More lenders on board...........
Although the process often can be time-consuming, increasing indusry acceptance of short sales as a viable alternative to foreclosure is helping buoy lender buy-in. Francis Martinez Myers, SVP at Employee Transfer Corporation/ETCREO Management, explanins that short sales will reduce overall costs and produce better financial outcomes for lenders and servicers. In addition, "For the homeowner, it is a little easier on their credit and allows them to manage the exit from the property (versus an eviction) in a way that preserves their dignity." Indeed, short sales have been encouraged as a double means of dodging foreclosure: They result in a less severe loss to the lender, give borrowers the possibility of restoring their credit earlier, and facilitate the sale of the property rather than adding it to the already-saturated REO rolls.
"The banks make 25 percent to 30 percent more money on a short sale than on a foreclosure, so the short sale makes sense, " said Tim Burrell, owner of RE/MAX United in Raleigh, North Carolina. Burrell has spearheaded successful short sales since 1992 and has written the book, Create A Short Sale: Your Guide Through the Short Sale Maze. By and large, short sales are reaching new heights. Treasury figures, for example, showed an increase from 9,402 in second quarter 2008 to 23,102 at the end of second quarter 2009. And those numbers are expected to keep ticking upward.
Wednesday, February 3, 2010
It's Short Sale Time...........
Could the New Treasury Program Help This Foreclosure Alternative Run Like Clockwork?
An all-too common outcome in the housing industry today, foreclosure is a fact of life for defaulting homeowners who are saddled with mounting mortgage bills --and seemingly no other way to dig themselves out of debt. There may be a glimmer of hope, though, on the horizon, thanks to meaningful procedural changes to short sales that may eventually help ease this onerous situation for borrowers, servicers, and lenders alike.
With distressed property sales accounting for 40 percent of U.S. home sales in 2008, and the resulting logjam this has created for banks and servicers trying to address the glut of problem properties on the market, short sales --once resisted by banks --are gaining firm traction and positive attention.
Dave Liniger, chairman of the board at RE/MAX, said the short sale process has been cumbersome for all involved. "The vast majority of the real estate agents have not been properly trained to understand the actual process; the lenders have been overwhelmed with the sheer volume of the inventory; and the investors have not trusted the process, " he explained. But, he says the new guidelines issued November 30, "will add structure, policies, and procedures to the process." He predicts that short sale transactions will increase dramatically, leaving neighborhoods across the country with fewer vacant and vandalized properties.
Gerald B. Alt, president and CEO of HEART Financial Services, LLC, said "Short sales and deeds-in-lieu have to happen. The majority of moratoriums are finished, so these are one of the only options left for borrowers who don't qualify for a modification or refinance."
So will short sales become the savior of the housing crisis, helping emancipate masses of homewoners from the throes of foreclosure? While it's still too soon to tell exactly how much short sales will increase in the coming years, according to industry insiders, short sales very well could help alleviate many of the ills plaguing the servicing sector.
An all-too common outcome in the housing industry today, foreclosure is a fact of life for defaulting homeowners who are saddled with mounting mortgage bills --and seemingly no other way to dig themselves out of debt. There may be a glimmer of hope, though, on the horizon, thanks to meaningful procedural changes to short sales that may eventually help ease this onerous situation for borrowers, servicers, and lenders alike.
With distressed property sales accounting for 40 percent of U.S. home sales in 2008, and the resulting logjam this has created for banks and servicers trying to address the glut of problem properties on the market, short sales --once resisted by banks --are gaining firm traction and positive attention.
Dave Liniger, chairman of the board at RE/MAX, said the short sale process has been cumbersome for all involved. "The vast majority of the real estate agents have not been properly trained to understand the actual process; the lenders have been overwhelmed with the sheer volume of the inventory; and the investors have not trusted the process, " he explained. But, he says the new guidelines issued November 30, "will add structure, policies, and procedures to the process." He predicts that short sale transactions will increase dramatically, leaving neighborhoods across the country with fewer vacant and vandalized properties.
Gerald B. Alt, president and CEO of HEART Financial Services, LLC, said "Short sales and deeds-in-lieu have to happen. The majority of moratoriums are finished, so these are one of the only options left for borrowers who don't qualify for a modification or refinance."
So will short sales become the savior of the housing crisis, helping emancipate masses of homewoners from the throes of foreclosure? While it's still too soon to tell exactly how much short sales will increase in the coming years, according to industry insiders, short sales very well could help alleviate many of the ills plaguing the servicing sector.
Sunday, January 24, 2010
Gorgeous Home for Sale! Don't miss this Beauty!
510 Branchwood Dr.
Midlothian, TX 76065
Gorgeous, Updated Model Home for Sale!
