Now’s the time to make a move if you want to take advantage of the homebuyer tax credit, which expires on April 30. Remember, you have to close by June 30. That means short sales, which can often take longer than 60 days to close should be a last resort. Focus on bank owned and non-distressed properties. Happy hunting!
If you are interested in taking advantage of the homebuyer tax credit and buy a home in Northern Virginia, the clock is a-ticking. Seventy days to find your home sounds like a lot of time, but it will surely go by very quickly as you are competing with throngs of other buyers looking to cash in.
A word of caution: beware of writing offers on short sale listings. These transactions typically take 60 days or more to get to closing after you’ve ratified your contract. Keep in mind, you must close by June 30 to receive the credit. If you get under contract right at the deadline of April 30, you’ve only allowed yourself 61 days to get your deal closed.
If you or someone you know would like to buy a home in Northern Virginia, contact me anytime at 703-403-0536 / patrick@patrickduffyrealtor.com.
You see the foreclosure notices in the local paper and you hear they conduct these auctions “at the courthouse steps”. The courthouse isn’t the first place on your list of places you want to be.
Well, it’s actually a place brimming with opportunity for Northern Virginia real estate investors. Just take a look at how many people faithfully show up day in and day out hoping to snatch up a property.
Here are four things (this is certainly not all-encompassing) to consider before joining in the great poker game that is bidding at foreclosure auctions:
Decide what your goals are. Are you looking for a long or a short term investment? Long term will mean having your money tied up for longer and a smaller, but steady stream of income (renting the property). Short term will mean a larger lump sum back with a quicker recovery of your investment and profits (selling the property).
Do your research before and after getting involved. These transactions involve a significant amount of risk. I highly recommend getting a “lay of the land” before you ever participate. Go as a spectator a few times – see how the bidding process typically unfolds, see how various people operate, who bids on what. And once you are “in the game”, extensive research is required for each property you are considering buying. How much is the property worth? Are there any title issues that could impact me? Has the roof caved in on the house? I can’t stress enough, the importance of having good, reliable information before you bid on a property.
Get your team in place. Some team members you will need are a REALTOR, title company, insurance agent, and a licensed contractor for repairs and/or renovations.
Get your money ready. If you’ve won the bidding on a particular property, a minimum deposit, usually around $15,000-$20,000 will be required immediately. From there, (typically) you will be required to close within 15 days. That means getting your cash and/or financing lined up quick. Keep in mind there are significant monetary penalties if you do not close on time.
Buying properties at auction can be a very lucrative investment. I advise you to seek the services of an experienced real estate team when engaging in any form of real estate investment. Please feel free to contact me anytime to see how I can help you invest in Northern Virginia real estate at 703-403-0536 / patrick@patrickduffyrealtor.com.
Stay tuned for future posts with tips on foreclosure auctions and real estate investing.
Last November, when Congress approved an extension on the first-time homebuyer tax credit, potential homebuyers who missed the original deadline were excited. It was another chance to buy a Woodbridge home for sale and receive an often badly needed $8,000 on their tax return.
Real estate agents were excited as well, because the tax credit extension expanded to include “upgrade” buyers – those who wanted to replace their current home with a bigger one. The possibility of selling a home was higher than it’d been in a while. However, expansion to include upgrade buyers wasn’t the only change.
If you’re hoping to buy a Woodbridge home for sale and take advantage of the tax credit before the new 2010 deadlines, here are a few things to keep in mind:
You still have until April 30 to sign a contract on a Woodbridge home for sale to get the tax credit. Today’s real estate market is beneficial for buyers. Put it to work for you!
If you’d like to take advantage of the homebuyer tax credit, I can help. Call me right away at 703-403-0536 or email me at patrick@patrickduffyrealtor.com so we can beat the deadlines.
Links:
Approved an extension on the first-time buyer tax credit: http://money.cnn.com/2009/11/06/real_estate/tax_credit_extended/
Get pre-approved for a mortgage: http://personalmoneystore.com/moneyblog/2009/12/03/preapproved-home-mortgage/
Negotiating for closing costs: http://www.lenders.us/mortgage-loans/closing-costs-and-how-to-negotiate-them
Have you heard of the first-time homebuyer’s tax credit extension? Last month, President Obama signed the extension to help first-time homebuyers (who didn’t get their sales in by November 30th) buy a house that meets their needs. What about those who already own Woodbridge homes, are doing well and want a larger home?
To those who already own a home, Merry Christmas! The Workers, Homeownership and Business Assistance Act of 2009 didn’t just come with an extension; it came with improvements. Those in governmental positions of authority reasoned that if someone wanted to get a bigger home, they should get some kind of help too, thus further helping the overall real estate market.
If you own a home, you can now receive up to $6,500 in tax credits for buying one of the Woodbridge homes for sale. The actual wording is “$6,500 or 10%.” Here are a few of the important points you need to know:
Most couples move into a home thinking they will “eventually” get a bigger home once they have a family. Then the family comes along, the house is full and they can’t buy a larger home due to financial issues. The tax credit is a perfect opportunity for families to find Woodbridge homes that fit their expansion needs. Take a chance and look around; your dream home may be only a city block and $6,500 away!
If you’re looking to expand and take advantage of the tax credit, I can help. Call me at 703-403-0536 or email me at patrick@patrickduffyrealtor.com for more information.
