This person is going to be your guide through the real estate transaction. Find someone you can stand being around for an extended period of time and with whom you feel comfortable communicating your wants, needs, as well as dislikes when it comes to the properties you are viewing. The agent should be knowledgeable and experienced in the area you wish to live and the price range in which you wish to buy.

You agent will be representing your interests, so ask their advice and hold them to task.

Insurance can be required, or desired for a number of reasons and insurance is available in a number of different forms.

You can find more information on home insurance in the St. Louis area at http://www.insuremyautohomelife.com

The program that has been making headlines is the American Recovery and reinvestment Act of 2009 which provides up to 8000 in tax incentives for first time homebuyers. The TCAL program allows buyers to apply some of this money at closing, instead of waiting until after the sale which will help borrowers with the downpayment due at closing.

Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years.

Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000.  To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.

Why am I investing in this tool and offering it as a free resource to my clients? Because I really believe in helping you with your real estate needs and I understand that many people want the option to research and learn on their own before contacting an agent for professional assistance.

Using your cell phone you can search the MLS system for properties near your current location, or type in your own criteria to find homes just as you would from your home computer. Searching for property while you are already out and about is a powerful way to help you find your new home.

To download the application, go to Coldwel Banker Gundaker’s site and Click on the Go Mobile link on the right side of the page.

Be sure that you are aware of the costs your cell phone company might charge for using this service. See the applications website for more details.

http://homebuykirkwood.com/?page_id=313

However, if you have tried the Making Home Affordable Program without success and you are in a situation where you are unable to make your mortgage payments, a short sale may be an option to avoid a foreclosure.

A short sale has some advantages over a foreclosure in that it minimizes the damaging impact to credit: Foreclosure can remain on your credit for up to seven years while a short sale usually gets reported as a “settled debt” and is significantly less damaging. With a short sale, your FICO score will not be as negatively impacted as it would be with a foreclosure.

Minimize financial exposure/liability: In many foreclosure situations, the lender will end up selling the property at a huge loss of money and time once they foreclose and repossess the property. The homeowner can be left financially liable to the lender. While the same may be true with a short sale, the difference is with a short sale the homeowner is still involved in the process and can therefore contribute their input and have more control over the sale price of the property and the potential associated liabilities. In a foreclosure, however, once the lender repossesses the property and the homeowner is typically defenseless with respect to what follows.

You can find more information on the short sale process at www.willfrost.com

Managing the short sale process is time consuming and a lot of work. If you are considering this option, give me a call at 314-620-6822 and we can discuss your individual situation to see if this is a right course for you.

For modified adjusted gross income levels above those limits, the credit is adjusted incrementally and eventually falls to zero at the $95,000 level for single and $170,000 for joint borrowers.