Connecticut Real Estate

“I am a member of the CDPEAdvanced program. You may have heard of CDPEs or Certified

As a CDPEAdvanced member, I’m part of the charge to turn this crisis around by immersing

CDPEAdvanced gives me access to regular industry updates from the Distressed Property

and that is what I can deliver. This is why I am a CDPEAdvanced member.”

The U.S. government’s home buyer tax credit was extended to April 30, 2010 and it will not be extended again.

This tax credit can benefit first-time home buyers up to $8,000 and current homeowners up to $6,500, provided they meet certain guidelines. And because this program is a tax credit – it does not have to be repaid.

There has never been a better time to take advantage of this tax credit because hundreds of homes are priced below market value.

If you have a family member or friend who could benefit from learning more about this program, please have them call me for a free one-hour consultation so we can discuss how they may be able to take advantage of this benefit.

John Queenan, Your Real Estate Consultant For Life

www.JustListedCT.com

Nicholas H. Fingelly Real Estate, 203-638-7878

P.S. This program expires soon! Who are the next renters, growing families, or empty-nesters you know who should learn about this program?

According to the Warren Group, publishers of the Commercial Record, Foreclosures spiked 76% in December 2009 versus December 2008:L http://www.commercialrecord.com/news136715.html

Connecticut homeowners are still feeling the pain of foreclosure, and failed loan modification programs are only making the situation worse.

If you or someone you know is in trouble and needs help, a CDPE (Certified Distressed Property Expert) could be just the person you need to guide you through the nightmare you are experiencing.

Go to our FREE informational website at www.ForeclosureFREEWorld.com to learn more. When you are ready, contact us for a FREE Initial Consultation!

Great News for Connecticut homeowners, this just announced:

If you've been thinking of upgrading your appliances or adding central airconditionin, the State of CT is going to help you out in the form of a rebate IF you purchase by April 30th of this year AND file the rebate application by May 15, 2010. Here are the forms you need to get your rebate

Click Here for the $50 to $100 Appliance Rebate Form:

http://www.ct.gov/opm/lib/opm/pdpd_energy/arra/seearp_final_c0144_appliance_rebate_web_1_14_10.pdf

Click Here for the $500 Central Air/Heat Pump Rebate Form:

http://www.ct.gov/opm/lib/opm/pdpd_energy/arra/seearp_final_c0145_central_air_rebate_web_1_14_10.pdf

This just in from Jerrold Mayer at HUD regarding FHA 90 day seasoning rule for resale properties. I confirmed this with my primary FHA lender today, this is great news for my remodeler's who buy foreclosed homes and resell them. Approximately 40% of the mortgage market in the US right now is FHA loans, and in the first time buyer's markets that number is probably well over 70%.

My renovators do an incredible job fixing these REO and Short Sale distressed properties up to look like new and them we offer them out to the market at fair market value. Typically in the past we have had to wait 90 days before accepting an offer since our buyers are almost always going with FHA financing. This ruling by HUD allows us to accept an offer with FHA financing prior to 90 days from the date of their purchase and closing on the property. Since these homes almost always sell the first weekend on the market, this means that we can make more of these renovated homes available to the market this year. Get on my foreclosure and short sale alert email list now if you are a renovator who wants to make more money in 2010. If you are looking to buy a completely renovated home in Fairfield and New Haven County, then you want to be on my first alert home buyer's list. See my email address at the top and let me know you want on.

From Jerrold at HUD:

HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS

Measure to help bring stability to home values and accelerate sale of vacant properties

In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes…

…The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:

· All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

· In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.

· The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website at: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

To read this press release in its entirety, please visit: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-011

Did you or someone you know close on the purchase of a new primary residence after November 6, 2009?

If so, you have probably been waiting for the new IRS Form 5405 to finally be released as many of my clients have been.

Great News, here it is

www.irs.gov/pub/irs-pdf/f5405.pdf

The new form confirms what we had previously suspected, that if you have been a homeowner for 5+ consecutive years and are purchasing a new primary residence, you do not have to sell your previous residence to get the tax credit.

