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short sales: Are Short Sales Losing Their Glow? - 10/05/11 08:18 AM
According to a recent report referenced by CRS, Short Sales Are Losing Favor With First-time Buyers - SLIGHTLY
Short-sale transactions are becoming less popular among first-time homebuyers, according to the latest Campbell/Inside Mortgage FinanceHousing Pulse Tracking Survey. 39.7 percent of all short-sale purchases in August were made by first-time homebuyers. In constrast, first time homebuyers purchased 54.1 percent of all short-sales in November 2009, just before the original federal homebuyer tax credit was set to expire. It marks the third straight month that short-sale purchases among first-time buyers declined.
On the other hand, maybe it is not that first tme homebuyers are turning … (14 comments)
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short sales: New 10 Day Time Limits on Short Sales! - 01/17/10 10:18 PM
The most frustrating component of a short sale is waiting for the bank to approve the buyer's offer. Now that all may change under new federal guidelines that give lenders a 10-day limit in which to respond to purchase offers.
The U.S. Treasury rules, which will be applicable to banks that owe the federal government the repayment of TARP bailout funds, start to apply in April 2010.
The Treasury rules, in addition to imposing a 10-day deadline for bank decisions, call for sellers to receive $1,500 moving allowances-and for the sellers to not have to repay any of the debt. Also, lenders will … (12 comments)
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short sales: A New Wrinkle in Short Sales in Montgomery County Maryland - 01/08/10 08:45 PM
We all know how hard it is to get a short sale concluded since the banks frequently unwittingly throw up roadblocks at every turn and seem to change the direction of the sale. Now Montgomery County Maryland has just issued new rules which will make some short sales virtually untouchable since the relevant transfer and recordation taxes will be significantly increased, while other short sales will be unaffected. The burden will definately be on the realtors involved to alert the parties to the transaction to the potential increase in closing costs.
The change is as follows:
In all Montgomery County short sale transactions, the … (5 comments)
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short sales: Want to Buy a Home? Skip the Short Sale! - 11/11/09 10:59 PM
You did everything you were supposed to. You researched your choices carefully on the Internet using useful websites like www.dchomenews.com, that really guided you to all the good deals. You got your financing in line, and you found yourself a fabulous agent. After several months of looking in Bethesda, Chevy Chase, DC, and everywhere else,
As everyone knows, a short sale is never short! It can take months to close, leaving you, the buyer, in the dark as to what is happening. You sign a contract with the seller, but the contract is subject to third party review. The seller doesn't … (8 comments)
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short sales: A Slightly Broken Leg and a Likely New Client - 04/16/09 08:04 PM
On spring break with my 15 year old, I tried to race one of her friends on the slalom course and it ended predictably - My daughter's friend won and I fell and fractured my leg - at least I didn't tear my ACL. Instead, I spent the rest of my spring break recuperating on the sofa in the condo while my daughter and her friend skied all over Vail mountain. I was pretty happy with my computer and time to work without interruptions and grateful for the really superior medical treatment that I received from the Vail doctors. Not surprisingly, … (9 comments)
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short sales: What Would You Like to Tell the Banks about Short Sales - 03/12/09 10:39 PM
Before you respond - remember - this is my fantasy - where everything is rational and orderly according to my rules. And yes, I know that the banks are working hard, and we all need to be patient, but this is my fantasy.....
We have been waiting for 6 weeks for the bank to respond to my buyer's offer on a short sale property which was ratified by the seller, but of course is subject to approval by a 3rd party - the bank. In the mean time, the listing agent was directed to increase the list price and continue to market … (6 comments)
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short sales: What has your Experience been with Short Sales? - 02/08/09 05:13 PM
Hooray! the seller accepted the contract! but now it has to go to the bank for approval. I have sold other properties that were short sales, but the final sales prices were more in the range of 10% below market value.
This one seems a little different. It originally started out on the market at $2.2 million, then went below $2 million, then to $1.75 million, and finally came to rest at $1.55 million, where there were four offers and a tiny bidding war.
The sellers accepted our offer; we have done the inspection; our financing is great; and now the waiting … (12 comments)
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short sales: The Circle Goes Round - 01/01/09 08:14 PM
Have you ever had the experience of showing a client the perfect house but it was too soon to make a decision and then three months, six months, even a year later, they end up buying the house next door? Or watching a client look and look, passing up good houses, until they were too tired to keep looking so they buy the next house that comes along, even though it is not as good as several that they have passed up before.
Then there is the experience I just had recently. This summer I started working with a young man who thought that … (3 comments)
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Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA,Coldwell Banker
Washington,
DC
More about me…
Keller Williams Metro Team Realty
Address: 15204 Omega Drive, Rockville, MD, 20850
Office Phone: (240) 401-5577
Cell Phone: (240) 401-5577
Email Me
As an full time and very active Realtor in the DC metro area, I love to write about the DC market, special communities within the market, and new listings, and to connect with other agents in ActiveRain on ways to improve our service to the public and our marketing abilities.
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