Should I dare mention the oil spill? Its on everyone's topic of conversation, just like the OJ simpson trial, or Monica Lewinsky, or....I don't know, just about anything the press can get their hands on. The fact is that this oil spill will affect our Houston economy. Somehow, someway.
A few topics for today:
There is another reason why you should claim all your income on your taxes and not fudge write offs! (other than the obvious, it’s the right thing to do). (1) You need to show income to get a mortgage loan (2) if you want BP to reimburse you for lost wages, like they are doing in Florida to realtors that have claimed lost wages on beach rental. You see, BP is reimbursing fisherman, restaurants, realtors, just about anybody. So to prove wages, if you are self employed, many of them have to shore up tax returns to show income. Uh oh, you say! Where is the income? Good for BP, bad for the person wanting the handout.
Boy these RATES are nice. I am not sure if they are going anywhere soon. Between the European crisis, the oil spill, and unemployment tanking the stock market today, seems that troubled times and uncertain times are ahead. Making investors skiddish, and looking for the safe haven of bonds to put their cash. Remember, when the stock market is not doing well, bonds are, so that pushes mortgage rates down.
If you have a closing at the end of June that is NOT expecting the tax credit, beware! Lenders and title companies are swamped trying to meet deadlines for the flood of business that needs to make the deadline of June 30. Would you want your buyer to miss the credit? So when push goes to shove, look for lenders and underwriters to choose the tax credit files over yours to push to the head of the line. TALK WITH THE BUYERS LENDER NOW. Be on top of them on the timeline. Most of all, prep the buyers and sellers that there may be delays. Hopefully you thought ahead and did not schedule your closing for June 30 anyway.
Flood insurance is temporarily unavailable - AGAIN! Until Congress reconvenes next week, there are no approved funds. Many lenders (like Patriot) are allowing closings where the application and premium have been paid. Hopefully your transactions are not affected. My only lingering question is (1) How could Congress leave session without approving funds AGAIN! and (2) Why did they only approve flood for 45 days the last time this happened? Will we be going through this every 60 days? What a dilemma. Once again, we are powerless against these forces which we cannot change (in the short term). As I have mentioned before, get involved with your lobby, or the topics you believe in. It’s the only way we will change things. If we don’t get involved, than can we ever expect change?
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