$7500.00 Federal Housing Tax Credit for First-Time Home Buyers Home

Opportunity of a Lifetime for First-Time Buyers

For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of as much as $7,500 for first-time home buyers might just be the opportunity of a lifetime.

But like so many of the good things in life, time is of the essence for buyers who want to take advantage of this outstanding opportunity. Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible. Use the links below to learn more about the tax credit.
“What is necessary to change a person is to change his awareness of himself.”

Don’t Be Pushed Into Any House

Your agent should show you everything available that meets your requirements.
Don’t make a decision on a house until you feel that you’ve seen enough to pick
the best one. Go to the Multiple Listing computer with your agent to make sure
that you are getting a COMPLETE list of homes for sale and not just the home
that the agent “wants” to show you.In the late 1980’s, homes were selling quickly, usually a few days after listing.
In that kind of market, agents advised their clients to make an offer ON THE
SPOT if they liked the house. That was good advice at the time. Today there
isn’t always this urgency, unless a home is drastically under priced, and you’ll
know if it is. But keep in mind, if you wait to long there is always a chance of
the house selling before you get your offer to the seller. If you really like a house,
get an offer written and make sure your agent writes in the proper clauses to get
you out of the offer.

Don’t forget to check into the SCHOOL DISTRICTS of the area you’re considering.
Information is available on every school; such as class sizes, % of students that go
on to college, SAT scores, etc. You can get this information from your agent or
directly from the school.

 

www.baltimore-realtor-gregmoses.com  443-982-0075

www.rentals-baltimore.com

Save Your Home From Foreclosure Program

NACA’s Home Save Program is nationally recognized as the most effective solution for homeowners at risk of foreclosure or with an unaffordable mortgage. NACA provides real homeownership which is about stability without the fear of major increases in your mortgage payments. There are millions of homeowners at-risk of foreclosure not due to their personal circumstances but as a result of their mortgage payments dramatically increasing or an initial unaffordable payment that was only sustainable through borrowing. The mortgage crisis is having a devastating impact on families and neighborhoods. NACA is committed to fighting this devastation.

NACA has had a tremendous impact on lenders and servicers in providing the most effective solutions for at-risk homeowners. We have a legally binding agreement with Countrywide, the largest servicer, to provide such solutions. In many cases the interest rate has been reduced to 5% fixed and lower for the remaining term of the loan. NACA has been successful in achieving similar outcomes with other servicers and investors.

NACA has developed a streamlined process to best assist you including working with a dedicated NACA Mortgage Consultant. You need to complete the Homeowner Submission, attend a NACA Workshop and meet with your Mortgage Consultant. The NACA process may take some time, so if you have an auction date click Urgent Situation and we will work to postpone your auction. Since NACA cannot guarantee a particular outcome including stopping your auction, you need to have a Plan B to meet your needs if NACA cannot assist you. You should consider all options even while you are going through NACA’s Home Save program. If you are not getting a timely response, email NACA’s Home Save Department at HomeSave@naca.com. If you believe the lender or broker engaged in illegal or unethical activities, you should contact the Federal Trade Commission and state and federal banking regulators.

Eligibility Criteria
NACA considers homeownership fundamental to a stable community, effective schools, a solid tax base, good public services, and most importantly a stable family. NACA focuses on owner-occupants and cannot assist investors. The investment limitation is based on our mission of focusing on stabilizing neighborhoods and low- and moderate income people through owner-occupied housing. Thus NACA is open to all homeowners who meet the below two criteria.

• You must live in the property
• You cannot own other property

Home Save Steps:
You can complete the Home Save process by doing the following steps as quickly as possible. You can determine any missing information by reviewing your Task List. This is continually updated to reflect any missing documentation or information.

Stage One:
Complete the Homeowner Submission on our website at www.naca.com. There are ten steps you need to complete. This information is crucial for us to submit your file to the servicer for an appropriate long-term solution.

Stage Two:
Attend a NACA Workshop to learn about the process and options. This is not required if you live in a state where NACA currently does not have an office.

Stage Three:
Most importantly, meet with a NACA Mortgage Consultant who works with you throughout the process. This can be done by phone if NACA does not currently have an office in your state.

