That New $8,000 Tax Credit

Last week, as the world knows by now, Congress passed a LARGE Economic Stimulus Bill, with the President’s signature expected this week. One of its features — a tax credit of up to $8,000 for “first-time home buyers” within a certain income range — is explained in greater detail via a special report, courtesy of TAR’s Governmental Affairs Department. Call now to receive this no obligation report.

 

Andy Brown

Office (615) 301-7878 I Direct (615) 301-7841

Helpful Tax Information

On December 16^th, the Internal Revenue Service jumped on board and announced relief
for homeowners who are in over their heads (IR-2008-141).

According to the IRS, “If taxpayers are looking to refinance or sell a home and there is a federal tax lien filed, there are options. Taxpayers or their representatives, such as their lenders, may request that the IRS make a tax lien secondary to the lien by the lending institution that is refinancing or restructuring a loan. Taxpayers or their representatives may request that the IRS discharge its claim if the home is being sold for less than the amount of the mortgage lien under certain circumstances” (www.irs.gov).

IRS Commissioner Doug Shulman said, “We realize these are difficult times for many Americans.  We will ensure we have the resources in place to resolve these issues quickly and homeowners can complete their transactions.”

According to National Tax Relief, “… a lien essentially gives the government legal claim to the taxpayers’ property as security for a tax debt, preventing the owner from being able to sell those assets without authorization or release by the IRS.”

 

If you are interested and do not know where to turn, contact The DeSelms Team and RE/MAX Elite and we will help guide you in the right direction.

 

Filing a Notice of Federal Tax Lien is public notice to your creditors that the federal government has a claim on the property. 

 

For information about how to apply for a certificate of lien subordination visit www.irs.gov  and follow directions in Publication 784, How to Prepare an Application for a Certificate of Subordination of a Federal Tax Lien.

In some cases where a lien was released, the homeowner will be required to make a repayment plan.  If you are considering purchasing a home, have your agent, check the title; without a tax lien discharge, the previous taxpayer may be unable to complete the home ownership change and the title will not be clear.  Publication 783, Instructions on How to Apply for a Certificate of Discharge of a Federal Tax Lien.
 
In 2008 there are more than one million federal tax liens outstanding tied personal property; these liens are preventing homeowners from refinancing or selling personal property.  In you are one of these homeowners and are looking for advice, guidance, or information reguarding a lien visit www.irs.gov or call Andy Brown and The DeSelms Team. 

To apply for a tax lien discharge, applicants must follow directions in

First Time Home Buyers

Buying a home for anyone is a tremendous accomplishment. 

 

Andy Brown and The DeSelms Team have noticed a change in their buyer profiles over the last several months. While married couples make up the majority of home buyers in the Middle Tennessee area, single women are coming out in droves to invest in properties. 

 

According to the National Association of Realtors one in five buyers in today’s market are single women. 

 

“Single women have a particularly strong sense of home ownership as a good investment and an inherent appreciation of what it takes to build a nest-egg and wealth over time,” it was stated in a report from the National Association of Realtors.

 

A Harvard University study by the Joint Center of Housing Studies found there are three factors that attribute to the increase in single women homebuyers, “today there are more unmarried women in the population, more women are delaying marriage until later, and more women are forming their own households.”

 

The DeSelms Team I RE/MAX Elite is actively working with 16 single, first-time women home buyers.  The majority of these buyers are looking for single family homes, close to work, and in safe neighborhoods. 

 

If you are considering purchasing a home within the next six months give Andy Brown and The DeSelms Team a call.  The market is wide open to you; with over 109 residential properties and 23 condos/town homes The DeSelms Team has a property in Middle Tennessee that will match your needs.  Andy Brown can also help you attain financing and potential down payment assistance. 

 

For a free home evaluation, guidance, or answers to questions visit www.90dayhomesale.com.

Now really is an excellent time to buy!

