Don't Get Tricked When Looking for a Foreclosure Treat - 10/30/09 06:50 PM

HGTV's real estate Web site Frontdoor.com has identified what it calls the "tricks and treats" of buying a foreclosure:

Tricks to avoid:**Just because a foreclosure has a low price tag doesn't mean it's a bargain. Many need lots of expensive repairs.
**Buying a foreclosure property isn't for amateurs. Buyers need a knowledgeable real estate practitioner to guide them through the process.
Foreclosure treats:**Well-maintained foreclosures priced at 50 percent or less of their market value make home-ownership very affordable.
**Building a relationship with a lender's REO (real estate owned) department can help when it's time to make a deal.
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STAY-TUNED - Homebuyer Credit Gets New Life - 10/29/09 07:52 PM
Key lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.

Home buyers must be under contract by April 30, 2010, and close before July 1. House Democrats have expressed concern about the cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program.
Source: Wall Street Journal, Corey Boles and John D. McKinnon (10/29/09)
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