USDA is now offering the USDA Direct loan in our area, this is a loan specifically being done for low and fixed income buyers, it is not based on credit scores just your need for housing, if you cannot get approved anywhere else this is the loan for you. The interest rates today vary from 1% to 5% depending on income. I closed one of these in the last month and the buyers were able to get in a 140k house for under $400 per month.

 

If you or anyone you know has any interest in this please contact me at (205) 482-2148 or at timhawkins@remax.net

Congress approved an extension of federal jobless benefits, sending the long-delayed bill to President Barack Obama a day before the issuance of monthly unemployment data.

Mr. Obama is expected to sign into law on Friday the jobless-benefits measure, which would extend federal payments to the long-term unemployed by up to 20 weeks from the current maximum of 33 weeks in many areas of the country.

The House voted 403-12 to pass the bill after the Senate unanimously approved it Wednesday.  The legislation would also extend and expand a home-buyers' tax credit and allow big businesses to claim a larger portion of the losses they have incurred in the recession against previously paid taxes.

The bill's centerpiece is an extension of federal jobless benefits by 14 weeks for unemployed Americans in all 50 states, and by 20 weeks in states with jobless rates averaging at least 8.5% in the previous three months. The national unemployment rate hit a 26-year high of 9.8% in September, and economists expect the Labor Department to report a further rise for October in its Friday report.

The House vote came more than a month after it adopted a more-modest extension of unemployment benefits. The Senate added the  home-buyers' tax credit extension and business refunds.

To pay for the additional jobless benefits, Congress is seeking to extend a payroll tax on employers that had been set to expire at the end of the year. The corporate tax breaks would be paid for by postponing the implementation of a 2004 tax cut for U.S. multinationals aimed at making them more competitive with foreign rivals.

In the Senate, disputes over several politically charged amendments held up the legislation for almost five weeks.

An extension in unemployment benefits would mean that jobless people living in the hardest-hit states could be receiving payments for up to 99 weeks. It would apply only to those long-term unemployed who exhaust their federal benefits before the end of the current year.

If the high unemployment rate continues, lawmakers are likely to consider offering further federal assistance.

The bill would extend an $8,000, first-time home buyers' tax credit on all house contracts entered into before April 30, 2010, and closed by June 30 the same year. It would create a new, $6,500 credit for existing property owners who sell their home and buy another during the same period of time. Both credits would have income restrictions limiting their availability.

Businesses would be able to write off losses they booked in 2008 or expect to book in 2009 against federal income taxes paid on profits earned over the previous five years. The economic-stimulus plan enacted in February had created the tax credit, but restricted it to smaller firms.

The measure would also allow smaller investors who lost money in the Bernard Madoff scandal to claim a portion of their losses against taxes paid in earlier years.

WASHINGTON – Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.

 

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House could vote on the bill as early as Thursday.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

"This is probably the last extension," said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.

The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that the Senate included in a bill extending unemployment benefits for those without a job for more than a year. The other would let companies now losing money recoup taxes they paid on profits earned in the previous five years.

"We are still in a world of economic hurt, and Congress must continue to act boldly and creatively," said Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee. "With the right mix of tax breaks and investments we will get through this recession and get folks working again."

The real estate industry has been pushing to extend and expand the housing tax credit. About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.

Extending and expanding the tax credit for homebuyers is projected to cost the government about $10.8 billion in lost taxes. While the measure passed the Senate by a 98-0 vote, Sen. Kit Bond, R-Mo., questioned its efficiency in stimulating home sales.

