http://bit.ly/eBCAyi    

Free Money

So what does this mean to those First Time Home Buyers that made their purchase with the first rendition? The answer is, when you file your income taxes this year, Uncle Sam wants the first payment on the no interest loan you got for buying a home. Please pay the first of the 15 year payments of $500.00. Dang, what the what? I can see another round of bait and switch crying going on here. “I never read the fine print!” or “My accountant, mortgage person, realtor never explained this to me…I want retribution.” Unfortunately, those mentioned above did not put this together for you. In order to have taken (advantage?) of this incentive, the borrower exclusively, would have had to be the one to file with the IRS in order to receive the ….gift.

First Time Buyer Special

So, where does that leave our First Time Home Buyer that used round one of the stimulus? The first call is to your accountant or tax preparer. Chances are, you tend to get money back due to the interest deduction you are allowed to write off. Insert disclaimer here( I’m no expert, every case is different). What I’m saying is, the buyer has a job still, the taxes are being collected from your pay, you file your taxes and the interest you payed lowers your taxable income, so you may be entitled to a refund….wait for it…here’s the difference….after the $500.00 is paid to the IRS/Treasury, for lending you the $7,500.00 in the first place. It’s not all bad when you look at it that way? You got a new kitchen or bath right? You made the new home habitable? You took it and bet it all on black at the casino? Either way, you received a no interest loan for 15 years. Not too shabby.

So go ahead and enjoy the good life of home ownership. Weild that paint brush, climb that ladder, take out the trash. Be it ever so humble, there’s no place like home.

Mark McHugh is a full time Realtor working in Rhode Island. He offers expert advise in all areas of home buying and selling in the area. He has helped countless numbers of people acheive their dreams in the real estate market. He can be reached at 401-641-3842  markm@slocumrealty.com 

Rhode Island foreclosed properties " src="http://www.marksrihomes.com/wp-content/uploads/DSCN4879-300x225.jpg" alt="Mark McHugh Slocum Realty" width="300" height="225" />
Foreclosure may be down, but the opportunity for investors in Rhode Island to buy are great. Multi Family properties in Providence, Warwick, Cranston and all through out Rhode Island can offer some of the best buying opportunities for investors.
The Providence Business News published this article on foreclosures in Rhode Island:   Foreclosures

Very useful information. The importance of using a Realtor when buying a foreclosed home in Rhode Island is great. Having the Realtor do a preliminry title search, review the existing sold reports, help formulate a value and prepare the proper documents for purchasing a foreclosed property is essential.

Mark McHugh a Realtor with Slocum Realty in Warwick, Rhode Island has been helping investors and first time buyers purchase foreclosed homes in Rhode Island for years. Call today for a free list of foreclosed homes in your city today, 401-642-3842 markm@slocumrealty.com           View more information here: Rhode Island Real Estate Corner

The Federal Govenment announced this week to propose a bill that would help stave off foreclosures in Rhode Island and 5 other states. This $600 million dollar bill is aimed at keeping those who have suffered unemloyment or illness recently and are struggleing to make their mortgage payments. With unemployment figures in the double digits, it’s no wonder some are having a tough time making ends meet.

The Foreclosure Bill here in Rhode Island was commented on by Richard Godfrey, The Director of Rhode Island Housing, a partner in the proposed allocation of the Federal money. He states: “While Rhode Island Housing has gained much experience and success working through our HelpCenter and helping customers undergoing mediation under various city ordinances, the mortgage modification process across the country has proven to be slow and complicated,” said Richard Godfrey, Executive Director of Rhode Island Housing. “When our program is available to borrowers in mid-October, mortgage modifications will remain a challenging process. But we will be diligent about finding ways to help those who are facing foreclosure. If families can ultimately afford to keep their homes, then this is another valuable tool to help them. It is imperative that those in trouble do not wait for the federal funds to arrive. If you are struggling to pay your mortgage you should contact your lender or a HUD-approved counseling agency right away.

