Infotube.net: Homes for Sale - For Sale By Owner (FSBO) - Real Estate Listings

Great news for home buyers, sellers and owners, alike.  The homebuyer tax credit has been expanded to include step up buyers, who have owned a home for 5 years.  It also extends the tax credit through the end of 2010.  

GREAT NEWS! 

It appears that Senate Democrats have recognized the tremendous value of the First Time Homebuyers Tax Credit and odds are it will be renewed soon. At this time, it is believed that the credit will allow anyone purchasing a home, by April 30, 2010, to participate and receive the full credit available.

The credit will continue until the end of 2010, but the amount of tax credit will drop by 2 percent every 90 days.  The graduated benefit should help the housing market recover into and through the 2010 summer selling season.

Here is the text of the story as reported in Bloomberg News today:
Senate Democrats on Board with Credit Extension

Senate Banking Committee Chairman Chris Dodd (D-Conn.) says Senate Democrats have agreed to extend the first-time home buyer tax credit.  The latest version extends the program to home sales signed not closed by April 30. Purchasers would have another 60 days to close the sale.  The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years.

The credit would be cut slightly to a $7,290 cap.  Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples.
Source: Bloomberg News, Dawn Kopecki and Ryan Donmoyer (10/27/2009)

Dear InfoTube,

My Uncle, who owned a unit in a co-op apartment building, passed away recently.  If the heirs decide they do not want to sell the unit, will they be allowed to stay there part time?  Or, can they chose to live in the apartment if they  wanted to? 

Dear Niece,

Unfortunately, the answer to both of your questions is No.  Under all proprietary leases, occupancy is limited to the shareholder, only.  If a shareholder is deceased, no other person can live in the apartment without the consent of the co-op.  When your Uncle was alive, he could ask family members and guests to stay in the apartment, but only if he was there, too.

If you decide to keep the apartment, the new shareholder of record will need approval from the co-op board before they occupy the unit.   Even for a week or two.

Thank you for visiting InfoTube.net FREE homes for sale and lease website.  We have been in the business of connecting buyer’s and seller’s since 1989.  We can help you, too.

Low Appraisals and Appraisal problems are causing a lot of headaches for sellers, buyers and agents.  For a look at one customer’s problem with an appraisal and some practical solutions to solve the matter, CLICK HERE.

Thank you for visiting InfoTube.net.  We invite you to place a Free Property Listing or Search for some great deals on our site.  We have listings seen no where else and we have NO dead links or come on ad’s.

A frequent question we receive about correctly pricing a home is “Should we use Comparable Listing Prices or Comparable Sales Data to correctly price our home?”

The answer is overwhelming, Comparable Sales Data.

Looking at the prices of listed property is a big mistake, when determining the correct asking price for a home.  Take a moment and think about it.  If the neighbors list price was motivating, the property would be Sold, not Still for Sale. 

Always use accurate a Comparable Market Analysis (CMA) to correctly price your home.   A CMA features only properties that have sold for all cash or a funded loan.  This is important because many properities aren’t appraising or closing for anything near their “under contract” price.   In our declining market, a home that is worth $250,000 today, may only be worth $220,000, 60 days later when it closes.   Appraisers are aware of this fact and generally appraise very conservatively these days.

Click here To Read more about Appraisal Problems and What you Can do About it.

To obtain accurate Sales data about competing properties in your neighborhood, visit your local county tax assessor website.  Or, research MLS data which can be viewed at sites like zillow.com.

Thank you for visiting InfoTube.net.  We are here to help you sell your home.  Feel free to place a free property listing on our site or search for a great value on your dream home.

Dear InfoTube:   My husband and I are considering the purchase of a townhome.  We found a great unit, much larger than most for the money, but the builder has filed for bankruptcy.  Also, the development is not entirely finished and it has a lot of unsold units.

We would like to take advantage of the $8000 tax credit and low interest rates, so we are in a hurry.  Should we buy this unit?  Your thoughts and expertise would be a big help. 