This form can also be used to report disposition of a home for which you have claimed the tax credit in 2008.

If you are using this form, you have a tax situation that would likely benefit from a great accountant. If you are in Fairfield or New Haven County Connecticut, I highly recommend Charlie Smith of Appicella Testa, 203-925-9494.

Short Sale & Deed-In-Lieu

Contrary to what you may have heard, lenders actually want to avoid foreclosure wherever possible. That’s why they’re accepting more short sale and deed-in-lieu transactions everyday in an effort to eliminate unnecessary foreclosures. This is great news for homeowners facing financial distress.

To help you understand more about these two options, I’ve prepared a free report just for you, called ‘Short Sale & Deed-in-Lieu: Dignified Solutions.’ To receive your free report, please provide your information in the fields below.

I hope you’ll review these options carefully and pass this information along to those who may need it. I commend your efforts to finding a solution to the difficult financial situation that you or someone you know is currently facing. Providing the best advice and information in your time of need is my priority.

Let me help you evaluate your options and get you back on track to a secure financial future.

http://foreclosurefreeworld.com/Short-Sale-and-Deed-In-Lieu.aspx

Hi,

I hope you and yours are enjoying this holiday season! I wanted to check-in and see how you’re doing as we make the transition to the New Year. I’m finding many of my friends, past clients and colleagues are organizing their finances to avoid starting the year with financial worry. We could all use a fresh start when reevaluating our financial security in today’s market!

To do my part, I wanted to reach out to see if you or someone you know might be able to use my assistance.

I received training in handling distressed properties to help my community find answers in their time of need, and to keep my friends and neighbors as far as possible from the looming thought of foreclosure. That’s why I’ve created a website to provide answers and assistance, even a free report on a homeowner’s first steps when facing an upside-down mortgage and possible foreclosure:

http://foreclosurefreeworld.com/

If you or someone you know is upside-down on the mortgage, you need to know what to do next. The power to change your financial path, and protect your family’s future, is in your hands.

As always, please don’t hesitate to contact me. It would be great to hear from you again.

Sincerely yours,

John Queenan

Some of my best, most educated clients are very profitable real estate investors. It may come as a surprise to you that several of the more successful investors attend multiple real estate investor association meetings every month.

If you are just starting out as a real estate investor, it is a great idea to visit your local connecticut real estate investor association (REIA), attend their monthly meetings, and determine which one is for you.

If you are a seasoned investor, you may not get as much out of a particular meeting, but don't discount the value of networking with other seasoned investors and the differing viewpoints of guest speakers as you never know where your next great idea is going to come from.

Some Connecticut based Real Estate Investor Associations:

Connecticut Real Estate Investors Association
www.CTREIA.com - The largest in CT and probably the largest in the Northeast. Monthly meetings, networking, guest speakers.

Connecticut Association of Real Estate Investors
http://ct-carei.com/ - Hartford area based, monthly meetings with guest speakers, education and networking

Connecticut Rental Housing Alliance
crhastate@sbcglobal.net

Apartment Owners Association of Connecticut
http://aoact.org/ - Quarterly meetings. Resource for aparment owners/landlords in CT.

Alliance Real Estate Investors Association ALLREIA/Alliance REIA)
www.allreia.com - Montly meetings with guest speakers, weekend educational retreats for investors.

Greater Bristol Property Owners Association
gbpoa@attbi.com - several hundred members strong, serving Bristol and surrounding communities.

Tolland County Property Owners Association
TCPOA@aol.com - serves Tolland County property owners and landlords

www.reiclub.com - Great online investors club and forum - TONS of great educational information for investors.

While you can learn a lot with real estate investment clubs, be careful of the advice you receive from these or any other forums. Check with a good real estate attorney first to make sure what you are attempting is legal. If you need a good attorney, surf on over to my referral page www.JohnQueenan/VendorPage

Wishing you a profitable investing career... And if you need a good Fairfield and New Haven County real estate consultant who helps investor clients make more profitable deals, give me a call.