Should I sell now - or what am I waiting for?
Inventory Levels.
How many people have you heard that are waiting until spring to list their home? Perhaps you know of someone who had their house previously listed, but cancelled only so they could relist again in the spring. By listing NOW you will avoid all the potential competition that will glut the market in March, April & May!
Interest Rates.
A 1% drop in interest rates is equal to a 10% savings in the sales price of a home.
This is causing a surge in buyer activity. Many people are finally beginning to see
this buying opportunity as what it is – an opportune time to Buy Their Dream Home! Who knows how long these great rates will stick around for?
Motivated Buyers
First time home buyers area able to take advantage of the $7,500 tax credit, which expires mid 2009. According to my own tracking reports, people have been sitting at home on their computers, looking at internet listings. They are already shopping for your house now!
Take advantage of smaller inventory levels, historically low interest rates and those buyers who have been waiting for this moment! What are you waiting for? Call me today for your free Market Evaluation.
Monday, December 29, 2008
Thursday, November 13, 2008
Bailout - Who is Eligible for Help?
Lots of articles, lots of talk about the bailout - are you still confused as to whether you are eligible for help?
Here is a quick summary for your reference:
FHA Plan (This applies if you have FHA financing through any number of lenders) Lenders will modify interest rates or forgive a portion of your principal, to bring the ratio of mortgage payments (including HOA dues) to 38% of your income.To be eligible you must:
Have a loan on a primary residence that was made before Jan. 1, 2008.
Contact loan servicers and cooperate on supplying need information.
Be at least 90 days behind on payments.
Not have filed for bankruptcy protection.
Certify that a hardship, such as job loss or illness, has affected your ability to repay
Certify that you did not purposely default to get a loan modification.
CitiBank - They are projecting to rework approximately 130,000 loans. You are eligible for consideration if your mortgage related payments exceed 40% of your income. They are calling loan holders in targeted areas of the country, but Washington isn't one of them so you will need to call them to see if you can be considered.
JP Morgan Chase (owns all of the WaMu loans now) Their loan modification efforts are targeted at option ARMs that are accumulating interest, which will be replaced with fixed-rate loans that are more stable for borrowers and seen as far less likely to default. J.P. Morgan said it wouldn't begin the foreclosure process on borrowers during the next 90 days, as it opens loan-counseling centers and takes other steps to launch the program.
Wachovia Corp. Has initiated a loan-refinancing program targeted at option Arms from the loans it acquired as part of its purchase/takeover of Golden West Financial Corp and Wells Fargo & Co.
Bank of America They have two loan-modification pools targets 265,000 borrowers with all types of mortgages. The other was hashed out with 14 state attorneys generals and involves 400,000 subprime and option-ARM customers serviced by the big lender Countrywide Financial Corp., which Bank of America purchased July 1.
What options do you have if you are having trouble making your payments - but you don't qualify per the above?
Hope for Homeowners- This program provides, new 30-year fixed rate mortgages that are FHA insured - which means you might be able to refinance into a more affordable mortgage). To be eligible for this the home must be your primary residence (and you don't have a 2nd home/investment property), you loan was originated before 1/1/08 and you have made at least 6 payments, you are not able to pay your existing mortgage without help, your total mortgage payments are more than 31% of your monthly income, an you certify that you haven't been convicted of fraud in the past 10 years or provide false information to get the loan in the first place. Hope for Homeowner Website
Credit Counseling - There are a variety of agencies out there that can help walk you through the options specific to you.The Department of Housing & Urband Development Approved Credit Counseling Agencies in Washington (free or low cost)
Talk to your Loan Servicer - Call the number on your statement and find out who owns your loan. Then call the lender directly. They are much more likely to talk to you right now.
Short Sale - This is where the lender agrees to take less than the balance of the loan to avoid foreclosure. In order to be successful with this, it is critical that you work with an agent who has an experienced team to deal with this. Generally lenders are only willing to do short sales on primary residences - not 2nd homes & investments.
Deed in lieu of Foreclosure - Talk to your lender - this is where you transfer title in return for the cancellation of your debt. Although you lose what equity you might have, it isn't as damaging on your credit as foreclosure.
Bankruptcy - When all else fails, this is something to consider.
If you think you need help Do Not Wait! If a loan is modified prior to it becoming delinquent, it will be counted as current and so it shouldn't affect your credit rating.
reprinted with permission
Here is a quick summary for your reference:
FHA Plan (This applies if you have FHA financing through any number of lenders) Lenders will modify interest rates or forgive a portion of your principal, to bring the ratio of mortgage payments (including HOA dues) to 38% of your income.To be eligible you must:
Have a loan on a primary residence that was made before Jan. 1, 2008.
