Anne Fashauer

Home buyer tax credits expiring

Anne Fashauer — Thu, 18 Mar 2010 22:42:00 GMT

The two home buyer tax credits are expiring at the end of April. To take advantage of them, besides meeting their general requirements, you need to be under contract to buy a home before the last day of April. This should also be a wake-up call to anyone thinking of listing their home for sale - if you want to attract buyers who want to take advantage of these credits, you need to get your home listed now.

What are the two credits? One is for first time home buyers. The credit is for up to $8,000; the contract must be signed on or before April 30, 2010 and the deal must close within 60 days of the April 30th date. You are considered a first time buyer if you have never owned a home before or have not owned a principal residence in the last three years. There are limits based on income - $225,000 for couples, $125,000 for individuals. The home cannot cost more than $800,000 and it must be purchased as a primary residence.

The second credit is for existing home owners. The credit is for up to $6,500; you have to have lived in your current home consecutively five of the last eight years. The income limits and price limits are the same. You do need to occupy the new home as your primary residence but you do not have to sell your existing home.

On both of these credits there are more criteria and restrictions and you should consult a tax attorney to get the specifics for your situation; what I've provided here is the basic information to get you started.

After the whirlwind tour of New York it's good to be home and I'm enjoying the beautiful sunshine and 70 degree weather - I hope you are also. The farrier is due at my house tomorrow and I think it's time to take a ride on poor Jac, my gelding who constantly looks at me and wonders why we haven't gone out much the past few months.

If you have any questions about the credits or about listing your property for sale, give me a call or send me an email - you can find my info on my website or in my ad in the AVA.

New York!

Anne Fashauer — Fri, 12 Mar 2010 17:00:00 GMT

It's been a very busy and fun-packed week here in New York. We arrived a week ago in the late afternoon and immediately after checking in to the hotel we ran out and saw Memphis. What a great show - I highly recommend it. The rest of the week felt like that - brief stops at the hotel before running out for some other adventure. We saw two other shows, Mamma Mia! and Jersey Boys. I liked Jersey Boys second best, with Mamma Mia! coming in third. That doesn't mean it wasn't great, just that the other two were even better. I went to the Frick, the MOMA and the Metropolitan museums. My favorite museum was the Frick - smaller and more personal with some beautiful paintings. I know now I like Turner. But the paintings with the most affect on me were the largest Pollock at the MOMA and the Clyfford Still also at the MOMA. I saw several other Pollock's and Still's at the Met that I liked a lot, but those two affected me so much I went back one afternoon and spent a couple of hours with them.

I have eaten and drank so much good food and wine it's hard to catalog it all. We had South African food the first night (dinner at midnight - only in New York!), fantastic home-cooked Korean food Sunday, yummy Italian Monday, a very high end steak house called Quality Meats Tuesday, a simple fish dinner Wednesday and another great steak house, Ruth Chris last night. I've also eaten pizza, cannoli, a pastrami sandwhich from Katz's Deli and today I finally am getting out for a bagel. I've been exposed to more Zinfandels than I thought possible, plus great, really great, South African sauvignon blanc, French Sancerre, an Alsacien beer and four or five bottles of fine French champagne. Oooo la la!

I did quite a bit of shopping - bargains galore. I also saw the World Trade Center site; still moving after all of these years and met a fire fighter who was there that day. Yesterday I met up with two girlfriends from my semester at Fordham University. We had lunch on Arthur Avenue in the Bronx and bought the yummiest cannoli in the world there.

I'll have more real estate news next week. Now I need to go get that bagel and pack for the trip home.

Local attractions and the Big Apple

Anne Fashauer — Thu, 04 Mar 2010 23:51:00 GMT

You know how you can live in a place and still not take advantage of all that there is to offer? For years I lived in San Francisco, but other than the first trip to Alcatraz when I was a freshman at USF I never went there again. Well, this past weekend I took a walk for the first time on the Haul Road in Fort Bragg. What a beautiful place to walk! I highly recommend it the next time you want to go to the coast. We took three dogs with us and there were many others also being walked on Sunday. The weather was stunning and you could see the bigs waves rolling in and smell the salty tang of the ocean; so refreshing. You can walk or bicycle - we saw lots of those as well. My new pooches are very frightened of them but by the end of the walk they were no longer as afraid.

