Joe Knows Cape Coral in Southwest Florida!

Cape Coral, Fort Myers Bank Owned Foreclosures !

Joe  Kendall, Broker associate with Sandals Realty writes, we are entering into the last few days leading up to the end of the tax credit law for first-time home buyers up to $8,000 for first-time buyers and up to $6,500 for repeat buyers. Read more about the home-buyer tax credit on the Internal Revenue Service's Web site.

All buyers must have a binding contract on a house in place on or before April 30, 2010. The sale must close on or before June 30 2010.

  The term First time home buyer is an individual that has not owned a home in the past three years. Existing homeowners need to have lived in the same principal residence for five consecutive years during the eight-year period that ends when the new home is purchased. The credit is only for principal residences, not for seasonal property.

Tips for First Time Home Buyers.

Interested in buying a home and claiming the home-buyer tax credit? Below are five tips that I think can be helpful to you.

Don't wait till the last Minute that something better is going to come along.

You should be searching for a home now ! if your going to be successful in finding the right house before the credit deadline, as there will be people waiting till the very end and jumping on the low end prices of the real estate market here in southwest Florida

I remember last fall when the first-time buyers thought the credit would expire Nov. 30, people scrambled to find properties. There was not enough of what the majority was looking for here in southwest Florida. The move in condition,  3 bedroom, 2 Bath 1800 to 2000 sq. ft. with a pool for under $125,000 ! There wasn't enogh good inventory of homes that could close by the deadline. You know Short sales, most timesthey are a long draged out process.

Before you start house hunting, get pre-approved for a mortgage. Talk to an experienced Mortgage broker and do a realistic assessment of what you can afford. Ask for a good faith estimate, showing your costs as a home buyer in dollars not just percentages. If you have to sell an existing home, you already should have it price it aggressively !

I would not count on another extension of the tax law by the Goverment.

The credit won't be available forever, This tax incentive has been a jump start to help  the housing crisis. Once the market improves credit will slowly start to rise (which we just seen two weeks ago ) as we are the way to no more help for the housing crisis from our goverment in terms of tax credits.

Interest Rates.

Mortgage interest rates are slowly on the rise this year. Higher interest rates will affect our monthly mortgage payments and directly effect the affordability of the houses. by the end of 2010

Keep Good Communication with your Mortgage broker throughout the process, make sure you're communicating with your Mortgage Broker, if there's a piece  of documentation,they are requesting from you? Please get it turned in as soon as possible. Good communication is important in making sure the loan closes on time.Don,t wait for the Lender to call you. It's a good rule to call your Lender twice a week to stay well informed through-out the process.

Working with one experienced Realtor will make the Difference !

Work with an experienced Realtor. Don't work with more then one Realtor, you will waste someones time and if they get an idea your working with someone else they may not ask you about it, but not work as hard for you as your thinking they are and your results will vary and the dream house your looking for may fall through the cracks to someone else. Let one Agent work strickly for you and working toward achieving your best price and terms on your home purchase. 

I look forward to working with you !

Joe Kendall, Broker Associate Sandals Realty
Waterfront & Foreclosure Specialist
Phone 239-560-0726 Fax 239-236-0422
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