wesatiyeh — Thu, 19 Nov 2009 22:18:28 +0000

The current U.S. housing market and financial crisis have caused tremendous stress and heartache for families across America. During times like these, there are always a certain percentage of homes of homeowners who are distressed. According to the Mortgage Bankers Association®, as many as 1 out of 10 homes are either delinquent or in foreclosure, and unfortunately, 7 out of 10 homeowners in foreclosure proceed without the assistance or advice of real estate professionals or mortgage representatives. If you or someone you know is among the millions of people affected by the prospect of foreclosure, understand that you do have options.

Be sure to talk to a professional to find the best option for your specific situation.

Options for Homeowners to Avoid foreclosure

Veteran’s Day

wesatiyeh — Wed, 11 Nov 2009 16:58:55 +0000

Thank you for your service all over the world for our freedom. God bless you all!

Open Houses are like First dates

wesatiyeh — Wed, 11 Nov 2009 02:26:33 +0000

Have you ever been to an open house on Sunday afternoon? Well I have done lots of them and encountered a lot of things and folks. I always get my clients to get their home ready for the Open House.

Its like that first date. You finally get the courage to ask that pretty girl or handsome guy out and now you have to get ready.
You are hoping you can put forth your best foot and impress your date.
You clean your car
You buy some new clothes
Get your hair cut
Shave and shower
Clean your place just in case
And you charm and woo with poetry and dinner

You only get 1 chance for a first impression.

Recently I had some great feedback from buyer at my open house. Saying that my house was clean, de cluttered and ready for showings and was refreshing to come into a nice home.

My clients would be glad to know that their hard work in making that first impressions last.

You won’t fall in love with every first date but or that clean home but hopefully you will experience a good time.

Open Houses are like First Dates. Dress to impress.

Congress Votes for Home Buyer Tax Credit Expansion

wesatiyeh — Fri, 06 Nov 2009 01:57:04 +0000

The Unemployment Insurance bill including the homebuyer tax credit extension and expansion has passed the House by a vote of 403-12 after passing the Senate last night 98-0. The new provisions take effect as soon as President Obama signs the bill, which we expect will be before the weekend. Right click this link and select “Save target as…” to download a chart explaining the difference between this credit and the one set to expire on November 30.

Here’s a Q&A from NAR about the new credit:

Q. Existing homeowner credit: Must the new house cost more than the old house?
A. No.   Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

Q. I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
A. Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed).   There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Q. I am a first-time homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?
A. Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you’re within the phase-out range).

Q. I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a non-negotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
A. No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Q. I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
A. Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is “consecutive.” As long as he lived in that house for 5 years straight, what he did since 3 years doesn’t impact eligibility.

Q. I am an eligible first-time homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?
A. You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

This posting includes an audio/video/photo media file: Download Now

Senate passes expanded, extended home buyer tax credit 98-0

UPDATE: The House passes the bill. Obama expected to sign it before the weekend.

According to NAR, yesterday the Senate voted 98-0 to extend and expand the home buyer tax credit. WaPo article on the vote.

The House is expected to accept the Senate version as early as today and, from there, the bill will go on to the White House, and the President has indicated he will sign it.

Here are the bill’s provisions as they relate to the home buyers credit:

Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.

Credit remains at $8000 for first-time purchasers. No change to definition of first-time purchaser.

New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.

Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.

New anti-fraud limitations are imposed.

provided by VARBUZZ from the Virginia Association of REALTORS

Couple says Ryan Homes misled them: Received tax credit before bought home – NBC12 News, Weather Sports, Traffic, and Programming Guide for Richmond, VA |

wesatiyeh — Sat, 31 Oct 2009 02:12:08 +0000

Couple says Ryan Homes misled them: Received tax credit before bought home – NBC12 News, Weather Sports, Traffic, and Programming Guide for Richmond, VA |.

As much as I feel for the first time home buyers trying to get a piece of the American Dream, they should have gotten a second opinion after getting advice from Ryan Homes. Ryan is all about selling a home to anyone with a heart beat. Sad to see it happen but in the future if you are buying a home CONSULT a professional lender or REALTOR, not a sales person working for the Builder.

Senators extend, expand homebuyer’s tax credit

wesatiyeh — Thu, 29 Oct 2009 23:54:37 +0000

from VARBuxx

NAR’s lobbying efforts succeed yet again. Today US Senators passed a measure extending the first time homebuyer’s tax credit. Additionally, a reduced credit of $6500 is available to move-up buyers who have lived in their current homes for five years or more. The credit applies to those who sign sales agreements by April 30, 2010.

