New Short Sales guidelines affective April 5, 2010

Short sales are a norm in today's real estate market.  A short sale occures when the bank, who holds the mortgage, allows the home to be sold below what the current home owner owes. 

Under  HAMP, Home Affordable Modification Program, exists the new HAFA program or Home Affordable Foreclosure Alternatives program.  HAFA provides incentives to the home owner and the bank to persue a short sale solution.

• Pre-approved short sale terms 

• Sellers are fully released from future liability  for the first mortgage.

• Allows up to $1,500 to seller for relocation assistance

• Pays up to $1,000 to bank to cover processing costs

• Provides up to $3,000 towards subordinate lien holders
   

Changes to the Short Sale Process

• In order to help prevent second charge lenders from holding up short sale approval, they will receive a minimum of $3,000 from the sale proceeds and a further $1,000 from the government.
• Those short selling a house will get $1,500 in financial assistance from the federal government to help with the cost of relocating to a new family home.
• Lenders will have 10 days to approve/reject an application.
• Borrowers will be given a minimum period of 90 days to sell their home.
• Under the new guidelines, struggling homeowners are advised to make contact with their lender(s) as early as possible in order to determine what they deem a fair sale price to be.

$8,000 First Time Home Buyers Tax Credit

For this year only first time home buyers can receive up to an $8,000 tax credit when they purchase a home!  This tax credit is available to almost any home that you may want to purchase.  The biggest question that I receive regarding this program is how a First Time Home buyer is defined. 

A fist time home buyer is any home buyer who HASN'T had a mortgage in their name for the last 3 years! 

If you have been thinking about buying a home there several reasons that you should act now.

1st  Inventory is high bringing down list and sale prices
2nd Interest rates are at 40 year lows
3rd Sellers are providing closing costs
4th You could receive up to an $8,000 tax credit

Call today to schedule your no obligation home buyers consultation.

Caution:  Beware of investors who act as they have
your best interest in mind.

Are you behind in your house payments due to a mortgage product that got out of control, loss of a job, seperation or some other unplanned event? 
You don't have to go it alone!  There are various options available to you to stall or event stop foreclosure.  Fact is that the banks don't want to foreclose, and if they do it will cost you up to 7 years on your credit report.  7 years before you can purchase a home, purchase a car and in some instances rent a home!   

Call me today, let me review your current situation and present you with a plan.  It is up to you to decide what to do.  My time is your time, call today for your free confidential consultation Day or Night!
 

Remember the banks won't wait and neither should you! 

Sean Schroeder, REALTOR
757-839-3954

 

 

 

Short Sales, Bank Owned, REO properties in Virginia Beach, Chesapeake, Norfolk and Suffolk Homes for sale by the banks!  Currently banks are taking homes at 20,30,40 percent below market price! Interested?  Check out this list of Bank Owned Homes Once you take a look, call me!

Equal Housing Opportunity ( EHO )