Energy Star 2011 Welcome Home Sweepstakes

NW Energy Star Homes is holding a "Welcome Home" $25,000 sweepstakes through September. The $25,000 winner could use the money as a down payment or to purchase a new home (whether it's an Energy Star home or not).

Simply:
1) Find a Home
2) Take a Tour
3) Tell NW Energy Star What You Think

Contat us to find a participating home in your area

Escrow Tips: Tax Holdbacks

We have moved into the season of Tax Holdbacks. 
Preparing your clients for this additional financial responsibility is another way to help your transaction flow quickly and smoothly.  During the period of September 1^st through October 15^th, your buyer/borrower’s lender, in most cases, will require a Tax Holdback for the estimated payment of the 2011-12 county property taxes.  This estimated amount quite often is 115% of the previous year’s tax amount.
Also during this time, pro-rations of the property taxes will be a debit to the seller and a credit to the buyer.  The prorated tax value will be based on last year’s tax amount as the New Year’s tax amount is not yet available, unless the sales agreement instructs for a different figure to be used.

It’s a good idea to confirm with your seller that once the tax roll is certified (around October 15^th), any taxes due for the remainder of the year will be charged to the Seller to clear the lien of taxes.  Your seller will receive a credit for the buyer’s pro-rated share.  To clarify, prior to the certification of the tax roll, the taxes are “a lien, not yet payable”.  Once the tax roll turns, they become a lien on the title to property.  Additionally, if your seller has an escrow account for property taxes/ insurance, they will get a refund from their lender about three weeks after closing; it is not a credit at the closing table.  They should contact their lender for the specific information on how the funds will be returned.

 
Time of closing is critical when dealing with tax prorates between the buyer and seller.  When in doubt, ask questions.  We’re on your team and here to help.

Escrow Tips Courtesy of Theresa Marshall, Senior Escrow Office at Lawyers Title.  With over 15 years experience Theresa is a great resource for your Title & Escrow needs.

OPEN HOUSE Sunday 15th Aug 1p-4p

HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit

WASHINGTON, May 12, 2009

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the

Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.

Donovan’s remarks came in an address to several thousand Realtors® gathered this morning at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors® Midyear Legislative Meetings & Trade Expo here.

Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.


READ THE FULL ARTICAL HERE:
http://tiny.cc/nJ6wP

Classic Craftsman

Welcome

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