Dear First Time Buyer:  You don’t say where you live, but bankrupt builders are common in this market.  The fact that the builder is insolvent doesn’t mean that the construction was sub-standard.   But, it does mean you won’t have the builder backing up his work.  Keep in mind that all warranties for appliances, roofing, flooring, etc. are backed by the manufacturer, not the builder, anyway, then make sure you have a very good home inspection before moving forward.

The issue of the unsold and unfinished development should probably be of more concern to you than construction or inspection problems.   There are issues that you need to discuss before considering buying into a paritally vacant, multi-family development.

1. How much do you want to live through??  Since the development is unfinished, it could take years before the project is completed.  And, you will have to tolerate construction noise and dirt while the work is done.
2. How long do you plan to live there?  You need to be aware that prices may drop subtantially on the completed unsold units before everything is said and done.  This means that you may lose your equity and owe more than the people who buy later for less money.  Also, when the remaining new buildings are finished, you will face a lot of competition from new or newer units than the one you own.  If you decide to buy here, make sure you can stay until everything is complete and the market has stabilized.
3. What about the Homeowners Association?  Unsold and vacant units mean that the association will need to cover their expenses.  If the development is large and has ammenities such as pools, tennis courts, greenbelt area’s, etc. you may have only a few owners splitting the costs of insurance, maintenance and upkeep.  This situation can dramatically raise dues beyond what most people are willing to pay.  Verify the financial situation of the HOA and make sure you understand the by-laws before jumping into a situation with no real ceiling on future expenses.

I would offer you one piece of advise for any property you are considering, never buy a home because of tax incentives.  Although the $8000 credit is very enticing, make sure you buy a home that is located in a good neighborhood and suits your families needs.  Low interest rates, and the tax credit are strong motivators, but make sure you are buying the right home, in the right spot and at the right price.

Thank you for writing to InfoTube.net homes for sale and lease website.  I hope I have answered some of your concerns and if you need more information, please let me know.

Creative real estate or housing anyone???  A friend sent me an email with pictures of a very sweet little pad.  I love this and wanted to share it.

Entry Way and Stair Case

Kitchen and Living Room

Master Bedroom

Master Bath with Walk in Shower

Doesn’t this home seem very modern?  Perhaps, something you would see in a swanky highrise condo in a big city????

SURPRISE:  HERE’S THE INCREDIBLE PART I LOVE

The one bedroom, one bath loft apartment was built inside a 1940’s grain silo.

The old grain silo was recycled into this upscale apartment, after it was purchased and relocated to the grounds of the Homestead Inn, located in New Braunfels, TX in 2007.

If this isn’t an example of creative craftmanship, I don’t know what is.  Love those Texan’s!!!

Thank you, Pat for forwarding this wonderful property information to me.  Hopefully, it will encourage others to think “out of the box” when it comes to creating affordable housing and perserving our resources.

Thank you for visiting InfoTube.net homes for sale website.  Feel free to place a free property listing, or search our database for thousands of great deals on real estate from coast-to-coast.  

If you know of a unique or smart piece of property, please send us the details and pictures.  Our readers love real estate and we love sharing the resourceful and creative spirit of the American people with our readers.

Dear Home Owner, Home Buyer and InfoTube customer:

If you had to find one single group of people to blame for our economic crisis, you’d definitely have to consider the financial products division of AIG.

They made huge, bad bets on the housing market that have cost taxpayers $170 billion…so far.¹

But get this: The Washington Post just reported that these people are receiving $450 million in bonuses—and they got their first installment on Sunday.² They destroyed our economy, and now they’re being rewarded for it with our bailout money!

President Obama has instructed Treasury Secretary Geithner to use “every single legal avenue to block these bonuses and make the American taxpayers whole.” But AIG isn’t budging—they claim that even after hundreds of billions of dollars and a direct request from the President, their “hands are tied.”

We need to turn up the heat.

