Matt Mulder\’s Blog

This is a brand new home on the market in Portage, MI.

 www.HomesForSaleKalamazoo.com  for all your bank owned homes. Portage is offerng you this 4 bedroom, 2 bath traditional style home at a great value. Entering the front door you are greeted with wonderful hardwood floors leading you through the kitchen. The kitchen overlooks the spacious back yard, and dining area.

The business assistance Act of 2009 extends the home buyer credit and under the new law, the homebuyer must enter into a binding contract on or before April 30th, 2010.   Homebuyers have an option to claim on 2009 or 2010 tax forms.

 It also allows a $6500 credit for homeownes buying a replacement principle residence.

 www.homesforsalekalamazoo.com for all your Kalamazoo and Portage homes for sale, and short sale needs.

Enacted on November 7, 2009 “ the $8,000 tax credit has been extended and expanded, and has added an additional $6,500 tax-credit for œmove-up buyers. Below is a synopsis of the new regulations:

First-Time Buyers

• $8,000 Tax Credit
• Must not have owned a principal residence for any part of the past 3 years
• Income Restrictions:
  • Single: $125,000
  • Married: $225,000
  • For those who have incomes exceeding these, there will be a phase out or partial tax credit up to $20,000 above these limits
• Maximum Sales Price: $800,000
• Must have a ratified contract as of April 30, 2010, and close on or before June 30, 2010

Move-Up Buyers

• $6,500 Tax Credit
• Must have lived in the home sold or used it as primary residence  consecutively  for 5 of the previous 8 years
• Income Restrictions
  • Single: $125,000
  • Married: $225,000
  • For those who have incomes exceeding these, there will be a phase out or partial tax credit up to $20,000 above these limits
• Maximum Sales Price: $800,000
• Must have a ratified contract as of April 30, 2010, and close on or before June 30, 2010

I think, personally, this may cause a stir in some parts of the country, but I fear some œmove-up buyers may price themselves out of qualifying in the DC Metro area. I wish I had a crystal ball, but we™ll have to see what the market tells us to measure how much activity this causes.

The National Association of Realtors(R) has prepared this  handy chart  with the information above.

 

www.HomesForSaleKalamazoo.com for Kalamazoo, MI and Portage, MI Real Estate

Many buyers in 2009 have been searching out to not only take advantage of the tax credit, but score on getting instant equity when buying a bank owned home. The problem is, most buyers do not know where to start. They begin searching online and sign up for lists of bank owned homes. If you are a buyer DO NOT sign up for lists of foreclosures, because there are not lists created nor produceable from the multiple listing service.

The first step in buying a bank owned home is:

1: Find a Realtor who is experienced in selling foreclosures.   Many real estate professionals do not have the up to date knowledge needed for a smooth transaction. Pick a confident agent.

2: Get pre-approved. Conventioanl loans are the best, but other financing options are available.

3: Have your real estate agent find specific bank owned homes and have them send them to you.

4: Preview homes

5: write an offer and expect an addendum back that is the sales agreement the bank uses.

6: Submit to your lender and wait for appraisal, underwriting, and conditions.

7: Close and live happily ever after

For all your bank owned questions, and help buying bank owned homes in Kalamazoo, MI and Portage MI bank owned homes and foreclosures. Go to www.HomesForSaleKalamazoo.com

The first concern is typically will the sale be able to be completed since you have a willing an able buyer and a willing and able seller that have agreed on conditions. The appraisal is generally ordered within 10 days of an accepted offer and can take about a week to have completed to find out any conditions that need to be addressed and what value the bank is placing on the home. The biggest downside is the appraiser could be from out of town, or an adjoining county and not know the area and place a low value.

So a few things you as a seller can do:

1. Have another appraisal ordered at your cost. Have the buyers agent agree to it, and if sales price comes in @ contract price or higher you can move forward.

2. Reduce the contract price to what the appraisal is.

If neither of these solutions are possible, you may be forced to hold onto the home. For a free value analysis on your home, go to www.HomesForSaleKalamazoo.com and register.

Valley Family Church 2009

This weeks service we had an opportunity to reflect on the past 10 years the church has been on Romence Road. There has been a lot of memories and life changing events that have taken place there.

