Washington, September 14, 2009

The National Association of Realtors® is calling upon its 1.2 million members to urge Congress to extend the successful homebuyer tax credit into next year.

Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought 1.2 million new buyers into the market—350,000 of whom would not have purchased a home without the credit, according to NAR. The credit is due to expire November 30.

“Now is the time for Congress to keep this recovery going by extending the tax credit through 2010 and making it available to more homebuyers. We have all seen how the credit has been a spur to bring homebuyers into the market, and have seen the beginnings of a real recovery in the housing market. Housing has always led this nation out of economic downturns, and can do so again,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.

Realtors®, the leading advocates for homeownership and housing issues, will be writing to their Senators and Representatives to tell them of the successes with the tax credit thus far and to press them to extend and expand it now.

McMillan added that the market has improved, but it has not yet fully corrected itself. “The credit needs to be available for an additional period of time in order to sustain the progress that’s been made so we can continue to see our markets fully recover. Uncertainty about the future of the credit will dampen consumer demand. The only way we can assure that the progress we’ve made can continue is to extend the credit and to do that now,” he said.

As the current deadline for the credit looms, potential homebuyers need to complete a contract, satisfy any contingencies, secure financing and go to closing by November 30. In today’s market, NAR estimates that it generally is taking between 45 and 60 days from contract to closing.

“That means potential homebuyers who qualify must act now, and so must Congress,” McMillan said.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Bennington VT, Press Release

After all your preparations and marketing efforts, what do you do when you get that first offer?  Don’t jump for joy or wallow in disappointment until you’ve read all the terms.  Price is just the beginning, and other contingencies will ultimately affect your bottom line.  Troy Richardson can help you navigate that offer, and make sense of the various terms that comprise a good, or an ok, offer.

In reviewing the offer, pay attention to seller concessions, which can range from asking you to pay closing costs to including an allowance for roof repairs.  Buyers may also request inclusion of certain articles of personal property not physically attached to the home.  This might include the refrigerator or pieces of furniture.  You can decline or accept the terms, but it’s best to establish in your listing those items included and excluded in the sale.

Mortgage and appraisal contingencies indicate that the buyer will seek financing at a certain rate and terms, and that the appraisal must satisfy the lender.  Make sure that all of the terms are realistic, and that there is a reasonable time limit for the buyers to secure their financing.

These and other terms in the offer impact how much you net from your sale, regardless of what actual buying price is stated.  It’s possible that a “full price” offer could result in thousands less than a lower offer with fewer contingencies, so please consult with a representative before listing and before accepting or rejecting any offers.
 
Bennington VT, Selling

According to the American Society of Home Inspectors, approximately four out of five homes on the real estate market are sold with an inspection contingency clause – allowing the buyer to have the home inspected for problems before the sale is concluded.

What happens during a home inspection? An appointment is made with the seller, and the buyer and home inspector are allowed access to the house. The home inspector looks for problems in these areas: exterior, structure, roofing, plumbing, electrical, heating (including fireplaces), cooling, insulating and venting systems. A home inspection usually takes around two to three hours to complete.

Bennington VT, Buying

Bennington VT – With low interest rates and an abundance of inventory, buyers are seeing that now is the time to buy. And for those who were previously on the fence, the 2009 first-time homebuyer tax credit is becoming the incentive they need, allowing buyers to save thousands on a new home this year.

“The $8,000 tax credit is available to first-time home buyers who purchase a principal residence between January 1, 2009 and December 1, 2009,” said Troy Richardson of RE/MAX Maple Leaf Realty. “First-time homebuyers who qualify are those who have not owned a residence during the three years prior to the purchase. Unlike previous homebuyer tax credits, this credit does not have to be repaid and can be used as a down payment toward the purchase of the home.”

For many interested buyers, this tax credit not only provides financial support, but it allows many to realize the dream of homeownership that they may not have qualified for previously.

The details of the credit are similar to the one offered in 2008 and include the following requirements:
• Buyers must close on their home purchase by November 30, 2009
• Buyers must ensure that they are qualified first-time buyers under IRS guidelines
• Buyers must decide which year to file under, 2008 or 2009
• Buyers must file an amended 2008 return or choose to apply the credit to their 2009 tax return

The success of the tax credit thus far has increased support for legislation that would extend the tax credit beyond the current deadline, as well as that which would open it beyond first-time buyers. This is just one of many efforts under way to help people like you achieve the dream of homeownership.