The other thing I've been doing is taking swing dance lessons, which has been an incredible amount of fun. This has gotten me out to the Caspar Inn for a couple of bands as well and that is another venue that is really not to be missed. They get some great music there and it's fun to dance to it. For years I've heard about the Caspar Inn but it's only recently that I've been really taking advantage of that.

Real estate is still picking up. There are several escrows in the Century 21 offices. A recent statistic from my broker is that Century 21, between the two coast offices, has over 30% of all the listings on the coast. That's pretty amazing and a good reason to list with us - we're getting more traffic because of that. I've been getting several inquiries on my listings and have had several other showings as well. It feels good to be busy again. The funny thing is that I've had several inquiries in just the last couple of days - just as I head out of town; everyone always says, if you want to get busy, try to go on vacation.

So I'm headed to New York City! I leave tomorrow, Friday, morning and return the following Friday, although I'm actually not home until Saturday as I've a bridal shower to attend in St. Helena on Saturday afternoon. I'm very excited to go back to New York - it's probably been 15 or 20 years since I was last there. I did a semester at Fordham University and I'm going to see several of my old friends while I'm back there. I'm also going to see Mamma Mia and Memphis - and I might even get in some swing dancing while I'm there. I will try to write a blog entry while I'm there just to tell you what it's like. I'm prepared for cold - I'm bringing lots of boots and scarves and clothes to layer.

Don't forget it's the whale festival on the coast this weekend and next - and the subdudes are playing at Cotton Auditorium. I'd be there if I weren't going to be in New York. See you in a week!

Ethics and real estate

Anne Fashauer — Fri, 26 Feb 2010 23:53:00 GMT

To get a license to practice real estate in the state of California you have to take three classes and pass a test. To become a REALTOR one has to do that and sign a Code of Ethics. One thing I want to point out is that in our local area we are very fortunate - almost every one practicing real estate is also a REALTOR - something like 95%. Across the state that number is only 34%.

Last Friday I spent the day in Fort Bragg at a special training offered by our local Realtor's association. We were very lucky to get Susie Kater, California Association of Realtor's senior legal counsel, to come all the way from southern California to give the classes. The first class was to teach us about serving on the Greivance Committee. This committee is put together to hear ethics violations charges and to pass judgement as to whether or not a violation has occured. If a violation is determined to have occured, then a hearing is held by the Professional Standards Committee. Finally, the Board of Directors of the association is there to review decisions made by the other committees. The training was very good and very interested and it allows those of us in attendance to serve on any of these committees for the next three years.

Upcoming local events include the Whale Festival in March. One special event is that the subdudes will be at Cotton Auditorium in Fort Bragg on March 6th at 8:00pm. I suggest you purchase tickets soon - they are a fabulous band and a lot of fun. In addition, there's a special Creole dinner before that, from 5:30pm to 7:30pm right next door to Cotton Auditorium. I recommend checking out the KOZT website for more information. In addition, there are several food events and more music events happening during March in connection with the whale festival.

Enjoy the rain - stay dry and warm. Ciao until next week.

Mid-February "spring break"

Anne Fashauer — Tue, 16 Feb 2010 23:45:00 GMT

We often get this little break in the weather in February that reminds us that Spring is coming. It's been beautiful - in the 70's at my house and 59 this morning early. I hope it was beautiful wherever you are also.

Things continue to be on a better course in the real estate world. Looking at the recent activity, there are several new pending sales and a number have also closed escrow. In our last staff meeting it was pointed out that Century 21, the two offices, have 17 properties in escrow, while most of the other agencies have one or none; in addition, several of those single escrows have a Century 21 agent on the buying side. That helps prove that Century 21 is the most recognized name in real estate, with something like a 97% recognition rate (per Century 21).