"For the vast majority of cases, the homebuyer tax credit amounted to a free gift since it did not affect their decision to purchase a home," Bond said. "And for the small minority of buyers whose decision was directly caused by the credit, this raises the question of whether we are subsidizing buyers who may not have been able to afford buying a home in the first place." The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000. The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days. Expanding the tax credit for money-losing companies is projected to cost $10.4 billion. The business tax break would allow money-losing companies to use current losses to offset taxable profits earned in the previous five years, giving them refunds of taxes paid in those years. Under current law, businesses with annual gross receipts of more than $15 million can claim losses back only two years. The tax break would help industries suffering losses in 2

Congress included a scaled-back version of the tax break — for companies with revenues of $15 million or less — in the economic recovery package enacted in February. The new tax break would be available to companies of any size, providing a quick source of cash. The U.S Chamber of Commerce has been a big backer of the tax break for money-losing companies. "It frees up capital that they can use to maintain jobs and potentially even hire new people as the economy returns," said Caroline Harris, senior tax counsel for the U.S. Chamber of Commerce.

The tax breaks would be paid for largely by delaying a tax break for multinational companies that pay foreign taxes. It was passed in 2004 and originally was to have taken effect this year, but would now be delayed until 2018. ___ The bill is H.R. 3548.

NEW LISTING!!

THINGS TO REMEMBER WHEN PURCHASING BANK OWNED PROPERTY

Purchasing bank owned property (foreclosures/REO) is handled, in most cases, like a typical real estate deal between private parties, but there are some things that you must keep in mind during this process which will make it go smoother for all parties.

OFFERS

Most banks will not accept letters of intent. If serious about purchasing the home take the time to prepare a formal offer, it will put the buyer in the best light to the seller.

Banks require pre-approval letters on all loan purchases, even those not contingent on financing. Lender pre-approval letters should include the type of loan and what was done to pre-approve the buyer, i.e., credit check, verified income, down payment source, employment.

Banks require Verification Of Funds for cash offers, i.e., bank letter showing enough funds available to purchaser property, copy of bank statement (black out account numbers)

Make offers as black and white as possible, because gray areas will only lead to a delay in responses. For example, limit “Seller to pay all buyers closing costs” to a dollar figure or percentage of the purchase price as the seller will not know how much closing costs will be. Make sure this amount is allowable under the buyer’s loan program before submitting the offer because the seller will not give the difference back to the buyer.

Completely prepare the sales contract. Seller should read as “Owner of Record”; include the property address, legal description if known (parcel ID will work if long legal), and include the loan type & LTV.

Most banks have required standard addendums, make sure you have read and fully understand them. Banks will not accept crossed through or marked out sections of the seller’s pre-printed addendums. Most addendums have a space to specify buyer’s wishes, and if not, include a hand written addendum and reference it in the contract.

Remember the condition of the property when writing the offer. If the buyer is getting a standard FHA, VA, or high LTV conventional loan, the condition of the property is very important. In most cases, if the house is not in average condition then underwriting will decline the loan. Consult the lender with what repairs are needed, to determine if the property will qualify for the type of loan being sought.

The bank already knows that the property may need some repairs and usually prices them accordingly. You may include a laundry list of items noted as being wrong with the property; however, the bank may not even look at it. Typically, banks have at least two Broker Price Opinions (BPO), noting obvious deficiencies with the property. This in no way implies that the bank has seen or inspected the property. The bank makes no warranties on the property.

The bank representative reviewing the offer will likely be handling 200 – 500 properties, and has no emotional attachment to the property. They will process your offer as quickly as they can. Do not expect quick replies. Typically it takes 24 to 72 hours to get a response (longer at the end of the month). Also the property may be transferred between people at the banks which also create more delays.

Contract / Inspections / Closing

Once accepted by the bank, you typically have 24 – 48 hours to turn everything into the listing company (local contract, addendums, pre-approval letter or verification of funds, & earnest money). Most banks require earnest money to be certified funds made to the closing agent, and this should be made known prior or at time of acceptance.

Most banks sell properties in AS-IS condition, even if they complete some repairs. They typically allow for inspections, but these inspections are for the knowledge and comfort of the purchaser. Do not expect the bank to make repairs or give concessions because of the inspection, especially on items easily seen when walking through the house, which is why they have agreed to the price that has been negotiated.

