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More than just $8,000 tax credit, there's more...
The Federal tax credit has been extended for first time home buyers until April 30, 2010 and now buyers who already own homes can now claim $6,500 if they owned their current residence for at least five years! as long as they close by June 30, 2010.
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12 Steps to Home Ownership
1) Find a Real Estate Professional: They are paid by the Homeowner, not you! that means a free service for you.Utilize their services to help you avoid the pitfalls, help with negotiations that won't give away your strategy and do all the legal paperwork involved with buying a home.
2) Talk to a Lender for Pre-Approval: This determines your comfortable loan limit that can maximize what loan you want to pay for the term of your homeownership.
3) Look at Homes: Ask Sonny Kwan to sign you up for his free property tracker system which sends you emails of any property that goes on the market (the same time agents see them)
4 Write up an Offer: Sonny will give you the best advice on how much to offer the seller since he/she knows that real estate market better than anyone else.
5) Negotiations: Sonny will help you get the most out of the presentation of your offer.
6) Earnest Money: Be prepared to write a earnest money check to the escrow company you choose so that the offer looks appealing to the homeowner.
7) Home Inspection: This is highly advised, this will determine if there are any major defects to the property. ie. cracked foundations or roof leaks. About $400 paid by you.
8) Open Escrow / Order Title: The escrow company will handle the paperwork between you and the homeowner without you or them ever meeting. The title company will look over the title to the property to make sure there are not any defects to the title.
9) Appraisal: The bank wants to ensure that the home you made an offer on is priced accordingly. You may need to pay up front, depending on the bank.
10) Obtain Homeowner Insurance: Make certain this home can be insured, in most cases, premiums may be much higher on risky investments.
11) Do a Final Walk Through: usually 3 days before you sign paperwork at escrow. Sonny Kwan will address any serious issues before closing.
12) Sign Loan papers, Close Escrow and Take Possession: Your property deed, seller re-conveyance and deed of trust will be filed and recorded with the county. then you are a new homeowner! Congratulations!!
This entire process takes 45 - 60 days, so start looking now to beat the April 30th 2010 deadline!
© 2009 By Sonny Kwan All Rights Reserved
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