Facts about buying a foreclosure in El Paso Tx

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Real Estate for Sale in Horizon City, Tx

Horizon city is a thriving community in El Paso County with many cheap lots in Horizon city - El Paso County. A renowned El Paso Economist David Schauer along with other at IPED authored an economic impact report last year that explains the impact of El Paso - Horizon City's growth to the east. We are already seeing huge development of both commercial and residential properties in east of loop 375 and north of I -10. I have been fortunate to be an El Paso native for 30+ years and have seen huge changes in our city's dynamics. As a Horizon city and El Paso Remax Realtor of my current clients are military relocations and many want to buy in the Horizon City - El Paso Tx areas, away from the base but convenient to the 375 loop. If you inherited/own/or just need to know where your particular Horizon City - El Paso Tx parcel then I recommend, as I do all my sellers with property out there, GETTING A SURVEY. The cost is nominal and he/she will tell you exactly where the property is. Before I market any land in Horizon City - El Paso Tx I require a survey not only because I need to know exactly where the lot is to take pictures for the mls but you will have to provide that as part of the purchase contact. I am in the process of researching exactly who the surveyor was on several lots in Horizon city 105 because I believe there very well may be developer interest in the next few years. Perhaps some of you have the original survey conveyed with the deed. If so, that surveyor was probably the same one used for the entire area. Please email me at yrussell@russell-realtor.com if you have any questions or comments.

Tierra Del Este | Horizon City TX 79938

With all the recent interest in El Paso and Horizon City I thought I would blog about El Paso and Horizon City. According to Washington based CQ Press El Paso is the 2nd safest city in the nation. Economically, if your want to know what is really happening in El Paso, read the IPED economic impact report (dry but good info). With the influx of 30K military personnel relocating to El Paso plus the new medical school we haven't really felt the recession yet. Actually, El Paso is generally insulated from national economic conditions. Additionally we have a thriving housing sector. Horizon city, and "the Tierras" has been in the news due to a flood of foreclosures. Not because of the economy but because of subprime loans resetting. This is unfortunate for some but a goldmine for others. These properties are 10-20% below market and in near new condition. As you can probably tell my undergrad degree is in Economics and I'm a Realtor but I also love this town.

RE/MAX Realtor helpling First Time Homebuyers

The U.S. Housing and Urban Development Secretary Shaun Donovan on May 29 announced the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of an FHA-insured home. He said this action will help stabilize the nation’s housing market by stimulating home sales across the country. The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit up to $8,000 for purchasing their first home. Families can access this credit after filing their tax returns with the IRS. The new announcement detailed FHA’s rules allowing state Housing Finance Agencies and certain non-profits to “monetize” up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. You may visit the HUD web site to learn about this rule. Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent down payment on the purchase of their home. Now the lenders can use the tax credit as additional down payment, or closing costs, which can buy down the interest rate. In addition to the borrower’s own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the down payment. This action permits the first-time homebuyer’s anticipated tax credit under the Recovery Act to be applied toward the family’s home purchase right away. The Administration’s homebuyer tax credit is estimated to stimulate home sales across the nation and most will be first-time buyers to receive the credit. Homebuyers should beware of mortgage scams and carefully compare benefits and costs when seeking out tax credit monetization services. For every FHA borrower who is assisted through the tax credit program, FHA will collect the name and employer identification number of the organization providing the service as well as associated fees and charges. FHA will use this information to track the business closely and will refer any questionable practices to the appropriate regulatory agencies, as necessary. This news source came from the (Silicon Valley Association Realtors)