Saturday, October 31, 2009

Homebuyer Tax Credit may expanded

1st time home buyer credit, most likely it will be extended until next summer, AND MAYBE, once the house and senate reconcile the different proposals, there will be a $6,500 tax credit for NON-first time buyers! Yea!!! They are also looking at raising the income limits in order to allow more people to qualify for the tax credit. Right now it looks like buyers must have executed purchase agreements in hand by April 30th, and then will have until the end of June to close. Stay tuned as I am sure this will change a bit, but that is the latest news

Wednesday, October 28, 2009

Certified Distressed Property Expert

I just finished a wonderful 2 day class to obtain my CDPE certification. This certification enables me to help people that are at risk of foreclosure. Our real estate market in Longmont has been dealing with foreclosures and short sales for some time. A short sale is when a seller must sell their home but owes more than it's worth in today’s market. We, the seller and I, negotiate with the lender to accept less than what is owed on the property to facilitate a closing. This process can be difficult and time consuming and the Seller must provide the lender with financial documentation and show hardship. It is very important that the Seller is willing and able follow through with all the documentation that is required and explains what has changed in their lives to make it difficult to make payments on the mortgage.

Realtors do not need this certification to help Sellers with short sales, but the knowledge I gained by taking this class will certainly be beneficial to everyone who is involved in a short sale. If you know anyone who may need this kind of help, please let me know.