One of the organizations I belong to is the Soroptomist International of Mendocino group. Each year our big fundraiser is the Bingo Bash, a night of fine dining and bingo with incredible prizes. Last year we raised about $11,000, returned to the community as scholarships, the Women's Opportunity Award and donations to the Mendocino Coast Clinics in October last year to cover *** cancer screenings - one woman actually found she had cancer and was treated thanks to our donations! The event takes place on the 27th and there are still a few spaces available but they are going fast - this is one of the winter social highlights. If you would like to attend please let me know right away.

Last Saturday night I attended one of the Valentine's dances in Fort Bragg. I want to give a plug for the Bob Ayres and the Boonville Big Band. What a wonderful job they did! If you get a chance to listen (and dance) to them, take the opportunity. You won't be disappointed.

This week I get the opportunity to take a Professional Standards training, sponsored by our local Realtor's association. There is also grievance training; the training allows those of us taking it to be on panels for internal grievances and ethics violations. It should be very interesting.

Hope everyone has a great week!

Single Story For Sale in Philo

Anne Fashauer — Tue, 16 Feb 2010 23:41:00 GMT

• 2,500 sq. ft., 1 bath, 2 bdrm single story - MLS® $550,000

Philo, Anderson Valley - Commercial parcel in the town of Philo. Includes large building that was a store once upon a time (currently houses Starr Automotive) and two bedroom residential home. Large building could continue as auto repair but would also make good custom crush facility, restaurant or wine tasting room. Whole lot is paved; good water and septic system. Sits directly across from Scharffenberger Cellars with views of vineyards and hills. Parcel consists of three lots; could get certificate of compliance on these three.

Property information

Getting pre-qualified for a mortgage

Anne Fashauer — Tue, 09 Feb 2010 23:09:00 GMT

I was reminded today of the importance of a buyer speaking with a mortgage lender prior to beginning the home search process. I received a call from a local renter wanting to take advantage of the current buyer's market. I suggest the person speak with our local Century 21 Mortgage broker, Steve Guenza; all of our agents have enjoyed working with Steve, whose gone the extra mile to help people get mortgages and make sure escrows close. In this particular case the person was unable to qualify for the mortgage but now knows what to do so that in a couple of years qualifying will not be an issue. Taking the time to speak to the mortgage broker saved that buyer the potential heartbreak of finding the dream home only to know it was unobtainable. In general, knowing what you can afford allows your Realtor to only show you properties in your price range and avoids disappointment.

Yesterday I picked up my two new pooches! Gus and Bitsy. Both are Toy Fox Terriers, rescued from a hoarder who had over 60 dogs. Gus is about 7 pounds and Bitsy is about 4; she is absolutely the tiniest thing - so delicate it's scary. They are sweet, loving and already a good fit with my other two and my mom's one. (And yes, that's five in my house now.) After my last TFT was killed a year ago I didn't think I would get another small dog, but I felt my heart being tugged every time I saw a little dog, so I decided it was time to adopt a couple of them - well, I only wanted one, but these two came as a pair. It feels good to give a good, loving home to a couple of otherwise maltreated dogs.

Business continues to be busy. I have more clients coming in to town this weekend to look again and I get the feeling that other Realtors are seeing the same thing - people are ready to buy. I am noticing that sellers are coming to terms with the reduction in prices and I am not getting the same disagreement on pricing that I got even a year ago. The general pick-up in the economy isn't hurting either.

I hope it is as beautiful and sunny where you are today as it is here in Mendocino today. Utterly gorgeous. Makes me glad I live and work in this county.

This weekend is a weekend to dance! The Anderson Valley Health Center is holding a benefit at the Philo Grange with Catfish Jack and Maria Villaboy opening for Dean Titus and the Coyote Cowboys. Up in Fort Bragg the Boonville Big Band is holding a dance to benefit the Mendocino Sister Cities project. Both should be a lot of fun - but how to choose which to go to???

Hope to see you at one of them!

Do you want to be a landlord?

Anne Fashauer — Tue, 02 Feb 2010 23:46:00 GMT

Last week was so packed with stuff I did not get a chance to write and I apologize for that. I spent two full days showing property which was really fun and exciting. I also had things like the Elk Town Meeting and the monthly Realtor's association luncheon. It was just one of those weeks.

