The Tax credit was extended to home buyers who were already under contract prior to the end of April.  Now the buyers who did not close on their home yet have until September 30th to close on the home.  This is great news for buyers who had a delay in their closing date or who were under contract to purchase a short sale and did not get bank approval yet.

Here is the publication by the IRS confirming the news about the extension and also referencing what is required by the First Time buyers and Long Time Resident to claim their credits. http://www.irs.gov/newsroom/article/0,,id=225079,00.html

If you have any additional questions regarding the tax credit contact me at 609-484-9890 ext. 132.

Best wishes, Matt

Here are a few properties that are great buys. Please feel free to forward this email to anyone who might be interested.

Please call if you are interested in any of the properties. Contact us asap before these deals are gone.

Egg Harbor Township – $94,900: 3 bed, 1 bath single family. BANK OWNED

Linwood – $150,000: 3 bed, 1 bath single family. BANK OWNED

Galloway – $189,900: 3 bedroom, 2 full bath, 2 half bath, finished basement, large home, one acre. BANK OWNED

Galloway – $279,900: Incredible dream home: 5 bedrooms, 3 baths, full basement, 2 car garage, 3072 sq. ft. BANK OWNED

New Listings:

Egg Harbor City – $164,900: 3 bed, 1.5 bath, full basement.

Galloway/Smithville – $99,500: 1 bedroom first floor condo.

Absecon – $129,900: 2 bed, 1 bath, 1 car garage.

Best wishes, Matthew.

Call me at 609-484-9890 ext. 132 if you are interested in any of these properties.

Dangers Of Short Sales For Home Buyers

This list includes many of the dangers and things that can go wrong for buyers purchasing a short sale.

1. Time: It will take 5 to 6 months or longer to get an answer from the bank.

2. During that time home values may continue to decline.

3. If the bank approves the sale in may no longer appraise at the sales price.

4. It the bank approves the sale you will often have just 30 days to close creating a rush to get all the necessary requirements completed.

5. Interest rates potentially may increase. If rates increase you may no longer be able to afford the home.

6. If the property is vacant the condition will continue to decline while you wait.

7. If the property has a well and septic these systems will deteriorate if they are not used while the house sits.

8. Sales are in as-is condition. The buyer is responsible for all certifications and repairs.

9. Repairs may require buyer to use and FHA 203K rehab loan which could prolong the closing process. This loan also has a higher interest rate and fees.

10. The bank and seller will not fix any home inspection items or items required by the lender. This is the responsibility of the buyer prior to closing.

11. The seller could have second mortgages or additional leans which could hinder the sale.

12. You will go months without communication from your agent without any updates from the seller or bank.

13. You will most likely not get the $8,000 tax credit or $6,500 tax credit.

14. The bank may not approve the sales price and you may have to increase your offer.

15. While you are waiting you will miss out on other potential good buys.

16. More than 70% of short sales do not go through due to various reasons including those listed above. 

Please contact me at 609-484-9890 ext. 132 to learn more about the dangers and opportunities involved in buying a short sale home.

Best wishes,

Matt

(c)2010 Matthew Haviland – HavilandGroup.net

Here is a list of FHA approved condominiums in Egg Harbor Township, NJ 08234:

BAYPORT CONDOMINIUM

COUNTRY PLACE

HEATHER CROFT

LAKESIDE ESTATES

OXFORD VILLAGE

These condos are approved for as low as 3.5% down payment and possibly 100% financing zero down payment.

Best wishes,

Matt

Dear home sellers, Please view the attached market statistics.

As you can see prices are still falling. The average priced home last year lost $30,000 in value for the year. Home prices are continuing to decline about $100 a day.

The main factor in determining price is supply and demand. Supply and demand is based on our local economy. In Atlantic County our economy is dependent on the Casino industry. You are probably aware of the many layoffs that have taken place over the last few years. In fact our unemployment rate in Atlantic County is 13%. We are faring worse than the national unemployment of 9%.

If people are loosing jobs they can’t afford to buy homes. Even those who are still working at casinos are facing less pay due to the lower tips they are receiving. Our bad economy is the main reason prices continue to fall.

Here are some reasons to sell right now:

The never before offered $8,000 tax credit for first time home buyers and $6,500 tax credit for home owners when they purchase home is 49 days away from expiring. (Buyers must be under contract by April 30th.) Most buyers will buy in the next 49 days and demand should decline after the end of April.

Interest rates have been at historic lows because the government has been purchasing mortgage backed securities. At the end of March they will stop this practice and the securities will be sold at market price. For every one percent increase in rate the price will the purchasing power for buyers will drop 10%. So if a buyer can afford a $200,000 home at 5% interest rate and the rates go to 6% they can only afford $180,000.

Also the other coming threat is more bank owned homes and short sales coming on the market. We still have not seen the next wave of foreclosed homes hit the market. Maybe you’ve noticed homes in the area that have been sitting vacant for months or even years. Banks are so backed up that it is often taking 2 years to foreclose on them.

