Finally protection for home buyers!

Call Shelley Propernick for all the details……. 206-920-0244 or email shelleyshomes4u@yahoo.com

This is a fantastic program for you!

By Kenneth R. Harney

Seattle Times

Syndicated Columnist

WASHINGTON — Since first-time buyers are getting thousands of dollars in tax credits from the federal government to stimulate the economy, why shouldn’t all homebuyers get equal treatment?

And what about refinancers — couldn’t they make good use of a tax credit to help defray closing costs and loan fees?

Whatever your thoughts on these questions, there is an effort under way in Congress to extend tax credits to anyone who buys a new or existing home in the coming year, with no income limitations.

In one case, legislation would even create a new “temporary” $3,000 tax credit to help defray the costs of refinancing mortgages on principal residences.

Two Dallas-area congressmen — one a Democrat, the other a Republican — have introduced bills that not only would broaden the reach of the current housing tax credits to almost everybody but also would keep the program going until either mid-2010 or the end of that year. The current credit expires Nov. 30.

U.S. Rep. Kenny Marchant, a Republican who represents the suburbs between Fort Worth and Dallas, is pushing a bill that would expand the current $8,000 federal credit to buyers of all houses — not just first-timers — through June 2010.

The bill (HR 2619) would also create an unprecedented $3,000 credit to help offset “qualified refinancing costs” — closing fees, lender charges and the like — through next June.

In a statement, Marchant said his goals are to “jump-start new sales,” “reduce the housing inventory” and “stabilize housing prices.”

As to the refinancing credit, he said the idea is to encourage owners “to take advantage of current low mortgage rates” — cutting their monthly payments to stay out of financial trouble.

$3,000 refi credit

The $3,000 refi credit could be used to pay for loan “points,” other transaction fees or to “put equity in their home if they’re a little underwater.”

Marchant’s House colleague, U.S. Rep. Eddie Bernice Johnson, a Democrat who represents downtown Dallas, has introduced the Home Buying Credit Expansion Act (HR 2606), which would extend the current credit through Dec. 31, 2010.

The bill would also open the credit to all buyers of principal residences, but would not provide any new tax incentives to stimulate refinancings.

The near-simultaneous introduction of tax-credit expansion bills on Capitol Hill appeared to put the two most potent housing lobbies — the National Association of Realtors and the National Association of Home Builders — into a political quandary.

On the one hand, any broadening of tax incentives for homebuying would be good news for their builder and real-estate broker members.

On the other hand, any public perception that the expiration date for the current credit might be extended could cause some potential buyers to delay purchases.

And if all would-be buyers might be eligible for some future federal tax credit — not just first-timers — large numbers of consumers might just stay on the sidelines waiting for that better deal to come out of Congress.

A spokesman for the National Association of Home Builders said the group “does not want anything that would stop the traction the current (tax) credit is now getting. We think it would be more appropriate to address (an extension or other changes) closer to the credit deadline” in the months ahead.

But Mary Trupo, public-policy director for the National Association of Realtors, said her 1.1 million-member group sees it differently.

Why not for all?

“We say — if (the credit) is working for first-time homebuyers, then why not for all buyers, with no income limitations? We would like to see the expiration date extended (beyond Nov. 30). Expanding the credit is really the way to stabilize the (housing) market — by making it available to everybody.”

Trupo said first-time buyers accounted for one-half of all purchasers in March — up from one-third in January — and that increase is directly attributable to the tax credit.

The association has no hard estimate of what effect opening up the credit to all buyers would have on total sales.

But Jed Smith, managing director for quantitative research, said earlier projections about the first-time-buyer credit ranged into the hundreds of thousands of additional sales.

Broadening the credit to all buyers would push the total higher.

Don’t look for any immediate action on Capitol Hill.

The legislative calendar is jammed already, the budget deficit is at all-time levels, the summer recess looms, and neither of the tax-credit bill sponsors sits on the House Ways and Means Committee, which must originate all tax legislation.

But later this year, you can bank on it: There will be a big push to extend the housing tax credit — and maybe open it up to everybody.

Would you like more info on this subject?

Contact Shelley Propernick of John L Scott Real Estate at 206-920-0244

or email at:  shelleyshomes4u@yahoo.com

Web Site:  Www.shelleypropernick.com

GREAT NEWS!

