Tax Credit Closing Deadline - Still Hope for an Extension

Breaking News! - House OKs extension of tax credit closing deadline. However, a vote is still needed by the Senate. There is still a chance for an extension of the first time home buyer closing deadline as this vote occured on a stand alone bill. With the incredible influx of buyers, contracts on short sales and high demand on mortgage brokers; many Oregon first time home buyers will miss the closing deadline even though they had signed sales contracts on time. The following was just reported by Innman News:

Still Need Senate voteHouse OKs extension of tax credit closing deadline. In a 409-5 vote, House lawmakers have passed a standalone bill that would extend for three months Wednesday's deadline for closing on a home purchase in order to claim the federal homebuyer tax credit.

The Senate could vote on the bill, HR 5623, as soon as tomorrow, although the death of Sen. Robert Byrd, D-W.Va., has slowed the pace of work in that chamber.

Without an extension, the National Association of Realtors estimates as many as 180,000 homebuyers who were under contract by April 30 may miss the June 30 closing deadline, including 17,700 in California, 15,340 in Texas, 14,830 in Florida and 9,130 in New York.

Read full article.

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OPEN HOUSE - Tuesday, June 29 at 20955 Royal Oak Circle in NE Bend 9am-12pm

OPEN HOUSE - Tuesday, June 29 at 90255 Royal Oak Circle in NE Bend 9am-12pm

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Just listed: 20955 Royal Oak Circle, Bend, OR 97701 for $849,000

via listings.realbird.com

Luxury home for sale in NE Bend on 2.5 acres in Royal Oak neighborhood. Click the slide show for full property details.

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Senate Extends First Time Buyer Tax Credit Closing Deadline

Senate Extends First Time Buyer Tax Credit Closing Deadline

Central Oregon home buyers and sellers may have 3 additional months to close their homes and still qualify for the first time home buyer tax credit.

According to the National Association of Realtors®, the US Senate has approved the First Time buyer tax credit closing deadline. In order to qualify for the first time home buyer tax credit or repeat buyer tax credits, buyers must have had a signed purchase agreement by April 30, 2010 and close on the home before July 30, 2010.

If the extension passes through both the Senate and the House then these buyers will have until September 30, 2010 to close on their new homes and still qualify for the tax credit.

This could be a huge benefit to buyers who are struggling to get their loans completed in time. It will be especially beneficial for buyers with contracts on short sales.

Here’s the full article:

Extends Tax Credit Closing Deadline

The U.S. Senate voted Wednesday to extend the home buyer tax credit closing deadline to Sept. 30, giving an estimated 180,000 buyers who met the contract deadline of April 30 extra time to close the transaction.

The extension was added to a bill to pay for jobless benefits.

The NATIONAL ASSOCIATION OF REALTORS® estimates that one-third of qualified applicants have been notified that they will be unable to close by the deadline. The Mortgage Bankers Association says delays are caused largely by the volume of transactions.

The measure still must be approved by the House.

Source: Associated Press, Andrew Taylor (06/16/2010)

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2010 Balloons Over Bend Festival all Weekend in Old Mill District

This Weekend in Bend is the annual 8th annual Northwest Community Balloons over Bend Festival in Old Mill District. Looking for a fun family activity this weekend in Bend, Oregon? Don't miss the annual Balloons over Bend Festival. Starting around 6:30 am on Saturday and Sunday balloons will launch from River Bend Park and can be seen from all over Bend. This is the first year the Balloons will be launching from River Bend Park, it's bound to be a beautiful morning on the Deschutes River. If you're not an early bird then come by Riverbend Saturday evening for Night Glow. Around sunset, Balloons will be tethered and inflated at the park. A beautiful display that lights up the night skies is a definite must see family event in Bend! Balloons Over Bend in Old Mill District Flickr River from past years events Saturday, June 5, 2010 Balloons Over Bend Event Schedule

6:00 am - 7:30 am: Balloon Launch and Breakfast in Riverbend Park on the Deschutes River

6:30 am: BALLOON LAUNCH!