Tomorrow, AIG’s executives are appearing before a House subcommittee, and we’ve got a chance to give them a piece of our minds.

Can you sign our petition and submit a question for the heads of AIG? Or better yet, an idea for how we should get our money back? If you do before 5 p.m. ET today, we’ll make sure it gets to the committee in time for tomorrow’s hearing.

Click HERE to add your name and submit your comment.   Thank you for participating.  It is our money!!!!

Thank you for visiting InfoTube.net homes for sale website. Please feel free to search our database for thousands of great deals on homes for sale and rent.

Dear InfoTube,

We are under contract to purchase a brand new home that is ideal for our family.   Unfortunately, the home inspection revealed that the brand, new roof was improperly installed.  It seems that the builder did not use felt, drip edge or flashing before he installed the shingles.  The shingles were nailed directly to the plywood decking.  The inspector also noted that many of the nails were set too deeply, which caused depressions into the asphalt material and would likely cause roof leaks.

After discussing our findings with the builder, he admitted that he knew about the missing roof materials, but he refused to replace the new roof due to the cost.  The builder insists that the missing materials are unessential and pose no problem for us.  He also gave us his personal guarantee that he would fix any problems that might come up in the future, if we would go ahead with the purchase.

We are now faced with a huge dilemma.  First of all, we love the location, floorplan and lot.   The house is just perfect for our needs.  Secondly, we have invested nearly $1500 for the inspection, appraisal, loan application fee, etc., which we would lose if we back out of the sale.    We would really appreciate your input about this situation.  We love the house, but the roof problem scares us, even with the builder’s promises.  We are scheduled to close and move in a couple of weeks.  Please give us your opinion about what we should do.

Thank you, T Thornton, NC

Dear T Thornton,

Let me reassure you that drip edge, felt and flashing are essential parts of a roof system and improper installation voids any manufacturer’s warranty.  Furthermore, it is very unlikely that your lender would give you a loan for this property, once they discovered the problem.   

Secondly, I found myself asking“What kind of seller would “cheat” on a new roof and what else is he hiding?”  A new roof is a strange thing for a builder to cheat on.  The roof is a basic structural system of a home.  In addition, it is huge and highly visable to the eye.   It is very concerning, to say the least, that the seller knew about this problem and lied to cover it up.   One has to wonder what else has he cheated on and lied about, that might not be as easy to see as the short cuts he took on the roof?

This situation poses a serious problem for you, the lender and the seller on many levels.   First, the builder’s non-disclosure of the known problem with the roof could likely be considered fraud.  Secondly, his guarantee to fix future problems is unenforcable in a court of law.  Contracts for the “promise” of future services, which is what this seller offered you, is illegal in all 50 states.  Think about it.   If this seller becomes disabled, leaves the area, goes broke, dies, etc., how could he possibly honor his promise to you, even if he wanted to?

My honest opinion is that you should RUN, not walk, from this deal.  Instead of being disappointed, you should be very thankful that you had a good home inspection that revealed the truth before you closed.   The good news is that the inventory of unsold homes are at historical high levels.  This means you should find plenty of homes, owned by honest sellers, that suit your families needs.   Given the seller’s blatant dishonesty, you should insist that the builder refund your earnest money, buy your appraisal and reimburse you for the inspection report.   If he hesitates or refuses to do so, you should consult an attorney, immediately. 

If you have your heart set on buying this home, you should know that you are taking a big chance.  At the very least, you should at insist that the builder install a new roof.  You are paying a premium to buy a new home, so you should receive a new roof, not one with known problems.  You should also insist that the builder transfer all manufacturer’s warranties for the roof, and all other systems in the house, to you at closing.

Thank you for writing to InfoTube.net.   I hope everything works out for you, but I seriously hope you walk away from this one.   Everything about this home may appear pretty on the outside, but one would be foolish to not fear what kind of ugliness may be lurking beneath the surface.

