Archive for the 'Tips for Sellers' Category
Banks & HAFA-Home Affordable Foreclosure Alternative Program
February 24th, 2010 categories: General RE Info, Tips For Buyers, Tips for Sellers
Encouraging Short Sales as an Alternative to Foreclosure
In an effort to help distressed homeowners the Treasury Department released in November Guidelines to reduce the number of Foreclosures and ease the Short Sale Process. The program should be in effect on April 5th, 2010. Short Sales have been streamlined by Banks as time goes by it’s still a lengthy and painful process. In average a successful Short Sale Transaction had 2 or 3 Buyers during the process. The first one either tired or waiting or not interested in the price the Bank countered at opened the door for second or third Buyers.
Bank of America, is particularly known for its lengthy Short Sale Time line specially with Countrywide Loans. The process will be streamlined through the use of an interactive website easing communication and document uploading. Their goal is to offer pre-approved short sale solicitations and provide approvals within 2 weeks from the time an offer is submitted.
If you are a Bank of America borrower and you are considering a short sale, contact Bank of America Short Sale Team at 1-866-880-1232.
Wells Fargo created Field Short Sale Teams to provide local assistance to homeowners and their Real Estate Agents. Each case is reviewed by a Short Sale Specialist on site. Their goal is to obtain approvals within 7-10 Days and close in 37 days (from start to finish). For a limited time they are offering seller’s incentives to help with moving costs (your local short sale field rep will confirm availability).
If you need a market evaluation of your home to determine if you are facing a Short Sale scenario, please call me at (954) 588-7260 or e-mail me garcia.i@ewm.com
Make sure you list your property with a Real Estate Agent that will treat the Sale of your home with the same care and diligence as a non-distressed sale.
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Single Family Homes Sold in West Broward: 2008-2009 Comparison
January 5th, 2010 categories: General RE Info, Market Update, Miramar, Pembroke Pines, Tips For Buyers, Tips for Sellers
The increase in closed sales can be found all around the West Broward. Interestingly Weston’s increase has not been as abrupt as in other areas. It may be caused by any or the combination of several reasons:
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SW Broward Single Family Homes for Sale and Sold as of 01/01/2010
January 4th, 2010 categories: Cooper City, Davie, General RE Info, Market Update, Miramar, Pembroke Pines, Properties in Weston, SW Ranches, Tips For Buyers, Tips for Sellers
In most cities we can notice a very low number of homes for sale available. When we have less than 6 Months of Inventory it is considered a Seller’s Market. If you have been in the market purchasing in the last few months you have probably experienced
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Mortgage Rates Hit Rock Bottom
December 10th, 2009 categories: Mortgage, Tips For Buyers, Tips for Sellers
Unprecedented 4.71% Average 30 Years Fixed-Rate
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Guidelines on Short Sales Released
December 3rd, 2009 categories: Market Update, Tips for Sellers
Is This too Good to be True?
Over the last 4 years we have struggling to get Short Sales Approved. Every transaction becomes a session of gambling. We never know if and/or when it will get approved.
We have seen Short Sales that took over one year to get approved. An standardized and streamlined process will take a lot of the frustrations associated with Short Sales transactions away.
My question is: Do Banks have the man power to approve the short sales before it’s too late? As per the guidelines (see link at the bottom of the article) the approval of the short sale will take place prior of listing the property and the sale must take place in less than 4 months.
To stay updated with what’s going on in Weston and receive my blog posts directly to your inbox subscribe here.
If you are interested on learning more about short sales, please call me at (954) 588-7260 or contact me.
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Can you Prevent Foreclosure?
November 16th, 2009 categories: General RE Info, Mortgage, Tips for Sellers
Show me the Money!
I often hear about the lengthy letter borrowers are sending lenders to explain their hardship. Once the letter is sent they expect the bank will contact them right away to offer a loan modification; but it doesn’t work that way and borrowers get frustrated. Even though having gone through some financial issues help banks being more empathic; what they really want to know is if you can afford a “modified payment”.