I promised to write a little about being a landlord. I can only really write from my personal experience, which has been very positive. I've had great fortune with my tenants, in both cases being single women who like to garden and keep an immaculate house. In both cases, I found that checking references and credit history were key in making sure I was getting good people. Because my tenant's live in a home on my property I am easily accessible to them and can quickly fix things that need repair. That is definitely a consideration for becoming a landlord - how far away will you be living? Will you want to make the drive on short notice? The alternative if you do live away is to hire a property management company to look after things for you. Century 21 Fort Bragg Realty offers this service out of that office. They take all the calls, take care of renting the properties and take care of maintenance. You simply pay them to do this so you aren't bothered directly.

This market has made investing in real estate more viable than in many years. You can get a large part of the mortgage payment covered by the rent, depending on what you spend in your initial investment. Some of the better priced properties in the Fort Bragg area are perfect for converting to rental homes; the lower the price, though, the more you may need to invest in initial repairs and upgrades.

Last weekend was the Anderson Valley Film Festival, from Friday evening through Sunday early evening. I was able to attend Sunday and really enjoyed the films - they ranged from a home video from the late '60's of the felling of a giant redwood - the infamous "one log load" on Hiatt's truck - to a wonderful film called Rivers of a Lost Coast about fly fishing on north coast rivers from the 40's through the 80's, to the National Geographic film about Mike Fay walking from Big Sur to Oregon through the redwoods. It's an annual event and a lot of fun and the films are truly amazing.

This weekend is the annual Catholic church crab feed in Boonville. It is probably the largest social event of the season. Everyone who manages to score a ticket goes and there's tons of crab, salad, garlic bread, a huge raffle and plenty of wine to drink. Then the 13th sees the Anderson Valley Health Center benefit dance at the Grange in Philo. Catfish Jack and Maria Villaboy open for Dean Titus and the Coyote Cowboys. It's sure to be a lot of dancing and listening fun!!

Pacific storms!

Anne Fashauer — Thu, 21 Jan 2010 19:49:00 GMT

The biggest news around here right now is the storms. It has been wet, windy, and wild. We've had thunder, lightning, hail, a lot of rain and a lot of wind. At my home we've had over five inches when I last checked last night. Local roads have been closed due to flooding and/or rock slides (Highway 128 is still closed although they think it will open this afternoon). The Navarro, Garcia and Russian rivers have all flooded at one point. Tuesday the whole coast, from Gualala south to Fort Bragg north was without electricity. Some of those areas are still without; Mendocino got power at about 1:30pm, give or take. I had power at my house near Philo on Tuesday but woke up to darkness and cold on Wednesday; it was restored before noon, however. I haven't heard of too many accidents, but last night as I drove home I passed a jacknifed big rig (we just don't get those around here!); then the Navarro grade was covered in about two inches of hail. I questioned my ability to get home, but my little car churned ahead and we made it.

As I write this it continues to pour outside. My poor dogs haven't had a decent walk since Monday - but they aren't any happier about going out in this than I am. Normally I'll hike in the rain, I have rain gear, but with the high winds I'm concerned about tree limbs falling, so I tend to stay indoors whenever possible.

Real estate is a bit slow as well, with most people turning their attention to the storms and surviving those. I had one property showing that was cancelled because of the power outage. I have other clients debating whether to leave Hawaii or extend their stay - I suggested staying until all of this passes! That's what I would do. I'm still working on market analyses for several people and I still feel strongly that this year is going to be better than 2009.

In light of that, I read this article from the LA Times about listing your house before the Superbowl. I think the key points are important, even though the author is talking about Chicago. Here's the link - http://www.latimes.com/business/la-fi-umberger10-2010jan10,0,4665647.story. I hope you enjoy it as much as I did.

I've had a couple of suggestions for topics, one of which is owning rental property. I am not an expert in this area, but I have been a landlord for the past twelve years and was a tenant for many years before that. So look for this in my next blog entry. I think it's timely - there are several properties in the area that would make great investments as rentals.