Nashville home sales are down; agents across the country have been hit with a slow market epidemic and while this is nothing new if you watch the news, the slow market has finally reached the Middle Tennessee area.

 

According to the Greater Nashville Area Association of Realtors there were 1,748 home sales in October, a decrease of 29.7 percent from the 2,487 closings during October of last year. And, there were 21,581 closings year-to-date in 2008, a 27.7 percent decrease compared with the same period in 2007.

 

GNAR president, Mandy Watchtler said in an October Press Release: “The number of closing for October are down at a rate consistent with recent trends.  The same is true for the median price of a home.”  In 2008 there were 1,504 sales pending at the end of the month, compared with 2,428 pending sales at the same time last year. GNAR “Election and Financial Crisis Action May Prompt Future Home Sales Activity,” October 2008. 

 

The DeSelms Team I RE/MAX Elite closed 23 properties in October of 2007 and 21 properties last month. 

 

But, fear not Nashvillians. Now really is an excellent time to buy.  If you are ready to start looking for a new home; call Andy Brown and The DeSelms Team.  We would love to help you get started on your home search.  The DeSelms Team can also help you choose a lender and make suggestions on loans.  If you have been considering buying a home, give us a call and we will give you the education and tools you need in order to make your decision. 

 

As a seller it is scary to hear that your home may not be worth what you think that it is, but our job is to make your home the best house in its competition.  The DeSelms Team strives hard to selling homes quickly and for the most money possible.  If you are in a position where you need to move visit www.90dayhomesale.com. You can request information about our team. 

 

If you have any questions about the site or the team’s services call The DeSelms Team directly at (615) 301-7878.

Check out our new look!

The DeSelms Team knows how important it is for both buyers and sellers to have up to date resources available to them at any point in their process.  Last week the newly redesigned web site of Terry DeSelms and The DeSelms Team I RE/MAX Elite went live on the World Wide Web. 90dayhomesale.com aims to give users more helpful information through user-friendly navigation.

 

Whether you are buying, selling, searching or relocating to Middle Tennessee, The DeSelms Team has the property for you.  With our new user-friendly website you can search all homes for sale, look up home values, and view lists of new homes, bank owned properties and foreclosures for sell in Nashville and surrounding areas. 

 

If you are looking to purchase a home the “Property Search” tab is a great place for you to start … You can pick the county, city, or zip code that you are interested in looking, then enter your criteria.  This search will not only pull listings that The DeSelms Team has in the area, but also every property that is available.  You can also request to get email updates based on your search results.  You can also obtain mortgage pre-approval by visiting the “Buyer Center”.

 

If you are planning on selling, check out “Our Listings” … We have listings all over Middle Tennessee, ranging in price, and property description.  If you glance through our listings, it is easy to see that The DeSelms Team is the best team to list your home.  With over 150 listings, our team has the experience to help you sell your home for the best value. 

 

And if you are interested in knowing the value of your home click on “What’s My Home Worth?”  The site will request information about your property and within a day or two you will be emailed a Comparative Market Analysis. 

 

Maybe you have heard about The DeSelms Team, but aren’t sure where?!  You can visit the “In the News” tab and see our commercials and hear our radio spots. 

 

No matter what your Real Estate needs are at this point, check out the website, view the articles, and request free reports … We would love your feedback!  If you have any questions about the site or the team’s services call The DeSelms Team directly at (615) 301-7878.

 

For a free home evaluation, guidance, or answers to questions visit www.90dayhomesale.com.

Buying a Home in a Down Market

This just in, excellent news for home buyers: Forbes recently released the “Most and Least Expensive Cities for Homeowners” and Nashville was voted as one of the top ten least expensive cities to own home.  The cost of home ownership, partnered with excellent school systems, and low property tax continues to make Middle Tennessee a desirable location of growing businesses, corporations and families. 

 

According the Greater Nashville Area Association of Realtors there is over a twelve month inventory of homes in the Middle Tennessee area, you have so many options when you are interested in purchasing. 

