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Cash For Clunkers: Check out What Brock Harris Has to Say #1

Brock is a friend of ours who serves the Silverlake, Hollywood East Market, including Los Filez.  I particularly like his takes, understanding of investment properties, and we will post his latest news.   Call him direct if you need a property out there and mention our names for a better deal!

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Brock Real Estate – Cash for Clunkers Extended, Home Edition.
November 6th, 2009. This issue is going out to 3,468 subscribers.
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It’s all over the internet so I won’t repeat every detail, but basically, the $8K homebuyer’s tax CREDIT (not a deduction – a credit actually offsets what you have to pay in April) is extended through April 30 of next year. Because the most common type of loan today requires 3% down, this credit makes an average LA house a no-money down purchase.

Existing home owners get some love too. Trader-uppers get a $6500 credit if they’ve lived in their current residences for at least five years.

In both cases, if you make over $125K a year ($225K for a couple), or if the new house costs over $800K, no soup for you.

In other news (not news if you’re currently writing offers): according to Redfin, 61% of real estate sales in LA are “competitive” (read: multiple offers).

Here’s a hot tip to get a great deal: If you are a TENANT in a house that’s been foreclosed on, you have a golden opportunity to BUY the house. Most bank listing agents are all about volume, they just want it sold, and with you IN the house, it’s darned hard to market (and sell). MAKE AN OFFER. I’ve heard of people doing this twice.

The listing agent likely won’t represent you (bank agents usually can’t “double-end” deals), so call me if you’re living in a house and an REO sign just went up in the front yard.

As always, if you’re thinking of moving, call me!

Brock
(213) 842-7625

P.S. If you are TENANT in a house that’s been foreclosed on, here’s a VERY handy breakdown of your rights: http://211losangeles.org/News/tenantsforeclosure.pdf

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Contact Info
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Thanks for reading and forwarding to friends and family.
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Brock Harris
Brock Real Estate
DRE License # 01511068
2235 Hyperion Ave. Los Angeles, CA 90027
cell 213-842-7625 fax 323-644-9387
brock@silverlakerealestate.com

This entry was posted on Friday, November 6th, 2009 at 3:18 pm and is filed under sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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