Most banks allow the buyer to perform inspections at the buyer’s expense. Utilities will be turned on if safe to do so. Usually the bank will not pay to have a meter placed in order for inspections. Typically the inspector must turn the water meter on and off after inspection. In winter months the properties are winterized (water systems drained) to prevent damage to the pipes, and the property must be re-winterized after inspections. The power company requires all breakers to be turned off, so once the power is on, the breakers must be turned on as well.

If inspections reveal any hidden concerns, these must be addressed as soon as possible to stay in the time line of the addendums and allow the seller time to get bids and/or make a decision. The seller will not make a decision with an open cost – a cap amount must be in place and in writing on an addendum.

Most of the standard addendums spell out time lines, these are very important to the banks and are taken very seriously. These time lines deal with everything from inspections to loan approval. If you see a delay coming, prepare an addendum ahead of time. Do not wait until the deadline is past as it will likely result in the seller declining the addendum.

Many banks have a per diem in the addendums to ensure everyone is working diligently to get the property closed. These per diems apply if the property does not close on time due to items on the buyer’s side. These delays can be for any reason, such as a survey or septic inspection ordered by the buyer, lender, or inspections. Verify that inspectors, lenders, etc., can meet the deadlines outlined in the addendums. Address foreseeable delays as quickly as possible; do not wait until the deadline or after.

 If a loan is involved, make sure the lender knows that most sellers require 24-48 hours to review the HUD before signing. The lender must have a loan package to the closing agent 72 hours prior to closing. If the seller has not signed the HUD at time of closing, keys will not be given to the buyer and commission checks will not be issued. In most cases, the seller is not present at the closing. Do not wait until closing to try and make changes to the HUD, it will likely delay the closing.

Most banks have already ordered Title and will update it when they go under contract. Most banks will have a designated closing agent; if buyer wishes to use their own they will be responsible for this cost.

Most banks pay commission on the net sales amount. This is the sales price minus any buyer concessions (closing cost, down payment assistance). In many cases, the listing agent is receiving a lower commission, so do not put it in the contract that commission is to be split equally. Likewise, if the seller is offering a selling bonus, put this information into the offer to help insure you receive it as some sellers will negotiate it out if the offer is not acceptable with it.

All banks work differently and some of these points may or may not apply with individual banks. The above items should be used only as a guideline to prepare agents and buyers about purchasing bank owned properties.

.listingLine {border-top: 1px solid #EEEEEE; font-family: arial,verdana; font-size: 10px;}

