9/26/19- I hope you are having a better day than I am! I almost died on the stair stepper at the gym, but that may be attributed to my donut intake. Interest rates are still bouncing around like a 4 year old Mike after he ate all of the donuts at coffee hour after church!
Adapting to the change in any market is really a key, and over the past two years we have seen huge pressure put on this market by internet lenders. Yesterday, I had an offer on a property we are flipping and I called two lenders that had pre-approved the buyers on the property to get a sense of which offer to take. I am still waiting for a call back from both of them. Um, is this who you want on your side when it comes to getting an offer accepted? If you don’t want to get your client in Escrow then I have a couple of lenders for you! By the way, one of them had a full Voicemail and I texted to no response. HELLO!!!
So this is the time of the year where many of our self-employed buyers (like me and many of you) are getting ready to file their 2018 tax returns. Taxes are due on October 15th for people on extension and this is a great opportunity to talk with your self-employed buyers and let them know that this is a good time to prepare to buy next year! So here are a few key things that you need to know if you are self-employed and trying to buy a house:
- If you are trying to buy now using 2016/2017 taxes and 2018 will not look as good as 2017 then you better find something and close before October 15
- After October 15, we will order transcripts for 2018 and if they come back as “no record of return” then we will use the income for 2016 and 2017. If the income for 2018 is lower than 2017 then we will look at the income and see if they qualify on a 3 year average even though we don’t have proof of the 2018 income. Is your head spinning yet?
- If you feel that your income will look better in 2018 then you need to file ASAP or get your taxes stamped when you file so we can use the income for 2018 as soon as you file.
- We will not require transcripts for 2018 until late November or early December! It seems that about 10% of our buyers fit in this category of not filed yet. If you have a buyer in this situation, and they are ready to buy, please have them consult me before they file. We can look at taxes before they are filed to make sure it will not affect their qualification.
- By the way, any taxes due MUST BE PAID!!!
I am happy to meet with your clients if they want to buy this year so we can help them decide how much income to show on their taxes. If they want to make a little now then maybe we can have them make more and file taxes earlier next year so maybe they can buy in 6 months April / May?
Interest rates are so whacky up and down that I really don’t want to post them today! They moved to the higher side about 4 times yesterday and they moved lower about 3 times on Tuesday! Today is better than yesterday and all I know is tomorrow is Friday! So if you want to see about where they are then look at my post from Tuesday and use that as a range.
I will be available on my cell phone all weekend! We will be at Texas Christian University (TCU) to see our bonus daughter on family weekend! I am in the office all day today and I fly out Friday AM! My team will be here in the office on Friday at 661-260-2970 and again my cell is 661-714-6258. Dwayne, Kris, Whitney, David, Anna, & Irma are all licensed on my team! Amy is also an option as she can whip them all into shape! I will have my Laptop, and my phone. I will have 4 women that will want to shop, talk, and drink. So I will likely work, workout, watch football and roll my eyes all weekend! Save me with a few calls, text messages or whatever! It should be a good time, and it will be great to have 3 of my 4 girls + Kelly in the same place!