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can’t be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, state financing housing agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year–and improved upon earlier this year–to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven’t owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Call Shelley for more great and positive info!    206-920-0244  or email at shelleyshomes4u@Yahoo.com

Website:  Www.shelleypropernick.com

Have a fantastic day!

I’m Writing This, To Share Something That Has Been On My Heart. 

As you know, for the past 2 years there has been a ‘shift’ in the real estate market.

Experience shows more and more people are caught off guard with the current economic difficulties. I imagine you may know people who are in a situation, or in a dilemma like never before, and they don’t know what to do.

As you look at these 3 categories ask yourself , “Who do I know that is one of these three situations?”

1.People who bought their homes within the past 5 years, or had refinanced, or took out an equity line, now are finding their homes worth less than what they owe on it;

2.Homeowners facing financial difficulties; job loss, loss of a spouse, divorce, or facing difficulties beyond their control, maybe heading into foreclosure; or

3. Home sellers who wish they had sold a year or two ago, but for whatever reason didn’t. Now they feel trapped and don’t know what to do.

For the first time, these people need help, and they need it NOW!

The next time you’re in conversation with someone who is in any of the 3 categories above, stop, pick up your phone, look up my number (206.920.0244 ) and call me immediately.

You can count on me to be empathetic, being there for them, exploring all options, and treating them with utmost dignity and care.

More than ever before, we need each other. And together, WE CAN MAKE A DIFFERENCE!

Your Friend In The Real Estate Business

Shelley Propernick

206.920.0244

P.S. As you look at these 3 categories ask yourself , “Who do I know that is one of these three situations?”

When doing a short sale in real estate, it means that the lender is accepting less then the total amount due. Not all lenders will accept a short sale.  Sometimes, it makes more sense financially for the lender to foreclose on the property.  Every circumstance is different. Not all sellers and all homes will qualify for a short sale.  

Short sales are not for everyone. The closing process can take 30-90 days unlike your usual real estate closing which can take up to 30 days.

 

An example of a short sale is if the seller owes $400,000 and the mortgage is worth $350,000.  They contact a real estate agent who will list their home.  Once receiving an offer the real estate agent will negotiate with the bank and in most cases the bank will agree to take a short of $50,000 rather then have the homeowner go to foreclosure.

Foreclosure can ding your credit for many years to come. In some cases the bank will ask the homeowner to pay back the mortgage when going in to foreclosure.

A bank owned property is a property that has been foreclosed on and is owned by the bank

 

 

The Benefits Of A Short Sale

 

The lenders are able to reduce most of their losses and avoid going through foreclosure.

Buyers are able to take advantage of most short sale homes for sale and get good deals on a home.

Sellers are able to avoid foreclosure which can be very costly and may also be able to preserve their credit.

 

 

For more information from an experienced short sale and foreclosure specialist, please contact

 

Shelley Propernick at John L Scott Real Estate

206-920-0244 or email shelleyshomes4u@yahoo.com

 

I will be happy to provide you with the information you are requesting and personally take you through the steps of a short sale.

$8000 is an Outstanding Opportunity for Home Buyers

 

 

 

 

In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.

But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible.

 

 

 

$8,000 Home Buyer Tax Credit at a Glance

 

• The tax credit is for first-time home buyers only.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

This is the reason YOU should be buying a home this year.

Interested in more information and how you can get in on this?

Now is a great time to buy a home in the Seattle-Renton area and many other communities in King and Pierce County.

Call Shelley Propernick at 206.920.0244

email:  shelleyshomes4u@yahoo.com

Web site: Www.shelleypropernick.com

 

 

 

Great article by Michelle.

By Michelle Healy, USA TODAY

Minneapolis and Seattle are the USA’s most literate cities, according to an annual study examining the “culture and resources for reading” in the nation’s largest metro areas.

For the past six years, the two cities have traded the first and second spots in the rankings, which analyze six key indicators of literacy (newspaper circulation, number of bookstores, library resources, periodical publishing resources, educational attainment and Internet resources) against population rates for cities with populations of 250,000 or more.

The study does not look at reading test scores or how often people read, but what kinds of literary resources are available and used. This is “one critical index of our nation’s well-being,” says study author Jack Miller, president of Central Connecticut State University in New Britain, Conn.

