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la habra real estate: Short Sales Becomming Easier - 02/22/10 01:15 PM
I just wanted to let my fellow agants know that we love doing short sales for Wachovia. Wachovia has make their process so streamline and enjoyable to do. Their Fast Track request form speeds up the whole process as well as having a short sale contact person that actually will pick up the phone or send you a email in a very timely manner. I hope all of the other lending institutions take note on how Wachovia is working with the Real Estate agents to get their properties sold.
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la habra real estate: FHA Short Sales and Short Payoffs - 02/12/10 03:06 PM
FHA Short Sales and Short Payoffs
Borrowers that were in default at the time of the short sale (or pre-foreclosure sale) of their previously owned primary residence are not eligible for a new FHA loan for three years from the date of the pre-foreclosure sale.   This means, that buyers wanting to purchase a similar or superior property within a reasonable commuting distance will not be able to obtain a new FHA loan.Borrowers are considered eligible for a new FHA loan if they were current on their mortgage and other installment debts at the time of the short sale of their previously owned property, and … (0 comments)

la habra real estate: Short Sale Tips for real estate professionals: - 02/12/10 02:52 PM
Below, we have provided some tips for agents and homeowners to help you better understand the short sale process and identify areas in which you can aid in advancing the process as well.
Tips for real estate professionals:
Advise clients to contact their servicer as early as possible
Ensure all customer financials are in PDF format Help clients complete all documentation accurately and as soon as possible Make sure the purchase offer is a legitimate offer and fully executed Submit the best possible purchase offer at fair market value Provide listing information and comparables to support price. … (3 comments)

la habra real estate: New Guidelines for FHA Loans - 02/02/10 03:04 PM
   FHA announced changes to its guidelines.  It will raise the minimum down payment required for borrowers with credit rating scores below 580 to 10%, while the down payment for higher-ranked borrowers would stay at 3.5%.  The upfront MI premium is also going from 1.75% to 2.25%.  HUD is seeking congressional approval to allow it to raise annual mortgage insurance premiums.  Lastly, FHA also said it was cutting the amount of seller contribution to buyers down to 3% of the purchase price from 6%; a move it said could help lessen incentives to inflate appraised home values.  Lastly, HUD has put together a list of … (0 comments)

 

Joseph & Cheryl Melendez

La Habra, CA

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Coldwell Banker Excellence

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