IDAHO Short Sale Specialist & Foreclosure Certified

Idaho Short Sales or Foreclosure - Buy/Sell Idaho

Idaho Short Sales & Foresclosure Certified Specialist

Karen Daniel

Realtor, SFR

Nampa School District

"Defining A Short Sale"

Short Sale, also called "Short Pay", is a process by which a lender agrees to receive a lower amount of an owed debt in exchange for the sale of the property to a third party, usually at no cost to the borrower.

Most of short sale services are TOTALLY FREE OF CHARGE. As the most experienced short sale specialists I can help you prevent the downgrading of your credit scores while providing you A FRESH START.

Loosely defined, a short sale is a situation where the homeowner owes more on the property than it is worth and is in the process of selling the home. The short sale scenario is that the homeowner has contacted their bank and the bank has agreed to allow the sale for less than they are owed.

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US Senate"OKs"

Extension Of Closing Date For Homebuyer Tax Credit

Wednesday, June 30, 2010

WASHINGTON -(Dow Jones)- The Senate Wednesday approved more time for homebuyers seeking to claim a federal tax credit, but tabled a six-month extension of jobless benefits.

The homebuyer measure would help only those that entered into binding contracts before April 30. It would give such homebuyers until Sept. 30 to close the sale. Under current law, they would have had to close by today to be eligible for tax credits.

It passed the Senate by unanimous voice vote. President Barack Obama is expected to sign the homebuyer measure, which the House passed earlier this week. (read more).

WASHINGTON — Homebuyers get an extra three months to complete their purchases and qualify for a generous tax credit under a bill overwhelmingly passed by the House on Tuesday.

Under current law, homebuyers who signed purchase agreements by April 30 have until Wednesday to close on the sale to qualify for tax credits of up to $8,000. The bill would give buyers until Sept. 30 to complete their purchases.

The extended deadline only applies to people who signed purchase agreements by April 30. The National Association of Realtors estimates that about 180,000 homebuyers who already signed purchase agreements are likely to miss the Wednesday deadline.

The tax credit for first-time homebuyers was part of President Barack Obama’s economic recovery package enacted last year. In November, Congress extended the credit and expanded it to longtime owners who bought new homes. First-time buyers were eligible for a tax credit of up to $8,000. Current owners who bought and moved into another home could qualify for a credit of up to $6,500.

“We owe this to the people who have essentially followed the rules who are caught by a closing date,” said Rep. Sander Levin, D-Mich., chairman of the House Ways and Means Committee.

The bill passed 409-5. It now goes to the Senate, where Senate Majority Leader Harry Reid, D-Nev., has sponsored a similar measure.

The popular tax credit has helped to stabilize the nation’s slumping housing market. More than 2.6 million taxpayers claimed the tax credit through April — claiming $18.7 billion — according to the Internal Revenue Service.

The Realtors group says the tax credit has generated 1 million new home sales that wouldn’t have happened otherwise.

The National Association of realtors have been pushing hard in Congress for the extension. Mortgage lenders along with the trade group says that they have been swamped with borrowers trying to get approved by the end of the month.

Delays with mortgage lending and appraisal companies have meant that home sales are taking far longer to complete this year.

“A lot of lenders weren’t able to handle the influx of loans that came with the tax credit,” said Lucien Salvant, a spokesman for the National Association of Realtors.

There have been particularly long delays for buyers of so-called short sales — ones in which banks agree to accept less than the total mortgage amount.