So, my husband and I are now in the market for a house! It’s very cool, because it’s definitely a buyers’ market, as it was when we sold. Being on the other side of the equation gives me a whole new perspective, of course, and I’ve been trying to look critically at the houses that we have been seeing so I can pass on my observations to you all, as you are staging and selling your houses. I know that you have lost a bit of leverage, since there are so many houses on the market right now, but there are still things that you can do to help your house stand out. And frankly, I’ve been a little amazed at how some of the sellers whose houses we’ve seen haven’t done those things.

First and foremost, and this may sound like a little thing (but it’s not): Keep your infotubes full! I cannot stress this enough. When we are driving around and see a house that’s for sale, we immediately stop to look for “words.” If the InfoTube is empty, our immediate reaction, fair or not, is “They don’t really want to sell this house.” A neglected InfoTube could be just an oversight, or it could be a sign of greater neglect. Either way, we don’t even consider those houses. So, if you are still in the house you are selling, for goodness sake, keep that InfoTube full! And if you’re not in the house, make sure that your agent keeps the tube full. It makes a difference. Remember, I am now your potential buyer, and you’ve already lost me!

Depersonalize, please! I consider myself to be a fairly sophisticated buyer–one who is able to look beyond the stage at the bones of the space, but many potential buyers just see what they see. They see the pictures, not the walls behind them. They see the carpet, not the floor underneath. Make sure that what these buyers are seeing is the most tastefully generic stage you can possibly set. We went into a lovely home last weekend–2300sf, soaring ceilings, lovely staircase, immaculately kept. It truly was a lovely home. We didn’t like the layout; it wouldn’t work for us, so we passed. But the people who live there and are trying to sell have written off a large portion of their potential market. There were family photos all around the house and a lot of art–everywhere–that was very personal to them, because it was all religious art. Whether the art was Christian, Islamic, Hindu or Zoroastrian, it makes no difference. Many people will walk into that house and walk back out because they can’t see beyond the stage. I’m not saying you have to be Peter and deny your religion, but you do have to be sensitive to the fact that not all buyers will believe the same things you believe, and many might actually be put off.

As we continue our search, I will continue to bring reports of what I’m seeing out there. I hope that this new phase in our lives will help to focus your resolve as sellers as you get your house sold!

For more information, or to order a copy of I CAN Sell This House: Secrets to Selling Quickly in a Buyers’ Market.

A BIG thank you to Jennifer taking the time to talk straight with home seller’s as she continues her search for a home.   If you are looking for a home, please check out the home listings on Infotube.net.  Seller’s can post property listings for FREE on the site, so the inventory is fresh and constantly changing.

I receive a lot of questions from buyers and sellers about home inspections and repair issues.   So, I decided to post links to a couple of articles I recently wrote about the subject.   I hope the information clears up some of the confusion.

Buyer Repair Requests. What Repairs should the seller make.

Home Inspections. What you Should Know.

Thank you for visiting InfoTube.net homes for sale website. Search our database of homes for sale or post your property listing for FREE.

Home seller’s frequently ask if there is anything they can “throw in” to the deal to help their home sell faster?  The truth is, not really.  It is very unlikely that anyone would decide to purchase a particular home because it included a free trip to Hawaii.  

Today’s buyer is educated, smart and they do their homework.  They may love the fact that you are throwing your prized speedboat into the deal, but it doesn’t mean they will pay more because of it.

The ONLY thing a seller can do to increase the odds of selling their house is very simple.  Price it competitively.  Price it to Sell.   The price is a much more powerful sales incentive than a free vacation, used car, furniture or a free granite countertops.

If you are serious about selling a home, get into A+ shape, stage it, post a listing on your local MLS and price it to sell.

Thank you for visiting InfoTube.net homes for sale website. We invite you to browse new home listings from the privacy of your home and shop for our InfoTube and InfoBox products in our secure online store.

A lack of buyer’s in the housing market is making things tougher on divorcing couples.   Sadly, many people are stuck, unable to find a buyer for their co-owned property.    While one solution may be for one spouse to buy out the other, please take the time to understand the consequences and future liability.   If not, you may end up paying the ex much more than you planned.