For local events this weekend, there is a crab feed in Fort Bragg and the Blushin' Roulettes are playing at Lauren's in Boonville.

Stay warm and dry if you can!

A little sun between the rains

Anne Fashauer — Thu, 14 Jan 2010 19:00:00 GMT

We had a wet and windy couple of days - wonderful to get all of that rain. My mom keeps track of what we get at my place and she said we had two inches over the rainy period! There was also some thunder and lightning, which always is exciting. We are expecting a few dry days and then apparently a series of storms are headed our way - let's hope for a lot more rain.

There is a lot of optimism right now amongst many of the Realtors I have been speaking with lately. Everyone is noticing more foot traffic and calls on properties are increasing. I have had several people express interest in looking at properties and have had several new buyers walk in the door during my floor time shifts. People are also deciding the time is right to sell; I think sellers are finally understanding the overly high prices of the past few years aren't coming back any time soon and that they need to get on with their lives and that often means selling and moving away.

There's a lot of local events happening this weekend. In Anderson Valley Saturday is the Anderson Valley Senior Center's Crab Feed; for $25 you can have all the crab you want to eat! Elk is hosting it's first English Country Dance; Casper hosts these monthly and Elk is hoping to get it started down there as well. English Country Dance is the type of dancing seen in movies made from Jane Austen novels; I've never done it myself but I'm planning to be there Saturday evening to give it a try. There's other events, such as the last weekend of a play, some farmers markets and so on. There's always something to do.

I started writing this early this morning - and am just getting back to it after having someone walk in the office and ask to see three properties - so I take that as proof that things are looking up!

Comparative Market Analyses and the Mendocino Trail Symposium

Anne Fashauer — Thu, 07 Jan 2010 22:35:00 GMT

This week, probably like most of you, was "back to work" week. It was a pleasant break from Christmas through New Year's but it felt really good to get back into the swing of things again. So far the new year has started well and busy. I've had people walk in the office, always a good sign, people calling for comparative market analysis (more on this in a minute) and people calling to set up time to look at properties.

I frequently get asked what a comparative market analysis (CMA) is. I often get asked to do them even though those doing the asking don't know that's what they are asking for. Often I'm asked to do an "appraisal" of a property, sometimes for tax purposes, sometimes just because someone wants to know what their property is worth in today's market. Let me be clear here - an appraisal is a formal opinion of value from a professional appraiser. A CMA is a real estate agent's opinion of what a property will sell for in the current market. If you get a formal appraisal you will pay the professional for her or his opinion. If you ask me to do a CMA I will not charge you. The two do not always agree and only the formal appraisal is used by lenders.

What is it that I will do and what am I looking for? I will want to tour your property and will ask you a lot of questions. If you have a home on the property I will want to take a look at everything, just as a potential buyer would. I'll want to know when you bought it, what you paid for it, what improvements you've made, what makes the property special - do you have an Ozone-ator, a hot tub, a pool, a spa, solar panels, etc. What are the views? What are the neighbors like? I might take some photographs to jog my memory when I do my comparisons; also, if you've asked me to list your property for sale and I'm trying to help you set the asking (listing) price, I'll probably want to go ahead and take all of my photos that day so I can input it all into the MLS as soon as we're ready to go.

The next step is for me to go back to my office and look up comparative properties. I'll look for current properties for sale, properties that have sold (ideally in the past six months, but given how slow things have been, I might go back a year or so), and properties that have expired from the market. I look at active listings to see what people are asking for similar properties right now. I look at expired listings because this tells me what is too much to ask - most properties that don't sell are overpriced. Finally, the best indicator of what a property is worth is what someone was willing to pay to buy a similar property and the sold comparatives will hold the greatest weight in my comparison of value.

Once all of this is done I will prepare a written report indicating what I found and stating a price or a price range that I would list the property for sale at. At this point, the information can satisfy curiousity, satisfy an accountant or help the owner set an asking price to get the property sold.

