Dear Neighbor:

 •   Are you tired of renting?

 •  Would you like to have the privacy of your very own home?

 •   Would you like affordable home payments, which may be less than your current rent?

 •    Would you like to be building home equity, which can amount to one of the best investments most people make?

 •   Do you want to find out how you can be an owner rather than a renter with monthly payments tailored to your needs?  With the extension for the "FIRST TIME HOMEBUYERS TAX CREDIT " bill being extended until June 2010 now is a GREAT time to be thinking of home ownership.

 RE/MAX 100 is the area's leader in helping renters discover how they can affordably become homeowners. 

 Find out you how easy it would be for you to change from being a renter to a home owner by contacting me today, either by phone or e-mail.

 Thank you for your time and I look forward to hearing from you.

Stephanie Corley ? Realtor REMAX 100

stephaniecorley@wesellmore.com

410-231-0251

In a market with many foreclosures it is sometomes hard for a neighbor to get their Homes Value unless you their home stands out.  here are a few basics for you to consider:

1.  Do not think of this as your home any longer.  This is a business deal and you want to get a buyer quickly.

2.  Remove all ersonal items such as walls full of family pictures.

2.  Paint your home in nuetral colors.  A home full of different colors does not show flow.  Buyers eyes do not move easily if they feel like they are in a crayola box.

4.  Less is better.... If you have a lot of furniture clean out the clutter.  Buyers need to see space and the more furniture you have the less likely they are to picture how their belongs will fit in a room.  Not to mention the more you have the smaller a room looks

5.  Make sure your yard is clean and has good curb appeal.  Clean leaves, flower beds, keep grass trimmed and trim shrubbery.  If you have no color in your yard get some.  Even in the fall and winter you can plant ornemental plants like cabbage and kale that give color in the winter.

6.  Give your windowes a facelift.  get rid of the old pull doen blinds and replace them with faux wood blinds. Remove old curtains. With blinds you don't heavy window treatments.

2. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale "package" that accompanies any offer typically must include: 

• A hardship letter detailing your financial situation and why you need the short sale
• A copy of the purchase contract and listing agreement
• Proof of your income and assets
• Copies of your federal income tax returns for the past two years
• Copies of your last 2 pay stubs
• Authorization for agent to speak with bank on your behalf
• Copie of your last 2 months bank statements

AND... most impaortant make sure your agent is a Certified SHort Sale specialist.... without the knowledge to work with banks this prcess can be a nightmare so get an agetn with SHORT SALE experience.

If you have any questions on short sAles feel free to call or email me.  I am always happy to answer questions.

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. There are some income limitations, but they're more lenient than the original restrictions: individuals making $125,000 a year or married couples making $225,000 a year will not be eligible.

For home buyers, this is good news since many more will now qualify, however the program has received mixed reviews, especially for the projected costs. It will cost roughly $10.8 billion. That's a hefty sum to add to the current housing credit, which will have cost taxpayers about $8.5 billion by the time it expires Nov. 30.

TODAYS SHORT SALE TIP:  Owners often tell me they were told they have to be 3 paymentsbehind in order to do a short sale.  THIS IS A MYTH!  You cna be on time with your payments and still do a short sale on your current home.  You must way the factors.  A short Sale will cause your credit to take hit but if the cost of keeping up with a mortgage you can't afford is on a downward slide then a short sale may be your best bet.  It is better than facing a forclosure and in most cases you can buy again in 2 yrs.

If you are in a situation where you are being relocated due to your job and you are upside down on your morgage a short sale is more than likely your best option.

Make sure your listing agent has short sale certification and has experience in negoatiating with Banks on the sellers behalf to get an approval. 

All the inside information coming from the House states that a bill will be passed this week to extend the " First Time Homebuyers Tax Credit" into 2010.  This gives buyers more time to find their new home while helping to stimulate economy and the houseing market. 

The House and the Treasury Dept is also looking into other incentive programs for nuyers to help soak up this drenched market with an abundance of short sales and foreclosures.  These programs will not be geared for first time homebuyers, but for any buyer loooking to purchase a home.

Another bit of news on the short sale market this week.... Treasury Dept and Hud are working on how to get banks to move quicker on approvals of short sales.  Banks need to be held accountable for the rediculous amount of time they take before an approval is given on a short sale.  I have worked with many banks recently that have done a wonderful job in getting a short sale approval in less than 60 days, but the big guys like Bank of America, GMAC and a few others still do not have their act together.