 Things to Know Before You Buy Property From Your Spouse or Ex

Internal Revenue Code 1041:  Section 1041 states that gains or losses are NOT recognized by the IRS on transfers between spouses during marriage, or on transfer’s between ex’s, if the transfer was a part of the divorce settlement.  

For example, if you agree to pay the ‘ex’, or to ’ex’ to be, $200,000 for their equity in your co-owned property, the cost basis of the property will not increase.  If you sell in the future, you will pay income taxes based upon the original cost basis of the property, excluding your $200,000 payment.

State Taxes:  Many states do not recognize gains or losses on property transfer’s to spouses or ex’s.  Check on the tax consequences about a future sale before making an offer.

Real Estate Fee’s and Transaction Costs: Take into consideration what the costs of the sale would be.  Calculate what each of you would expect to receive (net) today, after paying real estate commissions, repairs and closing costs in order to determine a fair purchase price.

Summary:  When determining the value of co-owned, marital property, consider that the spouse who is buying will effectively pay the selling costs, along with the federal and state income taxes, on the other’s share, so account for it.   And remember, it is always advisable to seek the council of a tax professional when discussing issues dealing with real property.

Thank you, as always, for checking in with InfoTube.net homes for sale website.  If we can help you or answer your question, please send an email to tommi@infotube.net or leave a comment in the area below.

InfoTube receives a number of questions about buying and selling property.  But, the two questions ask most often are “Are there any photo’s of this property?”, closely followed by “Is there more than one photo of this home?

The importance of providing quality, multiple property photo’s and video tours can not be understated.  By referencing the Point 2 chart above, you quickly see that the more photo’s equal more interest.  And where you find interest, you find more offers and more sales.

When observing buyers who are shopping for a home on the internet, the following pattern is obvious and consistent.  

1. Ad’s with NO Photos:  Buyer’s completely ignore these listings and move onto the next house.
2. Ad’s with One Photo:  Buyers’s click on these ad’s, but when they look for more pictures and find none, they become immediately disappointed and skip to the next house.
3.  Ad’s with Multiple Photo’s:  These ad’s are viewed 10 times more (exposure) than those without photo’s.  Buyers stay focused on these ad’s (interest) for 5 times as long, as those without multiple photo’s.  These ad’s are bookmarked 90 percent more often (offers), which drives the buyer back to your listing.
4. Ad’s with Multiple Photo’s and Video Tours:  These ad’s receive the most attention, by far. They are also more “sticky”, with Buyer’s spending an average of 4 minutes gazing at these home ad’s.  For seller’s who know they need to make their listing memorable, nothing does the job like a simple Video and multiple photo’s.

If you have a home to sell, don’t under estimate the power of visual media when it comes to web appeal.  90 percent of all home buyer’s shop on the internet, which is a multi-media platform.  If you aren’t supplying a lot of high quality pictures and a good video, buyer’s simply ignore your property and spend their time researching your competition.

If you are not providing great photo’s or video of your property, then you are not doing the marketing, which is necessary to sell the home.  If your agent isn’t providing these things, they aren’t marketing your property, either.  

Take some sage advise.  Grab your digital camera and start shooting today.  If you don’t know how, make it your New Year’s Resolution to learn something new.  In any type of market, pictures and video can make the difference between selling or not.

InfoTube.net offers Featured Home Listings with video tours and a 20 photo slideshow for only $19.95.  The upgrade never expires and is good until your home sells.  If you don’t have a computer or digital camera, InfoTube will create your Featured Home listing for only $10 more, so no excuses.  Upload those photo’s and video’s today, or let InfoTube do the work.  Buyer’s are waiting.

InfoTube homes for sale

An InfoTube customer writes: 

“Can you settle a debate for us?  We have decided to sell our home, and want your opinion about hiring an agent.  Is hiring an agent to handle our sale really worth it  ?”

