Nigel Chapman | Altoona Iowa Real Estate for Sale

Did you hear our Internet Radio show on Saturday? WOW!!! The lightbulb suddenly came on! Holly Olson, the Executive Director of Neighborhood Finance Corporation was on our show discussing how NFC can help your home ownership dreams come true.
 
NFC are targeting areas of Des Moines to maintain or raise the quality of homes in the neighborhoods. They are giving foregivable grants to repair your newly purchased home and even rehab your existing home!
 
While on the show, we realised that $24,500 in tax credits and FREE money are available when you buy a home in selected areas of Des Moines. Almost two-thirds of the city are now within eligible neighborhoods.

Let's use an $80,000 purchase as an example and see what FREE money is available:-
$8,000 Federal Tax Credit for First time buyers ($6500 for "move-up" buyers)
$10,000 Forgivable Grant from NFC for qualified home improvements.
$2,500 Down payment / closing costs assistance
$1,500 Estimated closing cost assistance from the seller
$1,500 Federal Energy Efficiency Tax Credits
$1,000 Reimbursement from City of Des Moines for certain storm water rerouting or sump pump improvements.
 
Thats $24,500 in potential FREE money!!!!!!
 
Everyone's circumstances are different and of course there are some qualifying factors. Call Nigel Chapman @ RE/MAX Real Estate Concepts 515 321-8094 to find out more information and start your American Dream. If you prefer, please email at Nigel@RealEstateConcepts.net

To listen to our weekly Internet Radio broadcast Saturdays from 10am - noon Central Standard Time go to www.DesMoinesLocalLive.com

Nigel Chapman, Managing Partner, RE/MAX Real Estate Concepts, 550 36th Ave SW, Altoona, IA 50009. 515 321-8094. Nigel@RealEstateConcepts.net Licensed to sell real estate in Iowa. Equal Housing Opportunity. www.NigelSellsIowa.com

Wow!! How time flies! Only 4 months left to grab your $8000 from the government when you buy your first home! Take a look at this cool video that RE/MAX has produced to promote the tax credit. If anyone knows how to download it and change the end to show my web address - please let me know! :)

http://www.youtube.com/watch?v=tLqbFzM3o6E

Nigel Chapman, Managing Partner, RE/MAX Real Estate Concepts, Altoona, Iowa

515 321-8094

Homes may contain cracks in walls and floors, though these may not be a serious problem to the home's stability, other problems may be present. Something that can't be easily noticed and observed, especially by the naked eye could be working its way through the cracks and crevices. Actually, what people do not realize is that this invisible threat is possibly already present at their home. This threat is so harmful that it can cause lung cancer and is even ranked as the second leading cause in the United States.

The culprit is called Radon Gas. Just the fact it is a gas, gives cause for concern. In general, Radon Gas is formed from the decomposition of Uranium in the soil. This gas enters the home through the cracks or holes in the walls and floor of the home. Once the gas has entered the house, it will continue to accumulate and hang around. Usually, the gas hangs out in places like basements and other areas that are low and enclosed. Radon continues to accumulate until the gas reaches high levels that can cause toxicity. A safe level of 4 pico curies per liter is determined by the Environmental Protection Agency of the US Government. This is actually the average reading for a 48 hour period. When people are exposed to this gas for a long time, harmful effects are likely to happen.

How widespread is the problem of Radon? The Radon gas has been detected in all homes at 50 states. However, there are certain areas wherein Radon is more prevalent than others (http://www.epa.gov/radon/zonemap.html), although no area is free of traces of Radon. The Radon found in these areas is either man-made or naturally occurring in the environment.  Homes that are built close to old mines are more susceptible to Radon; however, the best way to determine Radon contamination is to have your home tested.

There are two ways to test Radon - passive and active testing. For active testing, there are devices that measure the levels of Radon constantly in a specific area in the house and results are then displayed. However, for passive testing, samples are gathered over a long time and then mailed to a lab for further analysis. Any of these methods would alert you to the risks for Radon toxicity. There are also do-it-your-self kits for passive testing. This is done by leaving the test kit in the most susceptible area of the house to be able to gather Radon samples.  The samples would then be carefully examined by an expert. Another option would be to hire an expert to conduct the testing and analysis. More information and resources can be found at the EPA website. (http://www.epa.gov/radon/zonemap.html)

Once Radon concentrations are found at your home, it would be best to minimize it and prevent further contamination by sealing cracks and holes at your home. Ensure that the access points are effectively sealed through seeking the help of an expert. According to EPA, a homeowner would spend roughly $800 to $2500 for a radon mitigation system.

