short sale: 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)
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short sale: FHA Short Sales and Short Payoffs - 02/12/10 03:04 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 … (1 comments)
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short sale: Recession Not Only Affects The U.S. - 02/12/10 02:58 PM
The biggest influence on mortgage rates this week came from outside the US . Concerns about the possible default of sovereign debt in smaller nations caused investors to seek the relative safety of US fixed income securities. This week's economic data was roughly balanced in terms of positive and negative surprises. The added demand for safer investments helped mortgage rates move lower during the week.
The recession has impacted countries in different ways. Some of the hardest hit have been smaller European nations, such as Greece and Spain . As members of the European Union, they must adhere to certain restrictions … (1 comments)
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short sale: 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)
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short sale: Lots of Important Changes for 2010 - 01/04/10 11:41 AM
Lots of important changes are coming as of January 1st. The most important change has to do with the new government mandate to change to the new Good Faith Estimate which is going from 1 page to 3 pages which will completely confuse the buyers. After January 1st, any loans closed using the new Good Faith Estimate will also require escrow companies to provide a new HUDI. We are hearing many escrow and title companies are not geared up and ready for this which is going to cause lots of problems.
How Does This Affect Us As Agents?
… (2 comments)
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short sale: What a Weird and Crazy Year - 12/14/09 03:40 PM
As we come to the close of 2009 we can sum the entire year up into a couple of good news and bad news comments. The good news is that interest rates are still close to historic lows and property values have stabilized in our area and in may cases have started to increase again. The bad news is short sales are still taking forever and financing is still very tough to get. Most experts predict interest rates to remain low through most of 2010 and home buying should remain strong with the extension of the home buying tax credit. … (2 comments)
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short sale: How Low Can Interest Rates Go Next Year? - 12/01/09 01:31 PM
When you see very low interest rates you will also hear whisperings of the dreaded inflation as they go hand in hand. Low interest rates are designed to stimulate the housing market and thereby the economy as a whole. Common sense tells us that as the "velocity" (new term many economists are using) of money increases and people borrow more money at low interest rates, demand for goods and services increases and prices go up which causes inflation. The main function of the Federal Reserve is to manage the economy and keep inflation under control. The Fed's main tool to combat … (1 comments)
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short sale: Home Prices In Orange County, California are Climbing - 11/18/09 11:49 AM
Great article on the front page of the Orange County Register today. DataQuick reports that the median price of a home in Orange County now stands at $436,500 which is up almost 4% over a year ago and up a whopping 18% from January's price bottom. It also says most of the sales are centered in the entry level market and that higher-priced home sales are sluggish. I think we already know that piece of information.
How Does This Affect Us As Agents?
With the extension of the home buying tax credit, continued low interest rates, and very … (2 comments)
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short sale: I Just Love The Media - 11/11/09 01:22 PM
It is always interesting to me how the media works. I guess it is just easier to say that they print whatever sells the most papers. The same real estate reporters that predicted doom and gloom from 2002 up until the actual crash are now publishing positive real estate articles. Last week was an article about two separate studies that predict the Orange County home prices will increase (yes increase) by 9% to 16% in 2010. Today there is an article in the business section of the Register reporting that the amount of households that owe more then they are … (3 comments)
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short sale: Tax Credit Extension For Buyers/Sellers - 11/05/09 04:10 PM
Lots of stories out today with slightly different details but both the House and Senate have approved the $8,000 tax credit for first time homebuyers through the middle of 2010. The program has also been expanded to include those people who purchase an owner occupied home within the past 5 years although the tax credit in that case is reduced to $6,500. The exact details will be out later.
How Does This Affect Us As Realtors ?
This is obviously good news for the housing industry. As the economy continues to stabilize and hopefully begins to improve it is essential … (1 comments)
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short sale: Is The Homebuyers Tax Credit Done? - 10/27/09 01:15 PM
The word is the Senate could vote on the extension of the $8,000 tax credit as early as today. There is lots of debate going on with some people feeling it should not be extended while others feel it should be extended and possibly expanded to offer tax credits to anyone buying a home or property and not just first time buyers.
How Does This Affect Us As Realtors?