Stage Four:
The completed file is submitted to the servicer. This is through NACA’s paperless state of the art software system.

Stage Five:
If the servicer or investor does not accept the NACA Solution, you would need to aggressively advocate to achieve your desired solution. This requires you to involve people you know in contacting the various regulators, politicians, enforcement offices and others. NACA, where appropriate, would support you in these activities.

Stage Six:
NACA requires all participants in the NACA program to give back in whatever way you feel comfortable. You participation is crucial as NACA continues to fight for affordable homeownership and economic justice.

Don’t Risk Overpaying

There’s a first time for everything you do in life. And often,
for better or worse, you have to do it alone.But when it comes to buying your first home, it’

s too risky to
consider it a do-it-yourself project. Thats why I’m here to help
you, every step of the way. I’ 

ll help you find and buy the home
you want, in the location you want, at the lowest price possible.For example, don’

t risk trying to do your own negotiating in regard
to the price. You could lose thousands or tens of thousands of dollars
that way! As an experienced real estate professional, I know, and use,
little-known ways to lower the selling price, get more favorable payment
terms, and perhaps even get freebies!Let’

www.baltimore-realtor-gregmoses.com 

s get together and I’ll tell you more. Call me today.

Stop Calling Ads!

word of caution - agents create ads solely to make the phone ring! Many of the
homes have some drawback that’s not mentioned in the ad, such as traffic noise,
power lines, or litigation in the community. What’s not mentioned in the ad is usually
more important than what is.

For this reason, We want you to be very careful when reading ads. Remember
that the person writing the ad is representing the seller and not you! The most
important thing you can do is have someone on your side looking out for your
best interests. Your own agent will critique the property with an eye towards how
well it meets your needs and will point out any drawbacks you should know about.

So whether you decide to work with us or not, pick an agent you feel comfortable
with and enlist the services of that agent as a buyer’s broker. Then you become a
client with all the rights, benefits, and privileges created by this agency relationship,
and you’re no longer just a shopper. Did you know that many homes are sold
WITHOUT A SIGN ever going up or an AD EVER BEING PUT IN THE PAPER?
These “great deals” go to those people who are committed to working with one
agent. When an agent hears of a great buy, who do you think he’s going to call?
His client, who he has a legal obligation to work hard for you, or someone who
just called on the phone and said “keep your eyes open”? So, to get the best buy
on a property, we always recommend that you hire your own agent and stick with
him or her.

You don’t get to choose how you’re going to die. Or when. You can only decide how you’re going to live. Now.

Let your home search start here!

I HAVE SOURCES…

When youre looking to buy a home, wheres the first place you
should look? If your answer is the local newspaper, try again.
By the time a home is listed in a newspaper ad, it may already
have been sold! That’s one reason that you might want to consider
allowing me to help you!

I often know about new listings homes that are for sale hours,
days, and sometimes even weeks, before they’re advertised. And
some homes that are for sale are NEVER advertised.

Thanks to my years of experience helping people buy and sell
residential property, I have sources throughout the area who
let me know when homes are about to be listed. As your agent,
I’ll consider all these homes, and dozens of others, and then tell
you only about the ones that meet your criteria. So you don’t
waste time and effort chasing down false leads. Or suffering the
disappointment that happens when you discover that a home you’re
interested in has just been sold.

If you’re serious about buying a home, call me today.

The better homes move fast!

Your own mind is a sacred enclosure into which nothing harmful can enter except by your permission.

Determine your closing costs on the purchase of

There can be a lot of costs that can add up when you are
closing on a property. Here is a list of things to include in
these costs.

* Down Payment
* Real estate commission
* Appraisal
* Loan closing costs and/or points
* Home inspection
* Termite inspection
* Soil inspection (if there is an underground oil tank, etc.)
* Finder fees (for anyone that may have helped you find the
property.)
* Survey

Stop making excuses for being too busy. Plan, organize and execute…now!”

Determine what the most you can pay for the property will be.

Now we are ready to determine what we can afford to pay for
the property.

