Real Estate News Update for July

The pace of writing sales contracts has subsided since the tax credit has ended but due to the extremely large number of loans to be processed the Federal Government has extended the law to ensure all buyers who qualify, do receive their tax credit. President Barack Obama signed HR 5623, the “Homebuyers Assistance and Improvement Act of 2010,” a three-month extension on the closing deadline for first-time home buyers to receive the tax credit. Potential homeowners with offers currently under contract now have until September 30 to close the deal, instead of the original June 30 deadline.

Mortgage interest rates continue to stay low and have dropped in the last month. Nationally rates are under 5%. It is a great time to consider refinancing, especially if you have a second mortgage at a higher rate, if you considering purchasing a vacation home/investment property, or ready to move to a larger or smaller home. Please let me know if you would like to talk with a qualified lender to discuss your options.

A summary of the stories in this month’s newsletter:
• Not all buyers are worth a counteroffer
• Neighbors pry over condo sales etiquette
• Assessed verse market value
• Virginia homeowners have new rights and protections effective July 1, 2010

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