Dear InfoTube customer,

Thank you for writing to me.  The answer is Yes and No.  A lot of people would never sell a home without using an agent.  Yet, a lot of other people successfully sell their property by owner every day.   The answer to your question is one of lifestyle and budget.  Let me give you an example about myself.

When I sold my second home, I was working full-time, while caring for someone who was ill.  In addition, I was planning and coordinating our move to a different city.  I was very busy, and didn’t have the time or energy to dedicate to selling my home.   I found an experienced agent, who agreed to handle the sale for a 4.5 percent commission.   She did a great job in pricing and marketing the home.  We sold the property at near the list price and felt the commission we paid was more than fair.   In my case, hiring a Realtor was more than worth it.  It made financial sense and it made my move possible.

At another point in my life, my circumstances were different.  So, I opted to sell my home and save some money.  At the time, I had a flexible job that allowed me to market and show the property.  I felt comfortable showing my home and negotiating with buyers, because I had experience with prior sales and purchases.  In this case, I sold my home for near the asking price and received a hefty profit, because I didn’t need to use an agent.  I was in a position to do the work myself, so I made more money.  In this case, it didn’t make financial sense to hire an agent.

In conclusion, if you have the time and energy to sell your home, it doesn’t make sense to pay an agent.  If on the other hand, you don’t have the time or energy, hiring a professional to handle the sale is the smart decision and well worth the money.   When trying to decide, simply, do what works best for you.  Then, enjoy your profits.  You will have earned them, either way.

Thank you, as always for visiting InfoTube.net.   If you have any questions or comments, please let me know.  Others may be wondering about the same thing, too.

 High energy costs, the stock market crash and the dismal housing market have converged to make 2008 one of the scariest economies in over 70 years.  Many people fear that they can not meet their monthly expenses this winter.  Further, many feel trapped, living in houses that they can not afford  and can not sell.   One answer for those over the age of 62, may be a Reverse Mortgage.

What is a Reverse Mortgage?

A reverse mortgage is a program for Seniors age 62 and older.  The program enables homeowner’s to receive part of their home equity as tax-free income without having to sell their home, give up title or pay a mortgage payment.

How Does a Reverse Mortgage Work?

The homeowner pledges the home as collateral for the loan, but does not make any mortgage payments on the amount borrowed.  The borrower receives their equity as a lump sum, a monthly payment, a line of credit, or a combination of the three.   The amount owed to the lender can never exceed the value of the home

No money needs to be repaid to the lender until the borrower no longer occupies the property as a principal residence.   If the borrower dies, sells the home or moves, the lender will sell the property to pay back the loan.   If the amount owed is less than the sales price, the excess money is returned to you or your estate.

What Can I Use the Money For?

The money you receive can be used for anything.  You can use the funds to supplement your retirement income, repair or remodel your home, pay for health care, living expenses, pay off debt, buy a new car, take a vacation or prevent a foreclosure.

Why Should You Avoid a Reverse Mortgage?

If you intend to leave your home within 2-3 years, there are less expensive options you may want to consider.  Because of the upfront costs associated with a reverse mortgage (approximately 2-3 percent), home equity loans or a tax deferral program may save you money on borrowing costs.

If you want to leave your home to your heirs, you should also consider other options.   In most cases, the home will have to be sold in order to pay back the reverse mortgage.  A better option would be to sell the home to your heir’s now, and rent it back from them for your lifetime use.

How Did Reverse Mortgage Get Its Name?  

It is called a reverse mortgage because the typical flow of money is reversed.  Instead of the borrower making monthly payments to the lender, as is customary, the lender makes payments to you.

How Do I Find Out More About Reverse Mortgages?

The non-profit site Reverse Mortgage has all the facts and information you need to make a decision.  Topics on the site include the rates charged by different lenders, info about the effects of reverse mortgages on social security, medicare and medicaid benefits, special requirements and a whole lot more.

Thank you for visiting InfoTube.net.  You can anonymously post questions or comments for us by clicking the Comments link below.