Senate approves $15,000 tax credit for all home buyers

Feb 5, 2009
Re/Max International

If you have been watching the news this week, you may have noticed that the debate in Washington has finally turned toward real stimulus for the housing industry. As a result, I believe that we could be on the brink of a substantial turn around in the real estate market. Now, it’s critical that we all join together and deliver a powerful message to our legislators that we support this stimulus.

Last night, the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000.  Purchases must be made within one year of the legislationʼs enactment to all purchasers of primary residences, and the tax credit would not have to be repaid. Current law provides for a $7,500 tax break for the first time home buyers only but is required to pay back that amount over a 15-year period.

Today, the senate expects to debate Amendment 353, a proposal by Senator John Ensign (R-NV) that would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence.

If these two provisions survive in the final passage of a stimulus bill they could have a tremendous impact on our industry. If they are coupled together with provisions to ease the flow of credit and reduce foreclosures, we could see an immediate and dramatic turn-around in real estate.

I feel that these provisions represent real economic stimulus. They will put money in the hands of millions of homeowners, increase sales, stabilize home values and add more revenues to local communities in the form of property taxes.

I urge each of you to contact your senators and representatives to let them know that you believe these provisions are essential components of any stimulus bill. You can go to the official Senate and House web sites to locate the email and phone number of your legislators.

This may be one of the most critical moments for the real estate industry in our time. Please pass this information on to anyone you might do business with. The outcome of this legislation will have a lasting impact on us all.

To show support for the proposed amendments please contact your Senators by clicking on the following links:

E-mail form for your Senator

Phone numbers for your Senator

Update: 2/7/09 – the proposal to reduce interest rates to 4% was defeated on a vote of 35-62.

Update: 2/12/09 – From the Wall St. Journal online – February 12, 2009

Just Sold New Home in Mahopac

I just sold this lovely brand new home in Mahopac NY. The house has 4 bedrooms, 2.5 baths, 3,000 sq. feet on one acre. Features included: 2 story entry, hardwood floors, granite kitchen, crown molding 1 mile to Taconic Parkway and Westchester border. The selling price was $629,900.

View all: Recent home sales in Mahopac NY.

View all: Homes for sale in Mahopac NY.

Lakefront land for sale in Mahopac

Lovely 7.5 acre LAKEFRONT cul-de-sac property in already established neighborhood conveniently located to shopping, Rte 6, 684, Croton Falls train. Private location with entrance from the cul-de-sac. Board of Health approval pending for 4 Bedroom residence. Seller will deliver property with necessary BOHA approval required to build. A must see!!

See more info here: Land for sale in Mahopac.

Search all Homes for sale in Mahopac NY

Foreclosure alternatives and prevention

Are you or someone you know behind on their mortgage payments? Do you foresee having a hardship in the future that will prevent you from making your mortgage payments? Know your options…there are alternatives to foreclosure that can pay off your debt and preserve your credit.
 
Fact: Your bank does NOT WANT TO foreclosure (lots of costs involved for the bank, typically $60,000-$100,000 from the start of the process until the home is sold at public auction).
 
Fact: Your bank will DEFINITELY FORECLOSE and take your home unless you seek help before time runs out…..A Certified Distressed Property Expert (CDPE) can help and banks work with CDPE’s all the time!
 
Fact: Your bank will happily TAKE LESS than you owe them if a homeowner takes the correct steps to avoid foreclosure and the 1st step is to speak to a CDPE!
 
Have you already received a letter of noticed that your home is going up for public auction? A fact that most people do not know is that a CDPE can have the auction STOPPED even the day of the auction and have you stay in your home! But you must start the process right away before it is too late!
 
Check out our Foreclosure Prevention page to learn more. Do not wait any longer, time is running out.

Westchester Putnam Short Sales

Short Sale

When a homeowner owes more on a property than it is currently worth a short sale is an option. When lenders agree to do a short sale it means the lender is accepting less than the total amount due. A short sale is an alternative to bankruptcy or foreclosure proceedings.

Why would a lender accept a short sale?

