I just have earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves.

Aloha from the Hawaii Real Estate Biz!

Senate lawmakers stuck an agreement recently to not only extend the existing program but to expand it to allow current homeowners and buyers in a higher income bracket to claim the tax credit. Senators moved to increase its annual limits from $75,000 to $125,000 for single buyers and from $150,000 to $225,000 for married couples.

The deadline for first-time home buyers to claim the $8,000 credit has been extended to April 30, 2010. But the term “deadline” doesn’t mean the same thing as it does in the current program. The Senate agreement requires that buyers must have a sales contract on a house by April 30 to be eligible, but it gives them an additional 60 days to close the purchase. The current credit program requires that transactions must be closed by November 30, 2009. So effectively deadline of the new version credit agreement is the end of June.

The current credit is restricted to home buyers who have not owned a primary residence within the past three years. The expanded agreement also allows current homeowners to claim up to $6,500 as long as the property they are vacating has been their primary residence for at least five years. This is intended to target “move up buyers” . In this market many homeowners are taking advantage of lower prices to move from one house to another of higher value.

I’ve got an appointment with some first time buyers who will be purchasing in January 2010, I can’t wait to tell them the good news!

Aloha from the Hawaii Real Estate Biz!