Beware, you may be a target

Have you seen the road-side signs that state “WE BUY HOMES” ? These individuals may be investors looking to buy your home for 40-50% below market or real estate agents looking for leads. Either way you will be giving up more than you think.
You are a target if any one of the following apply to your situation:

1.       Did You Receive an Unwanted Inheritance?

2.       Are You Behind on Payments?

3.       Does Your Home Need Repairs?

4.       Are You Having an Estate Sale?

5.       Are You Making 2 House Payments?

6.       Is Your Property in Foreclosure?

7.       Do You Owe Liens?

8.       Are You Getting Divorced?

9.       If You Job Forcing You to Relocate?

10.   Do You Have Bad Tenants?

11.   Has your Listing Expired?

12.   Do You Have a House Vacancy?

If you answered “yes” to one of these questions you may be ripe for predatory real estate practices by brokers, investors and or real estate agents. They will offer fast cash, no real estate fee and no closing cost. But what you need to know is what will you be giving up. It is usually all of your equity. Before selling your home consult with a reputable real estate agency.
In all fairness, although these investors are taking advantage of a distressed seller, some legitimate investors are providing a service to the community by turning houses in disrepair into $100K-200K houses.

Posted via email from el paso homes posterous

A few reasons to use a local lender or mortgage broker over a National bank

Finding a mortgage is more complicated today. Like many things in contemporary life, El Paso Home buyers have many more loan options and this can make buying a home more difficult than it should be.  This is why home buyers need the help of an experienced and competent Realtor and Mortgage Broker.
Mortgage brokers are professionals who are paid a fee to bring together lenders and borrowers. They know how to match a borrow with the right loan product. They will evaluate a home buyer’s credit situation to determine which lender is the best fit for him.
National banks are not as  familiar with local market conditions in your town. Why does this lack of knowledge matter to you? For many reasons including loan approval, appraisal values, and higher lending fees to mention a few. To learn more call (888)845-2408 to speak to a professional.

Other articles of interest
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Bank of America

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Credit Union and Bank Reviews

Posted via email from el paso homes posterous

More than $1B comes to El Paso through FED stimulus

More than $1B comes to El Paso through FED stimulus
More than $1B comes to El Paso through FED stimulus
EL PASO – More than $1 billion in federal funding has been brought to the El Paso community through the American Recovery and Reinvestment Act.
EL PASO - September 24th at 9:00 a.m. El Paso Collaborative for Community and Economic Development's NSP2 will host a "Home Buyer Assistance Program"
Agenda:

Ø  28 Rehabilitated Foreclosed Properties available for purchase

Ø  Price Range $85,000 to $130,000

Ø  If you have stable income and have ability to obtain a mortgage you may qualify for assistance

Ø  NSP Program can assist with half of the down payment and all or most of the closing cost

Ø  On the spot Mortgage Pre-Qualification with Participating NSP lenders

Thank you for your interest in homes in my RE/MAX homefinder website. Call today and let my experience find you some of the best areas to buy a home in.

Yvonne A. Russell,  REALTOR® 
RE/MAX Buyer’s Agent
10940 Ben Crenshaw, Suite C
El Paso, Texas  79935
CELL (915) 873-8646 | (888) 845-2408 | FAX (915) 594-9253
Russell-Realtor
El Paso Preferred Lenders
MLS Search for homes
JD Power Survey-”Top Rate Real Estate Agent”

Posted via email from el paso homes posterous

Get a Free Credit Report before you buy a house

Under federal law, Fair and Accurate Credit Transaction Act, you are entitled to a free copy of your credit report annually. You have a right to know what is on your report and the right to dispute inaccuracies.
Preparing to  Buying a Home
At least six months before you start your home search, you should take advantage of this valuable free report.  In today’s real estate market banks and mortgage brokers are much more diligent about processing loans than in the recent past.  Therefore, it is very important to do this before buying a home to avoid delays or even a denial of your loan application. 
You may also want to consult with your bank’s mortgage department where you have already established a banking relationship. Additional resources may be found in your local community. In El Paso Texas we have the El Paso Collaborative that manages the NSP (Neighborhood Stabilization Program) where homebuyers must attend a mandatory orientation class as well as homebuyer counseling classes.

Yvonne A. Russell,  REALTOR® 
RE/MAX Associates
10940 Ben Crenshaw, Suite C
El Paso, Texas  79935
CELL (915) 873-8646 | FAX (915) 594-9253
Russell-Realtor
El Paso Preferred Lenders
MLS El Paso
JD Power Survey-”Top Rate Real Estate Agent”

Posted via email from el paso homes posterous

Online guide to buying your first home

Are you wondering if owning a home or renting one is a good decision. Here are a few things you might want to consider before making a decision. First, how do you feel about living in the same location for a long time.  When you own a home you are committing to one location for a up to 30 years.  This could eliminate some of the stresses involved with needing to move as a renter every 6-12 months not to mention increasing rental prices.

