OUR LAST CLOSING WITH GIFT FUNDS. LOOKING AT THIS SALE, IT MAKES MORE SENSE THAN TARP.

By
Real Estate Agent with Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate 303829;0225082372

THANKS NEHEMIAH!  THANKS MR. BUILDER.

RUMORS ARE THAT THE "GIFT FUND" PROGRAMS WILL BE RESURRECTED IN SOME FORM. 

I have my doubts.  It made too much sense.  The benefits went directly to home buyers.  The sellers voluntarily reduced their net proceeds in order to sell the property. 

Seller's helping buyers is a market force. 

Congress is not receptive to:

  1. Market forces
  2. Home buyer benefits

Why did Nehemiah disappear?  It defies logic.  Of course, some of the reasons could be:

  • The gift fund programs didn't lobby Congress (political contributions). 
  • The benefits went directly to the home buyers.
  • The funds were not government administered with bureaucratic cronies in charge.
  • The gift funds increased the buying pool for homes for sale, new and resales.
  • The program worked to benefit the consumer.
  • The program helped reduce the inventory of homes on the market. 

BELOW IS A SECTION OF THE HUD-1 from our last closing, October 1, 2008, with gift funds through the Nehemiah program.

The seller contributed $12,449.70.  The property appraised for the full contract price.

Nehemiah

 

The Buyers are very happy. 

The Sellers (Lennar) are very happy.

The Real Estate Agent who sold the house is very happy.

Lenn is happy.

Nehemiah and Ameridream Gift Fund program makes a lot more sense to me than TARP. 

 

                              Family with house

          The Gift Fund Down Payment Assistant programs worked because they help families buy homes. 

 ON ANOTHER NOTE:  Did NAR lobby for this program?  Or, is our money going to go to Move, Inc.?

 Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988. 

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Topic:
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Comments 54 New Comment

Ambassador
2,281,521
Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate

Evelyn.  Excellent!!!

Tara.  Thanks.  My pleasure.  I love to "toss things around".

Tom.  That makes entirely too much sense.

 

November 15, 2008 09:58 AM
Rainmaker
149,922
Debra Kukulski
SFR,CDPE;GRI;ABR;e-PRO Realtor, Northern IL
Re/Max Unlimited Northwest

Seller participation programs are a "Godsend" for some buyers who have good credit and the ability to qualify for and pay their mortgage but just do not have the down payment.  This helps the buyer, the seller and the industry, especially in these times.  I think this is the wrong time (if ever)  to be pulling them!

November 15, 2008 02:57 PM
Ambassador
2,281,521
Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate

Debra.  You are so right.  The timing couldn't be worse.  This just shows the insinsitivity of the folks at HUD.  If money isn't going to one of their cronies to parcel out, it's not going to last.

 

November 15, 2008 03:38 PM
Rainmaker
149,922
Debra Kukulski
SFR,CDPE;GRI;ABR;e-PRO Realtor, Northern IL
Re/Max Unlimited Northwest

Lenn, that is so sad but true.  They need to think about and help out Main Street now.

November 17, 2008 08:08 AM
Ambassador
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Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate

Debra.  Thanks.

I wonder how long it will take for them to realize that giving Billions to banks doesn't stop foreclosures?

November 17, 2008 08:15 AM
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Lenn Harley

Real Estate Broker - Virginia & Maryland
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