Foreclosure v. Short Sale: Will a Short Sale Save Your Credit?

June 14, 2010 by Christe Roknich

Do you know of someone who is in default on their mortgage, or has lost a job and will soon be facing financial difficulties? Where should they turn for advice?

Call us first! And be cautious about internet “experts,” where scams abound and bad advice like this goes unchecked: “oh, just do a short sale without any harm to your credit.” But here’s an excerpt from the Minneapolis Star Tribune, by Kara McGuire, that reveals how foreclosures AND short sales can wreck credit.

“Both short sales and foreclosures are considered negative by the score, because our data shows us it’s very predictive of future credit risk,” said Tom Quinn, Fair Isaac Corp.’s vice president of FICO scores. “The claim that doing a short sale is not going to hurt your score is false. It’s inaccurate.”

Read the entire article on RISMedia.

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Tax Credit for First-Time Home Buyers

May 8, 2009 by Mark Roknich

One of the perks in the recent Federal Government “stimulus bill” is the $8000 tax credit for first-time homebuyers.

To qualify for this credit, the purchase must be made before November 30, 2009. As the credit is intended for first time homebuyers, those applying for the credit may not have purchased a home in the past three years.

Buyers who accept the credit must also live in the house they purchase for at least three years, or Uncle Sam will require the owner to return the credit.

Qualifications are otherwise simple: single buyers must earn $75,000 or less to qualify; couples may earn up to $150,000. Those fortunate enough to have incomes exceeding thes limits may still be eligible for a partial credit.

Is $8000 a lot of money towards a home? Yes, and no, given the high price of housing in areas like Orange County. But note, that this credit may be enough to cover many buyer’s closing costs.

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Reflection on Our First Twenty Years as Realtors

December 22, 2008 by Christe Roknich

For the past 20 years, we have worked in an office that averages 120 full time agents. Our culture of teamwork and mutual respect is not common among agents in the real estate industry. As a result, our Dana Point/Laguna Niguel office at First Team continues to be the top selling office in the company of 30-plus offices as well as the top selling office in all of South Orange County!

First Team has always been at the head of the class when it comes to advertising and marketing designed to get our sellers the highest possible price. Because of this commitment and investment…more sellers and buyers end up working with a First Team agent. More buyers see our print and internet ads…more buyers see our signs..which means more opportunities and more SALES! Other agents jump from one company to another seeking “better deals” and better tools, or due offices or companies shutting its doors. We are still, after 20 years of service, right where we began!

Let’s start the next twenty years by looking forward! If you think that now might be the time to begin accumulating real estate for your future, call us at (949) 240-5892, or send us email. Let’s start working on our resolutions for 2009!

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