The findings come at a time when newspaper circulations across the USA are declining, and online newspaper reading is increasing. Miller’s analysis suggests that, contrary to conventional wisdom, the availability of free online news is not to blame for the decline in newspapers’ print circulation — and that neither is the decline in bookstores across the country caused by the rise in online book buying.

Cities that ranked higher for having more bookstores also have a higher proportion of people buying books online, the analysis found, and cities with newspapers that have high per-capita circulation rates also have more people reading newspapers online. Likewise, cities that ranked higher for having well-used libraries also have more booksellers

 

Shelley Propernick

John L Scott

shelleyshomes4u@Yahoo.com                      www.shelleypropernick.com

 

 

 

A Seattle Center Winterfest sensation that lives up to its name, Seattle’s Best Jazz delivers its own uniquely northwestern take on traditional jazz classics.

 

Join the esteemed Garfield High School Jazz Band for a spirited performance under the direction of Seattle’s own jazz great, Clarence Acox, and you’ll soon understand why it consistently rates as one of the top high school jazz bands in the country!

 

This year’s featured musicians include the legendary Bill Ramsey on saxophone, jazz vocalist Bernie Jacobs, vocalist and trumpeteer Butch Harrison and the dazzling Trish Hatley, well known for her soaring vocals and effervescent style.

 

Seattle Center Winterfest 2008

Seattle’s Best Jazz

Center House, FREE

Friday, Dec. 12, 8:00 p.m. and Saturday, Dec. 13, 11:00 a.m.

 

The season comes alive at Seattle Center Winterfest 2008, Nov. 28 – Dec. 31, with five spectacular weeks of world-class entertainment, cutting-edge performers and captivating activities for one and all. Seattle Center Winterfest is presented with generous support from Seattle Center Fund, Starbucks Coffee Company, Seattle’s Child and the City of Seattle.

Seattle Center draws you in. Its vibrant pulse brings together people of all ages and walks of life to create thousands of extraordinary experiences that enrich millions of lives each year. Entertainment options abound – starting with 63 free and low cost public programs and over 5,000 campus shows and events annually. The 74-acre campus, with 17 acres of open space, is welcoming to all – and is home to more than 30 cultural, educational, sports and entertainment organizations. This treasured urban gathering place exists to delight and inspire the human spirit in each person and bring together our rich and varied community. The 12 million visitors to Seattle Center each year generate $1.15 billion in business activity and $387 million in labor income for King County.

Would you like more information?  Contact Shelley Propernick from John L Scott at

206-920-0244 or send me an email at shelleyshomes4u@yahoo.com

 

These are great tips for buying  a fixer upper!

 

 

 

Did you know?

Whether it’s a starter home, an investment property, or simply a fun project, according to the National Association of Realtors®, buying a house in need of some TLC requires a few special considerations.

                                                                                      

·         Purchase a home that is at least 30 percent below the market value of comparable homes in the neighborhood.

 

·         Choose a location with a low crime rate, good schools, and quiet streets. There isn’t anything you can do to cure a poor location.

 

·         Choose a house with three or four bedrooms. Smaller homes are unlikely to have the same buyer appeal.

 

·         Avoid homes that need major, unprofitable repairs: wiring, major plumbing, foundation repairs, major kitchen or bathroom renovation, and room additions. Spending money on these basics doesn’t add value, though buyers will expect them.

 

·         Find a home that needs profitable cosmetic improvements: fresh paint inside and out, new light fixtures, new carpets and flooring, and fresh landscaping.

 

·         Look for affordable, low-down-payment financing, such as taking over an existing mortgage, lease with an option to buy, seller carry-back, or a combo.

 

·         Avoid obtaining new bank financing until the fix-up work is complete and the market value has increased.

 

·         Don’t buy a house that is more than an hour from your current residence since you’ll be visiting it every day while renovation work is being done.

 

·         Make sure that that seller or tenants will vacate immediately upon transfer of title.

 

·         Look for sellers who are motivated and want to make the sale happen.

 

 

Need more information?   Call Shelley at 206-920-0244 or email me at shelleyshomes4u@yahoo.com

 

I would love to help!

 

Shelley Propernick                       

John L Scott RE                                                   

206-920-0244