 

Unfortunately buying a home isn’t just buying a home and that’s where Andy Brown and The DeSelms Team come in. 

 

Preparation.  First, you probably want to check your credit and see where you stand.  Credit scores range from 800 being excellent to 500 being fair.  With tougher mortgage standards, you want your credit to be as close to excellent as possible.   Another step you should take is interviewing real estate agents.  You want to find an agent who is familiar with different types of homes (i.e. condos, townhomes, single family) and different areas of Middle Tennessee.  The DeSelms Team has helped more families buy homes in Middle Tennessee than any other agents in the area.  If you are starting the process, call Andy Brown today or check out www.90dayhomesale.com for a list of the most recent properties in middle Tennessee. 

 

Loans.   When the mortgage industry tightening up on loans; don’t fear.  Shop around … See what kind of loan is best for you and your situation.  There are so many options out there, call your mortgage lender and ask what you could qualify for.  While 100% loans are no longer an option, federal programs have good options for first time homebuyers, check out The Housing Fund at www.nashvillehousingfund.org.  There is also a $7,500 tax credit available for first time buyers, visit www.federalhousingtaxcredit.com for more information.

 

Showings.  Narrow down your criteria.  Nail down an area of town, a style of house, and a price range.  It would also be smart to drive by all the houses that you think you may be interested in, before actually scheduling showings.  Once your agent sets up showings for you, you should try to see less than eight properties … You want to be sure to remember what you are looking at.  Have your camera and notepad available.  Take pictures, take notes. 

 

Hidden Fees.  Well, there are not really hidden, just often times unexpected.  You should be prepared to pay earnest money, home inspection, appraisal, and possible down payment costs.  While most times the seller’s will pay the buyer’s closing costs, title search, and termite; there are still things that the buyer will be responsible for.  While most of these expenses are not that expensive, you should be prepared. 

 

Patience. While sometimes you can buy and close on a home within thirty days that is not very realistic.  But, don’t worry, if you are in hurry Andy Brown and The DeSelms Team can help expedite the process.  In most cases, however, you should be patient with the inspections, the loan process, and the closing date.  The DeSelms Team has a staff of closing coordinators to walk you through the process and make it as smooth as possible for your purchase. 

 

For a free home evaluation, guidance, or answers to questions visit www.90dayhomesale.com .

 

 

 

 

Selling Your Home in a Down Market

According to the Greater Nashville Association of Realtors there was 19.8% decline in closings from September of last year.  However, the DeSelms Team and RE/MAX Elite continue to stay on top of the declining market … We closed 28 homes in September of 2007, and, 28 homes in September of 2008. 

 

But, don’t think it was easy. 

 

With an ever decreasing real estate market, an unstable economy, and uncertain presidential election looming everyone is glued to the news.  STOP!  Turn your TV off.

 

If you were considering selling your home, maybe you shouldn’t dismiss that thought, maybe you just need to take certain precautions to ensure you home is the best in its class. 

 

Forbes recently released the “Most and Least Expensive Cities for Homeowners” and Nashville was voted as one of the top ten least expensive cities to own home.  The cost of home ownership, partnered with excellent school systems, and low property tax continues to make Middle Tennessee a desirable location of growing businesses, corporations and families. 

 

With over a twelve month inventory of homes in the Middle Tennessee area, you have to be smart when listing you home.  That’s where Andy Brown and the DeSelms Team come in. 

 

Price.  The most important thing a homeowner can discuss with their realtor is setting their price.  In a slow market, price is the most important thing you can do to attract buyers.  Andy Brown will provide you with free home evaluation if you are interested in knowing the value of your home. 

 

Clean.  You should also make sure that your home always looks its best.  Make the beds, take out the trash, open your blinds, and make sure everything is in working order.  Buyers are looking in your closets, your cabinets, and turning on every light in the house … They want to be able to imagine your home, as their home.  You want to make sure everything is perfect (or as close to as possible).  If you have questions about doing home repairs or updates call Andy Brown, he will be happy to come to your home and discuss what your best options are, before you put your home on the market. 