Home
Virtual Tour
Photo Gallery
Property Map
Financing
Request Showing
Contact Me
Deonna Sheffield
Office: 972-442-1277
Mobile: 972-922-6046
Price : $160,000
Bedrooms : 4
Bathrooms : 2
Square Foot : 2,261
Lot Size : 9,016 sq.ft.
County : Ellis
Property Type : Detached
Year Built : 2002
MLS Number : 11323402
click for more information and pictures
Property Description
Breath taking 4 Bedroom, 2 Full Bathroom, 2 Car Garage model home with all the bells and whistles. Beautiful driveup including gorgeous landscaping and eye catching entry of laminate hard wood flooring throughout. Includes open floor plan with beautiful, spacious kitchen and 2nd living area. Comes complete with eat in kitchen, breakfast bar, island and formal dining area. Master comes complete with his and her closets, his and her vanities, seperate shower and large garden tub. Lots of room and storage throughout entire home including shelving and workspace in the garage. You won't find a more beautiful home than this. It has EVERYTHING! Must See!!
Features List
# 2 living areas
# 2 dining areas
# swing driveway
# Open floorplan
# 4 bedrooms
# 2 bathrooms
# laminate wood floors
# ceramic tiled floors
# carpet
# security system
# sprinkler system
# model home
# updates
# spacious
# his and her closets
# his and her vanities
# seperate shower
# garden tub
# breakfast bar
# kitchen island
# skylights
Equal Housing Opportunity.
RE/MAX By The Lakes : 1502 W. Kirby - Wylie TX 7509
Wednesday, January 20, 2010
Economy/housing industry to get worse??
I received this in my email and felt it informative to post here;
FHA just gave the go ahead to flip houses to FHA buyers. Why do you think that is? Perhaps they know things are going to get worse, so they need to start moving more inventory (properties) ASAP.
Here's why:
#1 While the subprime crisis may be showing signs of stabilizing, the ARM crisis is just beginning to rear its ugly head.
According to one business journalist:
"The big wave of Option ARM resets has yet to come, and given the drop in home prices, refinancing won't be realistic."
#2. Municipal Defaults:
yep, local towns and counties are feeling the pinch with foreclosures and tax defaults draining their coffers. And when a town goes broke, it will put their resident's property even further underwater.
#3. Commercial Real-Estate Collapse:
The second largest chain of malls has already declared bankruptcy. Obligations needing refinancing in the commercial market are in the trillions. And most of them, even with positive cash flows, are as underwater as residential mortgages. As these businesses crash, they will cause even more unemployment.
#4. Loan modifications aren't working.
Unless and until there is meaningful principal reduction, most people getting a loan modification will stop making their payments if they are $100,000+ upside down on their home. And there are A LOT of people upside down. Look for lots of "jingle mail," where the homeowner just sends back the keys, in 2010.
Look, you can either be a victim or victor of this economy!!
Whether you have a mortgage and/or debt in general, getting out of debt is what everyone should be doing. Thats our specialty. We help everyday people who have their income, debts, expenses and at least making $1 more than they are spending each month. Contact me for more details and a free analysis as to what we can do for you!
Check out this TESTIMONIAL from a loan officer.
FHA just gave the go ahead to flip houses to FHA buyers. Why do you think that is? Perhaps they know things are going to get worse, so they need to start moving more inventory (properties) ASAP.
Here's why:
#1 While the subprime crisis may be showing signs of stabilizing, the ARM crisis is just beginning to rear its ugly head.
According to one business journalist:
"The big wave of Option ARM resets has yet to come, and given the drop in home prices, refinancing won't be realistic."
#2. Municipal Defaults:
yep, local towns and counties are feeling the pinch with foreclosures and tax defaults draining their coffers. And when a town goes broke, it will put their resident's property even further underwater.
#3. Commercial Real-Estate Collapse:
The second largest chain of malls has already declared bankruptcy. Obligations needing refinancing in the commercial market are in the trillions. And most of them, even with positive cash flows, are as underwater as residential mortgages. As these businesses crash, they will cause even more unemployment.
#4. Loan modifications aren't working.
Unless and until there is meaningful principal reduction, most people getting a loan modification will stop making their payments if they are $100,000+ upside down on their home. And there are A LOT of people upside down. Look for lots of "jingle mail," where the homeowner just sends back the keys, in 2010.
Look, you can either be a victim or victor of this economy!!
Whether you have a mortgage and/or debt in general, getting out of debt is what everyone should be doing. Thats our specialty. We help everyday people who have their income, debts, expenses and at least making $1 more than they are spending each month. Contact me for more details and a free analysis as to what we can do for you!
Check out this TESTIMONIAL from a loan officer.
