FHA to cut Seller Contribution to Closing Costs to 3% of Sales Price
June 4, 2010 by Katie Wethman · Leave a Comment
Within the next few months, it’s going to get a little tougher for FHA buyers. Starting sometime this summer, FHA will make official its announced policy of limiting the seller contribution to buyer’s closing costs (aka “seller subsidy”) to 3% of the purchase price, down from 6%. What fees make up the buyer’s closing costs? [...]
Reasons to Sell Your Investment Property in 2010
May 12, 2010 by Katie Wethman · 1 Comment
Attention Investors: I’m about to give you 8.8 reasons to sell your investment property in 2010. Actually I’ll give you 5 reasons, and then another 3.8 reasons. 8.8 reasons that will net you an additional 8.8% when you sell your investment property. Guaranteed! What am I talking about? Capital gains taxes. Many investors are already [...]
Selling a Home AFTER the Tax Credit Expiration
May 10, 2010 by Katie Wethman · Leave a Comment
In this month’s video “This Month in Real Estate” from Keller Williams, a survey shows that first time home buyers accounted for 42% of February’s real estate sales, and investors accounted for an additional 19%. But now that the tax credit has expired, does that mean the end of the road for sellers? Definitely not! [...]
Does the Health Care Bill Have a Tax on Real Estate Sales?
April 26, 2010 by Katie Wethman · Leave a Comment
In a word, yes. But according to FactCheck.org, few taxpayers will be subject to the new tax. But beware DC and Northern Virginia homeowners…the numbers indicate that more of us are at risk of being subject this tax. Few people realize that buried in the recent health care legislation is a tax that affects home [...]
Getting into the Minds of Today’s Buyers
April 23, 2010 by Katie Wethman · Leave a Comment
I would describe today’s real estate market for most of our area as ‘transitional.’ That is, we’ve shifted from a very strong buyer’s market back towards a more balanced, healthy level of activity. Tax credits and low interest rates have spurred high buyer activity. But very low inventory has created frustration amongst those ready, [...]
Bedrooms Defined
April 9, 2010 by wethmangroupadmin · 1 Comment
Every night, you put on your pajamas and head to your bedroom for some shut-eye. But is the room you’re sleeping in really a bedroom? Just because that’s where you have your bed and where you drift off to dreamland doesn’t necessarily make it a bedroom, at least in the eyes of our local and [...]
What Do I Need to Do To Get Ready To Sell My Home This Spring?
January 21, 2010 by Katie Wethman · Leave a Comment
Spring is coming early to the DC area. Buyers are out there! Low prices, low rates, and the imminent expiration of the $8000 first time home buyer credit have them circling and looking for the right property, in the right condition, for the right price. And for those properties that are positioned and marketed properly, [...]
FAQ: High Investor (Low Owner-Occupancy) Ratio Condos: How Can I Buy or Sell?
December 2, 2009 by Katie Wethman · Leave a Comment
One of the most common issues a condo buyer or seller faces in obtaining financing is meeting the owner-occupancy ratio required by lenders or the FHA. Owner-occupants means the units are actually occupied by their owners as primary residences, rather than those owners who choose to rent out their units. Renting units out is particularly [...]
Why is the $6500 home buyer tax credit important?
November 15, 2009 by Katie Wethman · 2 Comments
By this time, most people are aware of the extension and expansion of the $8000 first time buyer tax credit, and many even know about the new “category” of “first time buyers” who are eligible for a $6500 credit. You can read more details here. Income limits were raised (previously $75,000 AGI for a single [...]
Buying & Selling at the Same Time: Part III
November 12, 2009 by Katie Wethman · 2 Comments
Read the first two posts in the series here (Home of Choice contingency) and here (Home Sale Contingency). Our next tool is a two-for-one: Occupancy Agreements. There are Pre-Settlement Occupancy Agreements and Post-Settlement Occupancy Agreements (aka Rent-Backs). Occupancy agreements help facilitate a buyer’s or seller’s move date when it doesn’t coincide with a settlement date. [...]