But if you rent, it’s usually easier to move on a short notice particularly if you are in the military as most lease agreements have a “military clause” if you have to relocate. Moving around will definitely give you exposure to new neighborhoods, cities and cultures. You will also have the flexibility to move without having to sell or lease out you home. How important is it to you to be able to customize your home? Owning your own home gives you the luxury of making improvements to your home to suit your tastes and preferences. However, it doesn’t require big changes to make any place a home including rentals.  Are you prepared to spend the time and money on unexpected repairs? As a homeowner you are responsible for your home’s maintenance and repair expenses. You will need to set aside money to budget  these cost. If you rent your landlord should pay for such repairs.  Are you looking into buying a home as a financial investment. When you own a home you will be able to build equity over the long term. In an normal economy buying a home is  usually an appreciating asset. If you rent, you could put  money in a different asset such as a savings account but according to an article in Money Rates, Americans have one of the worst  savings rates in the western hemisphere which is about 2.83%. Lastly, homeowners are eligible for tax benefits like deductions on mortgage interest paid and property taxes. As a renter, you forego such tax benefits in lieu of making mortgage payments for 30 years. To learn more call a real estate professional in your area.  To find a new home in El Paso or Horizon City Texas visit a RE/MAX.

Posted via email from el paso homes posterous

El Paso Home Values - what's-my-home-worth-in-a-buyer's-market

El Paso Home Values

El Paso Home Values

The El Paso TEXAS homeowner needs to understand that arriving at home values is a bit more complicated than just obtaining a Zillow estimate or looking at the Central Appraisal's valuation.

How would you know what anyone is willing to pay for your El Paso TX home? The answer is that to arrive at your home's value you must use a licensed residential appraiser. An appraiser's duty is to develop an opinion of the value of real property, usually "market value". Of course, there is a considerable investment involved when you hire an appraiser. Alternatively, you should obtain the services of an experienced REALTOR® to set your home's selling price.

El Paso TEXAS Home values can rise and sometimes fall just like any other investment, but do you truly know the importance of El Paso TX home values? Learn your home's value by using a complete CMA prepared by an experienced REALTOR®. Complete a simple form with your address and brief description to begin the process. Finding the accurate home value is an important step when considering selling particularly now in the robust Buyer's Market and prolonged recession.

One of the most important factors in El Paso TEXAS home values is measuring the saleability of a house. As we all know, El Paso TEXAS home owners have their own opinion of their home's value, but this is just the start to a bigger prospective of El Paso TX home values. Just like the home owners, neighborhoods hold their value based upon the homes that are located within them. To go a step further, a subdivision or even a city's value is generally determined by the neighborhoods and homes that are contained within their boundaries. As we know all too well by now is that home values have a large impact on a house, a block, a city, a state and even a country's economy. Home values in El Paso are also a key indicator of how well the El Paso TEXAS economy is doing.

Find El Paso TEXAS home values by asking for a CMA. The CMA report attempts to find out what willing and able buyers are willing to pay for a comparable home. A CMA creates an average sales price to determine El Paso TX home values. Contact me today for a fast home value report in El Paso TX.

Home values in El Paso TEXAS are of great importance to the industry of real estate and appraisers but they are also of great significance to homeowners across the nation. Learn your El Paso TX home's values by using my CMA. It is quick and fast. Just enter your El Paso TEXAS address here to get a home value report.

 

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Tax Credit closing deadline

A bill that would extend the U.S. Homebuyer Tax Credit closing deadline from June 30 to Sept. 30 was passed Tuesday by the House of Representatives. The Homebuyer Assistance and Improvement Act of 2010 (HR 56232) passed by a 409-5 margin.

The measure now goes to the Senate, which last week defeated a bill that contained a similar amendment. The outcome of the Senate vote is seen as uncertain.

If the extension passes in the Senate, it would give homebuyers who were under contract by April 30 more time to complete their sales. The National Association of Realtors estimates that as many as 180,000 buyers could miss out on the credit without an extension because of circumstances beyond their control. Short Sale and REO transactions are holding up many of these closings.

"RE/MAX agrees with the National Association of Realtors leadership on the idea of extending the tax credit closing deadline, because it’s the right thing to do," says RE/MAX Chairman and Co-Founder Dave Liniger. "We’ll continue to speak out in favor of the extension."

Liniger urges homebuyers who are waiting to close to stay in touch with their Realtor and contact their U.S. senators to urge swift action on the tax credit.

Article courtesy of REMAX. Contact a REMAX agent today.

Homes for Sale in El Paso

google a reputable real estate agent or go to www.russell-realtor.com

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Tax Credit Extended

First-Time Home Buyer Tax Credit Extended For Qualified Service Members

Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.


# Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
# “Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.

For those who are qualified service members, you have an extra year to cash in on the credit. Your new deadline is April 30, 2011.

There has been another modification to the credit for members of the armed service that deals with the Tax Credit Recapture Rules. Currently, a buyer must repay the credit if they move out of their new home within three years. But you are exempt if the move is due to government ordered extended duty service.

To get the first-time home buyers credit, you will need to claim it on your federal income tax return. There is a specific form (IRS Form 5405) that helps you determine how much the credit will be. Consult a Real Estate Professional as well as a Tax Professional about the credit to ensure it is submitted correctly.

For those interested in the credit, visit FederalHousingTaxCredit.com to find out more information.