Friday, April 26, 2013

Polling Appraisers Had More Optimistic than Pessimistic Responses

Every Realtor can complain now and again about an appraisal value. Whether representing a buyer or seller, a bad appraisal can squelch any deal.

It's a tough job to be in, and I've really yet to have a deal fall apart due to a poor value coming in. Remember, everything is negotiable in Real Estate, just depends on how well those negotiations are handled. And, how bad the appraisal value comes in!

Onward....apparently 54.7 of those appraisers polled responded that they have 'Mildly or Moderately Strong' confidence in the housing market. 24.9 were neutral. So, just about 20% were still nay-saying about our rebounding market. Truly after the last few years of our nation wide housing mess, for that many to feel good about our markets? It's wonderful news!

It's more likely we will start to see an adjustment being made for an upward swing market if the appraisers are feeling more confident about the situation of housing. Not right away, but definitely will be coming along.

They do note that once we get investors out and interest rates bump up, the frenzy will slow down, and of course, the recovery will slow down.

I'm still good with that, you?

Tuesday, April 23, 2013

More Changes Coming with FHA Loans

Inman News, a Real Estate news site, published a post about the newest changes happening in June of this year that will make the widely used FHA loan even more costly.

Taking effect June 3rd, only borrowers who make 10% down payments will have the right to cancel mortgage insurance premiums.....after 11 years.

These changes are huge. And, very expensive when factored in the life of the loan.

FHA has been the loan of choice for a lot of borrowers over the last 5 years or so. I've done a lot of them and still have several that are stuck in the FHA finance hole.

When you are first considering a home purchase, talk with a credible lender about what choices you have right now. And, what you can do in the near future to make those choices hopefully less costly for you.

Sometimes it just takes a little tweak, a little more penny pinching,
 a little credit cleaning up, 
to give yourself a better home loan package.

Friday, April 19, 2013

The Mad Dash For Short Sales

So here we are, almost at the end of April, in the year that received the extension for the Mortgage Forgiveness Debt Relief Act. And, all of a sudden, lo and behold.....quite a few Short-Sales are coming on the market!

I had expected it earlier on in the year, but I am not surprised. Those that are Short-Selling now are likely those that have been sitting and not paying for quite some time. Now they may figure would be a good time to sell. They've held out long enough.

As a Realtor, I'm happy to have more listings. But, quite honestly, I'd been enjoying the writing offers and taking listings on Standard Sales these last few months.

But, it is what it is.....and we help people in every Real Estate position they are in.

Here's to hoping the act doesn't get extended again.....and, here's to hoping this mad dash to get it done before the end of the year brings a new home to one of my buyers!

Tuesday, April 16, 2013

The After Foreclosure Loan Eligibility App

There is officially an app to determine eligibility for a loan after short sale or foreclosure! 

Click below to run the program!

If you've been wondering, feel free to check it out. 

And, for those that have been struggling to buy now, as I've said before, once more and more of the 'Boomerang' buyers are on the market this minuscule inventory will feel even smaller!

Whatever you can do to buy now, buy now!!! But, don't forget, more and more standard sellers will continue to come on the market as the prices continue to climb. Here's to hoping they come on sooner than later!

Friday, April 12, 2013

Foreclosure Settlement to Start Disbursement of Payments

The first wave of moolah is being sent out today, April 12, 2013!

Banks involved:

Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanly, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.

Borrowers who were in any stage of foreclosure process between 2009 and 2010 and had a mortgage serviced by one of he companies are eligible for payment relief.

About 4.2 million borrowers should expect to receive checks ranging form $300 to $125,000!

With the exception of Goldman Sachs and Morgan Stanley, 90 % of total payments from servicers should be sent by the end of April.

RUST CONSULTING, INC. is the paying agent. Don't ignore a letter from them!

They may send a letter for additional information or just a lovely check. If you have questions, wondering if you are one of the eligible borrowers, you can call Rust @ 1-888-952-9105.

Be warned if you are asked to call a different number or pay a fee to get your settlement.
 There will be, of course, scammers out there!

Tuesday, April 9, 2013

See, Told ya So!

Rude title, isn't it?!?!? LOLOL....nah, just honest. And, that's me. To A Fault!

At any rate, an article read in DSNews this morning talking about the rising prices on re-sale homes and now, finally, the stagnancy of rental values. The monthly amount charged is what I'm talking about.

I posted something recently, could have just been last week about when the investors stop buying in the market as values increase we will see more homes available for owner occupied purchases.

Now, to continue on that thread, as prices rise and rents stay flat...hmmmm, what cha think that's going to do with some of the rental properties out there?

Yep, those investors will calculate the value and hopefully go ahead and sell them instead of renting!!

If they elect to keep any of them as rentals, that's good for the tenants out there that don't wish to buy....your rent will finally stabilize!

This market continues to be one helluva ride!

Friday, April 5, 2013

Buyers ~ Try To Be Happy About Rising Home Prices!

Investors have been grabbing up properties like crazy. Great ROI for them in many instances. Lots of rental units being developed. Many homes are being purchase and flipped for a quick profit.

And, this has hurt a lot of my 'regular' buyers. Those ones that want to live in a home. They want to buy their first home with these low rates and low home prices.

This group of home buyers have been getting beat out over and over again by all cash buyers. Investors buying at Auction. People that have huge chunks of cash to put down.

And, some are very frustrated at losing yet another home in a multiple offer situation.

Many are concerned that with the rising home prices, they won't ever be able to buy. And, that, my friend, is the caveat in this market. Getting squeezed out of the market, or holding tight until the investors get squeezed out?

As prices continue to rise, investors have continued to back-off. As less and less distressed properties come on the market, there is less ROI for those same investors. They question the value of an investment when the profit margin is dwindling......

So, hang tight buyers, there will be some room for you. 
The investors will continue to dwindle and you will have a better chance, less of a fight. 
And, interest rates just dropped a smidgen too!

Tuesday, April 2, 2013

Time To Buy A Vacation Home?

Reading news all over the place. Many of us are reading the same stuff. But, one hit me about investors not purchasing the same number of homes in 2012 as they did in 2011. Simple to understand. We all knew that was coming.

But, is it time to buy a Vacation home instead? Thought it was a great thing to bring to the forefront of my clients minds.

We are seeing a lot of homeowners coming out of the red. Many are able to refinance down to the  lower rates of today. Home prices are still so much lower than 5 years ago. It does seem like a great time to buy that vacation or retirement property now!

If you haven't really thought about it yet, think about it now. I can find you a qualified agent all over the world with my Realty Executives International Referral system.

You probably won't be able to buy that island home you've been dreaming about,
for these prices, ever again!