Bexar County Foreclosures

A quick update on Bexar County and our "Record Number" of foreclosures this month. Nearly 1/3 of the homes posted were actually re-posts. What this means is that a bank already filed foreclosure proceedings against the homeowner, and then held off for a while. Likely to see what is coming out of Washington in the way of Home Owner Relief packages.

Now that the plan has been announced, those banks that felt their homeowner's may not have fit in to the guidelines of the relief package have refilled their claims. There also seems to be a dispute going on with the Mission Creek HOA and 80 or so homeowners there, as reported by Jennifer Hiller in the S.A. Express-News. The HOA has filed foreclosure proceedings due to a failure to pay HOA Dues. HOA's are enough for their own blog, so I'll tackle that issue another time.

Best regards,

John King

John King is a Texas Realtor® serving the Greater San Antonio Area since 2004. Proud Veteran of the U.S. Marine Corps and Army National Guard.

San Antonio – Leon Valley– Helotes – Grey Forest – Rio Medina – Pipe Creek – San Geronimo Castroville – Von Ormy - Somerset – Elmendorf – Lackland Air Force Base – Fort Sam Houston

Direct: (210)445-2631 - Email: JohnKingHomes@Gmail.com - Web: http://www.JohnKingHomes@gmail.com

San Antonio Foreclosure Tour

The Tour is ON! We'll meet at the office for a quick Q & A session before heading out to see Foreclosed Properties on the North Side.

Expect to see homes in all price ranges and a variety of conditions from move in ready all the way to "WOW! This is going to take some work honey!"

Bring an open mind though and you might just save a bundle on your next home purchase.

First time buyer? Don't worry, we'll have experienced agents on hand to guide you through the tour and to answer all of your questions.

April 11 is the date and the time will be set soon. Expect to spend 2 -3 hours total, with 10 minutes or so between properties. Depending on the distance between them, we'll see at least 7 – 10 homes.

To sign up, call john @ (210)445-2631 OR visit http://www.SanAntonioBuyerTour.com

Thanks and I hope to see you there!

John King

John King is a Texas Realtor® serving the Greater San Antonio Area since 2004. Proud Veteran of the U.S. Marine Corps and Army National Guard.

San Antonio – Leon Valley– Helotes – Grey Forest – Rio Medina – Pipe Creek – San Geronimo Castroville – Von Ormy - Somerset – Elmendorf – Lackland Air Force Base – Fort Sam Houston
Direct: (210)445-2631 - Email: JohnKingHomes@Gmail.com - Web: http://www.JohnKingHomes@gmail.com

San Antonio Foreclosure Tour

Interest List Now Forming
An interest list is being formed for San Antonio's Home Buyer Tour. Don't miss your chance to view great deals on foreclosed, bank owned, REO properties. Group and Individual (VIP) tours are available.

There is no charge to the participants, but there are a few 'common sense' requirements.

• Must not currently have a Buyer's Agent
• Must be Pre-Approved by a Lender OR Proof of Funds for a Cash Purchase
• Must agree to Mission Realty representing you if you purchase a home on the tour
• Due to limited space, Adults Only please. if you find a home you like, a private showing will be scheduled for the entire family.

For more information, call John King @ (210)445-2631.

HUD Homes – Q & A

What is a HUD Home?

It is a home that is for sale by the Department of Housing and Urban Development, or "HUD". Basically, it's the housing arm of the U.S. Government.

Aren't these homes distressed or need a lot of work?

Not so much. These homes are in nearly neighborhood of San Antonio, in all price ranges, and a variety of conditions. This ranges from Move In Ready, to needing just some paint and carpet all the way to WOW! This is gonna take some work!

How does a home become a HUD Home?

The previous home owner had an FHA type loan, which is backed by the government. Once the bank foreclosed on it, it sold the home to the government to recoup it's investment, and now the government has the home up for sale.

Who can buy a HUD home?

Anyone, though preference is given to owner occupants over investors.

How can I buy a HUD Home?

To purchase a HUD home, a few things are required.

• You need a HUD approved agent that access to submit a bid on your behalf.
  
• You must have either a pre-approval letter OR proof of funds for a cash purchase.
  
• Earnest money check at time of bid submission. Up to $50,000, it's $500. For $50,001 and up, it's $1000. Money Order OR Cashier's Check Only.
  
• A little bit of patience to find the right home, at the right price.
  

Is it true I can get a HUD home for $100 Down Payment?

Yes. But there is a catch…. You must make a FULL PRICE OFFER and use an FHA LOAN to purchase the property. You will have to still cover your closing costs though, and HUD may even pay a portion of these for you. But the more closing costs they pay, the less your "net bid" is. HUD will pay up to 3% of the purchase price towards your closing costs, so on a $100,000 home that would be up to $3,000 they will pay for you.

How does HUD determine the winner of the bidding process?

HUD determines the winner by calculating their "Net Bid". They take your offer price, and subtract the agent's commission and any closing costs that you may ask for them to pay. That leaves them their bottom line net amount.

I see a lot of advertising for "Free HUD Home Lists" and such. If I use a particular broker / agent over another, do they have an advantage or "in" to help me win the bid?

All agents are created equal in the eyes of HUD. Any agent that advertises HUD homes must follow a set of rules in order to advertise them, and any approved agent may advertise a HUD home. In the bidding process, HUD only considers the net bid and whether or not you're an owner/occupant or investor. When choosing your agent, it is most important that you be able to communicate with them and feel comfortable working with them.

If you have any more questions regarding HUD homes, please don't hesitate!

Best regards,

John King ______________________________________________________

John King is a Texas Realtor® serving the Greater San Antonio Area since 2004. Proud Veteran of the U.S. Marine Corps and Army National Guard.

San Antonio – Leon Valley– Helotes – Grey Forest – Rio Medina – Pipe Creek – San Geronimo Castroville – Von Ormy - Somerset – Elmendorf – Lackland Air Force Base – Fort Sam Houston

Direct: (210)445-2631

Email: JohnKingHomes@Gmail.com

Web: http://www.JohnKingHomes.com

$8,000 Home Buyer's Tax Credit - Q & A

At a glance:


Ø The tax credit is for first-time home buyers only.


Ø The tax credit does not have to be repaid.

Ø The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.


Ø The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009 for your primary residence..


Ø Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.


Who is eligible? Anyone who has not owned a home in the past 36 months is considered to be a first time home buyer.

Are there any income limits to receive the credit? Yes. For single taxpayers, you may receive the full credit if your modified gross adjusted income is $75,000 or below and $150,000 for married couples filing jointly.

How do I claim the credit? First, complete IRS Form 5405 to determine your credit amount. Then use this number on line 69 of your Form 1040. If you have filed for 2008 already, you can file an amended return and receive the credit with your 2008 return, even if you have already received it. You should consult a tax professional for this. Or you can elect to receive the credit on your 2009 Tax Return as well.



Best regards,

John King - San Antonio Real Estate

Hi, I'm John King, and welcome to my blog about the San Antonio Real Estate Market.

There is a lot of truth about Real Estate being local. Consider this, according to the Texas Association of Realtors, 4th quarter sales of foreclosed properties were up 92% nationwide, compared to just 24% in Texas.

So, relatively speaking, Texas is doing okay considering how bad other areas are fairing. Even within San Antonio, some neighborhoods are able to hold steady while others are declining.

Check back often as I post neighborhood reports and discuss today's real estate issues right here.

--John