Update on MSHA program

I have done a little more research and have talked to a lender who is as familiar with the program as can be at this point. It is actually a credit of UP TO $5000 but no more than 4% of the loan amount. The borrower must contribute 1% of the loan amount. Under programs such as MSHA/FHA this can be a gift. The program ends November 30, 2009. Hope that is more clear!

I strongly encourage any borrower to consult with a loan officer regarding whether or not this makes sense.

There are income limits ,also, that apply!

Maine State Housing Offers $5000 to 1st Time Buyers

I just learned today that MSHA (Maine State Housing) has finally launched their "Gift of Green" program. This program offers $5000 that can be put towards closing costs, down payment, or escrow funds. There are also coupons for up to $500 for energy audits. The money is limited to approximately 500 buyers. There are upper income linits. This is in addititon to the $8000 tax credit being offered by the Feds. For more information go to www.mainehousing.org.

Where did the time go or Tempus Fugit!

I have been extraordinarily busy with first time homebuyers in the past week. They are all smart as heck to be out there looking and putting houses under contract while the sun is shining and the rates are still low. My little Wall Street prognosticator friends say all signs point to higher rates, sooner rather than later as the economy bumps and jolts out of its latest swoon.

As I have repeated frequently, there is $8000 out there waiting for you if you have not owned a house in three years. Why not take advantage of that? If you need to work out the credit blues, get hooked up with folks who can help you raise the scores. Believe it or not, you can get a 100% loan with a 640 score through RD guaranteed. Find someone who knows how to find out if you qualify!

The sun is out. Summer is around the corner........the time is NOW!

Working By Referral

I find that the best source of great clients is to be referred by past clients, friends, and business associates. I know I will be working with folks who have values similar to mine (honesty, integrity, and valuing others) and appreciate the level of service provided by the team I have assembled to provide top notch real estate services.

If you are starting your own business or looking to further develop the one you are in, or if you are unemployed or underemployed, there is nothing that beats meeting with everyone you know and talking to them about their business. Learn what they do, ask about their needs, offer to bring something of value to them. Before you know it, you will build a fabulous network that will be of value to all of you. (Note that I didn't tell you to talk all about you!!)

I belong to a fabulous group of professionals in a group we started called S.M.A.R.T. Thursday. (www.smartthursday.com) We have decided that by working together we can all achieve more. You can, too, by referring business to others.

Get out there and see how you can help others - and yourself! The opportunities are endless!

Why do agents brag about the number of listings???

I always wonder why agents brag about the number of listings they have. While being able to list houses is an admirable quality, being able to sell them is better. When interviewing an agent to sell your house, find out how many houses they have successfully closed in the last year. Ask about the ratio of price received to price asked. (In other words, how close to asking price did the seller receive?) Find out how familiar the agent is about the various financing options out there. Will you be required to pay some of the buyer's costs? (The answer is probably!) Make sure the agent gives you statistics regarding the movement in the market where you live. Can she articulate the probable scenario that will unfold? Does she offer staging, pictures, and video on the internet? And, last, but most importantly, does he roll over when you ask about reducing commisssion? If the agent can't explain to you his value proposition, go to someone else. Do you want an agent who will roll on your negotiations??

Who is working for you?

When teaching first time buyer classes, I am frequently asked "How do I find a broker?" The search is simple.

Get the names:

1) Ask other people whose opinion you value whom they would recommend. Make sure their recommendation is based on their own experience!
2) Attend open houses and check out the agents holding them Ask anyone of interest if you can make an appointment to interview them. After all you are looking for someone to hire!
3) Go online and check out websites.

Got the names? Then interview your choices. Any agent worth their salt will be happy to arrange a time for an interview. If not, scratch them from the list!

At the interview, ask the agent how many transactions they have closed in the last twelve months. You want someone with transactional experience in this market! If they don't close at least one deal a month, I would want to know why not?

Another critical factor is their knowledge of the financing options out there. If they have no experience with the intricacies of FHA, don't know about spot financing, or have no clue about how short sales work, move on!!

Finally, how well do you "click"? You will be entrusting this person with one of the largest financial transactions you will ever make. Are they up to the task?

Ask for references if need be then decide who will be the best fit for you! And, importantly, don't let anyone sign you into anything before you are ready. It is ok to ask to get back to them later. A high pressure sales person is probably NOT the best choice for an buyer agent. You want the choice of house to be something you are comfortable with, NOT something you felt pressured to buy.

Good luck! By the way, we specialize in first time homebuyers and would be pleased to interview with you for this job!

Spring is Here.........The Perfect Storm

....and all thoughts turn to buying that perfect home! That is right. Did you know that in times of trouble, there are always opportunities? While some sellers are taking it hard on the chin, this is the perfect time to buy that house that you have always dreamed about. With many more listings than there are buyers, the selection in the lower price ranges is outstanding.

If you have not owned a house in the last three years, you are eligible for an $8000 tax credit courtesy of the federal government. If you can't use all of that credit because you don't owe that much tax, you can get a check back for the difference. Wow!

If you own a house now and have decent equity, you can buy a house that better fits your needs. Whether it is larger or smaller, in a better neighborhood or closer to work or school, there is a wide selection at outstanding value. Priced and staged correctly, houses are selling in a timely fashion in most price ranges. An expert opinion by a seasoned real estate professional will give you the information you need to get the best price in this market.

Please don't wait too long. The $8000 is good only for those buyers who close on their house by December 1st of this year. The bargains on houses won't last forever, either!