Yesterday my broker forwarded an email that she received, announcing the forthcoming restoration of DPA from sellers. I wrote her back with a "hold your horses" tone, being skeptical of all things coming through Washington...especially with promises of "help." Programs like Nehemiah & Ameridream are lobbying hard to get it through Congress...mainly because it is their very existence that is on the line.
It is w-a-a-a-a-a-y too early to get all hot & bothered about Seller Down Payment Assistance being revived. For one thing, with prices being what they are, how many properties will appraise at a level high enough to allow sellers to contribute more than closing costs anyhow? How many rules, exceptions, clauses and regulations will be attached....and how many revisions will be done before the bill comes to a vote?
There's absolutely no reason to get worked up about DPA until it becomes a reality. Then take a look at how it is allowed (assuming it even makes it through the voting process). Could be a boon, could be a bust. It certainly is too early to tell.
Specializing in Buyer & Seller Representation in the Tucson, Arizona real estate market.
All original material written by Kent Simpson unless attributed to source.©2011, 2010, 2009,2008,2007
"Never forget - Real Estate Is About People"
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Kent... I semi agree, but disagree... people are working harder on the seller-funded DPA than many know... and for good reason. There are many foreclosures selling 10 to 15% below market value.. this won't help everyone, but it could certainly help some get their houses off the market and to help many buyers. There are many qualified buyers with credit and income, just no savings. Can you blame them in this market. Besides, there were many misleading facts about how DPA's preformed and for reason. It's called politics and HUD... another story.
I just wrote about seller-funded down payment assistance programs the other day. Please read Ken Cooks post that I linked in my blog, it's excellent and might open some eyes. thanks
PS.... Nehemiah themselves have been working on 2 to 4 programs of their own also, that could be ready by March...