With all of the requirements and restrictions for this credit, the key is to work with a real estate professional that knows the local market and specializes in buyer representation – like an agent who has earned the Accredited Buyer’s Representative (ABR®) designation.

Richardson is one of more than 50,000 members of the Real Estate Buyer’s Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the Accredited Buyer Representative (ABR®) designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is “The Voice for Buyer Representation,” with more than 50,000 active real estate professional members of the organization throughout the world.

To receive a free copy of the REBAC-published Homebuyer’s Toolkit, visit www.REBAC.net or call 800-648-6224 You may also call Troy Richardson at 802-447-3210 to receive a copy of the Homebuyer’s Toolkit.

RE/MAX Maple Leaf Realty is located at 203 Northside Drive in Bennington VT. Troy Richardson’s personal real estate website can be seen at www.TroyRichardson.com.

Bennington VT, Press Release

Monopoly is going 21st century.

The new version from Hasbro Games is called Monopoly City Streets, and it includes an online competition. The game gives each player $3 million and allows them to purchase any street on Google Maps. Washington, D.C.’s Pennsylvania Avenue starts at $2 million.

Players also can buy skyscrapers, wind farms, stadiums, and counter their opponents development efforts by buying hazards like prisons, sewage plants, and trash dumps. They earn money from rents—a skyscraper pays $100 million daily.

There’s no such thing as foreclosure; all transactions are done in cash. And there’s no free parking.

Source: The New York Times, Jennifer Lee (09/10/2009), and PC World, J.R. Raphael (09/08/2009)

Monopoly was one of Troy Richardson’s favorite games growing up, it’s no wonder he went into Real Estate Sales in the Bennington VT Real Estate market!

Bennington VT

Bennington VT: Troy Richardson with RE/MAX Maple Leaf Realty has been awarded the Accredited Buyer’s Representation (ABR®) designation by the Real Estate Buyer’s Agent Council. (REBAC) of the NATIONAL ASSOCIATION OF REALTORS® (NAR).

Troy Richardson joins more than 30,000 real estate professionals in North America who have earned the ABR® designation. All were required to successfully complete a comprehensive course in buyer representation and an elective course focusing on a buyer representation specialty, both in addition to submitting documentation verifying professional experience.

REBAC, founded in 1988, is the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer. There are more than 40,000 active members of the organization world-wide. THE NATIONAL ASSOCIATION OF REALTORS®, “The Voice for Real Estate,” is the world’s largest professional association, representing over 1,000,000 members involved in all aspects of the real estate industry.

You may contact the Real Estate Buyer’s Agent Council by telephone, (800) 648-6224, by e-mail, [rebac@realtors.org], or by visiting the REBAC website, www.REBAC.net. RE/MAX Maple Leaf Realty is located at 203 Northside Drive in Bennington VT, and Troy’s personal real estate website can be seen at www.TroyRichardson.com.

Bennington VT, Press Release

SOUTH VERMONT LOOP
Follow Route 7A from Manchester Center, south to South Shaftsbury.

From South Shaftsbury take Route 67 to Route 67A in Old Bennington.

Continue to Pownal Center via Bennington and South Stream Road (Morgan Street).

Drive Route 7 from Pownal Center to Williamstown, Massachusetts.

Take Route 2 east to Route 8 north to Searsburg, Vt. From Searsburg, take Route 9 east for a short distance, then, via Somerset road, an unpaved road, you can take a beautiful side trip to Somerset Reservoir.

Retrace your steps to Route 9 and travel west to Bennington.

Take Route 7 north from Bennington to Manchester Depot.

For more Southern Vermont Information, Visit VTLiving.com.

Bennington VT

RE/MAX Recommends Procedures to Streamline Short Sales

(Denver, CO, September 9, 2009) – RE/MAX Chairman and Co-Founder Dave Liniger met with Housing and Urban Development Secretary Shaun Donovan on Friday. They had a conversation on a variety of topics related to the current state of the real estate market, but focused primarily on recommendations for streamlining the Short Sale process.