If the package is sent in correctly with all the necessary paperwork this should be approved in under a week.

Let's hope the ABA helps them get their act together so a short sale can settle in 30 days just like a regular sale and a foreclosure can.

How many buyers out there whether First time or move up buyers are aware of the RDA loans available in not only Maryland but other states across the country. This program offers a 100 percent loan to value (100% LTV), USDA Rural Development  home mortgage  that is government guaranteed. Few people are aware this Guarantee program exists.  This is not a subsidy loan so there is no recapture!

The major benefits are:

• 100% mortgage LTV based on the APPRAISED value
• Zero down payment and there is no minimum contribution required.
• No limit on seller concessions or gift
• No mortgage insurance required
• No reserves required
• 30 year fixed rate only
• Lenders must be USDA approved. 
• Low interest rates, this is not a sub-prime mortgage
• Flexible Credit Guidelines.

Few people including real estate agents and loan officers are aware of this government program.  If they were, a lot more homes that are on the market today would be selling.  Real estate agents and For Sale By Owners should use this 100 percent loan to their advantage in their advertising.

Not every home or buyer will qualify for this loan, but if they do they are getting one of the top mortgages with low interest rates on the market right now.

Maryland offers this loan program for all of Calvert County, parts of Charles County ( Waldorf is excluded ) all of St Mary's county and a small portion of Ann Arundel County to include Deal, Churchton and Shady Side.  Other Northern and Western Counties in Maryland also provide this Loan Prgram.

Feel free to contact me if you want more details or want the salary caps for qualified buyers.

We as realtors have asked our Congressman to continue the "Maryland First Time Home Buyers Tax

Credit "going into 2010.  In order to lower the number of foreclosures and short sales on the market and keep homes moving we need this bill to continue.  Many large Banks are not doing their part in getting these dhort sales to the settlement table quickly which is still keeping homes on the market longer and frustrating buyers.

I have had great success with Citi Mtg, Indymac and Ocwen but other large banks like Bank of America and GMAC Mtg are still taking well over 90 days. Frustrating both sellers and buyers, not to mention the real estate agents who work hours a day trying to get to the right department or manager.  Reform is needed in Short Sales to keep the market moving.  It was announced through the Treasury Secretary back in May of 2009 a plan for Short Sale Reform was coming.  I haven't seen it yet, maybe it has been put on hold until we get Health Care reform.

HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit

WASHINGTON, May 12, 2009

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the
Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.

Donovan's remarks came in an address to several thousand Realtors^® gathered this morning at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors^® Midyear Legislative Meetings & Trade Expo here.

Secretary Donovan said that important changes, which the National Association of Realtors^® has been calling for, will help consumers purchase a home. "We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment," Donovan said. According to Donovan, the FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Donovan said the Obama administration plans to further stabilize the housing market. "I do think we have some early signs hat the market overall is stabilizing," said Donovan. "Since January we've seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate."

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said, "As the leading advocate for housing issues and homeownership, NAR continues to take a leadership role in promoting ideas for improving our economy by stabilizing the housing and real estate markets. Today we have the best of the best to begin a dialogue, develop solutions and initiate action toward real estate and economic recovery."

The morning session included a panel discussion that was moderated by CNBC's Ron Insana. The 13 panelists and Realtors^® in attendance examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation's taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.

The list of distinguished panelists include Dr. Martin Feldstein, professor of Economics from Harvard University; Dr. Barry Bluestone, professor of Political Economy from Northeastern University; John Taylor, CEO of the National Community Reinvestment Coalition; Maria Kong, president of the National Association of Real Estate Brokers; and Sarah Rosen Wartell, executive vice president for the Center for American Progress.

"Right now the Federal Reserve is the market," said Jay Brinkman, chief economist for the Mortgage Bankers Association. "What will be the effect when the Fed stops buying?" Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.

"We must make sure FHA and the GSEs are supported," added the Wharton School's Susan Wachter.

"We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy," McMillan said. "We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond."

The real estate summit is part of the Realtors^® Midyear Legislative Meetings & Trade Expo here through Saturday. During the week, more than 8,500 Realtors^® will attend meetings, visit lawmakers and inspire action on Capitol Hill.