Best Realty's Lake Oroville Real Estate Blog » escrow http://realtyworldoroville.com Serving Oroville & Paradise With Over 40 Years Combined Experience Sun, 25 Jul 2010 04:48:00 +0000 http://wordpress.org/?v=2.9.1 en hourly 1 No Time Extension for Tax Credit http://markwisterman.com/2010/06/25/no-time-extension-for-tax-credit/ http://markwisterman.com/2010/06/25/no-time-extension-for-tax-credit/#comments Fri, 25 Jun 2010 21:04:00 +0000 Mark Wisterman http://realtyworldoroville.com/2010/06/25/no-time-extension-for-tax-credit/ The United States Senate failed to pass a bill yesterday that, among other things, would have extended the home buyer tax credit until September 30, 2010.
The bill, H.R. 4123, included an amendment allowing home buyers the three-month extension on the tax credit. The extension, though, only applied to buyers who signed purchasing contracts before the original April 30 deadline.
With a backlog of transactions waiting to be processed, and in danger of not closing by the required deadline of June 30, 2010,  the National Association of REALTORS®, as well a mortgage lender groups, had urged Congress to extend the time for escrow closings to the proposed September time frame.
Unfortunately for those of you in the Lake Oroville real estate market and the Paradise real estate market in danger of not closing your transaction on time, the provision for the extension was added as an aside to an unemployment bill that had become a political hot potato.
Why Congress can’t do the common sense thing, (oh wait, my English teacher told me never to use the words Congress and common sense in the same sentence), and vote on these unrelated issue separately is beyond me.
If you are in danger of missing this deadline you might want to turn up the heat on your loan officer, as loan processors and underwriters could really care less about your time frame
There is still an outside chance that this extension amendment and be added to another bill or simply be voted on on its own merits. My advise though is don’t assume anything.
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Tax Credit Extension is Dead in the Water  zillow.com)
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200,000 could lose out on homebuyer tax credit  money.cnn.com)

]]> http://markwisterman.com/2010/06/25/no-time-extension-for-tax-credit/feed/ 0 You’ve Decided to Buy a House, Now What? Part lll http://christinelson.com/2010/01/26/youve-decided-to-buy-a-house-now-what-part-lll/ http://christinelson.com/2010/01/26/youve-decided-to-buy-a-house-now-what-part-lll/#comments Tue, 26 Jan 2010 22:40:00 +0000 Christi Nelson http://realtyworldoroville.com/2010/01/26/you%e2%80%99ve-decided-to-buy-a-house-now-what-part-lll/ So your agent has shown you a bunch of  houses and you might be getting a little frustrated if you havent found the right one.  Be patient! Sometimes it takes a few showings to really fine tune what it is that you REALLY want. 
 Then, you finally find it! Let the flood of emotions and questions begin!
In my opinion, it is good idea to educate the buyer as to what the process is and what decisions we will have to be made when finally making the offer.  However there are still little things that will need to be addressed and especially if there are going to be multiple offers on the property.  Thats where you will need to really listen to what your Realtor advises you to do. They have the experience and negotiating skills that will put your offer in its strongest possible position.
Although there are many part to the purchase contract here are a couple examples of things to think about:
The  purchase price. What is the amount you really want to offer? This will usually be a number you come up with according to the sold comps your agent has provided to you. Keep in mind this is probably the toughest part. There are a couple of factors to consider when finalizing the price. Is the seller being asked to give a credit for your closing costs? Are you asking for the seller to pay for all the inspections? How long is your escrow period?  These are things that need to be considered and your agent  will help you fine tune the numbers to make it attractive to the seller.
Escrow Period- How long of an Escrow do you need? Generally the normal time period is 30-45 days. Its a good idea to check with your lender regarding the time period they may need to complete the loan process.
Inspections- What type of inspections do you want to do? What is customary? What do you want the seller to pay for and which ones will you as the buyer pay for?  Your agent will be able to advise you on what the different types of inspections you can do and the importance of them. Your lender may also require certain inspections depending on the type of loan you have.
Here is an example of what a Califonia Purchase contract will look like.

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