Multiple Offers and Sold in 20 Days

Multiple Offers and Sold in 20 Days.

REALTOR® Magazine-Daily News-1 Million Foreclosures Delayed Until 2012

According to Realty Trac, 1.2 million homes in the US received foreclosure notices between January and June of this year – experts expect that 1,000,000 – yup that’s million with an “m”, homes that should foreclose in 2011 are likely to take until 2012 to foreclose.

This morning I was speaking with one of the folks in the know and he suggests that 40% of the homes with mortgages in the US may be underwater – imagine 40% of the homes may be worth less than what’s owed on them.  Awful!

If you know someone who’s in this position, please give them my contact number – there are alternatives that may allow them to save their homes or if that is not possible, it may be possible to short sell their home and maintain their privacy – and according to law, the seller in a short sale does not pay commissions or fees to the agent.

 

Help – My Ceiling Fell In

About 10 days ago I listed a home for sale as a short sale.  Why?  The purchase home inspection failed to show up a bad roof, and the seller can’t afford to fix the leaks.  We have approval for a short sale and her home is in MLS.

See This Sign Sooner!

This afternoon she called to tell me her bathroom ceiling just caved in due to a torrential downpour last week.  She was devastated – and afraid she would have to repair the fallen ceiling.  Nope!  If the funds aren’t there, they aren’t there.  Short sales are sold as-is!

Whether it is a short sale or you are simply selling your existing home – call me – 804-307-4342 to see that beautiful SOLD sign sooner!

What’s Better a Short Sale or a Foreclosure?

So . . .  It’s a Buyer’s Market, BUT  What Should I Buy????

Short sales and foreclosures have flooded the housing market in recent years, and buyers are often drawn to the bargain prices but may be hesitant to jump into what usually is a difficult transaction and a long process.

Bankrate.com recently tackled the question of “Which to Buy: Short Sale or Foreclosure?” in an article that helps buyers weigh the pros and cons of a distressed property. Experts note that the question largely depends on buyers’ situations, how quickly they need a home, and their tolerance for fixer-uppers.

Foreclosure Pros and Cons . . .
Buying a foreclosure is often faster than purchasing a short sale. Plus, buyers often can negotiate closing costs and price in foreclosure sales, Elaine Zimmermann, a real estate investor in Memphis, Tenn., told Bankrate.com.

However, abandoned homes in foreclosure can deteriorate very quickly so the buyer may need to weigh the condition of the home and whether they want a fixer upper. Scarred walls and carpets and appliances that were damaged by the former owner are not uncommon in a foreclosure, says David Richardson, an inspector in the Detroit area who’s certified by the American Society of Home Inspectors.

Short Sale Pros and Cons . . .
A short-sale home is still owned by the occupant, so it tends to be in better condition than a foreclosure, experts say.

“The short sale is, in my opinion, far better than buying a foreclosure because the home is generally in better condition because it’s been occupied,” says Gwen Daubenmeyer, a certified distressed property expert with RE/MAX in Detroit. “The utilities have been maintained, usually the lawn is maintained, those kinds of things.”

But short sales often can take a longer time than a foreclosure to close. However, the federal Home Affordable Foreclosure Alternatives program, or HAFA, may be able to help speed up the short-sale process since it has created a timeline to hold mortgage lenders accountable, but still “it’s not perfect by any means,” Daubenmeyer says.

Source:  Realtor Mag Online June 2011 – Taken from “Which to Buy: Short Sale or Foreclosure?” Bankrate.com (June 2011)

How Long Is the Wait to Buy After Foreclosure?

A Great Article About Buying A Home After A Foreclosure or Short Sale!

“The key is to avoid the foreclosure,” Andrew Wilson, a spokesman for Fannie Mae, told The New York Times. “That is what will help you be eligible for the shorter period.

A sluggish housing market has caused millions of home owners to lose their home to foreclosure, short sale, or deed in lieu of foreclosure. But once these former home owners get a better handle on their credit, how long do they have to sit on the sidelines until they can secure future financing to buy a home again?

As an article in The New York Times notes “there are plenty of asterisks and conditions” when it comes to how long a borrower must wait after a “significant derogatory event,” like a foreclosure or short sale.

There Are Options - Let'sTalk

Foreclosure Means a Longer Wait to Buy Again . . .
In general, however, The New York Times notes that the longest wait to buy again will come if there is a foreclosure in the former home owner’s past.

Fannie Mae and Freddie Mac Loan Time Limits
Fannie Mae and Freddie Mac have a three-year waiting period following a foreclosure, and a two-year wait following a short sale, deed in lieu, or discharge or dismissal of bankruptcy. However, if borrowers can justify that the circumstance for the foreclosure or bankruptcy occurred because of an illness or job loss —or other “extenuating circumstance” —that may help reduce their wait. But with no such extenuating circumstances, these former home owners may have to wait longer, even up to seven years following a foreclosure or four years after bankruptcy, the article notes.

FHA Time Limits
For loans insured by the Federal Housing Administration, borrowers with perfect credit afterwards also will, in general, have to wait three years after a foreclosure and two years after a bankruptcy is discharged, The New York Times notes.

Short Sale Time Limits May be More Forgiving!Following a short sale, borrowers will have to wait three years to secure another FHA loan —however, there are plenty of exceptions. Borrowers will have to wait three years if they were in default at the time of the short sale and had no extenuating circumstances. However, if the borrowers were on time with all their payments a year prior to the short sale, they may have no wait at all and might even qualify for an FHA loan immediately. “The key is to avoid the foreclosure,” Andrew Wilson, a spokesman for Fannie Mae, told The New York Times. “That is what will help you be eligible for the shorter period.

Source: “The Post-Foreclosure Wait,” The New York Times (June 23, 2011) as published in REALTOR Magazine June 24, 2011

 

 

Welcome to RHN – Richmond Homes News

RICHMOND HOME NEWS

Welcome to the very first issue of the “RICHMOND AREA HOME NEWS” dedicated to serving the needs of residents, home buyers and sellers and relocation clients in the Greater Richmond VA area.

WHERE WE ARE

We serve the Greater Richmond VA area which includes, Richmond City, Chesterfield, Henrico and the western counties (Goochland, Powhatan, Amelia and Cumberland).

WHAT WE DO

RHN – RICHMOND VA HOME NEWS is here to provide information, education and in days to come even links to our MLS search engines – you too can see what’s for sale, not through the filters of search tools such as Realtor.com but right into our central MLS!

RICHMOND FORECLOSURES AND SHORT SALES as of March 2011 according to RealtyTrac, 1 in every 742 homes in VA are in foreclosure – watch for the links that will take you to the foreclosure listings in the area.  And, if you, or someone you know is upside down in your mortgage (owe more than the home is currently worth) or are having trouble making your mortgage payments, http://www.Virginia Short Sale Helpers.com is here to help you.

So, whether you are looking for a HOME TO BUY RICHMOND a HOME TO SELL RICHMOND, or just want to know more about our real estate marketplace, we’re glad you’re here and we’re here to answer your questions and help you with all of your real estate needs.