If you are curious what your property price your property is currently marketable at, please don't hesitate to contact me. I'm happy to visit you and help answer these questions - even if you aren't planning to list your property for sale right now. It's good experience for me and I enjoy the work.

On a side note, there is a Mendocino Trail Symposium this weekend sponsored by the Mendocino Land Trust. There are several hikes, a water tour (kayaks), a bike ride and a horseback ride in the morning, followed by an open house from noon to 5pm at Larsen Hall. The open house includes several speakers on various aspects of local trails and it's followed by a social gathering at the North Coast Brewery at 5pm. The link to this is http://www.mendocinolandtrust.org/?Coastal_Trail:Mendocino_Trail_Symposium. I am planning to participate in the 9:30am to 11:30am walk around the former Georgia-Pacific Mill Site. It should be fun and interesting - I hope to see you there!

A Happy, Abundant and Prosperous New Year!

Anne Fashauer — Tue, 29 Dec 2009 21:31:00 GMT

2009 is winding down, as is the first decade of the 21st century. I'm not sure I'm sorry to see the end of this decade - we had 9/11, the Iraq war, the housing boom and even greater bust and now what they're calling on 60 Minutes, the Long Recession. I think it's time for some change and some positive growth on all levels.

I do have a good feeling about this next year. I sense people's spirits are up, we're all looking forward and wanting something positive in our lives. I think people are going to move to make that happen; if we expect good things then good things will happen.

My broker has asked each of us to come up with a business plan for the coming year. I'm going to get started on mine a bit later today and I'm excited about doing it. I read somewhere that a study was done of a group of students graduating from a university; they were asked what they planned to do with their lives. Fifty years later researchers followed up with this same group and they found that those in the group who had written down their plans had acheived them and more, while those who hadn't were still working toward their goals. So I'm anxious to put my goals in writing and to share them with my broker, who will help provide accountability for those plans.

Real estate has been quiet over these past weeks. Today there have actually been a few people stopping by the office asking, which is a good sign. I also have a few clients who will be making the trip to the coast over the next few weeks, taking advantage of the lower prices this market has brought. There aren't too many new places on the market this past week but there is one more bank owned property up in Fort Bragg, this one in the mid-range; this is the next segment of foreclosures we're likely to see - not the lowest end, but the step above.

I hope everyone has a safe, happy, abundant and prosperous New Year!

Merry Ho Ho!

Anne Fashauer — Tue, 22 Dec 2009 21:30:00 GMT

This is just a short entry this week to wish everyone a Merry Christmas if you're celebrating that and a very enjoyable week no matter what you are up to. My family celebrates Christmas and we'll gather at my brother's on the Eve for dinner and presents with my two nephews. I took an art class earlier this year and so I've made most of my gifts - picture frames, book marks and so on. I also made a lot of jelly from the leftover Zin grapes and I baked some absolutely delicious persimmon bread (Google James Beard's persimmon bread and you'll find the site with the recipe).

I wanted to share the following video from another Realtor in our Fort Bragg office: http://www.youtube.com/watch?v=H6Z4goUXGmE It's the sweetest lighted boat parade. I hope you all enjoy it.

Wishing you many blessings and much joy!

Appraisals

Anne Fashauer — Wed, 16 Dec 2009 18:39:00 GMT

I just sent out my monthly newsletter (if you don't already receive this, please drop me an email at anne@annefashauer.com) and in that I covered the foreclosure process, mostly as it relates to buying a bank owned property. One subject that came up there that I want to talk a bit about here is the appraisal process.

What we've been seeing in the past two years, as prices have continued to fall, is a reluctance on the part of sellers to bring their asking price in line with the current market. Everyone has a hard time swallowing the "loss" of up to half the perceived value of a home. What everyone needs to keep in mind that the value of the home is only what someone is willing to pay for it. If you have owned your home for ten years or more then even in today's market you home is still worth significantly more than what you originally paid for it. Only if you bought your home when prices were high and are trying to sell now are you really going to lose money - really lose it. Otherwise your "loss" is only on paper.

