Buyer Information

After financing homes for over 20 years I am still surprised when one of my borrowers says they want to buy a home using the Listing agent of the property. I ask them why, and the answer is always the same; “We’re going to be able to buy the house for less because the seller [...]

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Extension of the home buyers tax credit was iffy, with it looking uncertain up until the final days before the credit was due to expire. Many buyers and sellers were sitting by nervously, with lender backlogs and other complications preventing them from making it to the closing table in time for the credit.  Approximately 6,400 [...]

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The New Good Faith Estimate: Is it Easier to Understand? Over the past year the Federal Government has made some sweeping changes to the way mortgage loans are originated, how appraisals are ordered and how and what is disclosed to the consumer. The change I want to address here is a change in what’s known [...]

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The homebuyer tax credit has been extremely successful and has really had a positive impact on the real estate market. Hundreds of thousands of homes have been sold as a result of buyers taking advantage of the tax credit. The credit was scheduled to expire on November 30th but has been extended and expanded! The [...]

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In February the government amended and improved the first time homebuyer tax credit. Just to refresh your memory: 1) First time homebuyers will receive a federal tax credit of 10% of the cost of the home with a maximum credit of $8,000. You get the credit when you file your tax return for the 2009 [...]

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Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment. Donovan’s remarks came in an address to several thousand REALTORS®, including 130 from Michigan, who are in Washington D.C. [...]

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Written by Maureen FrancisSKBK Sotheby’s International Realty, 248.430.4450 Visit WebsiteSearch for homes in Oakland County

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Last week Oakland County introduced a plan to help get some of the vacant foreclosed homes off the market in select Oakland County communities.  Their press release follows. I need to call the county and ask some questions.  The program seems very generous and should help sell some foreclosed homes.  I am not sure why [...]

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Yep, you Metro Detroit first time home buyers who have been thinking about stopping renting and starting owning now have 8,000 new reasons to get hopping and start shopping.  Uncle Sam is giving you that much in good ol’ US dollars.  You’ll see it as a credit on your 2009 tax return, so it could [...]

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Congress finally came to terms on this stimulus bill that we’ve been hearing so much about. This thing is very far reaching and is going to cost a boat load of money, but I am just focusing on the items that will affect real estate sales and mortgage finance. Mortgage Rate Reduction – There has [...]

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Over the last few weeks I have had the pleasure of meeting with quite a few people who will be soon buying their first homes in Metro Detroit. They are excited about the opportunities they are seeing in places like Royal Oak, Birmingham, Beverly Hills, Huntington Woods and Troy. They should be excited. Today’s housing [...]

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