This Month in Real Estate for June 2010 explains the steps for a short sale. Whether you are considering selling your property and are upside down on your mortgage or are considering buying a property in a short sale, this video will help you better understand how the short sale process works.

 

While the home buyer tax credit expired on April 30th for most home buyers, our country’s service members have another year, or until April 30, 2011, to find a home.

   

Congress has extended the tax credit for service members because many may have missed on it the first time due to their assignments. The law provide qualified service members who served on official extended duty outside of the United States for 90 days or more at any time between January 1, 2009 and April 30, 2010, another year to buy a home and claim the credit.

Those qualified service members who are eligible for the home buyer tax credit now have until April 30 2011, to sign a sales contract and until June 30, 2011 to settle and close on the home. This includes both the $8,000 first-time home buyer and the $6,500 repeat home buyer tax credits. For more information about this tax credit, visit www.FederalHousingTaxCredit.com.

 

Tip #4: Pre-qualify callers and visitors: have a lender willing to help

Even if you are not buying another home and do not need a lender, some of the people who will call on your home may not be pre-qualified or pre-approved, yet. This is a question you should ask when they first call and before you show them your home: “have you talked to a lender and are you pre-approved to purchase a home in this price range?”

Yes, you may feel a little uncomfortable asking, but think of all the time you will save by not showing your home to buyers who can’t afford it!

If you do not know a lender, your Realtor (see tip #1) can help you find one. Call the lender ahead of time and let them know that you will give their contact information to your potential buyers who are not pre-approved. Chances are, some of the people who will call on your home are not ready to buy; they are just “looking.”

Showing your home is a time consuming process. By pre-qualifying your callers, you can save time and energy and only show your home to willing, ready, and able buyers.

FSBO Tip #1: Establish a relationship with a good Realtor and Tip #2: Offer to compensate if a Realtor brings you a buyer

Tip #3: Have a Budget and a Deadline by Which You Will List Your Home

Wondering how the real estate market is doing in Lafayette, LA and Acadiana? Here are the numbers for May 2010.

Home sales remained about the same in May when compared to April and are still much higher than last year. Interest rates have remained low and are making this a great time to buy.

There are currently 2403 homes available and 535 home sales pending in Acadiana. In Lafayette Parish, there are 1332 homes for sale and 354 properties are under contract.