Value is also going to be reflected in the appraisal. Let's say you get a nice offer on your home at or near your asking price. The prospective buyers need to get a loan to pay for 80% of the purchase. The lender will require that the property be appraised and will only lend up to that amount. If the offer is more than the appraised amount, you could see the end of your sale right then. At that point you can negotiate with the buyer to purchase at the appraised price; you can also ask for a second appraisal and hope that comes in higher than the first one. Someone will have to pay for this second appraisal and that can be negotiated between the buyer and seller. My point is to think about this before you price the home to go on the market. Make sure you are getting a good CMA (comparative market analysis) from your agent and pay attention to what she or he has to say about the current market. Afterall, this is what this person does to make a living, what they pay attention to day in and out, and it's their expertise that you want on your side. You may not like what you hear - who wants to know their home isn't worth what it was two years ago? - but try to listen objectively if you can. Putting the right price on your home is going to get it sold quicker and with less dilemmas than overpricing it and is going to help ensure it appraises just fine.

There are local sing-alongs in both Elk and Boonville and I believe the Greenwood Community Center in Elk is going to have another pizza day the last Saturday of the month. I went to that last month and it was a lot of fun. There were so many good pizzas coming out of that oven! Everyone brings dough and toppings, you make up the pizza, it goes in the oven and in about three minutes it's done. Everyone slices up their pizzas into thin slices so everyone can have a taste. The only down side was filling up before all of the pizzas finished being made! I encourage anyone interested to bring their dough and toppings to the next event. Yum!

Until next week, stay dry and don't overdose on shopping!

Buyer credits and Foreclosures

Anne Fashauer — Thu, 10 Dec 2009 20:56:00 GMT

It has been a busy few days and I'm sorry to be a few days late in posting to my blog. I've got so many things to talk about I'm not sure where to start!

First, the new home buyer and "move up" buyer tax credits. These are really good incentives for purchasing a home right now. Both have been extended to the end of April 2010. Some people think that because the government extended this once they will do it again but word in the industry is that they won't - because that will defeat the whole purpose of the incentive. The government wants you to buy a house and help stimulate the economy. If you hold out thinking you have all the time in the world, this won't work. So if you are at all considering buying, start looking now so you can be buying before the April 30th deadline. I have a lot more detailed information on both credits - for instance, you don't have to have never owned a home to qualify for the first time buyer credit - just not in the past three years. And to qualify for the "move up" credit you don't actually have to be moving up - you can buy a smaller home. You do have to occupy the new home as your primary residence, but you can keep your existing home and rent it out if you want - you don't have to sell it unless you wish to. The amounts of the two credits are up to $8,000 for the first time buyer and up to $6,500 for the "move up" buyer.

The Boonville Big Band was excellent last Saturday night in Boonville. There were a lot of people; my friend and I got there about 7:30pm and we ended up sitting at the bar and eating dinner - not a table was to be had! The Big Band supports three singers now - Mitchell Holman, Patrice Kaohi and Sharon Garner - and they all sound great. There were lots of swing dancers and it looked like everyone had a good time - I know I did.

My first escrow is closing tomorrow! I can't tell you how exciting this is and what a great experience the whole process has been. My buyers, first time home owners, are very excited as well - and they'll be able to get into their first home in time for Christmas.

One area of real estate I learned about was the REO market. REO stands for Real Estate Owned and that's what they call it when the bank owns the property. The property that is closing was a foreclosure and the whole experience is quite a bit different than a regular sale. From the beginning it is all about time and being prepared. I'm going to be sending out my December newsletter as well this week and that is going to be my topic, so check that out for tips and information about buying a home in foreclosure. If you aren't on my email newsletter list, sign up via my website - just go to the contact me portion and send me an email and I'll include you in that.

I hope everyone is staying warm with this very cold weather we've been experiencing. I broke the ice on my horses' water trough this morning and it was nearly 3/4 of an inch thick! BRRRR. I also hope you're getting all of your holiday preparations underway and doing so successfully. I might be doing some baking this coming week. I was given a bucket of persimmons and I think I'll be making some cookies and bread out of them. Yum! Until next week - ciao!