Posts Tagged ‘housing market’
Use the Tax Credit for Your Down Payment?
I recently found a notice that The National Association of Realtors put out regarding using the $8000 first-time homebuyer tax credit for a down payment or closing costs on a FHA-insured mortgage.
According to the notice, 11 states — including Virginia — offer this program. For more information, visit www.realtor.org/government_affairs.
If anyone out there has used, or tried to use, this option, please comment or write us so we can share your experience.
I’m not an accountant, mortgage broker, attorney or any other type of financial advisor. I just saw this info and wanted to share it. If you want to take advantage of this option, you should get professional help–maybe start by asking your mortgage broker.
Like a Tiger on Steroids: The Buying Foreclosures Real Estate Game
If you are looking to get into the “game” of buying a foreclosure to flip for profit right now, and you don’t have a lot of experience, take a chill pill and tune into ESPN or Oprah. In the world of distressed real estate, including foreclosures, you are playing with a tiger on steroids and very well may get mauled physically, emotionally, and financially. Even experienced real estate investors are having a difficult time with this market, and the numerous uncertainties that go along with our country’s current financial turmoil.
If you are looking for a home to live in, there are still deals to be had out there. But, that tiger on steroids is still lurking for unsuspecting buyers who get all pumped up emotionally about buying a foreclosure. Buying a house often turns into an emotional transaction. And many people who make money on these transactions bank on just that. DON’T, DON’T, DON’T make this an emotional transaction!
