Certified Military Housing Specialist Military Relocation Professional

Buyer Info

Can I Buy A Santa Maria CA Short Sale and Still Qualify for the $8000 Tax Credit?

So many of the first time home buyers in the Santa Maria market today are concerned about whether they will qualify for the $8000 tax credit. Short sale purchases can qualify for the credit , so long as the buyer qualifies for the credit in general. (You should check withb your tax professional on this issue). However, because the timelines on short sales are somewhat undetermined, they can fail to close by the deadline for the tax credit. Right now, it is my understanding that in order to qualify a buyer must have a confirmed contract by April 30th. In the case of a short sale purchase, this means the buyer must have a signed contract and bank approval of the short sale in hand in order to qualify for the tax credit. And, the transaction must close by June 30th.
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FHA Loan Changes Impact First Time Home Buyers

First time buyers using FHA financing should be aware that the FHA recent announced policy changes that will increase the cost of FHA financing. Soon, the Mortgage Insurance Premium that is required on low down payment FHA loans will increase from 1.75% to 2.25%. This will result in an increase in over all loan cost and also a slight increase in the monthly payment FHA borrowers will see.
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Can I Buy a Santa Maria Condo with FHA Financing?

Can you buy a condo in today's market with FHA financing? The answer is yes you can, but it is very difficult lately. Fannie Mae enacted guidelines which have impacted the condo market tremendously. These guidelines were meant to encourage owner occupancy and stability in condo associations but in many instances they have ended up penalizing associations not already in conformance with those guidleines and making all but impossible for them to ever conform.
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How to Buy Short Sales in Santa Maria, CA (Part 2)

Sometimes, the second lien in a short sale situation is held or serviced by the same bank as the first mortgage. This can make the situation a little easier than whe that note is owned or serviced by two separate entities. But, not always. Often banks will "charge off" a second mortgage once it becomes too delinquent or after a Notice of Default is filed by the 1st mortgage. In those cases, the note can be sold for pennies on the dollar to what is essentially a collection agency. And, with that you are dealing with a completely different animal.
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Can I Buy a FSBO Home with a Real Estate Agent?

Yes you can. In fact, I would always advise a home buyer to have representation when making a purchase, and especially when buying a FSBO (for sale by owner). The issue of compensation can be tackled with the seller at the outset. Most FSBOs seek to save money by not paying a Realtor to represent them in the sale of their home. However, I've found that FSBOs will usually agree to pay a buyer's agent out of their proceeds.
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