Blog

16

Oct
2013

Short Sales and REOs Account for 25 Percent of Home Sales in August

A recent study shows that short sales and REO’s accounted for 25% of home sales in August.  RealtyTrac released its August 2013 U.S. Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes and condominiums and townhomes, sold at an estimated annualized pace of 5.6 million in August, up two percent from the 5.5 million pace in July and up…

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2

Oct
2013

HUD is Shooting Itself in the Foot In Light of Short Sale Policy

New HUD Rules For A Short Sale There are new rules that took effect Oct. 1 that will prohibit brokers and agents from representing both buyers and sellers in FHA short sales, this will only make it harder for the government to get the most bang for its buck.  The Department of Housing and Urban Development issued a letter to mortgage servicers in July detailing an…

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1

Oct
2013

What You Need to Know About A Short Sale

If you were thinking about purchasing a short sale as an investment or your next home, you don’t have to be aprehensive of these types of purchases anymore as long as you start the buying process with your eyes wide open. One of the most important things you can do is to choose the right agent to represent you. There are several questions to ask your real estate…

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30

Sep
2013

HUD Announced Delay of the Preforeclosure Participation Requirement on Short Sales

Delay of The Dual Agency The U.S. Department of Housing and Urban Development (HUD) has announced that they are delaying, until further notice, a portion of the preforeclosure participation requirement on FHA Short Sales. Key preforeclosure participation requirement that is now delayed: The FHA is delaying the prohibition on dual agency/brokerage      that was included in Mortgagee Letter 2013-23.  As revised by the      FHA’s new announcement, brokers…

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26

Sep
2013

Changes to Short Sale Requirements

Effective October 1, 2013 U.S. Department of Housing and Urban Development (HUD) has announced the following changes to their Federal Housing Administration (FHA) Short Sale requirements: New or different documentation requirements for verifying assets, income, and expenses Deficit Income Test (DIT) will be used to determine a homeowner’s financial hardship Possible elimination of the financial hardship/deficit income preforeclosure sale requirement for: service members who have received Permanent Change…

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23

Sep
2013

What You Need to Know About Short Sales

Representing A Short Sale If you’re going to start taking on short sales, it’s important and beneficial to completely understand the process, the lenders, their motives, procedures, and how to handle your seller to get them all the information you need to help them. 1. Are You Experienced in Short Sales? If you are about to go through a short sale negotiation, there are some tips…

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23

Sep
2013

Check List for Taking a Short Sale Listing

Below is a checklist if you were to take on a Short Sale Listing: •Do not lose out on possible income by being afraid to take the hard cases • Think outside the box and try not to generalize about short sales as a whole • Verify that the seller truly does have a hardship • Let the seller know they have to help you…

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16

Sep
2013

HUD Announced New Rules For FHA Loans

FHA Just Announced New Rules for FHA Loans After Foreclosure, Deed in Lieu, Short Sale & Bankruptcy The Department of Housing and Urban Development (HUD) recently announced a  rule change for borrowers who have been through foreclosure, short sale, deed in  lieu of foreclosure, or bankruptcy.  In the past, these borrowers had to wait at least three years before they could qualify for an FHA loan, with…

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12

Sep
2013

Internet Marketing Is Now Available For Short Sales

New Marketing Available for Short Sales Internet marketing is not available for short sales. This is provided by ARMERealty.com. There are more home owners looking to release their properties as a a result of oweing more on their home than it is worth. Because of this increase, a company in Florida, ARME Realty has released a new internet marketing program that specialize in the short…

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