FHA Tightens Guidelines on Short Sales
December 23, 2009
The Federal Housing Administration has tightened its guidelines on short sales so that borrowers who defaulted on their previous mortgages can't get a new FHA-insured loan. The new guidance is designed to prevent borrowers who want to take advantage of the decline in house prices to buy a new home at a reduced price using an FHA loan for doing so. "Borrowers in default on their mortgage at the time of a short sale (or pre-foreclosure sale) are not eligible for a new FHA-insured mortgage for three years," FHA says in a mortgagee letter. The new policy has been causing problems for some lenders with loans in the pipeline, according to Bud Carter, an FHA consultant with Potomac Partners in Washington. In general, FHA will not approve loans if the borrower has defaulted within the past three years. However, FHA never provided specific instructions on short sales, Mr. Carter said, so lenders were dealing with this issue on a "case-by-case basis." Mortgagee Letter 09-52 also addresses cases where a lender takes a principal writedown and refinances the borrower into an FHA-insured mortgage. The agency clarifies that the borrower has to be current on all their payments to qualify for an FHA refinancing.Dan Perreira
Branch Mgr at Allied Home Mortgage
Wednesday, December 30, 2009
Tuesday, December 29, 2009
Should I Take My Home Off the Market During the Holidays?
Should I Take My Home Off the Market During the Holidays?
When you look at your calendar you may find the months already overloaded with seasonal obligations -- shopping, entertaining, children's pageants, charity work, decorating the house, and so much more. If you are also trying to sell your home, you are under extra pressure to keep your home in "showtime" condition. And that could be the last thing you need before the holiday spirit is broken.
It is understandable why you would be tempted to take your home off the market during the holidays. And the list of justifications is long. If you are too busy, buyers may be also, and you may find your efforts unrewarded with not enough showings. And what if you do get an offer? You may be faced with the possibility of packing and moving during the busiest time of the year. Besides, you can give your house a rest, and it will have better momentum after the holidays. Better to just pack it in and start fresh in January, right?
But wait! Most top Realtors agree that taking your home off the market during the Christmas season is a mistake. The house surely isn't going to sell off the market! What is the advantage of that? So you're busy. Let your Realtor do the work. You can leave in the morning, go to work, go shopping, and let your Realtor take care of things.
The holidays are a wonderful selling period. Why? Because most people take off work sometime during the season. The husband and wife are both off and want to see houses. Most agents like the holidays because the buyers have more time, and they can look at homes together.
Before you take your home off the market, consider the following points:
Although buyer activity may appear to slow down, the buyers who are actively looking during the holidays are that much more serious. Agents believe the home market is no more affected at Christmas than during other "busy" periods. If that were so, the market would shut down throughout the year as families concentrate on spring weddings, June graduations, summer vacations, and autumn back-to-school activities.
Many buyers deliberately choose to shop for a home after the busy spring and summer rush. They know that it will be easier to look, and that negotiations will be less stressful. They may not have children, or they may have grown children, so moving to accommodate the school year isn't a consideration. Finding the right home at the right price, however, is.
Relocating families often don't have a choice when they can leave for their new destination. Although 68% of transferring families have children, many families have to transfer during the middle of the school year. These families are that much more motivated to get their families settled in before either the January semester begins, or to arrange for the move during spring break in March. If you sign a contract by New Year's Eve, the timing couldn't be more perfect.
At Christmas time, our culture focuses on family and the home. Preparing for the indoor activities of winter is one of the most enjoyable periods of family life. Allowing buyers to view your home during this most hospitable of seasons lets them better picture their own family life in the attractive environment you have created.
When is your home ever more beautiful and inviting? You have cleaned and decorated, and your home looks like a picture postcard. If the results are good enough for family and friends, they will surely be good enough to impress your buyers. Get the family team on board to do a five-minute blitz pick-up every morning to keep holiday messes to a minimum.
With many motivated buyers in the marketplace, you may find you have more showings than you would if you sold your home during a busier time of the year.
If you do get a contract, you can arrange the terms to suit your needs. If moving during the holidays isn't an option, you can put in the closing date of your choice. Most people can close 30 to 60 days after a contract is written, so there is plenty of time. Possession and closings are very negotiable.
Written by Blanche Evans
When you look at your calendar you may find the months already overloaded with seasonal obligations -- shopping, entertaining, children's pageants, charity work, decorating the house, and so much more. If you are also trying to sell your home, you are under extra pressure to keep your home in "showtime" condition. And that could be the last thing you need before the holiday spirit is broken.
It is understandable why you would be tempted to take your home off the market during the holidays. And the list of justifications is long. If you are too busy, buyers may be also, and you may find your efforts unrewarded with not enough showings. And what if you do get an offer? You may be faced with the possibility of packing and moving during the busiest time of the year. Besides, you can give your house a rest, and it will have better momentum after the holidays. Better to just pack it in and start fresh in January, right?
But wait! Most top Realtors agree that taking your home off the market during the Christmas season is a mistake. The house surely isn't going to sell off the market! What is the advantage of that? So you're busy. Let your Realtor do the work. You can leave in the morning, go to work, go shopping, and let your Realtor take care of things.
The holidays are a wonderful selling period. Why? Because most people take off work sometime during the season. The husband and wife are both off and want to see houses. Most agents like the holidays because the buyers have more time, and they can look at homes together.
