Looking for a Good Fixer Upper

Your selection of fixer uppers to remodel can be the first step of success or disaster in your endeavor. There are a massive amount of fixer upper homes that still maintain a solid foundation that are void of termite infestations and with small damages in electrical and plumbing. These are the best properties to buy.

The amazingly low price of this home can give you the needed cash boost – for repairs and renovation. This means you can bring the property into an inhabitable state within no time. Consider the location of the property, it would be best if there are not many other foreclosures in the neighborhood because this situation tends to bring down the value of homes.

A licensed home inspector can be your greatest friend when buying a fixer upper. They can show whether the damages are significant or not. They can also give you a calculated figure on the cost of remodel. Some sellers may be even made to pay home inspection costs for you. If you do have to buy your own, make sure that you include your findings in the home contract negotiations.

Phoenix Realtor – West Valley Pros: 20832 W Werner Place, Buckeye, AZ 85396
Phoenix Realtor – West Valley Pros: 4324 E. Hamblin Dr, Phoenix AZ 85050

The goal is to give homeowners who have fallen behind on their mortgage before the notice of their home is actually in foreclosure that they may be facing foreclosure in the near future and there are options available that can help them save their home and / or their credit score.

Buckeye, AZ Homes News

Thursday, November 5th both the House and the Senate passed an extension to the First Time Home Buyers Tax Credit. It is now headed to the Presidents desk to be signed into law.

“New” Details in the Home Buyer Extension

• The Existing $8,000 tax credit is extended until May 1st, 2010.
• Binding contract must be entered before May 1, 2010, and must be closed before July 1, 2010.
• A NEW tax credit has been created for “long-time residents of same principal residence”

” In the case of an individual (and, if married, such individual’s spouse) who has owned and used the same residence as such individual’s principal residence for any 5-consecutive-year period during the 8-year period ending on the date of the purchase of a subsequent principal residence, such individual shall be treated as a first-time homebuyer for purposes of this section with respect to the purchase of such subsequent residence.”

• The tax credit for “long time residents” purchasing a new home is 10% of the purchase price up to $6,500.
• Income Restrictions for the $8k credit has been increase from $75,000 to $125,000 for singles and from $150,000 to $225,000 for married couples filing jointly.
• Credit does not apply for homes purchased over $800,000.
• Primary Residences only.

Some economic advisors are claiming that around 70% of all current homeowners would be eligible for the expanded tax credit. The projected cost of the First Time Home Buyers Tax Extension is $11 billion.

UPDATE: Friday, November 6th

Disclaimer: We are not lawyers or tax professionals, please seek proper counsel before claiming any tax credits.

For more information federalhousingtaxcredit.com

Buckeye Homes for Sale, Buckeye Real Estate, Buckeye Realty, Buckeye Short Sales, Buckeye Foreclosures, Buckeye Short Sale, Buckeye Foreclosure, Buckeye House for Sale, Buckeye Realtor

Buckeye Short Sales Advice

A bank short sale is a great way for investors to buy property at a fraction of the market price; however there are several steps that should be followed in order to guarantee a successful and profitable transaction. These tips include using a real estate agent experienced in the short sale process, doing research on the short sale specifics, identifying the correct owner of the property, file all associated paperwork in a timely and efficient manner, and completing a thorough inspection of the property before finalizing or signing any papers.

Not all real estate agents are familiar with the short sale process. Some professionals view the process as a last ditch effort by banks or other lending institutions to sell off debt accumulated through bad loans and therefore avoid such proceedings. However, this could not be farther from the truth. Many agents have discovered that a short sale is a great way to acquire property at greatly reduced prices and have begun to specialize in such dealings. These are agents you want to seek out, both for their experience and their connections. They will be able to guide you through the process step by step.

Another important tip is to fully research the short sale specifics. The best way to find out information on a particular property is to check the public records. In this manner you can discover who is on the title for the property. You can also find out how much money is owed to the bank through the property. This will help you determine a proper asking price to approach the mortgage holder with. The proper price should approximate the amount owed to the lending institution. You should also be able to discover if the property has been foreclosed upon. If these proceedings have been initiated, then a short sale is not possible. Bank short sales can only be completed during pre-foreclosure proceedings. You can also find out if the property in question has multiple loans against it. Avoid properties with multiple mortgages against it.

A short sale is a quick process that must be completed before the property moves into foreclosure. This means that time is usually of the essence. Paperwork must be filed out in a timely manner and documents must be completed according to strict deadlines. Make sure that you attain all the associated paperwork during your initial visit to the bank or loaning office. Not attaining all of the paperwork in the initial visit can lead to time consuming delays that may derail the short sale. Also make sure to ask the loan officer for a list of all required documentation needed for a successful short sale. Missing only one piece of paper or one simple omission of information can make a short sale unsuccessful.

Finally, once all of the paperwork has been completed, the proper documents filed, and the research has been done, it is a good idea to have the property in question inspected by a licensed home inspector. Many properties fall into disrepair when they fall back into the ownership of the bank. Therefore, it is wise to identify all the current issues associated with the assumption of ownership. After all, a house isn’t worth much if it needs a completely new foundation. Still, it is certain anyone looking for investment properties; a bank short sale is usually always profitable.

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A recent report on preliminary sales figures from Mesa-based Ion Data, sales of Phoenix condominiums and single-family homes increased slightly to 8,275, up from 8,219 in September.

October also had a small decrease of foreclosed homes. There was an estimated 7,082 homes, compared with 7,563 foreclosed homes in September.

Phoenix real-estate agent Robert Luce stated that the abnormally strong October homes sales is related to the soon to be ending First Time Home Buyers Tax Credit, set to expire on November 30. There also seem to be a change in attitude of the current buyers, who seem to believe that home values are beginning to trend upward.

“It is a buyers market and there are some terrific deals available” said Robert Luce of West Valley Pros.

Even with the small increase of home sales and the slight decrease of foreclosures, most real estate agents are still skeptical of the current market conditions.

Most real estate experts base the activity on the high foreclosure rate, and the basement level price ranges.

If the First Time Home Buyers Tac Credit is extended, this trend may continue through the Spring. The Senate recently passed an extension of the tax rebate for some homeowners, but the bill has yet to be passed in the House.