Cash for Short Sales

http://www.youtube.com/watch?v=8TXx8rKy-Ow

I’m letting everyone know about an extremely useful resource that I’m providing for homeowners in my community. There are a range of government programs available for those facing financial hardship, but it can be difficult to find out who is eligible for what.

To simplify this process, I have made free surveys available to help visitors learn about their eligibility for each program, as well as what the program can provide. You can access the surveys on my website here:

http://hosted.cdpe.com/WorkWithMike/Eligibility

If you or someone you know is struggling with mortgage payments, this is the best time to act. There are dignified solutions that have become even easier to use. As a CDPE-designated agent, I am trained to gather all possible homeowner resources and provide the best possible solution.

If you have any questions or need immediate assistance, please don’t hesitate to contact me.

I’m always here to help.

Mike Whiteman

Get a Home Inspection

Many homes currently on the market are distressed properies—foreclosures and short sales—which increases the importance of home inspections.  According to the American Society of Home Inspectors, the owners of distressed properties usually didn’t have the money to maintain their homes and often deferred property maintenance.  A home inspection can find problems with the foundation, electrical, plumbing, roof, attic insulation, and heating and air conditioning. Although home inspections can be costly, in the long run, home buyers will be better situated when they know what, if anything, needs repairing on the home.

Purchases Prior to Closing on Home

Home buyers waiting for a mortgage loan to fund are advised to be conservative when it comes to buying new furniture, appliances, or the like for the house they are purchasing.  It has become standard practice for lenders to check borrowers’ credit scores in the weeks leading up to the closing, sometimes even the day prior to closing.  Large purchases can use up a considerable proportion of a borrower’s total credit limit, which can lead to a drop in the borrower’s FICO score and possibly change the terms of the loan.

$18,000 IN COMBINED HOMEBUYER TAX CREDITS FOR A LIMITED TIME

$18,000 IN COMBINED HOMEBUYER TAX CREDITS FOR A LIMITED TIME

Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010. Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.

California Governor signs home tax credit bill

California Governor signs home tax credit bill  

Governor Schwarzenegger today signed AB 183 providing $200 million for home buyer tax credits. The bill allocates $100 million for qualified first-time home buyers who purchase existing homes and $100 million for purchasers of new, or previously unoccupied, homes. 

Eligible taxpayers who close escrow on qualified principal residences between May 1, 2010 and December, 31, 2010, or who close escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit.

This credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments over three consecutive years. Under the bill, purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state). Buyers also must be at least 18 years old and be unrelated to the seller. First-time buyers are defined as those who have not owned a home in the past three years.

What is a CDPE?

When your roofing needs to be replaced, you consult a roofing expert. When there’s a problem with your computer, you consult a technician who understands the issues of your particular model. And when a loved one becomes sick, you seek answers from medical professionals specifically trained in that particular illness. Similarly, in this current economic crisis, millions of homeowners facing financial hardship and possible foreclosure action are requesting the help of agents with the Certified Distressed Property Expert® (CDPE) designation. A CDPE is a real estate professional with specific understanding of the complex issues that confront homeowners in distress. Through comprehensive training and market experience, CDPEs are able to provide real solutions for homeowners facing hardships in today’s market.

The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. CDPEs believe that in almost all cases, the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. They have the tools necessary to help homeowners find the best solution for their particular situation. While enduring financial difficulties are challenging for any family, the process of finding a qualified real estate professional should not be. Mike Whiteman has achieved the CDPE designation, ensuring you deal with a professional trained to address your specific needs. CDPEs don’t merely assist in selling properties, they serve and help save their clients in need.

Roseville Home Statistics (Zip Codes 95661, 95678, 95747) for February 2010

Number of Homes for Sale….368

Number of Pending Sales….230

Number of Sales….106

Average Price / Square Feet….  $144

Average Days on Market….65

Average Sold Price….$293K

If you or anyone you know is going through a mortgage-related transaction, there are some “red flags” to be aware of. I created a report on my website that gives examples of what fraud cases the FBI has been noticing.

Please send anyone here who needs this free information:

http://hosted.cdpe.com/WorkWithMike/

If you have any questions about mortgage scams, or if anyone you know needs legitimate, professional help with avoiding foreclosure, please don’t hesitate to contact me.

I’m here to help.

Mike Whiteman
GREATWEST GMAC
(916) 709-4563

Hello world!

Welcome to WordPress.com. This is your first post. Edit or delete it and start blogging!