 

Showings.  Sure, showings are inconvenient, but try to always make your home available for any buyer and their agent.  You never know when the right buyer will want to walk through your door, so be prepared at all times, and always have some place to be.  Most times, buyers do not feel comfortable walking through a homeowner’s house, if they are there.  The DeSelms Team prides themselves on getting feedback from your showings.  We call the buyer’s agent three times and email them three times in order to find out what their client thought of your home.  A lot of times you can’t do anything about the feedback; but you can listen to what the market is telling you.  Sellers don’t set the price of the home, buyers do. 

 

Patience. Patience really is a virtue when it comes to having your home on the market.  It is important to do what is best for you or family, but to also trust your agent. They are working for you.  Ask questions.  Be pro-active. 

 

If you were thinking about putting your home on the market give Andy Brown and The DeSelms Team a call, we can help guide you in the right direction. 

 

For a free home evaluation, guidance, or answers to questions visit www.90dayhome sale.com.

One vs. Sixteen

Is bigger really better? 

 

When you work with The DeSelms Team, the answer is a resounding, YES!

 

The DeSelms Team is made up of sixteen real estate professionals to insure you the smoothest home selling or buying process.  With ten Real Estate Agents and six full time administrative staff, the team has helped more than 300 Middle Tennesseans over the past year with their Real Estate needs. 

 

With the team style approach, The DeSelms Team offers you, our client, many services that your average realtor may not have the resources to provide you with.  We market our listings on 16 different websites, we mail over 1,000 postcards a week, and our newsletters go to more than 5,000 homeowners in the Middle Tennessee area. 

 

The DeSelms Team consists of ten agents who specialize in buying and selling homes across  Middle Tennessee. 

 

Our main focus when you list your home with The DeSelms Team is that your house is among the top in its competition.  What that often means is providing you with the resources to see what your competition consists of and the knowledge to move your home to the top!  The DeSelms Team staff also prides themselves of getting feedback from every agent who shows your home while you are listed with us! 

 

But, what if you are purchasing a home?  Our team can help you decide what loan is smart, what area of town is the best investment, and where you are getting the best deal.

 

So, whether you have questions about what a home is worth or what home improvements will be the best investment in the long haul, Andy Brown and his staff of diverse agents, have the best answer for your home and your family. 

 

For a free home evaluation, guidance, or answers to questions visit www.90dayhome sale.com.

Do Short Sales = A Good Deal?

More and more in the Middle Tennessee area I hear the words, “pre-foreclosure”. And The DeSelms Teams meets with dozens of home buyers every week … All of which are looking for a “good deal”.

 

Aren’t we all? 

 

While these types of properties may require a considerable amount of work and money upfront, in the long run these homes can be excellent investments, because the have something most other properties do not … EQUITY! 

 

Andy Brown and The DeSelms Team can help you determine what properties are short sales, as well as providing you with a Comparative Market Analysis so you can detremine what the best investment is.  It is important to work with a buyer’s agent, like Andy Brown, to help protect yourself, the buyer.  The DeSelms Team is experienced in working with short sales and lenders; we currently have over 25 short sales listed, ranging in price from $90,000 to $700,000.   