10:00 am - 8:00 pm: Balloons Over Bend Festival at the Old Mill District

8:30 pm - ?: Night Glow in River Bend Bark

Sunday, June 6, 2010 Balloons Over Bend Event Schedule

6:00 am - 7:30 am: Balloon Launch & Breakfast at Riverbend Park on the Deschutes River

6:30 am: BALLOON LAUNCH

10:00 am - 6:00 pm: Balloons Over Bend Festival at the Old Mill District

The festival takes place across the river from the shopping at Old Mill District. The festival will include a fun filled day of performances all day by local artists, yummy local food and beer garden, bouncy houses and kids activities, street painting and local vendors. Form more information on the 2010 Northwest Community Balloons Over Bend Festival at Old Mill District visit their website http://www.balloonsoverbend.com/.

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Understanding HAFA (Home Affordable Foreclosure Alternatives) Short Sales and how it can help Central Oregon home owners Part 1 - What is HAFA?

HAFA or the Home Affordable Foreclosure Alternatives (HAFA) is the newest program designed to assist home owners who are underwater on their mortgages. Through a short sale or deed-in-lieu, HAFA may allow Central Oregon homeowners to avoid foreclosure and receive a financial stipend when completing a successful short sale. In addition to helping homeowners avoid foreclosure HAFA, provides financial incentives to investors / lenders in order to encourage them to facilitate the short sale process in a timely manner, which we all know isn't happening now. For the purpose of this series of posts we will discuss the short sale option.

A short sale is when the lender allows the homeowner to sell the home for less than they owe on the mortgage.

Allegedly, the HAFA program will streamline the short sale process for Oregon home owners through the following directives:

1. Complements HAMP (Home Affordable Modification Program) by providing viable alternatives for borrowers who are HAMP eligible.

2. Utilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis.

3. Allows the borrower to receive pre-approved short sale terms prior to listing the property.

4. Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement.

5. Requires that borrowers be fully released from liability for the debt.

6. Uses standard processes, documents and time frames.Provides financial incentives to borrowers, servicers and investors.

Please remember HAFA is not a law it is a guideline. Meaning.....your lender may choose not to follow the guidelines outlined in the HAFA program.

Your first step to starting the HAFA short sale process for your Central Oregon Home is to determine if you are eligible. Check out: Understanding HAFA (Home Affordable Foreclosure Alternatives) Part 2 - Am I Eligible?

If you're underwater in your Central Oregon mortgage or would like more information on ways to avoid foreclosure though a short sale, contact Kryste Adams at Taft Dire for FREE no obligation information.

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Bend Oregon Real Estate Market Ranks #1 for Retirement Property Deals!

The Bend Oregon Real Estate Market has made the top of yet another list. US News & World Report recently ranked the Bend, OR Real Estate Market as the #1 place to purchase Retirement Property. Retirement property in Bend is not just a deal, it's a steal! US News & World Report obtained price-to-income data for 384 metropolitan statistical areas from Moody's Analytics and used this to express housing affordability.

According to the article, "By comparing a market's most recent price-to-income ratio with its longer-term averages, we can pinpoint areas that have become particularly affordable."

Listed as #1 in the country for Retirement Steals - here's what US News & World Report has to say about Bend.

Bend, Ore.: Stiff demand from second-home buyers helped nearly double median home prices in lovely Bend, Ore., between 1999 and 2006. But the subsequent real estate collapse has dragged the area's price-to-income ratio from 3.4 in the third quarter of 2006 to 1.7 in the fourth quarter of 2009. That's below Bend's average price-to-income ratio of 2 for the 15 years ending in 2003. This increased affordability makes retirement property in Bend particularly attractive today, says Lester Friedman, president-elect of the Central Oregon Association of Realtors. "Central Oregon has always been a place where people came to get away," Friedman says. "And, of course, that is kind of the definition of retirement." Friedman points to a number of activities that can keep seniors busy in Bend year round, including hiking, mountain biking, skiing, fishing, boating, and volunteering. "We have wonderful college facilities, so continuing education is easy," he says. "You name it, we've got it."

Bend has recently been listed on the top of the list for unemployment, retirement deals, declining home prices, etc., etc. To sum it up if you're buying a home in Bend prices are GREAT! If you're selling a home in Bend, be ready for a tough road unless you have wiggle room. I personally am a fan of this list, hopefully it will remind folks retiring that they can get a great deal on a home for sale in Bend. People retiring to Bend may not need jobs but they may need services, food, and fun! So, come on Retire in Bend, you'll love it here!

For more information on Bend, Oregon Real Estate and great Retirement homes for sale contact Kryste Adams with Taft Dire.

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