Before you take your home off the market, consider the following points:
Although buyer activity may appear to slow down, the buyers who are actively looking during the holidays are that much more serious. Agents believe the home market is no more affected at Christmas than during other "busy" periods. If that were so, the market would shut down throughout the year as families concentrate on spring weddings, June graduations, summer vacations, and autumn back-to-school activities.
Many buyers deliberately choose to shop for a home after the busy spring and summer rush. They know that it will be easier to look, and that negotiations will be less stressful. They may not have children, or they may have grown children, so moving to accommodate the school year isn't a consideration. Finding the right home at the right price, however, is.
Relocating families often don't have a choice when they can leave for their new destination. Although 68% of transferring families have children, many families have to transfer during the middle of the school year. These families are that much more motivated to get their families settled in before either the January semester begins, or to arrange for the move during spring break in March. If you sign a contract by New Year's Eve, the timing couldn't be more perfect.
At Christmas time, our culture focuses on family and the home. Preparing for the indoor activities of winter is one of the most enjoyable periods of family life. Allowing buyers to view your home during this most hospitable of seasons lets them better picture their own family life in the attractive environment you have created.
When is your home ever more beautiful and inviting? You have cleaned and decorated, and your home looks like a picture postcard. If the results are good enough for family and friends, they will surely be good enough to impress your buyers. Get the family team on board to do a five-minute blitz pick-up every morning to keep holiday messes to a minimum.
With many motivated buyers in the marketplace, you may find you have more showings than you would if you sold your home during a busier time of the year.
If you do get a contract, you can arrange the terms to suit your needs. If moving during the holidays isn't an option, you can put in the closing date of your choice. Most people can close 30 to 60 days after a contract is written, so there is plenty of time. Possession and closings are very negotiable.
Written by Blanche Evans
Monday, December 7, 2009
Selling a Home and Need to Move, Edmond here is help.
Heidi,
Thank you for taking the time to speak with me recently and giving me the opportunity to inform you of our company.
A-1 Freeman Moving Group has been at the forefront of the moving industry since 1974, growing to be the one of the largest agents for North American Van Lines with 9 offices throughout Oklahoma, Texas and Georgia. Our corporate offices are here in Oklahoma City.
I contacted you to make you aware of our local services we offer. Because of our affiliation with North American Van Lines, people often discount us from the option of providing local moves by mistaking us for an “interstate only” moving company. This could not be farther from the truth. While we do service interstate moves everyday throughout the country, our “specialty” is local moving. Our local crew is equipped to offer Full Service moving including packing, crating sensitive pieces such as art, storage as well as unpacking after relocation. We also offer the same services for businesses moving to other locations.
Currently we are offering a program I would think would be especially interesting to your profession. I would like to introduce “Clear the Clutter”, a program to assist in staging homes during marketing. This unique program offers 3 months of storage at no charge to the client up to 3,000lbs of household goods. Individuals who are interested in this offer are only required to pay for labor to load and place the items in storage. Our minimum charge for this service will be $375.00. I believe most families in this market would be glad to not deal with finding a storage unit or more importantly finding the time to move their belongings themselves. I feel as though this program will benefit Realtors in general by having such a unique tool to offer prospective clients when confronting them with the task of de-cluttering. You no longer have to say this is what you need to do without an option as to how one should go about this process to better market their home.
I hope I can be of service to you and your clients and look forward to meeting with you in the coming weeks.
Sincerely,
Dusty Hutchison/Relocation Specialist/A-1 Freeman Moving Group
11517 North Broadway Extension/Oklahoma City, OK
800.654.9286 ext 209/Fax 405.751.2759
Thank you for taking the time to speak with me recently and giving me the opportunity to inform you of our company.
A-1 Freeman Moving Group has been at the forefront of the moving industry since 1974, growing to be the one of the largest agents for North American Van Lines with 9 offices throughout Oklahoma, Texas and Georgia. Our corporate offices are here in Oklahoma City.
I contacted you to make you aware of our local services we offer. Because of our affiliation with North American Van Lines, people often discount us from the option of providing local moves by mistaking us for an “interstate only” moving company. This could not be farther from the truth. While we do service interstate moves everyday throughout the country, our “specialty” is local moving. Our local crew is equipped to offer Full Service moving including packing, crating sensitive pieces such as art, storage as well as unpacking after relocation. We also offer the same services for businesses moving to other locations.
Currently we are offering a program I would think would be especially interesting to your profession. I would like to introduce “Clear the Clutter”, a program to assist in staging homes during marketing. This unique program offers 3 months of storage at no charge to the client up to 3,000lbs of household goods. Individuals who are interested in this offer are only required to pay for labor to load and place the items in storage. Our minimum charge for this service will be $375.00. I believe most families in this market would be glad to not deal with finding a storage unit or more importantly finding the time to move their belongings themselves. I feel as though this program will benefit Realtors in general by having such a unique tool to offer prospective clients when confronting them with the task of de-cluttering. You no longer have to say this is what you need to do without an option as to how one should go about this process to better market their home.
I hope I can be of service to you and your clients and look forward to meeting with you in the coming weeks.
Sincerely,
Dusty Hutchison/Relocation Specialist/A-1 Freeman Moving Group
11517 North Broadway Extension/Oklahoma City, OK
800.654.9286 ext 209/Fax 405.751.2759
Friday, December 4, 2009
Just listed Condo in NW OKC
Just listed $125,000 2180' with 3 beds, 2 full baths, two living areas, courtyard, deck and more. Two car garage with ample storage and workout/shop area. Call Heidi to see it 274-9210 to view www.RoseTeamHomes.com
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