Fannie Mae uploaded a Video in YouTube explaining the documents your lender need to be able to help you. Before you call your Lender gather the following information:
- Mortgage Statement
- Condo/Homeowners Association Statement (if applicable)
- Pay stubs and W-2’s if employed or Profit and Loss Statement if Self Employed
- Income Tax Returns
- Statements on every other debt, balance owed and monthly Payment. Including lines of credit, credit cards, car loan, student loans in other words….document every single penny you owe. Remember that this is not to tell the bank how broke you are but to help them figure out if you qualify for a “new loan”.
- And of course a letter stating the reason why you can’t pay the current mortgage payment.
Be truthful, don’t hide anything!!! and Good Luck
To stay updated with what’s going on in Weston and receive my blog posts directly to your inbox subscribe here.
If you think that selling your home can be a way to prevent foreclosure and for a FREE market analysis, please call me at (954) 588-7260 or contact me.
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Home Buyer Tax Credit has Been Extended Until April 30, 2010
November 6th, 2009 categories: Tips For Buyers, Tips for Sellers
Good News for Buyers and Sellers!
Even though it was approved by the Congress we were not 100% sure it would be extended. It’s oficial! Obama signed it as part of his plan to stimulate the US housing market.
Other than the extension of the deadline who favors Buyers seeking Short Sales and the addition of existing Homeowners as beneficiaries of the Tax Credit, the most interesting addition to the law is the increase in the amount a Buyer can earn to Qualify. Ir went from $ $75,000 to $125,000 for single Buyers and from $150,000 to $ 225,000 for married couples. This increase mat trigger the sales of higher priced homes.
Links:
Article at www.Realtor.org: The Basics: Extended Home Buyer Tax Credit
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Market Update: Weston Homes-Closed Sales on October 2009
November 3rd, 2009 categories: Bonaventure, Country Isles, Emerald Estates, Isles at Weston, Market Update, San Remo, San Sebastian, Savannah, The Falls, The Islands, The Lakes, The Landings, The Meadows, The Ridges, Tips For Buyers, Tips for Sellers, Weston Hills Country Club, Windmill Ranch Estates
59 Single Family Homes Closed in Weston on October 2009
- The number of closed sales represents an increase in comparison to September where only 51 SFH closed.
- Compared with the number of properties listed as Short Sale ( With almost 1/3 of the Inventory) the percentage that closed is relatively small (only 16.95% ).
- Compared with last month’s cash closing there has been a decrease from 33.3% to 28.81%
Sales by Development:
September 2009 Single Family Homes Market Update
August 2009 Single Family Homes Market Update
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Weston Homes for Sale Listed in the Last 7 Days-Real Estate Market Update
October 28th, 2009 categories: Market Update, Tips For Buyers, Tips for Sellers
Weston’s Single Family Homes Inventory Keeps Decreasing!
For a list of the Properties Listed in the last 7 days as of Oct 28,2009 click here.
How Weston’s single Family Home Market looks Today?
Active Listings: 320
Of those 103 (32%) are Short Sales and 7 are Foreclosures
There are 106 Homes for Sale under $ 400,000. 00, of those 54 (50%) are Short Sales
Closed Sales in the Last 30 Days: 63
Months of Inventory based on Closed Sales: 5
This indicates a low inventory and a Seller’s Market
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Weston Real Estate Single Family Homes Sold September 2009
September 30th, 2009 categories: Market Update, Tips For Buyers, Tips for Sellers
33.3% of Single Family Homes Closed Cash
As of Sept. 30th 2009 these are the number of closed sales and active listings reported in the MLS. Some additional sales might be updated in the next few days.
As we can see even though only 3% of the active listings are Foreclosures the market look eagerly for them, they last in average less than 1 month in the market. Sometimes only days receiving multiple offers.
The number of cash transactions is amazing! A total of 17 transactions closed CASH. A few properties closed above listed price.
Based on Closed Sales we have 7.23 Months of Inventory (Balanced Market)
Single Family Homes
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