The fear is that if the tax credit goes away so will the desire of many buyers to get out into the market and actually buy something. As with many of … (1 comments)
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short sale: Homebuyers Tax Credit Is Ending ? - 09/09/09 01:34 PM
The Federal Tax Credit for first time homebuyers will expire as of December 1, 2009. The transaction must be closed by that date to qualify for the tax credit. There is talk and rumors that the government will extend the tax credit through next year and possible make it available to anyone buying a home and not just first time homebuyers. We need to stress the fact that the extension of the tax credit is not guaranteed or set in stone but only speculation at this point.
How Does This Affect Us As Agents ?
We are getting a lot … (0 comments)
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short sale: Media, Media, Media - 08/27/09 01:06 PM
Here we go. The roller coaster of the media is starting to attract some attention. As I mentioned yesterday some positive economic and housing news has been reported over the last few days and yesterday I began hearing on KFWB radio that housing in Southern California had "turned the corner". More good economic news came out today in the form of new home sales and inventory turn times. They are quoting in Orange County it would take 2.4 months to sell all the houses on the market as opposed to over 12 months a year ago. Makes you wonder where … (0 comments)
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short sale: Is The Orange County, California Housing Market Turning? - 06/27/09 11:18 AM
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short sale: Locking In an Interest Rate - 06/15/09 02:53 PM
With the wild spike in interest rates last week it is important to understand how locking an interest rate in works. Once a property is in escrow we have the options of locking in an interest rate for the term of the escrow. If the rates go up the buyer is protected and if the rates go down we have the option of renegotiating a lower rate with the lender we locked in with or taking the loan to another lender and getting a lower rate. There is no cost or obligation when we lock or relock a buyer. Most lenders … (3 comments)
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short sale: Condo Sales Heads Up - 05/20/09 02:44 PM
Over the last couple of months we have had a couple situations you rarely see on condo purchase transactions. On conventional loans (not FHA or VA) the lenders usually need a HOA Certification to verify information about the condo complex. This information includes the number of rental units in the complex as opposed to owner occupied, any pending litigation, and the number of units that are delinquent on their HOA dues. Recently this is becoming a problem as more and more units are bank owned or the current owners are not paying their dues. If the percentage of units delinquent … (3 comments)
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short sale: Good News for Orange County Realtors, California - 04/28/09 01:21 PM
Orange County Register newspaper reported today that the demand for housing is up 33% over a year ago. They also reported that the time a property is on the market for sale now stands at 2.97 months as opposed to 6.55 months a year ago. This could be signs of the market beginning to stabilize.
How Does This Affect You As A Realtor?
Perception, perception and more perception. The more people who believe that the bottom of the market has arrived, the more people who will get off the fence and actually buy something. We are now seeing some people … (2 comments)
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short sale: Underwriting Frustration - 03/25/09 01:11 PM
Lenders are slowly getting their staffs up to speed and the back log in underwriting is getting much better. In most cases priority is given to purchase transactions and the turn times are as little as 3 days. We are still seeing a lot of loan conditions that we consider stupid or unnecessary but lenders are telling us that the investors who purchase the funded loans are still being very picky about the amount of documentation they require. Until lending gets back to normal a little patience will be needed. How Does This Affect You as a Realtor? Communication is the … (0 comments)
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short sale: WHAT WERE THE ACTUAL NUMBERS... - 11/07/08 10:52 AM
California had statewide estimated sales for September (the latest month available) of 40,317 including new and resale houses and condos. That number is up 6.1% from 37,988 in September a year ago. A number that is staying fairly consistent throughout the state and held true for Southern California is that approximately half of all sales are bank owned properties. The overall median price in California dropped to $283,000, down 6% from the previous month and the median for Orange County dropped to $425,000, a drop of 25.4% from a year ago. The total number of sales for O.C. was 2,667, an … (1 comments)
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short sale: Southern California Real Estate Ray of Hope... - 11/07/08 10:49 AM
We have said it before, and we will say it again, real estate always, eventually, appreciates. History has shown us, particularly in Southern California, that prices will always rebound. That doesn't mean that buying a home isn't a serious decision in uncertain economic times. But these prices may never come around again, because most economists are calling this a "once in a century" economic travesty. UCLA EXPERTS PREDICT A RECOVERY IN THE HOUSING MARKET WILL SPUR THE ECONOMY. (Register headline Oct. 28)
The article predicts the bottom will hit in summer 2009. They expect a fall of 9% in 2009 and … (0 comments)
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