...It's official! The Homebuyer Tax Credit is going to be sticking around for a while and is essentially as we reported in our earlier posts. Read Below for the main points and catch the video above for a great intro to how it works. Then....... Call us! This bill basically flew through the House and Senate and may be signed as early as tomorrow!

Back in February, the economic stimulus package known as the “American Recovery and Reinvestment Act of 2009” was signed into law by President Obama. The Act includes provisions intended to revitalize the housing market, while the U.S. Treasury Department’s plan simultaneously helps mitigate foreclosures and encourages new lending in their tandem effort to bring about a housing recovery.

The video is actually cute but also straightforward in it's message.

EMH3 has the tools needed to help potential homebuyers and sellers benefit from these new programs.

Right now though time is running out! The Tax credit Ends April 30 2010.

Here is a link with some additional details of the homebuyer tax credit.

Click HERE

This just In!

There is a very strong possibility the tax credit may will get extended out to April of next year AND people looking to upgrade their homes will ALSO get a tax credit for doing so.

So, here is skinny on the deal. The $8k credit for first time homebuyers keeps rolling with the following rules. Adjusted gross income of less than $125k for single filers or $225 for couples filing jointly. Also, the credit would only apply to homes for 800k or less (that would mean almost all of us can get in on this 🙂 ..). Something new is the ability to earn a credit of up to $6500 dollars for those looking to trade up to a bigger primary residence and who have already lived in their home for 5 of the past 8 years. That means you folks who held out during all this madness can now come play musical houses with the rest of us!

This is good news in that this second measure opens up another big portion of what has historically been an important part of the real estate market. The relocation gang! Better known as those folks who moved from a house to an apartment and vice-versa locally or those who took the plunge and decided to come down to Florida and avoid those "lovely" North East winters...

Hit the link below to the CNN Market Watch article. And.... don't forget. When you move to Florida, call us!

The Below videos have been removed from the server hosting them... We are in the process of requesting them as they still have value and meaning in this day and age (2018/2019).

Below is a brief description of the overall program and brief notes on the panelists and moderator. What follows will be the videos in chronological order

Description: The Greater Miami Chamber of Commerce held a workshop (Underwater 101 Real Estate Market Navigation) on Navigating the Housing Market on July 28, 2009 Foreclosures. Shortsales. Loan Modifications. What is the Impact? Learn about the recent local, state and federal programs such as the 11th Circuit Homestead Access to Mediation Program (CHMP) and Making Homes Affordable established to assist homeowners in their efforts to resolve the escalating real estate problems as well as what options and programs are available and their future implications. Speakers included: Judge Jennifer D. Bailey, Administrative Judge, Civil Division 11th Judicial Circuit Miami-Dade County Courthouse Ned Pope Director, Mortgage Foreclosure Mediation Program The Collins Center for Public Policy Arden Shank Executive Director & President Neighborhood Housing Services Ed Wilburn Managing Director Great Florida Bank Moderator - Adrian Diaz-Sieckel Managing Director, Broker, LCam for Sieckel LLC

In this first segment are introduced the panelists giving each member five minutes to tell us about what they in specific do and how it relates to the current lending and foreclosure crisis being faced in Miami-Dade County. The first panelist to speak is Judge Bailey.

In this second segment Arden Shank discusses his program and some of the issues that he faces when dealing with lenders and persons seeking loan modifications.

In this third segment Ed Wilburn from Great Florida Bank discusses mortgage lending and the current lending crisis offering both insight and perspective on the issues being faced by current borrowers.

The fourth segment covers Ned Pope and The Collins centers effort in mediation of the current lending crisis through the 11th judicial circuit.

In this fifth segment we get down to asking questions regarding absorption of the current foreclosure docket, ideal scenarios to clear it and manage it, costs to use mediation and counseling services and a few others.

Sixth segment and questions keep coming. First question is answered by Ed Wilburn discussing his banks perspective on the relationship between mortgage brokers and banks and the fallout rate for prospective persons looking for money to purchase a home. Discussion continues on how the face of defaulting owners has changed and the issue of promissory notes.

In this last segment we continue taking audience questions (unfortunately we ran out of time!) covering issues that cause case delays, sale dates, etc.