Simply take your predetermined after repaired value and subtract
the following:

* closing costs on purchase
* holding costs
* repair costs
* sale costs
* closing costs on sale
* your profit

What you are left with is the MOST you can afford to pay for
the property and still make the profit you are looking for.

This formula takes a little time, but the more offers you make,
the quicker you will get at compiling the data and making lots of offers.

To know the road ahead, ask those coming back.

Your Home Value: Principles of Valuation

Principle #1 - Cost
This is the amount actually paid for a property plus
any capital improvements made since the purchase.

Principle #2 - Asking Price
The stated amount an owner is willing to accept
for a property.

Principle #3 - Value
The amount a buyer is willing to pay given todays
market conditions.

Principle #4 - Market Value
The amount that will bring a sale between a willing buyer
and a willing seller. It is based on the history of similar
properties recently sold in the area as well as properties
currently available for the buyer to choose.

Principle #5 - Regression and Progression
The effect that surrounding home sizes have on the value
of a subject property. Regression is the decrease in value
when surrounded by smaller homes. Progression is the
increase when surrounded by larger homes.

Principle #6 - Substitution
Substitution refers to the actual value of an amenity. Value
is determined not by the cost invested in a property, but by the
value derived from it.

If you would like a free no obligation consultation on
how to market your property, contact me.

Thank you for your time,

Condos and Home Associations

Are condos a good investment?

Condominiums have held their value as an investment despite economic downturns and problems with some associations. In fact, condos have appreciated more in the past few years than when they first came on the scene in the late 1970s and early 1980s, experts say.

While there are lots of reports about homeowners association disputes and construction-defect problems, the industry has worked hard to turn its image around. Elected volunteers who serve on association boards are better trained at handling complex budget and legal issues, for example, while many boards go to great lengths to avoid the kind of protracted and expensive litigation that has hurt resale value in the past.

Meanwhile, changing demographics are making condominiums more attractive investments for single homebuyers, empty nesters and first-time buyers in expensive markets.

What kinds of rules and regulations do Associations regulate?

Typical covenants, codes and restrictions (CC&Rs), which govern condo associations, give the board authority to make and enforce reasonable rules for the use of common property. But that would not apply to interior spaces owned by smokers themselves.

A homeowners association’s board of directors can restrict smoking if it applies to indoor common spaces such as hallways or recreation rooms. Outdoor spaces are a different story, say legal experts. Any restriction would probably hinge on local laws (i.e. if a city banned smoking outdoors, a homeowners association probably could restrict smoking in its outdoor spaces).

The 1990 Americans with Disabilities Act does not require strictly residential apartments and single-family homes to be made accessible. But all new construction of public accommodations or commercial projects (such as a government building or a shopping mall) must be accessible. New multi-family construction also falls into this category.

In all states, the Federal Fair Housing Act provides protection against discrimination for people with physical or mental disabilities. Discrimination includes the refusal to make reasonable modifications to buildings that aren’t accessible to the disabled.

What fees can I expect to pay a home association?

Condominium owners pay a fee, usually monthly, to the homeowner’s association to cover the costs of managing and maintaining all common areas. In addition, you may pay extra assessments for major maintenance projects. In general these must be voted on by the association board or in some cases by all of the owners. The particular cost of monthly fees and the rules regarding special assessments vary from association to association. When considering a condominium, it’s a good idea to thoroughly research the fees and bylaws of the condo association.

Are homeowner association fees tax deductible?

Homeowners association fees are considered personal living expenses and are not tax-deductible. If, however, an association has a special assessment to make one or more capital improvements, condo owners may be able to add the expense to their cost basis. Cost basis is a term for the money an owner spends for permanent improvements throughout their time in the home and is used to reduce eventual capital gains taxes when the property is sold. For example, if the association puts a new roof on a building, the expense could be considered part of a condo owner’s cost basis only if they lived directly underneath it. Overall improvements to common areas, such as the installation of a swimming pool, need to be considered on a case-by-case basis but most can be included in the cost basis of any owner who can show their home directly benefits from the work.

Set your goals quickly, and adjust them later if you’ve aimed too high or too low. Many of the goals that have the greatest positive influence on our lives are those we set in unfamiliar territory.