Builders Finding New Demand For Smaller Homes

The following is a link to an article from RIS Media–Bob Toplikar.

http://rismedia.com/2010-01-27/home-sizes-fall-as-builders-buyers-embrace-economic-reality/

Merry Christmas to the Troops!

by Bob Toplikar. Well, it’s that time of year again to be thankful for everything that we have been blessed with, and to think of other people and their needs.  Our real estate office (Reece and Nichols at College and Antioch) decided to collect snacks, toiletries, cards, magazines, socks, toys, etc. to send to our troops in Iraq and Afghanistan. Our goal was to collect enough items to fill 10 boxes. We got together today to pack the boxes, and we ended up with 43 boxes! I hope that these presents will bring some comfort to our dedicated young men and women  protecting our right to be free! Merry Christmas to the troops, and thank you for all you do for America.

Congress Votes to extend Home Buyer’s Tax Credit!

from Bob Toplikar.  The following link to RIS Media regarding the $8000 first time buyer tax credit, and the NEW $6500 TAX CREDIT FOR CURRENT HOMEOWNERS! VERY EXCITING NEWS!

http://newsletter.rismedia.com/newsletters/preview/2023/59729/825635

We want our TARP money back!

A friend of mine that works for Wells Fargo told me in a meeting a couple of weeks ago, that when Wells Fargo wanted approval to buy Wachovia, the Government forced Wells Fargo to take TARP money that they didn’t want as a condition to being able to purchase the assets.  Wells Fargo took the money and has been trying to pay the money back, but the Feds won’t let them. This has been going on for a while, but my friend has been told that the govt. will let Wells Fargo send in some kind of petition in November, asking to be allowed to pay back the funds.

Does this sound right?  They didn’t want the money to begin with. Is the govt. trying to keep  control over the banks? No thanks, I would rather have our money back, and stay out of the banking business.  LET THEM GIVE THE MONEY BACK!—by Bob Toplikar

Make sure your first offer is your best offer on Bank-Owned properties

by Bob Toplikar. Some  buyers lost a great deal a couple of weeks ago. There was a house in a nice neighborhood that was bank-owned. The house had two major roof leaks (sheetrock was falling off the ceiling in two rooms, exposing the floor joists above on the two story home.) The house was run down and needed quite a bit of work. But, in a neighborhood of houses selling in the mid $400’s, this house was priced at $270k.

The buyers figured that they could put the house back together for about $60k, which would give them a nice profit on a resale. They only wanted to offer $235k. They were told by their realtor that the bank would probably reject that offer, as the bank  knows approximately what the house would be worth repaired. The buyers finally offered $250k.  The real estate agent representing the bank emailed their agent with a notice saying that there were multiple offers on the house, so make sure that the  offer presented was their final and best offer. The buyers thought that the realtor representing the bank  was bluffing, and said to leave  their offer as it was.

The buyers realtor received a notice two days later from the bank’s realtor saying that their offer was rejected and the bank had accepted another offer. The buyers agent  found out this week that the house sale closed, and the final price was $275k, which was actually $5k  more than the asking price!

My advice on buying bank owned property… if you can live with the asking price and can still come out ok, do it. If you hear that there are multiple offers, you should consider offering more if you don’t want the deal to get away from you.  Just remember, there are a lot of smart investors out there looking at the same properties that you find attractive.

$8000 first time Home buyer tax credit…what about the down payment?

by Bob Toplikar.   A good friend of mine, after hearing about the $8000 tax credit for first time buyers, decided to buy a home.  She went to the mortgage company to see if she could qualify for a loan, and how much house she could buy.  Congratulations! You are approved!  The mortgage company will make her the loan- an FHA loan. One problem– she needs 3 1/2 % down for the loan. She doesn’t have it. I guess this means continuing to rent, and hopefully, save up money while paying off credit cards and a car payment. It’s too bad that she can’t get part of that $8000 to use in the purchase, and get the balance of the money sent to her after she fills out her taxes for this year. Hey, if the government is going to write you a check anyway to encourage you to buy, why not give the money when you need it, at closing? In the “cash for clunkers” program, you got your rebate right on the spot when you bought the vehicle-why not the same for the home program?

Another alternative would be to go with the USDA  rural development program with 102% financing. A person has to buy in the right area to qualify, and properties are available in Gardner, Desoto, Spring Hill, etc. that qualify for the program. She could buy there, but there isn’t as much home inventory to pick from, and it would be quite a bit farther for her to drive to work.

Hopefully, if the government decides to renew the first time buyers program that expires November 30th, the program will change to allow a person to use the $8000 toward the purchase of the home. It will be nice to be able to use the money when you really need it.

Tips on Investing in Real Estate

from Bob Toplikar.   Please click on the link for my newsletter on investing tips.

http://v2.sharperagent.com/Boomerang/WebPost.flx?userID=DC8ADCC9-792B-4A2A-83AE-8C43A8F2BE2C&storeID=10277437&domainID=18

Become a real estate investor to supplement your retirement

by Bob Toplikar.   Most people that you know will probably tell you that investing in rental property is a real headache, and to stay away from it.  My wife Janet and I heard the same thing, but we decided to try it anyway.  We  bought our first rental property 24 years ago, a  Prairie Village KS  3 bedroom, 1 and 1/2 bath ranch. Over the years, we have purchased more homes, exchanged them for larger homes, refinanced homes to buy more, etc.  Janet and I currently have 13 rental properties, all in Johnson County. Of our rentals, 12 of the 13 are single family homes. Three of the houses were new, that we built specifically to use for investment. Once all of our properties are paid off, we plan to use these as our retirement income.

Look at it this way, it is a lot of responsibility to keep the houses up in good shape and find good tenants, but– even if you have just one rental, once it is paid off, you will have an additional, say, $1000 a month to combine with your other retirement income. Wouldn’t that be a good position to be in?

Consider this fact: if you keep your property rented,  the tenants will pay it off for you. 

Real Estate investing may not be for you–but it is worth considering as another alternative way to plan for your future.  If you need any assistance, I’m here to help- Bob

Lose your job, keep your home–Ask for help before it’s too late.

Check out the following information from RIS MEDIA,  by Amy Hoak.—–from Bob Toplikar

http://rismedia.com/2009-09-10/lose-your-job-keep-your-home-ask-for-help-before-its-too-late/

Buy a Johnson County home around 10 minutes from Overland Park for nothing down and get up to $8000 in your pocket!

by Bob Toplikar.  There is a govt. program called the USDA Guaranteed Rural Housing Program that offers up to 102% financing in our area.   The boundaries are: South of 175th Street or West of Moonlight Road. Covers Gardner, Stilwell, Desoto, etc.   Also, click on my link to my website for details on the $8000 tax credit program. Here is the link to describe the USDA  program:

http://www.rurdev.usda.gov/rhs/sfh/GSFH_Information/individuals.htm