Contact loan servicers and cooperate on supplying need information.
Be at least 90 days behind on payments.
Not have filed for bankruptcy protection.
Certify that a hardship, such as job loss or illness, has affected your ability to repay
Certify that you did not purposely default to get a loan modification.
CitiBank - They are projecting to rework approximately 130,000 loans. You are eligible for consideration if your mortgage related payments exceed 40% of your income. They are calling loan holders in targeted areas of the country, but Washington isn't one of them so you will need to call them to see if you can be considered.
JP Morgan Chase (owns all of the WaMu loans now) Their loan modification efforts are targeted at option ARMs that are accumulating interest, which will be replaced with fixed-rate loans that are more stable for borrowers and seen as far less likely to default. J.P. Morgan said it wouldn't begin the foreclosure process on borrowers during the next 90 days, as it opens loan-counseling centers and takes other steps to launch the program.
Wachovia Corp. Has initiated a loan-refinancing program targeted at option Arms from the loans it acquired as part of its purchase/takeover of Golden West Financial Corp and Wells Fargo & Co.
Bank of America They have two loan-modification pools targets 265,000 borrowers with all types of mortgages. The other was hashed out with 14 state attorneys generals and involves 400,000 subprime and option-ARM customers serviced by the big lender Countrywide Financial Corp., which Bank of America purchased July 1.
What options do you have if you are having trouble making your payments - but you don't qualify per the above?
Hope for Homeowners- This program provides, new 30-year fixed rate mortgages that are FHA insured - which means you might be able to refinance into a more affordable mortgage). To be eligible for this the home must be your primary residence (and you don't have a 2nd home/investment property), you loan was originated before 1/1/08 and you have made at least 6 payments, you are not able to pay your existing mortgage without help, your total mortgage payments are more than 31% of your monthly income, an you certify that you haven't been convicted of fraud in the past 10 years or provide false information to get the loan in the first place. Hope for Homeowner Website
Credit Counseling - There are a variety of agencies out there that can help walk you through the options specific to you.The Department of Housing & Urband Development Approved Credit Counseling Agencies in Washington (free or low cost)
Talk to your Loan Servicer - Call the number on your statement and find out who owns your loan. Then call the lender directly. They are much more likely to talk to you right now.
Short Sale - This is where the lender agrees to take less than the balance of the loan to avoid foreclosure. In order to be successful with this, it is critical that you work with an agent who has an experienced team to deal with this. Generally lenders are only willing to do short sales on primary residences - not 2nd homes & investments.
Deed in lieu of Foreclosure - Talk to your lender - this is where you transfer title in return for the cancellation of your debt. Although you lose what equity you might have, it isn't as damaging on your credit as foreclosure.
Bankruptcy - When all else fails, this is something to consider.
If you think you need help Do Not Wait! If a loan is modified prior to it becoming delinquent, it will be counted as current and so it shouldn't affect your credit rating.
reprinted with permission
Monday, November 10, 2008
Yep! I survived this year in Real Estate!
Yep! I survived this year in Real Estate.
I couldn't have picked a better time to be in this industry~
This market is full of great opportunity for both buyers and sellers!
Despite the uncertainty of the financial markets, homeownership continues to be one of the most solid investments one can make.
Homes are more affordable than they have been in years.
Interest rates are at historic lows and there are a variety of great mortgage options available, despite perceptions to the contrary.
The market is beginning to turn around.
Are you thinking of buying or selling?
I couldn't have picked a better time to be in this industry~
This market is full of great opportunity for both buyers and sellers!
Despite the uncertainty of the financial markets, homeownership continues to be one of the most solid investments one can make.
Homes are more affordable than they have been in years.
Interest rates are at historic lows and there are a variety of great mortgage options available, despite perceptions to the contrary.
The market is beginning to turn around.
Are you thinking of buying or selling?
Saturday, October 11, 2008
Bloggerhood
I see the neatest Blogs - and I'm dying to start! I think I've been to every blog forming blogsite there is. There's no real great instructions on how design what I have inside my head. I even emailed someone who has a blog. He told me to just "write". Great! I WANT to write, I just don't know how to POST the writing! Thanks to Kim Wood who posted a step by step instruction on Active Rain. Please don't ask me how to do this, I'm not sure I understand what I did. But now I can WRITE!!!!!! My plan is to become a community site. I live in Maltby WA, a great little community with fun stuff! I want to show community events - churches, schools, businesses and of course, my real estate expertise, since I am afterall, the neighborhood real estate expert. So by trial and error, I will have my site....Who knows where this could go, but I'm on my way to Bloggerhood!
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