One of the most common misconceptions that a very high percentage of homeowners have is that their lender is lying in waiting eager to jump out and take their home.  Nothing could be further from the truth.  Realty is that banks are in the business of lending money, not the real estate business, and they don’t want to own your house. 

Westchester and Putnam County Foreclosure Prevention

Forbearance or Re-Payment Plan
If you do not have the means to repay all of the missed payments and legal fees, then this is another option that also reinstates the mortgage.  The lender allows the homeowner  to pay the missed amount over a period of time or they place the missed payments at the end of the amortization of the loan

Sell the Property
If you have equity in your house, you can sell it and cure the foreclosure  A licensed real estate agent experienced in the foreclosure process can help a homeowner harvest from the home sale as much of your hard-earned equity as possible. When choosing a Realtor make sure to choose a Certified Distressed Property Expert (CDPE) who understands the foreclosure process and is aware of the foreclosure timeline and pricesyour property accordingly.

Rent the Property
In some cases, a homeowner facing foreclosure that has mortgage payments low enough to allow him to rent the property and keep up the mortgage payments.  This is usually a short-term solution since when taxes and insurance payments come due, many homeowners cannot afford them.

Refinance
If the homeowner has sufficient equity and income and their credit has not been too badly damaged, you may be able to refinance.  This is also typically a short-term solution since payments on the property usually go up considerably due to the refinance.

Deed-in-Lieu of Foreclosure
This option is sometimes referred to as a “friendly foreclosure” since you essentially give the deed to your property back to the bank. If owner has equity in the house, this is not a good option since they give up any right to the property and any equity when using Deed-in-Lieu as a solution

*** Short Sale ***
When a homeowner owes more on a property than it is currently worth and one of the above solutions do not apply to their situation, there is an option of pursuing a short sale.

Westchester and Putnam Short Sale Properties.

Certified Distressed Property Expert Designation, Helping Families Avoid Foreclosure

(Press Release) – Jan 29, 2009 –  Westchester County, NY – January 29, 2009 – Michael Trinchitella of Re/Max Classic Realty in Yorktown Heights, NY has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the Westchester and Putnam County NY area, there are thousands of homes that are in danger of foreclosure. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Trinchitella. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Michael with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

Michael Trinchitella can be reached at 914-403-4868 or [email protected]

Foreclosure and Short Sale listings

Foreclosures and short sales in Putnam County NY

Foreclosures and short sales in Westchester County NY

Recent home sales in Carmel NY

There were over 100 homes sold in Carmel in the past 6 months.

Below is a partial list of recent home sales in Carmel NY, to see the full list please check out this link: Recent home sales in Carmel NY. To search all homes for sale in Carmel check out: Carmel NY Real Estate

Search the Westchester Putnam MLS

Search all homes for sale on the Westchester/Putnam MLS. Get access to all listings from every real estate company. Properties for sale in Westchester, Putnam, Dutchess and the Bronx.

Use the Quick Search below to start your search:

Sign up for Automated Property Updates – The moment new listings and new prices that match your criteria become available, we will automatically e-mail you. With our free updates you will beat other buyers to the best New Listings! Sign up HERE.

You can also search by:

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Recent condo sales in Heritage Hills

Recently sold condos in Heritage Hills in Somers New York

Sellers – are you looking to sell your condo in Heritage Hills? Need help determining the value of your home? Receive a free home sales report that will show you what similar properties to yours are selling for.  Request a Free Home Evaluation of your home and receive a report of similar homes that have sold in the area as well as homes currently for sale. 100’s of buyers looking to buy a condo in Heritage Hills visit my site each and every month.

Buyers – are you looking to purchase a condo in Heritage Hills and need a Comparative Market Analysis to help you formulate an offer on a home you are interested in? Email me at [email protected] with your Somers Real Estate needs. 

Below is a partial list of the 50+ recent condo sales in Heritage Hills in Somers in the past 6 months, to see the full list please check out this link: Recent sales in Heritage Hills.
Please email me if you would like to have the full listing details sheets including photo’s, description, size, model name, etc for any of these condos emailed to you.
 

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