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In an effort to increase home sales the Feds have extended and expanded the homebuyer credit that has been so successful over the past few months.  The new bill allows for a credit of up to 10% for purchasers who are buying their first home or another principle residence.  It will be interesting to see what impact this has on the slowly improving housing market.

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/11/07/BUL71AGACR.DTL&type=business

If you are in the market for a home and are planning to use the $8,000 homebuyer's credit from the Feds, than you my need to move quickly.  The credit is currently scheduled to end on November 30th.  There is speculation that the deadline will be extended, but no definite information yet. 

Like the federal cash for clunkers program did for auto sales, the credit thought to have had a positive effect on home sales so far.

While unnerving, there is a reason that this is happening with more and more frequency.  The increasing number of loan modification requests and loan defaults has also increased the number of Broker Price Opinions being requested by lenders.

Local brokers, such as myself are often asked by lenders or servicing companies to complete Broker Price Opinions or Market analysis reports for properties that have been used as collateral for loans in their portfolios.  These reports are requested for a variety of reasons including: loans in danger of default, loan transfer and loan refinancing/modification requests.   The report usually includes at least one picture of the house.

Note that the Broker/Realtor who is completing the report is usually not aware of the reason it was requested and in most cases has been instructed not to contact the occupants so they will not engage the homeowner prior to taking the picture.  In fact, for safety reasons the broker will likely take the picture from his/her car.  That said, it is not unreasonable for a homeowner to ask if the person taking the pictures is a realtor if you are in a position to speak to him/her.

All the recent news about loan modifications and work out programs has been very confusing for many.  Post your question or modification success story here.  I want this space to become a resource for consumers looking for real life answers and recommendations. 

Note this subject is moderated and will not be used for business solicitation, but anyone with a actual testimonial or recommendation for a company or process that they have first hand experience with is welcome to share.