Links:
First time homebuyers: http://www.federalhousingtaxcredit.com/
Modified adjusted gross income: http://www.moneybluebook.com/adjusted-gross-income-and-modified-adjusted-gross-income/
Tax credit: http://www.irs.gov/newsroom/article/0,,id=204671,00.html
I’m very excited to announce that in 2010, I will be increasing the amount donated to the V Foundation for Cancer Research with each transaction I close! With each home I sell, a donation of up to $500 will be made in memory or in honor of the person of my clients’ choosing. I truly believe cures for cancer are in reach and I hope this money puts us one small step closer to finding them.
I still find great inspiration watching Jim Valvano’s speech at the 1993 ESPN Espy Awards. I encourage you to watch it.
Links:
The V Foundation Website: http://www.jimmyv.org
If you’re looking at one of the many Woodbridge homes for sale (and especially when reading about buying a home), you’ve probably already read articles that ask, “How much house can you afford?” and “Can you really afford the mortgage for a new home?” From beginning to end, to get a good estimate, you’ll need to figure monthly payments, loan qualification guidelines, closing costs and much more. Frankly, all those calculations can set your head to reeling.
To cut down on some of the frustration, save a few trees from the paper you’d use up and help give you a better guestimate, I’ve decided to go looking for the best real estate calculators I could find on the Net. Here are my top 3 picks I’ve come across:
#3. Real Estate Calculator Suite – This product seems to be an excellent choice for anyone, whether you’re a homebuyer, seller or even, yes, a real estate agent like me. Sixteen different real estate and mortgage calculators can help you figure out refinancing costs, amortization schedules – even whether it’s better to rent or buy one the Woodbridge homes for sale. Although it’s $40.00, which might seem rather expensive to many, it could more than make up for the time you’d spend staring at a sheet of paper and numbers. To top it all off, it even includes a home inspection form and to do list for movers, tying your buying or selling experience up nicely.
#2. Yahoo! Real Estate Calculators – You can’t beat a search engine for information, and the Yahoo! Real Estate really does a thorough job in collecting a fantastic amount of calculators. Budgeting and finance, mortgage refinancing, deciding fixed or adjustable rate mortgages and more are all available on this one page. The major upside as compared to the Real Estate Calculator Suite is that it’s free.
#1. CNNMoney.com – CNN isn’t a worldwide news network for nothing, and they’ve taken their complete coverage to calculators. On one page, you have over thirty calculators to figure out everything. Compare costs of living for any area, figure out how much house you can afford, calculate the gain or loss on your home and more. As a bonus, it’s all free, too.
I ranked CNNMoney.com as the top due to the amazing amount of information you can gain in one place. However, that doesn’t mean you can’t try one of the others, or even all three. If you want one of the Woodbridge homes for sale, get to calculating, get informed and see what you can accomplish.
Or, you can contact me, and I’ll do the figuring for you. Call me at 703-403-0536 or email me at patrick@patrickduffyrealtor.com for more information.
Links: (if you have a calculator on your website, add it to this list and link to it)
Real Estate Calculator Suite – http://www.realestatecalculatorsuite.com/index.htm
Yahoo! Real Estate Calculators – http://realestate.yahoo.com/calculators
CNNMoney.com – http://cgi.money.cnn.com/tools/
Halloween is just around the corner, but if you’re looking at the homes for sale in Woodbridge, it’s probably the first-time buyer fears that have your knees shaking. Hey, buying a house seems like such a final thing, so that’s understandable. It could be the biggest change in your life – EVER!
Now that I’ve thrown some scary thoughts your way, let’s take a turn at facing those first-time buyer fears.
Am I crazy? No, you’re a first-time buyer. You may alternate between periods of paranoia, confidence, nervousness and calm, but you aren’t crazy to want to buy one of the homes for sale in Woodbridge.
Is this really the right time to buy a house? The best way to answer this question is with a few questions. Do you have good credit? Do you have a decent job? If the answers to these questions are “yes,” then there’s never a bad time to buy the right house. Especially now, with tons of inventory, record low interest rates and the $8000 tax credit.
What if I don’t pick the right neighborhood? What if I buy, move in, hate it, and then can’t turn around and sell the house? An understandable fear; one of the most common horror stories is moving into the perfect house, right next to the neighbor from the Black Lagoon. This is why it’s imperative to do your research (or, at the very least, tell your real estate agent exactly what kind of neighborhood you want). With the Internet, you can find out everything from the crime rate of an area to the quality of the schools.
What if I lose my job? I won’t say that’s not a possibility. However, keep in mind that you have the same question when you’re renting. The difference is that if you can’t pay the rent, you can be evicted within days, depending on where you currently live. While some lenders may do the same, most lenders don’t want to foreclose and are willing to work with you to keep you in the home and making your payments. In addition, many are willing to wait for at least two months of nonpayment before starting the foreclosure process.
If you’ve been a renter all your life and are looking at the homes for sale in Woodbridge, take a deep breath. Yes, it’s scary and yes, the worries can give you worse nightmares than the freakiest Halloween you’ve ever experienced. However, remember what made you decide to start looking in the first place. If those reasons still exist, go for it!
If you’re looking for that perfect, affordable home, I can make the whole process less scary and fear free. Call me at 703-403-0536 or email me at patrick@patrickduffyrealtor.com for more information.
Links:
Record low interest rates – http://www.cnbc.com/id/32350362
Crime rate of an area – http://www.bestplaces.net/Default.aspx
Lenders don’t want to foreclose – http:/howto-you.com/family/episode-36-why-lenders-dont-want-to-foreclose
