In the world of real estate today many of us are hearing terms we have not heard before and even seasoned agents have not heard them in years. Loan Modification, short sale, foreclosure and cash for keys are a few of these terms. Today we will be discussing the loan modification and short sales. Many […]
There is a lot of information circulating about the First Time Home Buyer Tax Credit of up to $8,000 that is included in the Stimulus Bill, including using it for down payment. First of all, at the present moment in time, it cannot be used for the down payment, even though the Secretary of Housing and Urban Development, Shaun Donovan, said it would be available in a recent speech to the National Association of REALTORS®.
Many of the agents in Central Oregon had no idea what a short sale was or how to successfully market them, not to mention what to do once they had an offer.
Buying a short sale can be a great investment, however, everything depends on the bank’s response to your offer and any other offers. One of the trends I am seeing is listing agents listing a home at a price that is so much lower than everything else on the market it can not help but bring in offers.