Own a piece of history.  This beautiful historic home is the neighborhood’s most significant structure.  Not only was is home to the famous local architect and four-term mayor,  Lucas Pfeiffenberger, the remains of the old state penitentiary are also located here.  The home is listed at $199,900.

What an amazing home!!  Check out additional pics here.

There are several loan programs available to home buyers with little to no cash for a down payment.  Here are a few:

• USDA Loan (Rural Development): 100% financing
• FHA Loan: 96.5% financing
• In-House Conventional Loans: 90-95% financing

In addition to these high LTV (loan-to-value) loans, various communities offer down payment assistance.  Here are a few:

• Madison County Grant: Offers up to $5,000
• St. Clair County Grant: Offers up to $6,000
• City of Alton Grant: Offers up to $5,000

E-mail me your questions or click here to begin a home search.

As I sit here on the Tuesday afternoon (just after noon) wondering what all of my competition might be doing, I stumbled across this little “tidbit.”

“According to the National Association of Realtors, the typical Realtor is a 54-year-old white female who attended college and is a homeowner.”

Hmm…well, apparently we do have some things in common…college grad and home ownership.

That’s just about it.  Are they meeting new people on Facebook right now? Adding new marketing technology?  Customizing Craigslist postings?  “Tweeting?” Creating a VIP client program?  Expanding web presence? Continuing education through new industry designations?  Searching for the perfect investment property? Sharing thoughts with you through Wordpress?

No, probably not!

What will I be doing in exactly 29 years from now??

This is why I do what I do…

Q. Is there any advantage to only looking at (and buying) a foreclosed home?

A. You can get a pretty good bargain on some points, but don’t ever think you’re going to buy a house for a ridiculously low price. The bank is still involved in the foreclosure process in court, and they have a certain dollar that they’re owed.

Say the bank has a house in foreclosure and there’s $100K still left on the mortgage. Even though there’s more inventory, a bank will still likely bid up the price to the amount of the mortgage to recoup their losses.

Unfortunately, there is a big problem with buying foreclosed properties. You can’t get inside the house, so you have no way of knowing what’s going on inside. You could love the outside, but once you buy the house and finally get inside, you could find that the previous owner ripped out all the piping to sell the copper inside because he or she was angry at the bank. Suddenly, you don’t just have a $125K house; you have a $125K project.

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Courtesy of Nestpert Jeff D. Opdyke, author of Financially Ever After: The Couples’ Guide to Managing Money

A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.

Myth #1 – The Bank Would Rather Foreclose than Bother with a Short Sale

This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure.

The qualifications for a short sale include:

1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
2. Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

Myth #2 – You Must Be Behind on Your Mortgage to Negotiate a Short Sale

While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency.

If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.

Myth #3 – There is Not Enough Time to Negotiate a Short Sale Before My Foreclosure

This is a myth that probably hurts homeowners the most. Many do not realize that foreclosure is a process, and that there is time to make decisions that may result in better outcomes.

The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available until the foreclosure process is complete.

Myth #4 – Listing My Home as a Short Sale is an Embarrassment

It is understandable to have reservations about letting the world know that you owe more on your home than it is worth. However, according to recent estimates, more than one out of eight homeowners in the U.S. is in the same situation. You are to be congratulated for admitting you need help, taking action, and finding a professional who can work with you toward a solution.

With recent estimates showing 40-60% of U.S. sales will be short sales or foreclosures, you are not alone.

Myth #5 – Short Sales are Impossible and Never Get Approved

This is a complete falsehood. Are short sales more difficult to execute? Yes. Do you, as a homeowner, need to learn about a new process? Yes. Are they impossible? Absolutely not.

For example, agents with the Certified Distressed Property Expert® (CDPE) Designation receive thousands of short sale approvals on a monthly basis. These professionals have undergone extensive training in methods to help homeowners in distress and process short sales. While there are no guarantees in any transaction, more and more short sales are being approved regularly. This is far from an impossible process.

Myth #6 – Banks are Waiting on a Bailout and Not Accepting Short Sales

You may have heard this, but the reality is that banks (and the U.S. government) are trying to do anything they can, within reason, to avoid foreclosing on properties. It is preposterous to believe they would deny a short sale in hopes that some future legislation would pass and pay them for losses.

Today, more banks are aggressively pursuing short sales and working with agents who understand how to process them. Freddie Mac recently hosted a national training Webinar for real estate agents where they expressly stated the organizational goal of “eliminating distressed assets through modification or short sale.”

Myth #7 – Buyers are Not Interested in Short Sale Properties

This is a myth that potential sellers hear all the time. Thankfully, this is just not true. In fact, many agents are getting calls from buyers who say they only want to look at foreclosure and short sales.

For buyers, short sales and foreclosures have become synonymous with “good deals.” More specifically, international buyers are targeting these properties. Listing with an experienced agent who is educated in the short sale process will provide you with a great chance of quickly seeing a contract on your property.

For more information on short sales, visit www.DistressedHomesByHigh.com.

Forget about the 9.8 score for a plain, wave-less dive into the water from the platform.  Take a few steps back and begin your enthusiastic approach to the end of the board, a little hop, bend your knees and off you go…screaming, “Cannonball!”

“SPLASHHHH…”

That’s the feeling I want you to have when you’re buying a home! Enjoy it!

This blog is focused on the information, technology and advice that new home buyers need to get into the real estate market, and having a little fun at the same time.  There has never been a better time and opportunity to buy a home.  Lowered home prices, tax credits, low interest rates and immediate information at your finger tips are the exciting variables that make this opportunity so grand.

Tax Credit for Homebuyers

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Tax Credit Versus Tax Deduction

It’s important to remember that the tax credit is just that… a tax credit. The benefit of a tax credit is that it’s a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

Higher Income Caps

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

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**Information provided by Jason Stanfield, Loan Officer at National City Mortgage Company. (jason.stanfield@ncmc.com)