I Am A Good Neighbor

Am I a Good Neighbor?

admin — Thu, 07 Jan 2010 19:00:39 +0000

Did You Know: Police Officers, Firefighters, EMT’s and Teachers are able to purchase HUD Good Neighbor homes for a discount of 50% off list?

Welcome! You’ve come to the right place for your weekly list of HUD “GNND” homes.

Skip the frustrating search engines. Here at IAmAGoodNeighbor.com, only the homes that are within the immediate D/FW Metroplex are listed weekly. No searching, no hassle.

Use the links at the Right for this weeks available Good Neighbor Next Door homes.

Brought to You by:

admin — Wed, 06 Jan 2010 19:50:00 +0000

IAmAGoodNeighbor.com is produced by Ashley Myers, a Realtor with Manning & Company brokerage.

Manning & Company is a full service residential brokerage specializing in REO.

Established in 1995, M&C is dedicated to providing complete services for Buyers, Sellers and Institutional resellers and offers a full range of services in buying or selling your home, condominium or investment property. As a small boutique firm, we cater to individuals and their specific home needs.

Tax Credit Lingers for Military Personnel

admin — Wed, 06 Jan 2010 17:42:54 +0000

If you’ve given the thought of purchasing a home any consideration, you probably know a little something or have at least heard of the First Time Buyer Tax Credit. The Worker, Homeownership, and Business Assistance Act of 2009 extended the tax credit of up to $8,000 for qualified first time buyers as well as authorized a tax credit of $6,500 for repeat home buyers. Unfortunately, the opportunity for most has come and gone.

If you are current Military personnel there is still time:

Members of the Military, U.S. foreign service, and employees of the Intelligence Community have an extra year to take of the tax credit. If on a period of official extended duty, the deadlines extend to April 30, 2011 and June 30th, 2011.

With the extension, you have plenty of opportunity to begin your search for the perfect home. But why wait?! Get started in your search today by contacting me for more information and assistance in finding the perfect home for you. Bottom line? Rates are low, houses are cheap and you’re getting a tax credit.

Note: Guidelines of the Good Neighbor Next Door program supersede Tax Credit eligibility. Claim your piece of home ownership and beat the deadline to take advantage of this extension. Click to visit the Federal Housing Tax Credit Website brought to you by the National Association of Home Builders.

FHA 203-K Home Loans – Making Ugly Work!

admin — Tue, 05 Jan 2010 21:18:50 +0000

The 203-K loan program is dedicated to the pursuance of home ownership and improving communities. If you’ve given some consideration to opening your search to homes that need a little bit of TLC, this could be the loan program for you!

Offered by many Lenders, this loan type is especially helpful for those that are considering a Good Neighbor Next Door Home. With many of the homes offered through the Program, rehabilitation and upgrade expenses can be costly.

As with other FHA loan programs, the 203-K Loan allows for:

A lower 3.5% down payment
Lower credit requirements than other loan programs
Assumable notes and no prepayment penalties

But many things set the FHA 203-K Home Loan program apart, including:

Single loan for both purchase and improvements or upgrades to the home
FHA Energy Efficient Mortgage (EEM) allows for improvements that will lower utilities
The ability to pay for improvements that fit your personality!

Click here to read an article about how the FHA 203-K Home Loan has worked for buyers. Contact me if you are interested in speaking with a 203-K Loan Representative.

“What is Earnest Money?”

admin — Tue, 05 Jan 2010 04:49:15 +0000

If you’ve dabbled in the world of real estate, you may have heard the term ‘Earnest Money’ being thrown around a bit, especially if you have ever had the chance to submit an offer on a property. While not mandated, many Agents will insist the inclusion of a copy of your ‘Earnest Money check’ when submitting an Offer to Purchase, especially if the home is a bank owned foreclosure.

Earnest money is an important element of the Offer to consider. One reason is it’s effort to prove to the Seller that you are a serious Buyer and committed “earnestly” in the purchase of the property. The monetary value of the Earnest money will vary from transaction to transaction and also depends on the stipulations of any REO (Real-Estate-Owned or Foreclosure) entity as well as what is common practice in your area of the market. Many times, if there is a lot of interest on one property in particular, a larger Earnest deposit (say 10%+) will stand out to the Seller as an earmark for stronger offer terms.

In addition, Earnest money acts as a safeguard against willy-nilly offers and Buyers floating in and out of a Sellers life. Not many people are willing to walk away from an Earnest money deposit, therefore the deposit acts as a financial incentive for the Buyer to perform on the purchase as stated.

So where does the Earnest money go, once given to your Realtor for deposit? Here in Texas, the Earnest money is deposited with the Title Company in a “trust” account. This account is untouched and is considered to be joint, in that it belongs to both Buyer and Seller. If a binding contract is made but not kept and the Buyer cannot fulfill the obligations of the contract, the Earnest money can become forfeited. However, if you should make it to closing, this amount is applied to your down payment and closing costs, which will be noted on your Settlement Statement.