 

If you are considering looking for homes that are short sales … First, you should consider hiring a real estate professional like, Andy Brown and then you should know exactly how short sales are handled:

• Short Sale:
  • What is a short sale?:  A short sale is when the property is worth less than what the home owner’s current mortgage balance is … This unfortunately has happened to thousand of homeowners who have purchase their home within the last two years with an adjustable rate mortgage.  While, not everyone has been affected by the adjustment of the interest rate, a large portion of homeowners have.  Bad for them; good you for. 
  • How does the short sale process work?:  Andy Brown can help you find properties that are considered short sales.  After you have found the property that you are interested in, you make an offer, though rather than taking the offer to the homeowner, the offer goes to the lender.  This process is seemingly similar in working with the home buyer, in that the bank will often counter back … The main difference is often times it takes several weeks to get approval; on average probably four to six weeks.
  • What do you do while you wait?: You probably want to continue looking at additional properties … It is not guaranteed that this offer will be approved.  Anyone who has purchased a home in the past knows how hard it is not to get your hopes up.  In a short sale, don’t fall in love with the house, until Andy Brown has the approval letter in his hands.
  • What do you do after you get approval?:  You get a home inspection, appraisal and termite letter.  Sometimes, these inspections are coved by the seller, in the case of a short sale; it will be the buyer’s responsibility.  In our experience, banks usually do not do the repairs needed, so be prepared for that to be case … It would not hurt to be tucking some money away for those home repairs.
  • What happens next?: YOU CLOSE ON YOUR HOUSE!!! 

 

How do you find homes that are a “real deal”?  Call Andy Brown and The DeSelms Team. 

 

For a free home evaluation, guidance, or answers to questions visit www.90dayhomesale.com. 

Why Rent When You Can Buy?

Yes, I said, Buy!  Now truly is the time to buy … Interest rates are good and affordable homes can be found throughout Middle Tennessee.

 
Buying a home is a big and exciting investment, but being a first-time can also be an overwhelming experience.  Fear-not, first time buyers, current market trends indicate that we are in a buyer’s market, and, you may have the upper hand in home negotiations.  The DeSelms Team is actively working with 125 buyers this month.  The past four months Andy Brown has helped 23 buyers find new homes. 

 The DeSelms Team has developed our expertise into a comprehensive program that will save you time, money and effort. Whether you are a first time home buyer or an experienced investor, Andy Brown can provide useful information about choosing the right property, making an offer, negotiating, obtaining financing, closing and everything involved in making an informed real estate decision in today’s market.

 

The Middle Tennessee attracts home buyers nationally because of the low cost of living, beautiful homes, land and friendly residents. Most Middle Tennessee cities are no more than 30 minutes from Nashville and offer a variety of attractions and community amenities.

 

The DeSelms Team offers buyers a customized search tool, that can caterer to almost every want or need, you could ever have in a home.  If you are interested in finding out more information about the email search tool, visit, www.90homesale.com, or call The DeSelms Team at (615) 301-7878 we would be happy to provide you with the resources you need in order to purchase a home. 

 

The home buying process can seem complicated, but if you take things step-by-step and work with a Real Estate Professional like, Andy Brown, you will soon be holding the keys to your own home!  Steps you should take when you are ready to purchase:

 

1. Assess Your Financial Situation
   1. Create a Budget
   2. Calculate a Monthly Payment You Can Afford
   3. Research the Middle Tennessee Home Buyer’s Market
   4. Check Your Credit

 

1. Shop for a Loan
   1. Talk With a Mortgage Broker
   2. Get Pre-Approved
   3. Research First Time Home Buyer’s Programs

 

1. Call Andy Brown
   1. Call The DeSelms Team at (615) 301-7878
   2. Set Up a Buyer’s Appointment with Andy Brown
   3. Choose a Type, Style and Location of Home
   4. Make an Offer

 

1. Close On Your New Home with The DeSelms Team’s Help
   1. Finalize your Purchase Contract
   2. Get a Home Inspection and an Appraisal
   3. Schedule Your Final Walk-Through and Your Closing Date
   4. Move!

 

Have you or someone you know been thinking about buying and just not quite sure where to start?  Call Andy Brown at RE/MAX Elite and find out how to start the home buying process.  With so many excellent homes for sale in the area, wouldn’t it be foolish to continue to rent?

 

For a free home evaluation, guidance, or answers to questions visit www.90dayhomesale.com.