http://www.HomesForSaleKalamazoo.com for bank owned homes. This home represents one of the best values for first time home buyers. This home features a main floor master bedroom setup for the adults and two bedrooms on the 2nd level plus a 4th bedroom on the lower level for the rest of the family. 3.5 baths are spread out over the 3 levels. The lower level has 3 large daylight level windows across the back of the house. The main floor living area is informal with a large EAT IN kitchen with a door to the deck and a living room featuring cathedral ceilings. The large deck will afford many hours of outdoor enjoyment. This home is conveniently located in the Rolling Meadows Neighborhood, approximately 2 miles east of the Paw Paw city limits and within a mile of the High School.

www.HomesForSaleKalamazoo.com for real estate information in the Kalamazoo and Portage, MI area.

Many people are facing a tough situation where they owe more on their home than its worth. In this case, many sellers are frustrated because real estate has always seemed to "appreciate" and when they purchased they thought it would be a great investment. Only to find out all their time, money, and hard work is lost in the market, frustrated with the market many people still need to sell and get out of a home where they owe more than its worth.

The best way to get out of this situation, is to contact a real estate salesperson to help you with negotiating with the bank to accept an offer lower than what is owed on the home. Typically the seller is not responsible to bring money to closing, and not responsible for any fees. Its a win-win deal.

If you would like more information and a no obligation consulation on short sales. Contact me anytime and I can give you the needed information.

www.HomesForSaleKalamazoo.com for all real estate information.

Matt Mulder, Realtor

Keller Williams Realty

8075 Creekside Dr Ste 200

Portage, mi  49024

www.HomesForSaleKalamazoo.com for all bank owned, foreclosures in Kalamazoo, MI.

2433 Lorraine in Kalamazoo is located in Winchell neighborhood and offers a beautiful piece of property for the money. With homes around it selling in the $200,000 this is a surefire home with little work needed to become move in condition.

Looking for other Lake Homes in Kalamazoo and Portage, MI? Go to www.HomesForSaleKalamazoo.com for all your needed information.

Matt Mulder, Realtor

Keller Williams Realty

8075 Creekside Dr. Ste 200

Portage, mi  49024

www.SmartHomesHQ.com for Info on Keller Williams Realty in Kalamazoo, MI and Kalamazoo, MI homes for sale.

Keller Williams once again through a giant party for all the mage agents in Autin, TX. We had some great speakers, and better yet got to meet some of the best known agents in the US.  Mega agent camp was a great experience and was very well done by Gary Keller who is one of the worlds most respected entrepenuers.

Austin, TX was a fun place to be, and is the hometown of Keller Williams which was started in 1983. (Also the year in which I was born) Gary Keller is such an amazing individual and was great to spend a few days with him to learn more about how growing a real estate business can be easy and fun.

Keller Williams also has a masterminds session, which is a break out sesssion for agents to be able to find out what is working in different markets.

Thanks again Keller WIlliams and Gary Keller!

www.SmartHomesHQ.com for all your Bank Owned Homes in the Kalamazoo, MI area.

Go to www.SmartHomesHQ.com for all Bank Owned, REO, and Foreclosures in Kalamazoo, MI.

Most buyers want to know if they qualify for the first time homebuyer tax credit, and what most people do not understand is that its not a first time home buyer tax credit. Its a credit to homebuyers who have not owned a home within 3 years.

Here's a link to the corresponding website for all the info. http://www.federalhousingtaxcredit.com/2009/index.html

What the credit is? It's a return on the following years tax returns for 10% of the sales priice, up to a maximum of $8,000. Which in Kalamazoo, MI, or Portage MI Real Estate has a hard time getting up to $80,000 because home price have dropped.

Portage, MI Bank Owned, REO, or Portage, MI foreclosure buyers also have the opportunity to obtain credits. Just go to http://www.portagemi.gov/ to get more info.

www.SmartHomesHQ.com for finding the Homes Value in Kalamazoo, MI

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www.SmartHomesHQ.com fro all informtion about Kalamazoo, MI Real Restate and Homes for sale.

The December 2008 has been an interesting month in the real estate industry in the Kalamazoo and surrounding area. Many of the challenges the market has spoken about has had impacts on residental home sales in the area.

First, jobs have really shown their true colors this month. December was tough for many of my buyers committing to a home purchase due to co-workers losing jobs, or departments in the local industry have cut budgets. I was currently working with someone fromm Bronson ( a local hospital) who state she wouldn't buy because the employees with senoriity were being cut, and the young, cheaper laborers were being hired, and she was worried about losing her job. Another buyer from MPI Research went cold after her company announced between 200-400 job cuts, after the same company just said they were going to hire 3,000 new employees over 3 years.

Second, th stock market as you all know has had a big impact on my buyers. Some buyers who use their 401k as a down payment, or back up reserve have seen their 401k depleated and are scared of a purchase.

Third, the housing markeet in general. Thhe battling question many buyers have been intrigued to know is in a declining market, if they do purchase they are purchasing a depreciating expense that could be a liability.

Scripts, dialouges, and general market awareness has to be in place so people do understand the benefits of a home purchase and the long term investment that can come from owning in a depreciated market.

Its a great time to invest, and I hope we can get this to turn so many buyers can take advantage of it all.

wwww.SmartHomesHQ.com

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www.mattmulder.com

The Federal Housing Administration (FHA) recently altered its guidelines as a result of the Economic and Housing Recovery Act of 2008. One significant change was the elimination of the seller-funded down payment assistance program. Often used by builders through non-profit organizations such as Nehemiah and Ameridream, this program enabled the seller of a property (either an individual or a builder) to "donate" an amount equal to the funds needed by a buyer for a down payment on a home when securing FHA financing.

