice, or a tech-expert in your own right, this book will help you take total control over your real estate business by exploring every facet of what needs to be done.

You know?  211 degrees is pretty darn hot!  But at 212, it is boiling and making steam!!!  Only one degree, but there is quite a difference.  While hot water is nice for taking a shower, boiling water has more potential.  You can use it to cook, or to run a steam engine.

I bet you are wondering why I am making this point.  The point is - one degree makes a huge difference...just one.  Take a look at your business right now.  Are you getting all the profit you want out of your business?  Do you have efficiencies in place that allow you to enjoy that profit?

No matter how good you are at technology - or how happy you are with your business - there is always room for that extra degree.  That one degree that takes your business from hot to steaming!!

There is absolutely no doubt that you will get one great idea from this book that will make you $$THOUSANDS$$.  You can get the book today in digital form.  In about 4-6 weeks, you will get the printed book.  All for the price of the printed book alone. 

Imagine what it will be like to have the book on your computer as a resource when you have a question.  With the click of your mouse, you can bring up the chapter that covers your question in an instant...NOW!  Then, soon you will be able to carry the book around with you - making notes in the margins and highlighting the passages that you plan to implement into your business.

Why are you still reading this blog post???

Haven't you placed your order yet?

Right now - you can get both the digital download of the book - instantly!

And the printed book in about 4-6 weeks at the low price of $19.95.

Get busy!

Don't waste any time!  This is a LIMITED TIME OFFER!!!

(I'll tell you about the limited aspect of this offer later in this post.)

Really, I know that sounds like a "come on".  You have been in this business.  You've seen all the scams and schemes being used to sell something to real estate agents.

If I can convince you that this offer is legitimate, would you be willing to spend $19.95 to learn from nine of your fellow agents.  These agents are sharing - no holds barred - what they have learned about technology and they want you to have the information.

What information you ask?

Reintroduce yourself to some of your Active Rain colleagues as I tell you what they have written for you.

I will briefly tell you about each expertly written chapter - just to give you a glimpse of how groundbreaking this book can be to you and your career. 

Have you ever seen another book where other agents took the time to share what they know so you can prosper?

You may already know you want the book.  If so, go to the order page here.  There is no reason to delay.

An uncommon treasure trove of information is what you will find here.  It is like having some of your favorite people sitting beside you and helping you undersand what needs to be done to take your business up to the next level.

Let me begin introducing each individual author from the upper left side and circle round the perimeter of the group and end with a little about my chapter.  (I'm in the center.)  You will find more information about each chapter in the blog of the individual author.

Missy Caulk - If you have been attempting to sort out the advantages of different marketing approaches on your website...sit down with Missy as she downloads a wealth of experience into her chapter, "Time vs Money (Organic Searches vs Pay per Click)".  This is not just a clever title or a quick teaser.  You will find a complete analysis of the pros and cons of the two approaches to being found on the internet - instead of being buried like a "needle in a haystack" on the world wide web.

Colleen Fischesser - If you were thinking that this book may be "too elementary my dear" - I want to assure you that you will learn a thing or two from Colleen.  This veteran agent and prolific blogger teaches you how to "Become the Master of Your Own Domain."  She compares template websites to a fully customized site.  She invites us to accompany her in her evolution in becoming a webmaster and gives us the truth about the challenges...even some of the mistakes she has made along the way.  Don't miss her 5 Essential Steps in building your own website.  Miss one step on this list and you will get more frustration than success.

Brian Block - He counts himself lucky to be the only man among eight brilliant women in this book.  His chapter helps us move "Towards 100% Online Lead Generation."  He explores specific strategies to move your business in the same direction as today's client - online!  In a time where 87% of the potential buyers spend months on the internet before contacting an agent, he gives us great timely tips that will hep us to take control over lead generation. Learn exactly how to gain the trust of these "agent-phobic" clients...make more profit...and have fun doing it.

Carol Smith - If you feel like giving up saying that you are too far behind to even try, you need to read Carol's chapter,  "Technology: Nemesis or Redeemer?".  She gives you a gentle nudge to break down the barriers that are holding you back and "take the plunge" into the internet.  With her advice, you will step with confidence into the world of our internet-enabled clients and truly profit from it.

