Short Sale Help

I know. I said I would NEVER do another short sale in my life after the last 15month mess. But after having a few good smooth sales close using the new systems banks have put in place, I’m hopeful and looking for the next owner to help.

So, what IS a Short Sale?  Here is a link I’ve found helpful:

Bank Of America Short Sale Program

Here is a YouTube Video (it’s made in Houston but the information is relevant for all)

If you are a home owner under water or experiencing hardships in paying your mortgage, let’s talk. There are options- and all do not include selling your home.

10 States with Pricey Closing Costs

Closing costs have risen an average of 36.6 percent compared to 2009, according to Bankrate.com’s annual survey.

The big increased was caused by the U.S. government requiring lenders to provide accurate good faith estimates of closing costs. Previously, lenders weren’t penalized for a bad estimate.

On average, the origination and third party fees on a $200,000 purchase mortgage added up to $3,741.

Here are the 10 highest states:

1. New York, $5,623
2. Texas, $4,708
3. Utah, $4,605
4. California-San Francisco, $4,566; California-Los Angeles, $4,406
5. Alaska, $4,327
6. Oklahoma, $4,254
7. Pennsylvania, $4,236
8. New Jersey, $4,110
9. Idaho, $4,077
10. Massachusetts, $4,025

Source: Bankrate.com (08/16/2010)

Housing Inventory Decreases

The number of homes for sale declined 2.4 percent in November in the metropolitan areas covered by ZipRealty Inc. In the last 25 years, the decline in November has averaged 1.8 percent.

The data doesn’t include New York, but Miller Samuel Inc., an appraisal firm, reports that inventory was down 7.1 percent from the end of October and down 18 percent compared to November 2008.

October was the first month since January to show a rise in bank-owned homes. The number of bank-owned properties declined over the summer because of efforts to prevent foreclosures. As time runs out for many families, the number of foreclosures is increasing.

As of the end of October, banks and mortgage investors had 639,000 foreclosed homes for sale across the U.S., Barclays Capital estimates. “We expect a rebound in distressed inventory in the coming months,” says Glenn Boyd, a senior analyst at Barclays.

Source: The Wall Street Journal, James R. Hagerty (12/09/2009)

Tax Credit Extended Info

Changes to Homebuyer Tax Credit

Frequently Asked Questions Homebuyer Tax Credit Changes 

A message from the Atlanta Board of REALTORS:

Last week, REALTORS® scored a major public policy victory when the U.S. Congress voted to extend and expand the homebuyer tax credit in order to continue stimulating the housing sector of the economy.

The Senate voted 98-0 and the House voted 403-12 on legislation that includes the extension and expansion of the credit. President Obama signed the legislation into law on Friday.

Thank you for making this victory happen. 30% of Georgia REALTORS® responded to NAR’s Call for Action. This grassroots action made a big difference in getting this legislation passed. This is a great victory for the economy, for homebuyers, and for all of us in real estate. Your commitment and involvement on this issue is greatly appreciated

Private Investors Dominate Foreclosure Market

Cities and municipalities are having trouble spending the money allotted by the controversial Neighborhood Stabilization Program, which was passed by Congress last year to acquire houses in blighted neighborhoods.

The goal was to buy vacant properties at 1 percent less than appraised value, rehab them, and either sell or rent the homes to low-income residents.

The stumbling block is that the houses are being purchased by private investors and more affluent home buyers at cheap prices.

Some people don’t see that as a problem. “If the private market is coming back and buying houses and crowding the government out, that’s not a bad thing,” said Joseph Pigg, senior counsel at the American Bankers Association.

In some areas, the nonprofit National Community Stabilization Trust is working with banks to give government access to foreclosed homes before they are put on the market. But that may be too little, too late. “It’s very unclear when the dust settles how much real change in neighborhood stability and quality of life we’ll see,” said housing expert Alan Mallach of the Brookings Institution.

Source: CNNMoney.com, Tami Luhby