We have all been through a lot in our lives, and we all get through the tough times, depression, lives of loved ones we lose, but have a family life VFC can take you through those events, help you learn from them, and help ou grow to the next chapter in your life.

We are all ecited about out grand opening @ 2500 Vincent Road on November 7 @ 5 or 7:15 pm, or November 8th @ 9 am or 11:15 am.

Join us and celebrate the next chapter of Valley Family Church.

www.HomesForSaleKalamazoo.com for lake homes in the Kalamazoo and Portage, MI area.

www.HomesForSaleKalamazoo.com for real estate information in the Kalamazoo and Portage, MI area.

Many people are facing a tough situation where they owe more on their home than its worth. In this case, many sellers are frustrated because real estate has always seemed to “appreciate” and when they purchased they thought it would be a great investment. Only to find out all their time, money, and hard work is lost in the market, frustrated with the market many people still need to sell and get out of a home where they owe more than its worth.

The best way to get out of this situation, is to contact a real estate salesperson to help you with negotiating with the bank to accept an offer lower than what is owed on the home. Typically the seller is not responsible to bring money to closing, and not responsible for any fees. Its a win-win deal.

If you would like more information and a no obligation consulation on short sales. Contact me anytime and I can give you the needed information.

www.HomesForSaleKalamazoo.com for all real estate information.

Matt Mulder, Realtor

Keller Williams Realty

8075 Creekside Dr Ste 200

Portage, mi   49024

www.HomesForSaleKalamazoo.com for all bank owned, foreclosures in Kalamazoo, MI.

2433 Lorraine in Kalamazoo is located in Winchell neighborhood and offers a beautiful piece of property for the money. With homes around it selling in the $200,000 this is a surefire home with little work needed to become move in condition.

Looking for other Lake Homes in Kalamazoo and Portage, MI? Go to www.HomesForSaleKalamazoo.com for all your needed information.

Matt Mulder, Realtor

Keller Williams Realty

8075 Creekside Dr. Ste 200

Portage, mi   49024

www.HomesForSaleKalamazoo.com for all your short sale needs.   It is common for many homeowners in a depreciating market to find themselves in a situation where they owe more on their home than its worth. In this case, where a homeowners owes more, and needs to sell, the best option in some cases is a short sale.

Short Sale: A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. ^[1]

In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank’s loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower’s financial situation.

A short sale typically is executed to prevent a home foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing as there are carrying costs that are associated with a foreclosure. A bank will typically determine the amount of equity (or lack thereof), by determining the probable selling price from a Broker Price Opinion BPO (also known as a Broker Opinion of Value (BOV)) or through a valuation of an appraisal. For the home owner, advantages include avoidance of a foreclosure on their credit history and partial control of the monetary deficiency. A short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.

Short sales are common in standard business transactions in recognition that creditors are not doing debtors a favor but, rather, engaging in a business transaction when extending credit. When it makes no business sense or is economically not feasible to retain an asset, businesses default on their loans (called bonds). It is not uncommon for business bonds to trade on the after-market for a small fraction of their face value in realization of the likelihood of these future defaults.

Kalamazoo, MI and Portage, MI are profound areas where short sales are taking place because the market is declingin. www.HomesForSaleKalamazoo.com answers many of those questions.

www.SmartHomesHQ.com for Info on Keller Williams Realty in Kalamazoo, MI and Kalamazoo, MI homes for sale.

Keller Williams once again through a giant party for all the mage agents in Autin, TX. We had some great speakers, and better yet got to meet some of the best known agents in the US.   Mega agent camp was a great experience and was very well done by Gary Keller who is one of the worlds most respected entrepenuers.

Austin, TX was a fun place to be, and is the hometown of Keller Williams which was started in 1983. (Also the year in which I was born) Gary Keller is such an amazing individual and was great to spend a few days with him to learn more about how growing a real estate business can be easy and fun.

Keller Williams also has a masterminds session, which is a break out sesssion for agents to be able to find out what is working in different markets.

Thanks again Keller WIlliams and Gary Keller!

www.SmartHomesHQ.com for all your Bank Owned Homes in the Kalamazoo, MI area