Ready to buy? Then here’s what documentation you need to prepare so a mortgage banker can let you know exactly what loan amount and purchase price you can qualify for…

Filed under: Buying, Finance, IRS, Making Home Affordable, Money-Saving, Mortgage, Mortgage Rates, Real Estate Market, VRN | No Comments »

Closing on a property is both a thrilling and taxing ordeal for buyers and seller alike. Make sure to prepare on the closing day thoroughly whether you are a buyer or a seller.

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Making sense of the Financial Regulations Bill for Buyers

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Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

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Who Qualifies for the Extended Credit?

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Recently, Bank of America sent out nearly 100,000 solicitations to distressed homeowners offering them a chance at a deed-in-lieu transaction.

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Interest rates are at historic lows but cyclical trends suggest they will soon rise. Home buyers may never see such a chance again, writes Marc Roth

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Q. Why do I have to submit a Short Sale package?

A. In short, because lenders require it. Lenders need to have a compelling reason to work with the seller. By providing tax returns, bank statements, pay stubs and other forms of household income and expenses along with a detailed hardship letter, the lender has a true an accurate picture of the sellers’ circumstance. IFR works with sellers to complete a thorough and effective Short Sale package.
Q. Will a Short Sale hurt my credit?

A. The term “Short Sale” is not reflected on the sellers credit report. Many times a Short Sale is reported as “Paid-Settled” which will most likely lower the sellers credit rating. The alternative, however, would be foreclosure which can significantly damage a sellers credit rating for years to come.

Filed under: Business Services, Listing Presentation, Real Estate Market, Selling, Short Sale, VRN | No Comments »