Straight Talk with Edwin Gerace

Let us look at the big picture that the economy we are in is not in the shape it was in 2008. Does that mean 100% doom and gloom? No, what that means is opportunity. The federal government and local governments are looking for ways to stimulate the economy with housing being the vehicle. Right, wrong or indifferent about your political views or opinions, things are happening.

Recently in housing, some great opportunities were available to many home buyers. Many of these opportunities were time sensitive and did not have unlimited amount of funds. Were they there, yes they were. Did many people take advantage? Yes, they did and many missed the chance.

Example of missed opportunity. I do A FREE HOME BUYER SEMINAR 2-3 times a month at Lexington County Library. I explained the home buying process and the steps involved. Then I have a mortgage professional explain mortgages and the process in buying a home. A local attorney explained the closing process. At the conclusion, we explained how a home buyer that qualifies could receive up to $30,000 in FREE GRANTS AND OTHER SOURCES ( Rural Housing, Lexington County Grant, and Tax Credit) on a $100,000 home. That is 30% pure equity for buying a home now vs. waiting.

As of today (August 26, 2009) that $30,000 is down to $18,000. On December 1st that amount goes down to $10,000. I cannot predict the future of the remaining or if other sources will appear. What I can tell you is that in July, you could have received $30,000 and in December, you can only get $10,000. In an economy where money matters, I would think some people were concerned about a $20,000 loss.

What I am trying to say is, call you local real estate professional, and call your local mortgage professional and say, do I qualify for grants and local funds? If they say they do not know, you need to talk to someone else!!!!!