Radon is becoming a more important consideration if you're planning to buy a home. Here in Iowa, for example, Radon is very common.  Many relocation companies are now requiring homes to be tested for Radon.  Having said that, many Iowans will accept the risk of Radon over Scorpions, Rattlesnakes, Tropical Storms .......  J

Nigel Chapman, Certified Distressed Property Expert

515 321-8094 Nigel@RealEstateConcepts.net

Read all my blogs at http://www.DesMoinesBlogger.com

Nigel Chapman Managing Partner, RE/MAX Real Estate Concepts, 550 36th Ave SW, Altoona, IA 50009. Each office independently owned and operated. Equal Housing Opportunity. Licensed to sell Real Estate in Iowa.

Do you plan to buy a new home? Are you eyeing houses that are on short sale to fit your tight budget? Prior to deciding to offer on a short sale, you need to carefully assess the sellers' situation.

When a home is in short sale, it is being sold at price usually lower than the amount owed to the lender. The seller also does not have other means to pay for the borrowed money; hence, the short sale. A lot of factors can be associated to this situation and these would include: getting laid off from work, divorce, unexpected medical bills and the downturn in home values.

You need to know that short sale is not the same as foreclosure. In the latter, the title and the rights to the real estate have already been granted to the lender. The best solution for homeowners to prevent foreclosure is to short sale their home. Although it sounds promising to the seller, you need to know that there are also some drawbacks for the buyers. You need to take some of these into consideration before you decide to offer on a short sale. If you are really in no doubt that you want to write an offer, then here are some points that you need to know.

•·         You need patience to wait for the completion of the transaction. In purchasing a home that is for short sale, the agreement between you and the seller is not enough to close the deal. You still have to wait for the go signal from the lender or the lenders. The average time for approval for a short sale with one mortgage is two months. For more than one mortgage to different lenders, it could take three months or longer.

•·         You should be ready with your cash. For you to receive immediate approval from the lenders, you need to prove that you have enough funds to pay for the short sale. Your chances of approval from lenders will be higher if you present a larger amount for down payment and have a pre-approval letter with an expiration date at least 3 months in the future.

•·         You should write a "clean" offer. Lenders do not like buyers who cannot completely commit on the short sale. A subject to sale contingency will probably not be accepted.

If you think that you are ready to offer on a short sale, then you should consult a qualified Realtor. When looking for a qualified real estate professional, they should be able to present you with a list of homes for short sale, assist in the process of negotiation, and communicate with the lender appropriately.

When buying a property on short sale here are some of the problems that you should be ready to face.

•·        Buyers should be ready with possible rejection from lenders. The price a lender is willing to accept can often depend on the expertise of the listing agent. The lender will require a copy of the listing history showing that the listing agent has made every attempt to cover the mortgage debt. They want to ensure that the price has been decreased steadily over a suitable period of time. If your offer is too low, the lender may reject the offer outright - although we would hope they will counter offer.

•·        The seller could at the last minute reject the short sale. The lender might suddenly ‘move the goalposts' on the seller. An example would be expecting the seller to take out a loan for the deficit. In a case such as this, the seller might decided to let them foreclose.

•·        Buyers will not be allowed to request for repairs. Since the property is already offered at a low price than its real market value, lenders normally will not allow any requests for repair. The property will be given to the buyer as is. No improvements and repairs will be done as this could cause additional expenses to the lender.

Keep in mind that short sales involve a lot of risk, and you need to take into consideration all of the sides involved in the short sale. This would include you or the buyer, the seller, and the lender. All terms and conditions should be agreeable to all the involved to make sure that the transaction is good.

The above covers some of the vast subject of shortsales. If you require further information, please contact the author.

Nigel Chapman, Certified Distressed Property Expert

515 321-8094 Nigel@RealEstateConcepts.net

Read all my blogs at www.DesMoinesBlogger.com

Nigel Chapman, Managing Partner, RE/MAX Real Estate Concepts, 550 36th Ave SW, Altoona, IA 50009. Each office independently owned and operated. Equal Housing Opportunity. Licensed to sell Real Estate in Iowa.