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The tax credit MUST be repaid as follows: 1) Over 15 years 2) $500 per year starting after two years of claiming the credit. So, if you claim the credit in 2008, the first $500 is due in 2010. 3) When the home is sold, any money due is paid to the IRS at the time of sale. If there is no profit from the home sale, then the remaining balance due is forgiven. A tax credit is better than a tax deduction! If you owe $8000 to the IRS, this credit will make you owe only $500. "First time homebuyers": defined as not having owned a home for the past three years. For more information on the tax credit, please go to the following website: http://www.federalhousingtaxcredit.com/faq.php#15 Ann Sabbagh Vice-president Seacoast Mortgage Corporation 508-243-1190
Well, here we are with 2.2 million homes for sale in this country and the doom and gloom of real estate is everywhere in the news. Sales are few, but the idea of lease to buy is growing strong. There are investors looking to buy and former homeowners looking to buy again at an affordable price. So, why not get these two parties together? Find an investor who is willing to buy and team them up with buyers who can not buy now (because of credit), but have a downpayment that will go towards the purchase. Have the client sign a lease agreement for 1, 2 or 3 years with the option to buy. Any deposit will go towards that purchase and you can set-up the lease with an escalating clause on the purchase price. The buyers will pay a premium each month to cover the mortgage payment and the extra is profit and/or portion towards the purchase. The investor is protected by the deposit and any extra premium. If the buyer ends up not buying the home and/or defaults on the monthly payment, the lease should clearly state that all deposits are forfeited. Win-win situation: the buyers will have the option to buy the home and the investor makes a nice premium on their investment. So, realtors, start matching up the buyers and investors! Ann Sabbagh Vice-President Seacoast Mortgage Corporation 508-243-1190
Well, it happened! Yes, I closed a refinance loan from someone who found me on Active Rain. I originally signed onto Active Rain to learn from others in the industry, connect with other professionals, and I would consider any business obtained a BONUS! BINGO! It happened. I do think it was because of the amount of blogging I have done. In this CRAZY industry, one may not always have the time to blog, but I wanted everyone to know it can pay off in dividends for you! One of the realtors I work with also used Active Rain to refer someone a client in another state. What better place than Active Rain to do that! You can learn so much about a person just by reading their blogs! So glad to be a part of a great community of professionals! Good luck to all!
Ann Sabbagh Vice-President Seacoast Mortgage
A home was just listed this weekend and it has NOT been cleaned out, yet. A very good prospective buyer wishes to view the home and is willing to offer very close to what the seller wishes to obtain. The seller is not able to clean the home for another week. Should the broker insist on only showing the property if the property is clean OR does it not really matter? Should the buyer be able to "see beyond" the clutter and some dirt? Should the buyer be made to "wait" until the home is clean? What are your thoughts? Ann Sabbagh Vice-President Seacoast Mortgage Corporation Have you heard of this one? There are scam artists taking down the signs in front of homes that have been vacated due to foreclosures. They are NOT taking the sign for the fun of it! They have professional locksmiths key the home and they then advertise they have homes for RENT. They rent the FORECLOSED home they do NOT own to some unassuming renter(s) and they collect first, last and security deposit. They give them the key and off they go onto the next home to do the same thing all over again! So, beware when you think some teenager may have stolen your sign, when a scam artist is really the culprit! Get a new sign back up, even if it's an inexpensive one!
Ann Sabbagh Vice-President Seacoast Mortgage
508-243-1190 With the sizzling competition on obtaining listings, many homes are sitting on the market because of realtors over-pricing the home because they wanted to obtain the listing. Then when the home does not sell, they suggest to the home owner that the price be dropped. Wouldn't it be best if the seller invest in an appraisal and really know the true value of the home, instead of believing in a realtor's estimate and hoping for the best? The seller can always pass on the appraisal as an incentive to the buyer, thus saving the buyer some cash. Yes, not all realtors use this method to obtain homes, but the ones that do are creating an increase in the number of homes on the market. A certified appraiser's value is the true value and the value that will be used by the buyer's lender. Ann Sabbagh Vice-President Seacoast Mortgage
Another unbelievable story of tragedy. I have a client who is trying to avoid foreclosure by having her daughter buy the home. The appraisal barely came in to pay off the mortgage. We just found out the mortgage has a pre-payment penalty. They do not have enough money to pay the penalty which is expiring this October. So, the bank, instead of waiving the penalty, is going to foreclose! I have a full approval for the daughter, but they do not care. They want the pre-payment penalty. Now, how foolish is this? They are going to lose way more than that penalty fee when they foreclose. Is it machines that are now ruling the world and not people????? Ann Sabbagh Vice-President Seacoast Mortgage The FDIC covers up to $100,000 per account. So, you can have one account in your name and one account in your name and your spouse's name and be insured up to $100,000 per account. BUT, if you have over $100,000 in any one account, you are only insured up to $100,000. So, transfer the excess to another account in a different name within the same bank OR transfer the excess to another bank. Better safe than sorry, I always say! Ann Sabbagh Vice-President Seacoast Mortgage Home Sales Consultant 508-243-1190
Ok, there are so many opinions out there. We all know the supply/demand theory. Have we seen the worst of the slide? Can we see 20% more deterioration in home prices? Some areas seem to be insulated, i.e. the Boston area, but most locations are being hammered. What can turn around this slide? Can the new FHA guidelines help some. Is it enough? What do you think? Ann Vice-President Seacoast Mortgage Home Sales Consultant 508-243-1190
HOME SALES CONSULTANT Are you thinking of selling? In a market with so many homes for sale, you need ALL the tools to sell your home. As a financial planner and an owner of a mortgage company, I have seen what works in the marketplace and what does not. Before you list your property or if you have a listing expiring, call me today for a complimentary analysis of how to BEST sell your home. You will be GLAD you made the call! Testimonial: "Ann met with us and within 4 weeks, we sold our home for $8000 more than we expected." Ellie and Jim, Westerly, RI Call for more references! 508-243-1190 Licensed in RI, MA, CT and FL 20021339LB (RI); MC2056 (MA); 11404 (CT);CL0400011 (FL)
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Ann Sabbagh Pawtucket, RI More about me… Seacoast Mortgage Corporation Office Phone: (401) 475-1600 Ext.: 306 Cell Phone: (508) 243-1190 Email Me ;) Links;) Tags (Tag Cloud);) Archives
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