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Reasons to Buy Pocono Real Estate Now

What is a short sale?

June 17, 2009 by · Leave a Comment 

Q:  “I’ve been hearing lots of buzz about “short sales,” -  what are those?”

A: When an individual is behind on their mortgage payments and the value of their home is less than what is owed, it is often a good idea to pursue a “short sale” situation rather than hold off until a foreclosure is imminent. To do this, communications begin with the lender. The objective is to see if the lender may consider taking less than is owed on the home so the individual can get out of the bad situation without still owing additional funds on the mortgage after the sale. Next, a REALTOR lists the home below the mortgage pay off, with the contingent that the lender approves a “short sale.” This can take months for several reasons. First, a buyer must be found that is willing to wait for lender approval and second, there are so many foreclosures and short sales in the system that the lenders are playing “catch up.”

The good news is that for an individual sitting on some cash, a money market, a cd,  or someone who has been saving for a home, investing in a “short sale” property is an excellent investment and an excellent opportunity. Many homes are below market value and interest rates are at all time lows. And, there are a whole host of additional incentives for the first-time homebuyer.

I recommend finding a REALTOR buyer agent to help you find a bargain.

I can tell you about some Pocono real estate where new construction homes were sold with financing that should not have gone through for some borrowers. In some cases, homes are being sold for six figures less than their actual value. These are new homes in good condition. What a great opportunity for a buyer who waited and can snatch up one of these short sale homes for a “steal.”

Reasons to Buy Pocono Real Estate Now

PA First Time Home Buyers – Get an advance on your tax credit to use for closing

June 11, 2009 by · Leave a Comment 

Now there are even more reasons to buy homes in Pennsylvania.

We blogged recently that the federal government gave first-time home buyers incentive to buy a home because they added an opportunity to the American Recovery and Reinvestment Act tax credit of up to $8,000 by first-time buyers to use the tax credit as a down payment or for closing costs. (Check out our recent blog post from June 8th – More reasons to buy Pocono Real Estate)

Then, today, the Pennsylvania Association of REALTORS announced that Gov. Edward G. Rendell created a plan to award a portion of the $380 million in federal economic recovery funds to assist Pennsylvania home buyers. According news from PAR, nearly 1,000 families will receive thousands of dollars to help make down payments on new homes, more than 5,000 families across Pennsylvania will find affordable housing and jobs will be created for some 3,000 workers.

These down payment and closing cost assistance programs will come in the form of advances on the tax credits and will be administered through the Pennsylvania Housing Finance Agency Tax Credit Advance Loan Program (TCS) and Keystone Assistance Loans (KAL).  Borrowers can use a portion of the tax credit in the form of a second, short-term, low to no interest loan to fund the down payment or closing.

There is plenty of Pocono real estate available. If you have always wanted a home of your own and have never had a chance before, now might be the perfect time.

Reasons to Buy Pocono Real Estate Now

More Reasons to Buy Real Estate Now

June 8, 2009 by · Leave a Comment 

More reasons to buy real estate now!

It seems that the federal government really wants you to buy a home if you are a first-time buyer. Remember all the buzz about the American Recovery and Reinvestment Act tax credit of up to $8,000 for first-time home buyers who buy a home between January 1, 2009 and December 1, 2009. Qualifying taxpayers could claim the credit on either their 2008 or 2009 tax returns.

Well, if you haven’t already gotten your home, maybe because you didn’t have enough of a down payment or enough for closing….guess what, it was just announced that some states, Pennsylvania included, will allow first-time home buyers to use the tax credit as a down payment or for closing costs. That’s right. Through the Pennsylvania Housing Finance Agency Tax Credit Advance Loan Program (TCS) borrowers can use a portion of the tax credit in the form of a second, short-term, low to no interest loan to fund the down payment or closing.

There is plenty of Pocono real estate available. If you have always wanted a home of your own and have never had a chance before, now might be the perfect time.

Learn more about all of these programs by visiting: www.IRS.gov, www.realtor.org and search for the America Recovery and Reinvestment Act and then visit www.ncsha.org/uploads/tcalp.pdf to learn about your options in Pennsylvania.



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