Fall Colors in Richmond VA

wesatiyeh — Tue, 27 Oct 2009 20:16:08 +0000

Colors of the week for the City of Richmond.

Moving List – a check list

wesatiyeh — Wed, 21 Oct 2009 21:31:04 +0000

Some times moving can be a very stressful situation whether you are buying or selling your home. Here are some tips to help with that stress and make that move go smooth.

8 weeks Before

Remove unnecessary items form the attic,basement, storage shed, etc.
Use things you can’t move, such as frozen foods and cleaning supplies
Secure a floor plan of your new residence and decide what household items you want to keep.
Start a possession inventory.
Solicit estimates from at least three moving companies
Call your homeowners agent to find out to what degree your home is covered.
Create a file for documenting all moving papers and receipts.
Arrange to transfer your children’s school records.

6 Weeks Before

Contact the IRS and/or your CPA for tax-deductible information.
Evaluate your possession’s inventory. Can you donate anything? Do you need it all?
Notify your friends, relatives, professionals, creditors, subscriptions, etc
Begin the off-site storage process
Locate high-quality healthcare professionals and hospitals in your new location.
Complete a change of address via post office cards or an online service for the following: banks, charge cards, religious organizations, doctors/dentist, relatives and friends, income tax bureau/social security admin./union, insurance broker/lawyer/CPA/Stockbroker, magazines, post office, schools,
clean your closets.
Hold a moving/garage sale or donate items to charities
Choose a mover.
Contact your mover to make arrangements and inquire about insurance coverage.
If relocating due to a job, contact your employer to see what costs, if any they will cover.

4 Weeks Before:

Send furniture, drapes and carpets for repair/cleaning as needed
gather auto licensing and registration documents;medical,dental and school records; birth certificates; wills, deeds, stock, and other financial documentation, etc.
Contact gas, electric, oil water, telephone, cable TV, and trash collection companies for service disconnection/connection at you old and new addresses. also, ask for final readings.
request refunds on unused homeowners insurance, security deposit with landlord, and prepaid cable service.
notify your gardener, snow removal service, and pool service (if you have these)
Contact insurance companies (auto, homeowners, medical and life) to arrange for coverage in your new home

3 Weeks Before

Make your travel plans.
Arrange to close current back accounts and open accounts in new locale (if necessary)
Notify your state’s DMV of your new address.
Arrange for childcare on moving day.

2 Weeks Before

Arrange special transport for your pets and plants.
Service your car for the trip. (if traveling out of town)
Contact your moving company and review arrangements for your move.

Some tips to remember when you are moving and unloading your belongings. this will work if you are doing your own move or having a professional move you.

Have plenty of water on hand.
Keep the music on to keep the move going fast.
Have plenty of cold beverages for the kids and for the adults (if you know what I mean)
Have plenty of extra work towels for clean ups or wet weather.
Have a few drop cloths around to cover up that family dresser or table.
Cover the wood floors coming and going for protection
Cover the carpet areas you plan on walking on.
If in the summer turn the AC off but keep the fan on since the doors will be open. If the doors are open and the AC on it will burn up the compressor and the house will NEVER get cool. – then you go back to item 3 with cold adult beverages.
let everyone know you are moving so they can bring you food, beverages and house-warming gifts.
Remember what you didn’t do today you can do tomorrow.

Weekend Interest Rates

wesatiyeh — Sat, 17 Oct 2009 17:11:16 +0000

Mortgage rates rose slightly this week as the Dow hit 10,000 for the first time in a year and oil prices continued to climb. Freddie Mac reported that the average 30 year fixed rate loan rose to 4.92% from 4.87% a week earlier. Prosperity is offering a special rate on purchase loans. Remember, Prosperity is offering an additional $500 to first time buyers who are eligible for the $8,000 federal tax credit on all contracts ratified on or after September 26! Here are our weekend rates: Here are our weekend rates for purchases with 20% down and 740+ credit scores: Conf 30 year fixed to $417,000: 4.875%Conf 30 year fixed ($417,000-$535,900): 5.125%FHA 30 year fixed: 5.0%Jumbo 30 year fixed ($528,750+): 5.625% All rates reflect 1 origination, 0 discount points. Please note rates do vary by credit score, loan amount, occupancy and loan to value. Thanks,

blackberry app

wesatiyeh — Sat, 17 Oct 2009 03:28:48 +0000

This has nothing to do with selling and buying homes but I need to tell you anyway. Just got the new Blackberry Tour- love it so far and I downloaded the WordPress app.
I never knew I could fall in love so fast to two different pieces of technology.