“Successful modifications will require time and commitment on the part of the customer as well as the lender and counseling agency. Patience and realistic evaluations of long-term personal financial situations are essential,” added Godfrey.

It could be just what gets Rhode Island on top again in real estate. For those that have no chance of making their payments now or in the future, short sales can be an option. First things first, talk to your attorney, tax professional, and above all speak with your lender as soon as trouble starts.

Mark McHugh has helped many clients over the years with short sales by getting the right professionals in place to answer all the questions a struggling homeowner may have. Email markm@slocumrealty.com or call 401-641-3842

Independent Man

The Reports are out Nationwide for Real Estate

The Rhode Island report does show growth and values are increasing. We are beating the average nationwide but still have a long way to go. Many opportunites for good real eastate buy exist.

Jobs are still a major factor for recovery in Rhode Island.

Although a high unemployment rate continues to be above the national average, the layoffs and job losses are holding steady, according to the report. This is an election year and the platform for all canidates in Rhode Island is reform and creating jobs. With our 39 cities and towns relying on less state aid, the belt tighting is extreme and less will have to be more.

Rhode Island Real Estate First Quarter 2010 Report 

Find your way through the Real Estate Market

Talk with an experienced professional; Mark McHugh of Slocum Realty. There are many great properties to chose from and a terrific time to buy. The rates are low and the inventory is strong. Call today with any and all questions:   401-641-3842   markm@slocumrealty.com 

A wonderful 19th Century Bell Tower in Warwick, Rhode Island. photo by Mark McHugh

 The belief in Karma is “if you do good things…good things will happen”, so the popular TV show character from My Name Is Earl, says. Well here in Warwick good things are happening and residents deserve the fruits of their deeds as well. Long have the people of Warwick ,in recent history worked for a symbiotic relationship with our state airport. Although there are many more discussions to be had, the new train station and intermodel will be a much needed expansion for Warwick and the rest of Rhode Island.

How will this project increase the property values of the surrounding cities and towns of Warwick, East Greenwich, and Cranston?

Here are the local figures from Trulia:

So, will the new station bring new buyers to the area? My opinion is yes. Metropolitan areas, like Boston, New York and Philadadelphia tend to attract buyers that follow employment. These areas on the East Coast, have a diverse effect on Real Estate.

 With the first train expected to roll through on September 11, 2010, according to Warwick Mayor, Scott Avedesian, the 17 year dream and perseverance will become a reality.

 The real deal is for those people that live in the metro Boston area currently.  The current median home price in Boston is $349,000. according to HousingTracker.net . Rhode Island’s median price is on the rise, but still packs value at $205,000. according to the Providence Journal .Think of the quality of life that a young family who has employment opportunities in the Boston Metro area and with higher incomes. They now have the ability to commute on a direct train daily and enjoy a quiet suburban setting like Warwick Neck" href="http://warwickneck.com/" target="_self">Warwick Neck .

 The most important step in getting acclimated to the new area is to talk with a local expert. A Realtor and Accredited Buyer’s Representative like Mark McHugh to help you find the perfect home in Rhode Island .  markm@slocumrealty.com   401-641-3842

• Navigating the Internet sites and choosing the best information and platforms for the consumer.
• Aid in constructing and reviewing offers. Assistance in qualifying buyers and verifying offers for sellers.
• Creating and studying the market analysis for buyers and sellers for an educated determination of value.
• Construction of sales agreements and time lines for due diligence.
• Guidance in home inspections, title attorneys, home owners insurance and closing details.
• Ethical treatment of all parties.

These are the tip of the iceberg when it comes to using a Realtor® to assist in buying or selling real estate in Rhode Island. It is important to make the distinctions well; not all realtors are Realtors®. Realtors® are part of The National Association of Realtors, and are held to the highest standards and practices of professional service providers. http://www.realtor.org/realtororg.nsf/pages/whoisarealtor 

I am one of them and proud to be a part of their organization. Have questions? Contact me, Mark McHugh, Realtor® from Slocum Realty, markm@slocumrealty.com