Did you know that you can browse all of your matched listings at your homepage? Just go to bhammls.com/loganmartinrealestate. 419415 344 Dale St, Gardendale, AL New $86,000 419488 161 Pineview Cir, Blountsville, AL New $62,900 418632 4130 Lehigh Rd, Remlap, AL Photo Added $21,500 419522 3409 Timberbrook Trl, Birmingham, AL New $19,900 415509 3428 Timberbrook Trl, Birmingham, AL Price Changed $40,000 419548 2317 Applewood Dr, Birmingham, AL New $99,900 419438 6442 Freda Dr, Pinson, AL New $100,000 410394 14 Shadowood Cir Unit# C, Center Point, AL Price Changed $19,900 419516 113 Nw 19th Ave, Birmingham, AL New $20,000 412286 819 Hillcrest Rd, Birmingham, AL Price Changed $24,900 403706 532 Camellia Rd, Birmingham, AL Price Changed $26,000 419412 445 Orchid Rd, Birmingham, AL New $26,000 412251 9673 Williamsburg Dr, Birmingham, AL Price Changed $29,900 419437 5817 Walnut Grove Rd, Birmingham, AL Price Changed $37,900 413599 2246 Ne 3rd Pl, Birmingham, AL Price Changed $48,000 419414 21 Ne 25th Ct, Birmingham, AL New $64,000 415845 1809 Forest Dr, Birmingham, AL Price Changed $67,500 419413 800 Sherwood Forest Dr, Birmingham, AL New $73,000 419363 1313 Oak Terr, Birmingham, AL New $84,900 412889 1153 Cheyenne Blvd, Birmingham, AL Price Changed $89,900 419404 806 Seven Springs Cir, Birmingham, AL New $91,900 419406 8928 Valley Hill Dr, Birmingham, AL New $98,900 419432 7726 Martin Luther King Dr, Leeds, AL New $69,900 419424 516 Clearview Rd, Odenville, AL New $51,500 419486 230 Whitney Springs Dr, Steele, AL New $149,900 419480 606 Cody Cir, Springville, AL New $275,000 419458 55 Ridgedale Dr, Oxford, AL New $60,000 407190 3924 Cloverdale Rd, Anniston, AL Price Changed $65,900 415364 1201 Early St, Oxford, AL Price Changed $74,900 419551 11 Athens St, Eastaboga, AL New $75,000 403632 208 S 62nd St, Birmingham, AL Price Changed $6,500 419411 6716 1st Ave, Birmingham, AL New $8,000 403638 7409 Queenstown Ave, Birmingham, AL Price Changed $12,000 408680 8124 N 5th Ave, Birmingham, AL Price Changed $19,320 419431 7504 2nd Ave, Birmingham, AL New $20,000 419466 4440 N 44th St, Birmingham, AL New $8,500 416516 5129 Rainbow Cir, Birmingham, AL Price Changed $52,200 415874 413 Skyview Dr Unit# B, Birmingham, AL Price Changed $39,900 416539 526 S 22nd Ave, Birmingham, AL Price Changed $69,900 413997 4241 Stone River Rd, Birmingham, AL Price Changed $799,000 419499 2226 S 4th Ave, Irondale, AL New $87,000 408976 302 Oakleaf Cir, Hoover, AL Price Changed $144,900 416236 2049 Yancy Dr, Hoover, AL Price Changed $199,000 419311 4726 Sandpiper Ln, Hoover, AL Photo Added $269,900 419401 2989 Indian Crest Dr Unit# 13, Indian Springs Village, AL New $729,000 419416 3049 Indian Crest Dr Unit# 11, Indian Springs Village, AL New $750,000 419349 3305 Indian Crest Dr Unit# 2, Indian Springs Village, AL Photo Added $759,000 419407 3017 Indian Crest Dr Unit# 12, Indian Springs Village, AL New $760,000 394990 85 Meadow Dr, Vincent, AL Price Changed $59,900 419455 513 Walker Rd, Pelham, AL New $119,900 419410 1850 Hamilton Rd, Pelham, AL New $149,900 Tim Hawkins RE/MAX Realty Pros Direct: Cell: 205-482-2148

For all your pell city real estate and logan martin real estate needs

Your MLS has prepared a report for you which includes all of the properties in the list below. Click the button at the right to view the report. 411391 2341 Nw 9th Pl, Birmingham, AL Price Changed $39,900 404673 805 Sherwood Forest Dr, Birmingham, AL Price Changed $49,900 417131 412 Wedgeworth Rd, Birmingham, AL Photo Added $59,900 417167 7424 Queenstown Ave, Birmingham, AL Price Changed $33,500 416906 6707 N 5th Ave, Birmingham, AL New $39,000 416896 3823 N 39th Ct, Birmingham, AL New $39,000 417431 621 Coleman Rd, Sylacauga, AL New $51,900 412487 250 Maple Dr, Maplesville, AL Price Changed $44,900 417434 1509 29th St, Birmingham, AL New $28,900 417451 600 Sw 2nd St, Birmingham, AL New $33,900

So i was awakened today to a 80lb labrador in my swimming pool and in the process of trying to get out he decided to use my liner as a ladder tearing it to shreds, before I call my Allstate agent I wanted to know what anyone thought if this was going to be covered by my homeowners policy.

