Let’s see, home prices per CNN.Money.com are rising in some areas of the United States and lagging in others. What are the local trends of home sales in your area? You might look at the local real estate trends as provided by Trulia. Interest rates are so low that only grand parents or great grand parents remember lower rates. However, the job market appears to be unstable and inventory of foreclosed homes is also rising. So who is buying a home and why?Most calls I am getting are from investors who believe the bottom has been reached in our area of California, (Benicia, Danville, Martinez, Alamo, Vallejo) and now have plucked or seized the day (Carpe diem). Investor-buyers are realizing that there is a profit to be made right now with positive cash flow in many cases and security in knowing that the economic up cycle is expected with equity build up in the property. Are primary or potential owner occupied home buyers simply afraid? Is that the problem? Why are you as a potential home buyer not buying right now?
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The Home Affordable Foreclosure Altenatives Program (HAFA) is beginning to take shape as more real estate professionals aquire the knowledge of this new program to make it easier for the destressed borrower to sell his/her home by a more streamlined short sale method.
The problem with short sales has been the length of time it takes to finally close the transaction. The biggest issue with short sales was just getting the investor to approve or not approve the short sale. After months of waiting for a response, many buyers give up and pull out of the deal. This should no longer be the case as a standardized form called the Request for Approval of Short Sale (RASS) along with a completed contract of sale, and a completed short sale package from the listing agent to the servicer of the loan in default, should result in an approval or denial within 10 business days after submission of the package. Furthermore the whole process is being revamped with standardized forms as much as possible throughout the nation. Fannie Mae and Freddie Mac have also adopted and adapted guidelines to the HAFA program.
There are no true “experts” in this process but there are now Realtors @ who are certified short sale specialist that have completed the educational requirements to help sellers and buyers in the new HAFA short sale process.
Just heard the news today, oh boy (credit to Beatles). It has been said that for every action there is a reaction. So, if that’s true is time we pulled ourselves up by the bootstraps. (Boy is that dated) By the way the stock market will crash in 2011. Who can you trust? The government? “We are not in a depression” or”I did not have sex with that women!”.
Ok, home listings are selling faster than ever in the current market. We have the lowest interest rates on record and home prices are now as low as in 1999-2000. If you have a secure job take the plunge and invest in home ownership for your future. If the stock market tanks, you’ll be ok. People need a place that they can call home and the time is now. It will not be easy. Anything that is too easy is not appreciated. There will always those who will yell “The sky is falling!” or “The earth will end tomorrow so prepare!” Be wise, the world will end for all of us someday, but unlikely at the same time. Invest in America today and America will invest in you.
