Originally Posted on NBC4.com

By MARK WELLBORN

Updated 1:16 PM EST, Thu, Nov 5, 2009

The Senate voted late Wednesday to extend the $8,000 first-time home buyer tax credit.

In short, the credit would be extended to home purchases under contract by April 30, 2010, and closed on by June 30th. It would be available to individuals earning up to $125,000, or $225,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law. The proposal would also let existing homeowners qualify for a $6,500 credit if they have lived in their current residence for five years.

This extension of the credit is included in a bill that will also extend unemployment benefits. The measure now goes to the House where it is expected to be supported, and could be voted on as early as Thursday morning. This means that it could be on President Obama's desk for signature as early as next week.

From CNN:

The extension will cost $10.8 billion over 10 years, according to the Joint Committee on Taxation.

Through mid-September, 1.4 million tax returns had qualified for the credit, according to the IRS. Some portion of those returns, which the IRS couldn't specify, represents buyers who took advantage of an earlier version of the tax credit, which was only worth $7,500 and has to be repaid over time.

By the end of November, the credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, according to estimates by the National Association of Realtors.

Copyright 2007-2009, UrbanTurf.

First Published: Nov 5, 2009 11:00 AM EST

The Coles VFD is having their first Annual Haunted Trail this weekend. Its a great event to get the community together and best of all its FREE.

Fun for the whole family! Festivities include a haunted trail, children's activities, games, food, drinks, candy and more.

Come and join the Coles Volunteer Fire Department.

Friday October 30th
7-11 PM
Saturday October 31st
6-11 PM

13712 Dumfries Road
Manassas, VA 20112
703-791-3400

IBM Announces Agreement to Acquire Wilshire Credit Corporation Assets

 ARMONK, NY - 5 October 2009 - IBM (IBM: NYSE) today announced that its mortgage servicing subsidiary has signed an agreement with Bank of America Corporation (BAC:NYSE) to acquire the core operating assets of Wilshire Credit Corporation, including the Wilshire mortgage servicing platform, and hire Wilshire's approximately 900 employees. Terms of the transaction were not disclosed.

 The acquisition continues IBM's strategic focus on the mortgage services industry and strengthens its commitment to deliver mortgage business process outsourcing solutions that improve our clients' agility, flexibility and competitiveness as they work to manage their businesses more effectively through dynamic market cycles.

 "The acquisition of Wilshire's assets further demonstrates IBM's commitment to delivering robust and innovative mortgage solutions during a difficult time for the mortgage industry," said Eric Ray, general manager, Financial Services Sector, IBM Global Technology Services. "It also reinforces IBM's commitment to leveraging the full capabilities and resources of IBM to partner with our financial services clients in solving their most difficult challenges."

 Wilshire's operating assets will become part of IBM's Lender Business Process Services, Inc. business unit, a wholly-owned subsidiary of the IBM Corporation.  Wilshire will work with its clients, IBM and Bank of America to transition its mortgage servicing rights and related assets to Bank of America. The agreement remains subject to customary closing conditions.  There are no immediate changes taking place for customers as a result of this announcement.

Press Contact:

Bruce McConnel

IBM Media Relations

804-327-4644

wmcconn@us.ibm.com

Please join us for a twenty minute presentation, followed by a question and answer session. 

We will cover topics like ....

•-          How does a short sale, foreclosure, or bankruptcy affect my credit?

•-          What happens to my credit score if I'm late just once on my rent?

•-          Do I qualify for better interest rates if my credit score is higher?

•-          Should I close my credit card once it is paid off?

•-          How does the size of the balance on my credit cards, affect my score? 

Credit standards have tightened and the mortgage landscape is changing fast.  Learn proven strategies to improve your score, boost your buying power, and the fastest way to recover from a negative entry.

 Keynote speaker is Laurie Puccio a Certified Mortgage Planning Specialist with First County Mortgage, LLC.    

Saturday, September 19^th at 11:00am or 1:00pm

Location:  12581 Milstead Way, Suite 400, Woodbridge, VA 22192 - at the corner of Hoadly Road and the Prince William Parkway.

Please RSVP to reserve a seat at the session of your choice at:

stacy@stacymaid.com or 703-599-5337

Presented by First County Mortgage, LLC and Century 21 New Millennium.

                                  Each Office is independently Owned and Operated.

Houses continue to sell very quickly in the Woodbridge area. Many with multiple offers and at or above list price.  Here are the latest market statistics for the month of August. 

