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short sales: Foreclosure News: This Is A Good One - 10/16/12 08:45 AM
Trends are shifting! Foreclosures continue to drop so much so that the number of those not occurring has passed the critical mass of those that are coming on the market. Foreclosure rates have fallen 7% in September reaching their lowest since July of 2007.
“We’ve been waiting for the other foreclosure shoe to drop since late 2010, when questionable foreclosure practices slowed activity to a crawl in many areas, but that other shoe is instead being carefully lowered to the floor and therefore making little noise in the housing market — at least at a national level,” says Daren Blomquist, … (3 comments)
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short sales: Distressed Properties—Not Always The Bargain They Are Made Out To Be - 08/09/12 12:13 PM
“Distressed properties can have great appeal,” says Wendy Forsythe, executive vice president at Atlantic Pacific Real Estate. “Discounted prices and historically low interest rates make these homes affordable to many families who might otherwise not be able to buy a property. But buyers also need to be selective because not every distressed property is a bargain.”
Typical discounts on foreclosures are at about 19% on average. That number gets brought up and buyers have a tendency to become blinded to other relevant details that are top priorities in real estate. Here is a convenient list to keep in mind if you … (2 comments)
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short sales: Bank of America Offers $30K to Short Sale Owners - 05/17/12 12:46 PM
To curb the rate of foreclosures, BofA is offering $25,000-30,000 of assistance in relocation fees if they are willing to complete the short sale instead of foreclosure. Why? Banks are seeing short sales as a money saving avenue than if a homeowner falls into foreclosure. The difference between the two processes is simple; short sales tend to give the bank ownership of the home more efficiently leaving the condition of the property optimal for a speedy turn around on the selling end with low fees. In addition, data reveals that short sales bring in more money than foreclosures in the … (3 comments)
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short sales: Real Estate Market & Short Sales - 04/23/12 10:07 AM
The short sale trend is still surging. In fact, short sales are passing foreclosures in frequency because banks see it as a better route when compared to foreclosures. In addition, mortgage servicers are increasing the pace of approving short sales in order to move away from the stereotypes short sales have acquired of moving too slowly through the process.
The rate of short sales increased33% this last year and "[We] believe 2012 could be a record year for short sales," says Daren Blomquist, vice president at RealtyTrac. So cross your fingers that the process will be sped up and this year … (4 comments)
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short sales: Government Reduces Foreclosure Inventory - 03/16/12 07:22 AM
In 2011, the government cut the foreclosure inventory by half. “From the end of 2010 to 2011, Freddie Mac, Fannie Mae, and the Department of Housing and Urban Development saw a 49 percent reduction in the number of REO properties it owns. The three government enterprises held about 150,700 properties as of Dec. 31, 2011, compared to 296,000 at the end of 2010.”
Who Decreased By How Much?
HUD: Reduced foreclosures by 32,000, a 47% decrease.
FANNIE MAE: Decreased by 118,000, 27% of its total inventory.
FREDDIE MAC: Dropped 16% of REO inventory, 60,500 compared to 72,000 in the prior … (0 comments)
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short sales: Short Sales Continued Growth - 03/05/12 08:20 AM
Banks are changing their attitude on the infamous distressed sales by being more willing to agree to sale at a lower cost than a home owner’s mortgage balance. This will ultimately avoid the property from shifting to the status of foreclosure for then the property becomes more costly for the lender. The trend banks are taking to do more short sales is likely to “show up in more local markets in 2012 as lenders recognize short sales as a better option for many of their non-performing loans," said RealtyTrac CEO Brandon Moore.
To Read More Click Here
To Ask Questions, Click … (1 comments)
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short sales: Incentivizing Short Sales - 02/15/12 09:46 AM
More banks are offering home owners incentives to sell their houses in a short sale to prevent a costly foreclosure to the bank. In fact, some banks are offering struggling home owners as much as $35,000 to do a short sale, according to an article at CNNMoney.
Many home owners have been surprised at banks’ recent willingness to approve short sales.
"Initially, the home owners are skeptical," says Elizabeth Weintraub, a real estate professional in Sacramento, Calif. "The bank may have already turned down their request for a modification. Then, one day, they call and say, 'Let us give … (0 comments)
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short sales: One-Year Cap of Foreclosures Deficiencies - 12/09/11 01:04 PM
One-Year Cap of Foreclosures Deficiencies
The House of Representatives introduced a new bill on Tuesday that seeks to limit and standardize the timeline in which a mortgage company can go after a home owner following a foreclosure for a deficiency judgment.
Dubbed the Fairness in Foreclosure Act of 2011 (H.R. 3566) wants to place a one-year cap on deficiency judgment (with the exception of states that already have shorter time limits in place). In addition, the bill proposes that mortgage lenders will not be allowed to go after “low-income” borrowers for a deficiency judgment.
"A deficiency judgment after foreclosure seems to … (2 comments)
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short sales: Tips on Foreclosure Buying - 11/10/11 05:08 PM
Although a tedious process, many buyers are drawn to foreclosure sales because it is known to be the bargain price in the housing market. Statistics back that up. Distressed sales range from 20-40% less than a non-distressed home. With the appeal in the market, buyers must also take heed of what they are facing when they set out on a distressed sale search.
Here are three tips to help you navigate!
Focus on REO’s. Avoiding short sales will keep the process from getting too lengthy with the infamous negotiations associated with short sales. REO sales are more similar to traditional home … (2 comments)
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Tim Hart
Tim Hart
Bozeman,
MT
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At Home In Bozeman
Address: 2101 Durston Suite #4, Bozeman, MT, 59718
Office Phone: (406) 570-5730
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