Tuesday, January 12, 2010
SFR Certified
FOR IMMEDIATE RELEASE:
Deonna Sheffield
RE/MAX By The Lakes
972-922-6046
972-442-1277
Deonnasheffield@remax.net
http://deonnasheffield1.point2agent.com/
Deonna Sheffield Earns NAR Short Sales and Foreclosure Certification
Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales
Wylie, TX, 12/28/2009 — Deonna Sheffield with RE/MAX By The Lakes has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.
According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.
“As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”
The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves. To earn the SFR certification, REALTORSÒ are required to take one core course and three Webinars. For more information about the SFR certification, visit www.REALTORSFR.org or call 1-877-510-7855.
# # #
Thursday, January 7, 2010
Freezing Weather Alert
Freezing Weather Alert
Protect Your Home and Your Listings
With the freezing temperatures forecast for the next few days dfwREALTORS.com - MetroTex wants to remind you to protect your home and advise your clients to do the same. Frozen water in pipes leads to pipes bursting at their weakest point and can cause incredible damage to a residence. Pipes in attics, crawl spaces and outside walls are particularly vulnerable to freezing in extremely cold weather, where holes in your house’s outside wall for television, cable or telephone lines allow cold air to reach them. An eighth-inch crack in a pipe can leak up to 250 gallons of water a day. By taking a few simple precautions, you and your clients can save yourselves the mess, money and aggravation frozen pipes can cause.
To keep water in pipes from freezing, take the following steps:
Wrap outdoor pipes in newspapers or insulation and cover with plastic.
Insulate pipes in your home's crawl spaces and attic. These exposed pipes are most susceptible to freezing. The more insulation you use, the better protected your pipes will be.
Heat tape or thermostatically-controlled heat cables can be used to wrap pipes.
Seal leaks that allow cold air inside near where pipes are located. Look for air leaks around electrical wiring, dryer vents and pipes. Use caulk or insulation to keep the cold out and the heat in. With severe cold, even a tiny opening can let in enough cold air to cause a pipe to freeze.
Disconnect garden hoses and, if possible, use an indoor valve to shut off and drain water from pipes leading to outside faucets. This reduces the chance of freezing in the short span of pipe just inside the house. If you don't have a separate valve to turn off outside water, wrap or cover faucets or hose bibs with an insulating material.
Letting a faucet drip during extreme cold weather can prevent a pipe from bursting. Opening a faucet will provide relief from the excessive pressure that builds between the faucet and the ice blockage when freezing occurs. A dripping faucet wastes some water, so only pipes vulnerable to freezing (ones that run through an unheated or unprotected space) should be left with the water flowing.
Open cabinet doors to allow heat to get to pipes under sinks and appliances near exterior walls.
Protect Your Home and Your Listings
With the freezing temperatures forecast for the next few days dfwREALTORS.com - MetroTex wants to remind you to protect your home and advise your clients to do the same. Frozen water in pipes leads to pipes bursting at their weakest point and can cause incredible damage to a residence. Pipes in attics, crawl spaces and outside walls are particularly vulnerable to freezing in extremely cold weather, where holes in your house’s outside wall for television, cable or telephone lines allow cold air to reach them. An eighth-inch crack in a pipe can leak up to 250 gallons of water a day. By taking a few simple precautions, you and your clients can save yourselves the mess, money and aggravation frozen pipes can cause.
To keep water in pipes from freezing, take the following steps:
Wrap outdoor pipes in newspapers or insulation and cover with plastic.
Insulate pipes in your home's crawl spaces and attic. These exposed pipes are most susceptible to freezing. The more insulation you use, the better protected your pipes will be.
Heat tape or thermostatically-controlled heat cables can be used to wrap pipes.
Seal leaks that allow cold air inside near where pipes are located. Look for air leaks around electrical wiring, dryer vents and pipes. Use caulk or insulation to keep the cold out and the heat in. With severe cold, even a tiny opening can let in enough cold air to cause a pipe to freeze.
Disconnect garden hoses and, if possible, use an indoor valve to shut off and drain water from pipes leading to outside faucets. This reduces the chance of freezing in the short span of pipe just inside the house. If you don't have a separate valve to turn off outside water, wrap or cover faucets or hose bibs with an insulating material.
Letting a faucet drip during extreme cold weather can prevent a pipe from bursting. Opening a faucet will provide relief from the excessive pressure that builds between the faucet and the ice blockage when freezing occurs. A dripping faucet wastes some water, so only pipes vulnerable to freezing (ones that run through an unheated or unprotected space) should be left with the water flowing.
Open cabinet doors to allow heat to get to pipes under sinks and appliances near exterior walls.
Sunday, January 3, 2010
Subscribe to:
Posts (Atom)