.listingLine {border-top: 1px solid #EEEEEE; font-family: arial,verdana; font-size: 10px;}

, There are 51 new listings that match the criteria you expressed to your preferred REALTOR®. Your preferred REALTOR® has prepared a report for you which includes all of the properties in the list below. Click the button at the right to view the report. 408727 1213 N 4th Ave, Fultondale, AL Price Changed $31,950 411317 176 Ty Ln, Warrior, AL New $124,900 410876 796 Mary Vann Ln, Birmingham, AL Photo Added $30,800 411239 5360 Scott Dr, Pinson, AL New $44,900 410200 3108 Cobblestone Dr, Birmingham, AL Photo Added $58,500 409560 6810 Briarwood Dr, Pinson, AL Price Changed $75,900 408418 278 Driftwood Cir, Pinson, AL Price Changed $90,300 399062 6550 Murphree Cir, Pinson, AL Price Changed $409,900 407219 2815 Arrowhead Dr, Birmingham, AL Price Changed $42,900 408802 928 Edwards Lake Rd, Birmingham, AL Price Changed $44,900 406693 134 Freda Jane Ln, Birmingham, AL Price Changed $58,900 406159 914 School Terr, Birmingham, AL Photo Added $60,000 411261 1501 Shady Oak Cir, Birmingham, AL New $104,900 400178 410 Nichols Way, Trussville, AL Price Changed $129,000 411333 7726 Martin Luther King Dr, Leeds, AL New $84,000 411301 48 Jade Hill Rd, Pell City, AL New $57,800 411285 35 Mays Bend Ln, Pell City, AL New $109,900 407190 3924 Cloverdale Rd, Anniston, AL Price Changed $84,900 411334 3747 Hwy 9, Anniston, AL New $88,500 409031 5511 Blueberry Ln, Anniston, AL Price Changed $99,900 405566 606 Lincoln Crest Blvd, Jacksonville, AL Price Changed $184,900 404186 1533 N 90th St, Birmingham, AL Price Changed $10,000 409519 8304 N 4th Ave, Birmingham, AL Price Changed $10,900 406306 309 N 75th St, Birmingham, AL Price Changed $15,900 403616 400 S 66th St, Birmingham, AL Price Changed $17,900 406724 8335 S 8th Ave, Birmingham, AL Price Changed $23,000 411252 9009 Beverly Dr, Birmingham, AL New $25,000 407391 606 Biscayne Dr, Birmingham, AL Price Changed $25,900 411266 520 S 80th Pl, Birmingham, AL New $31,000 400448 1924 N 30th Ave, Birmingham, AL Price Changed $9,900 411240 3400 N 32nd St, Birmingham, AL New $19,900 403044 413 N 15th Terr, Birmingham, AL Price Changed $30,000 411249 4925 N 30th Way, Birmingham, AL New $32,995 408892 633 S 19th Ct, Birmingham, AL Price Changed $131,000 386761 1510 S 14th St, Birmingham, AL Price Changed $154,900 396813 2928 Parkridge Dr, Homewood, AL Photo Added $244,900 390509 313 Edgeview Ave, Homewood, AL Price Changed $484,900 405137 2112 Crossridge Ln, Hoover, AL Photo Added $186,900 402501 2529 Stonecreek Trl, Helena, AL Price Changed $142,500 408951 134 St Charles Dr, Helena, AL Photo Added $145,400 408785 618 Ne 3rd St, Alabaster, AL Price Changed $83,500 409248 127 Treymoor Dr, Alabaster, AL Price Changed $181,900 411291 185 Carrington Ln, Calera, AL New $89,900 411268 140 Carrington Ln, Calera, AL New $116,200 397898 3101 Holbrook Ave, Bessemer, AL Price Changed $25,000 408733 3826 Troy Terr, Brighton, AL Price Changed $29,000 411298 212 Holly St, Hueytown, AL New $44,900 395965 1612 Kerry Dr, Hueytown, AL Price Changed $104,900 395781 711 13th Ct, Pleasant Grove, AL Price Changed $126,900 359890 4568 South Shades Crest Rd, Bessemer, AL Price Changed $159,900 408747 11544 Falcon Crest Way, Cottondale, AL Price Changed $99,900 Tim Hawkins RE/MAX Realty Pros Direct: Cell: 205-482-2148