Joeann Fossland - All these tech-tools can be wonderful!  But they can actually be an impediment to creating profit in your business if you cannot control the time you spend on using those tools.  Joeann, a renown and intuitive real estate coach, brings us face-to-face with the reality of time management.  This chapter alone will be worth the price of the book.  "How to Avoid Burn Out or Addiction" has 10 effective methods for lowering the risk of complete overload.

Sarah Reiter - You may understand the value of all these technological advances...but how do you get it all done???  The answer might be a REVA.  Sarah's chapter, "Virtual Assistants - The Future of Real Estate Support" lists 7 primary areas where a REVA can assist in your marketing.  She also gives us 6 reasons why a virtual assistant may be better than having an on-site assistant.  Perhaps the most valuable part of her chapter is where she gives specific, step-by-step instruction about how to hire a REVA. 

Natalie Langford - The old adage "List to Last" in real estate has a whole new meaning when you are expected to be everywhere and do everything for today's sellers.  They know that the buyers are on the internet and they want to be assured that their listing has a prominent place on the web too.  Her chapter, "Using Internet Tools to Serve the Seller" is a vital resource for you to use in meeting the expectations of sellers.  Use her checklists for the 8 essential areas for superior online marketing presence.  She offers one list of resources after another in this chapter to make it easy for you to see where you are and learn new ways to sell more homes with the internet.

Celeste "Sally" Cheeseman - In an upbeat and positive way that can only be offered by this Active Rainer, Sally shares her personal journey into blogging.  Her chapter helps us to see "Through the Eyes of a Real Estate Industry Social Media Blogger."  Beginning in early 2007, she has been a consistent, reliable source of that "Aloha" spirit and has attracted hundreds of fans from around the world.  She invites us to use her 9 bottom-line points of advice...calling it "It all boils down to this."  You can't miss this charming, personal and interesting chapter.

Kathi Frank - That's me!  I readily admit at the very beginning of this book, "I am, without a doubt, the most technologically inept person involved in this book."  However, I am hyper-aware of the changing expectations of the internet-enabled client.  In my chapter, I try to help you "Speak the Language of Today's Internet-Enabled Client".  All the tools and techniques will fail you if you speak to the clients in the same way you have been taught in the past - with scripts and dialogues that sort and qualify prospects in a way that is aggessive and outdated.

Now - The LIMITED OFFER!!!

 The first printing of the books have been ordered and will soon be available in print.  You have the opportunity to get an advanced digital download of the entire 140 page book.  Right NOW! AT NO COST TO YOU!  This exclusive offer is only good until June 30, 2009. 

After that date, you will pay $12.95 for the digital book PLUS $19.95 for the printed book.

 You simply do not want to miss this amazing opportunity!  Technology is literally changing the future of our business.  Whether you are a novice, or a tech-expert in your own right, this book will help you take total control over your real estate business by exploring every facet of what needs to be done.

You know?  211 degrees is pretty darn hot!  But at 212, it is boiling and making steam!!!  Only one degree, but there is quite a difference.  While hot water is nice for taking a shower, boiling water has more potential.  You can use it to cook, or to run a steam engine.

I bet you are wondering why I am making this point.  The point is - one degree makes a huge difference...just one.  Take a look at your business right now.  Are you getting all the profit you want out of your business?  Do you have efficiencies in place that allow you to enjoy that profit?

No matter how good you are at technology - or how happy you are with your business - there is always room for that extra degree.  That one degree that takes your business from hot to steaming!!

There is absolutely no doubt that you will get one great idea from this book that will make you $$THOUSANDS$$.  You can get the book today in digital form.  In about 4-6 weeks, you will get the printed book.  All for the price of the printed book alone. 

Imagine what it will be like to have the book on your computer as a resource when you have a question.  With the click of your mouse, you can bring up the chapter that covers your question in an instant...NOW!  Then, soon you will be able to carry the book around with you - making notes in the margins and highlighting the passages that you plan to implement into your business.

Why are you still reading this blog post???

Haven't you placed your order yet?

Right now - you can get both the digital download of the book - instantly!

And the printed book in about 4-6 weeks at the low price of $19.95.

Get busy!