 While house prices have dropped a bit overall since 2008 the days on market is considerably less.

Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2009 - Information deemed reliable, but is not guaranteed.

Houses continue to sell very quickly in the Manassas area and Prince William County. Many with multiple offers and at or above list price.  Here are the latest market statistics for 07/01/2009 to 07/31/2009. 

Total Active Listings: 162

The Sales Price has gone down slightly since last year in the area and average days on market has been reduced since last year. 

Below are the stats between last year and this year:

 If you are looking to buy or sell a home in the Prince William County area we would be happy to sit down with you and go over the comps for your neighborhood. Feel free to call or email us at any time. 

If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.

 1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as:

 •·         Refinancing your loan at a lower interest rate

•·         Providing a different payment plan to help you get caught up

•·         Providing a forbearance period if your situation is temporary

When a loan modification still isn't enough to relieve your financial problems, a short sale could be your best option if

 •·         Your property is worth less than the total mortgage you owe on it.

•·         You have a financial hardship, such as a job loss or major medical bills.

•·         You have contacted your lender and it is willing to entertain a short sale.

 2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional* and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest.

 A qualified real estate professional can:

 •·         Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).

•·         Help you set an appropriate listing price for your home, market the home, and get it sold.

•·         Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).

•·         Ease the process of working with your lender or lenders.

•·         Negotiate the contract with the buyers.

•·         Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can't sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.

 3. 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

 4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender's review of the short-sale package can take several weeks to months. Some experts say:

 •·         If you have only one mortgage, the review can take about two months.

•·         With a first and second mortgage with the same lender, the review can take about three months.

•·         With two or more mortgages with different lenders, it can take four months or longer.

 When the bank does respond, it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one. (Your real estate attorney and real estate professional, with your authorization, can work your lender's loss mitigation department on your behalf to prepare the proper documentation and speed the process along.)

 5. Don't expect a short sale to solve your financial problems. Even if your lender does approve the short sale, it may not be the end of all your financial woes. Here are some things to keep in mind:

 •·         You may be asked by your lender to sign a promissory note agreeing to pay back the amount of your loan not paid off by the short sale. If your financial hardship is permanent and you can't pay back the balance, talk with your real estate attorney about your options.

 •·         Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay taxes on that amount. Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Be sure to consult your real estate attorney and your accountant to see whether you qualify.

 •·         Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale will impact your credit score less than foreclosure and bankruptcy.

Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA. 

 Copyright THE NATIONAL ASSOCIATION OF REALTORS® | Headquarters: 430 N. Michigan Ave., Chicago, IL 60611 |
DC Office: 500 New Jersey Ave. NW, Washington, DC 20001 | 1 800 874 6500

Houses continue to sell very quickly in the Wooodbridge area and Prince William County. Many with multiple offers and at or above list price.  Here are the latest market statistics for 07/01/2009 to 07/31/2009. 

Total Active Listings: 482 

The Sales Price has remained stable since last year in the area and average days on market has been cut in half since last year. 

Below are the stats between last year and this year:

 If you are looking to buy or sell a home in the Prince William County area we would be happy to sit down with you and go over the comps for your neighborhood. Feel free to call or email us at any time. 

Houses continue to sell very quickly in the Dumfries area and Prince William County. Many with multiple offers and at or above list price.  Here are the latest market statistics for 07/01/2009 to 07/31/2009. 

Total Active Listings: 120

The Sales Price has remained stable since last year in the area and average days on market has gone down considerably..  Below are the stats between last year and this year:

 If you are looking to buy or sell a home in the Prince William County area we would be happy to sit down with you and go over the comps for your neighborhood. Feel free to call or email us at any time. 

Houses continue to sell very quickly in the Woodbridge area. Many with multiple offers and at or above list price.  Here are the latest market statistics for 07/01/2009 to 07/31/2009. 

Total Active Listings: 382

While house prices have dropped a bit overall since 2008 the days on market is considerably less.

Here are the stats between last year and this year:

 If you are looking to buy or sell a home in the Prince William County area we would be happy to sit down with you and go over the comps for your neighborhood. Feel free to call or email us at any time. 

Stacy Magid
REALTOR®
Century 21 New Millennium
12581 Milstead Way Suite #400
Woodbridge VA 22192
703-599-5337 (cell)
540-658-2185 (fax)
http://www.princewilliamhomesales.com
stacy@stacymagid.com
PWAR  Top Producing Team
Licensed in the Commonwealth of Virginia 

We're never too busy for your referrals!