As of Oct. 1 of this year, the FHA will no longer allow seller assisted down payments. Not only that, but the FHA actually increased the down payment requirement from 3 percent to 3.5 percent-a setback for those who want an FHA loan and are already having problems saving enough money to close on a home.

Fortunately, there is another financing option that can bring these folks a little closer to home: family loans. This feature is unique to  FHA. And while it‘s not permissible for buyers to borrow the down payment from individuals when securing any other type of mortgage, FHA's guidelines allow buyers to borrow from family members. But to obtain a family loan, borrowers must keep some specific requirements in mind: 

• The family member making the loan can be a parent, grandparent, son, daughter, stepson or stepdaughter, or a legally adopted child or foster child.
• The term of the loan cannot be less than five years.
• The FHA loan and family loan combined cannot be greater than 100 percent of the value of the home.
• The scheduled loan payments, if any,must be factored into the buyer's debt ratios.
• Funds cannot be directly or indirectly associated with the seller, or anyone in the transaction who has a financial interest in the sale.

Now let's combine the family loan with another advantage afforded by the Housing and Recovery Act of 2008: the $7,500 tax credit. If Grandpa is a likely candidate to supply a family loan, then he might want to know how he would get paid back. If the buyers are first timers and qualify for the tax credit, then Grandpa could get repaid come tax time.

Remember that lenders will want to verify the source of all funds to close the transaction, so be prepared to provide a copy of the loan agreement that spells out the terms and verifies that Grandpa has sufficient funds available to make the loan.

Sometimes when a window closes, another one opens, So while the recent Housing Recovery Act of 2008 has put the squeeze on the seller-funded down payment assistance program, a family loan can provide another avenue to closing on a home.

www.mattmulder.com

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www.MattMulder.com for real estate information.

The Housing and Economic Recovery Act of 2008, the most sweeping housing legislation since the Depression era, was passed by the U.S. Senate and House of Representatives at the end of last month and was signed into law by President Bush. The new law addresses various aspects of the housing downturn, including assistance for homeowners who are behind on their mortgages, federal oversight of Fannie Mae and Freddie Mac, and funding for cities to buy and fix up foreclosed properties. Many of the provisions of the new law go into effect October 1, 2008 but for first-time home buyers who bought, or will buy, their home between April 9th of this year and July 1, 2009, there's an immediate bonus - a tax credit of up to 10 percent of the sales price, up to $7,500.  Note that this is a tax credit, not a tax deduction. A deduction is an item that is subtracted from your annual income before income taxes are calculated. A tax credit is subtracted from the amount of taxes you owe. 

"First-time home buyer" is specifically defined in the new law, and includes those who may have owned a home in the past, but not within the last three years.  To qualify, be prepared to show your last three years' worth of income tax returns to prove that you did not pay mortgage interest during that period. There are also income limitations on the tax credit - $75,000 per year if you're single and $150,000 if filing a joint return to qualify for the full credit, but the credit does phase out beyond those amounts up to $95,000 for singles and $170,000 for joint filers.

By the way, the tax credit isn't a gift - you have to pay it back.  Nevertheless, it provides an initial reprieve, as repayment doesn't begin until two years after purchase, and is payable over a 15 year period. If you sell the property before the tax credit has been fully repaid, any remaining amounts owed are due to the IRS upon closing.

Applying for the tax credit isn't mandatory, but for many, it will make home ownership feasible in the coming year - and that's exactly what the tax credit is intended to accomplish.

www.MattMulder.com for more information on hoems for sale in Kalamazoo and Portage.

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www.MattMulder.com for a list of free homes.

We've all heard the term, "wrap around," but what exactly does it mean? A wrap around mortgage, or simply a "wrap," is an agreement where the buyer of a property makes monthly payments to the seller of a property, who then pays the original lender each month. This is perceived as a way of an owner "selling" a property to a buyer without the buyer obtaining conventional financing.

While a wrap can be viewed as a traditional sale, in reality it's anything but.

All mortgage loans contain a "due on sale" clause. That means if the current owner of the property sells or otherwise transfers ownership then the lender can immediately call the loan in completely. In other words the lender says, "Okay, you sold the property, we want our money." In the past, the due on sale clause was not as prevalent, but now all mortgage loans contain such language.

So how would the lender ever know? First, if it's a legal transfer of ownership, the sale would be recorded and therefore become public record. Lenders would receive notice from the companies they employ to monitor such transactions. The lender could also find out following the change of the original owner's mailing address.

Now say the owner of the property tells you that they could "carry the note" for you if all you did was make monthly payments directly to him or her. If your agreement was to pay $2,000 per month, those funds could then be directly applied to their original mortgage payment.

Many wrap arrangements require a substantial down payment from the buyer along with the agreement to make a mortgage payment above and beyond what the real mortgage payment requires. Wraps are typically made because the buyer, the seller or both are unable to secure financing. While it may appear to be a solution to a tough problem, a wrap around mortgage is inherently problematic (and generally not worth the trouble).

For example, what would happen if the seller was notified by the lender that an illegal transfer of ownership took place and the lender activates the no-sale clause and wants all its money back?

First, the seller would have to immediately refinance the current note, which would be nearly impossible because the property would have been sold.  A new lender wouldn't finance the new deal nor would the buyer, because the lender wouldn't recognize the new owner.

Second, and perhaps more importantly, what if the buyer indeed made the monthly payments on a regular basis but the owner somehow fell behind and didn't make the payments to the original lender? The lender would be forced to foreclose on the original owner, meaning that the new buyer would lose the down payment and payments to the original owner!

A wrap around isn't a "last resort" method of financing, it's a "no resort."  Violating the terms of a mortgage, having the mortgage called in by the lender and the buyer losing his down payment and presumed equity with no legal ownership rights is a losing proposition for everyone!

www.MattMulder.com for a free list of homes.

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