“We feel strongly that if Short Sale transactions can become more like normal real estate transactions, we can make significant headway in reducing the number of vacant and foreclosed homes on the market,” Liniger said. “Because most homeowners aren’t aware that they have this option and loan servicers haven’t made it a priority, we feel that the federal government should facilitate an effective national initiative.”
Also present at the meeting, held in Secretary Donovan’s office, were FHA Commissioner Dave Stevens and Laurie Maggiano of the Treasury Department’s Chief of Homeowner Preservation Office. Accompanying Dave Liniger to Washington was RE/MAX Senior Vice President, Mike Ryan.

A Short Sale can occur when a lender allows a homeowner to sell a home for a price that is less than what is owed on the mortgage, if the homeowner is experiencing a financial difficulty that would make monthly mortgage payments a significant burden. Unfortunately, nearly 70% of homeowners facing foreclosure never list their home for sale, even though a Short Sale has many benefits over a foreclosure.
RE/MAX has made assisting such families a high priority and has undertaken a comprehensive, targeted agent training program. In March, Liniger set a goal of having 7,500 RE/MAX Sales Associates earn the Certified Distressed Property Expert (CDPE) designation by the end of the year. The actual number has already passed 7,000 and represents 62% of all CDPE agents in the United States.
Surveys show that after earning a CDPE designation, agents are twice as likely to be able to keep families in their homes. With the CDPE designation, agents are also able to cut the time in half that it takes to close a Short Sale. The average CDPE agent closes about 10 Short Sale transactions a year.

“Secretary Donovan has a very good understanding of how Short Sales can help this market, and he was certainly open to our specific recommendations, especially in the area of agent training and public awareness. We’re expecting an announcement will soon be made about procedures to facilitate a streamlined Short Sale process,” Liniger added.

Short Sales could be the best solution for homeowners who are facing a foreclosure, have been turned down for a loan modification, or who have lost their job and can no longer make their mortgage payments. Homeowners who find themselves in one of these difficult positions should contact a real estate professional who is specifically trained to handle Short Sales to find out how the process could result in a positive outcome. A CDPE agent is especially aware of this critical process.

A streamlined Short Sale process could benefit the entire real estate marketplace and offers a much better alternative to foreclosure. Lenders often experience greater losses taking a home to foreclosure, neighborhoods suffer greater losses in home values with foreclosed homes, which are often vacant, and homeowners sustain more severe damage to their credit as the result of foreclosure.

The real estate market will not recover until the number of foreclosures is reduced and home prices start to rebound. An efficient Short Sale process can have a significant impact on foreclosures, which remain at record high levels. RE/MAX hopes that a standardized, national Short Sale process will soon be in place to promote a lasting housing recovery.

Your real estate agent may not write your home loan, but that’s who will probably be there when you begin discussing mortgage options.  Knowing some of the nuts and bolts before you start your home search can help you find the right loan.

Factors affecting your terms are the amount, the length of the loan, and the loan-to-value ratio (how much of the home’s value you are financing).  Larger loans carry more risk to the lender, so the interest rate may be higher.

Similarly, a smaller down payment represents more risk, possibly warranting a higher interest rate.  Get the best rate by putting down as close to 20% as possible.

The difference between a 15- and 30-year loan is also critical.  Payments for a shorter term will be larger, but you’ll build equity much faster, and enjoy a slightly lower interest rate.

Also understand the workings of an adjustable rate mortgage (ARM).  You need to be fully prepared for what may happen to your payments after the first adjustment.  However, something like a 5/1 ARM (a fixed rate for five years and an adjustment each year thereafter), could be a good idea if you’re buying your first home and don’t plan to stay longer than five years.

Discuss your hopes and objectives with an agent, who can help guide you down the road to homeownership.  Troy Richardson always recommends that you work with a local mortgage professional who can guide you to the correct mortgage for your personal situation.
Bennington Vt, Buying, Mortgages, First Time Buyers

Do you wonder if you should start looking for homes before you list your current piece of Bennington, Vermont real estate? Here’s why it is a good idea to list before looking:

• If you sign a contract on a new home, you will be more anxious to sell your current piece of real estate – and will possibly accept less money for a quick sale.

• You may need the equity from the sale of your current home to close on a new one and your offer will be contingent on the sale of your current home.

Bennington VT, Buying, Selling