So the bottom line is things are going to get worse and not get better for a very long time. The question you need to ask yourself is do you really need to sell the home in the next 5 to 6 years? If your answer is yes then we need to aggressively position your home to sell now and for top dollar. If not then perhaps it’s better to stay in the home until the prices rise again in the next 10 to 14 years.

If you need to sell your home now.  Contact me now at 609-484-9890 ext 132.

Best wishes,

Matthew Haviland

The Haviland Group

Private sellers and investors can now sell their property to FHA buyers whithout having to wait 90 days.

This is good news for investors who are looking to purchase and flip properties quickly.

Contact me for further details and restrictions.

Also, we work with investors and will help them analize a proeprty before they buy it.  If you are interested in investing in real estate please call me at 609-484-9890 ext. 132.

Best wishes,

Matt

Here are a few properties that are great buys. Please feel free to forward this email to anyone who might be interested. Reply back or call if you are interested in any of the properties. Contact us asap before these deals are gone.

Egg Harbor Township, NJ – $97,900: 2 bedroom, 1 bathroom, on 1 acre. BANK OWNED

Egg Harbor City, NJ – $59,500 2 bedroom, 1 bath, basement. BANK OWNED

Galloway, NJ – $200,000 3 bedroom, 2.5 bath, full basement, garage, built in 2005. BANK OWNED

Contact me or call 609-484-9890 ext 132 to get these properties before they are gone.

Matt

Here are a few properties that are great buys. Please feel free to forward this email to anyone who might be interested. Reply back or call if you are interested in any of the properties. Contact us asap before these deals are gone.

Egg Harbor Township, NJ – $97,900: 2 bedroom, 1 bathroom, on 1 acre. BANK OWNED

Egg Harbor City, NJ – $59,500 2 bedroom, 1 bath, basement. BANK OWNED

Galloway, NJ – $200,000 3 bedroom, 2.5 bath, full basement, garage, built in 2005. BANK OWNED

Contact me or call 609-484-9890 ext 132 to get these properties before they are gone.

Matt

I’ve been getting so many calls and email regarding my previous posts about the grant program I thought I would compile the information on my previous posts into one blog entry… Of course if you have any additional questions contact me.

The Atlantic County Grant Program for first time home buyers has money available now.  This is a great program for first time home buyers in Atlantic County, NJ. 

The grant through The Atlantic County Improvement Authority (ACIA) provides up to $20,000 for first time home buyers to cover down payment and closing costs.  First time home buyers are buyers who have not owned a primary residence in the last three years.

Here is a list of communities that qualify for the grant money:

Galloway, NJ

Absecon, NJ

Egg Harbor City, NJ

Pleasantville, NJ

Mullica Township, NJ

Hammonton, NJ

Egg Harbor Township, NJ

Hamilton Township, Mays Landing, NJ

Northfield, NJ

Linwood, NJ

Somers Point, NJ

Brigantine, NJ

Ventnor, NJ

Margate, NJ

Longport, NJ

Estell Manor, NJ

Beuna, NJ

*Atlantic City, NJ Has a seperate grant program with up to $30,000 in grant money.

To Qualify For The First Time Home Buyer Grant You Must:

* Have resided in Atlantic County for the last 12 months or are employed in Atlantic County * Have not owned a home in the last three years.

* Have acceptable credit history and be able to obtain a mortgage.

* Have incomes below 80% of median income (effective February 13th, 2009)

Number of household members:               80% of Median income

               1                                                $38,300

               2                                                $43,750

               3                                                $49,250

               4                                                $54,700

               5                                                $59,100

               6                                                $63,450

               7                                                $67,850

               8                                                $72,200

* Please note the median income amounts are based on the 2008 numbers.  I’m waiting to get updated 2010 numbers and will update this post when I receive them.

Eligible Properties:

1. Single family residences in Atlantic County excluding Atlantic City.

2. Sale price can’t exceed $200,000.

3. Property must meet all requirements for an approved mortgage.

The program is designed to help pay closing costs and down payment up to $20,000. These funds will be forgiven after 5 or 10 years. Funds are limited and may not be guaranteed if funds are low.

If you or someone you know would like to take advantage of this opportunity before the money is gone. Please contact me immediately at 609-484-9890 ext. 132.

Best wishes,

Matt

Your Trusted Real Estate Expert For Life

Many of our friends and clients have asked us if there are there any good deals out there in the market.  The answer is yes!  Here are a few properties this month that are great buys.  Please feel free to forward this post to anyone who might be interested.  Reply back or call if you are interested in any of the properties.  Contact us asap before these deals are gone.

Northfield – $139,000:  3 bedroom, 2 bath with basement.  Not yet listed contact us to be the first to see it.

Egg Harbor Township – $189,900: 4 bedroom, 2 bathroom, 4 years old on 1 acre.

Mays Landing – $209,900: 4 bedroom, 2.5 bath, 2 car garage, full basement.

Egg Harbor City – $59,900 2 bedroom, 1 bath, basement, walk up attic.

Best wishes,

Matt