New rules for short sales

Just when you think you have received good news with the announcedment of HAFA new rules such as: Lenders will have to respond within 30 days with a short sale agreement, 30 days to approve, and more flexability when dealing with second lien holders, and especially new rules forbid loan servicers from deducting vendor expenses from commissions paid to real estate agents. Then you read the very last paragraph and I quote”the rules does not apply to mortgages owned or guaranteed by Fannie Mae or Freddie Mac, or insured or guaranteed by a federal agency such as the Federal Housing Administration (FHA)” source Inman news Jan 10, 2011
OK what percentage of loans are left to come under the new rules, maybe 1%. What a waste of tax payers money even to have such a program that only a very few people benefit.

Short Sales Fannie Mae & Freddiemac

Fannie Mae and Freddiemac are changing their determination as to when to postpone a foreclosure date when processing a short sale, making the processing of a short sale transaction even more difficult.

If anyone has more information on this would love to hear from you.

PRICELESS PETS PROJECT BY METRO BROKER OFFICES OF GREELEY

We are continuing our PRICELESS PETS PROJECT.  Our local animal shelters are being flooded with abandoned and homeless animals. Most shelters are at capacity and have no more room.  WE NEED YOUR HELP!

To help, we ask that you please consider adopting a Priceless Pet or donating either financially or through a gift of any of the items listed below.  We will deliver any of the items you wish to donate…simply drop them off at 3835 W. 10th St. in Greeley or mail your financial donations to the same address. Tell your friends and families about us too!  Items needed dog food (dry or canned), puppy food, cat food ( dry or canned) kitten food, rabbit pellets, blankets, sheets, towels, pillows, metal bowls, water buckets, paper towels, cat litter, garbage bags, bleach and laundry soap. Our Pricless Pets thank you.

10 Homeowners Tax Tips

Did you know a million Americans over pay their taxes every year!!  As you prepare your tax returns, be sure to read up on these tax deductions, they may save you thousands of dollars.

1. Mortgage Interest–this is usually fully tax-deductible, and applies to multiple mortgages as long as you don’t exceed $1 million.

2.Home Offices–Qualified home offices have tax deductions for maintainence, utilities and etc.  Everyone situation is different on this one, so be sure to check with your tax accountant.

3. Private Mortage Insurance (PMI), If you have brought your home since 1/1/2007 and have an adjusted gross income of under $110,000, you may be able to claim the PMI you have paid thru out the year.

4. Points–Did you pay  points to lower your mortgage interest rate or purchase a   home or refinanced this year?

5.Moving Expenses–If you had to relocate over 50 miles for a new job, your moving expenses and other directly related expenses are deductible

6.Vacation Homes. Now is the best time to buy a vacation home, interest rates are low, and affordable prices  make this one very possible. Real Estate taxes are deductible, personal property taxes, mortgage interest and again any points that you may have paid.

7. Even though usually your property taxes are included in your monthly payments they are deductiable too. Check your city, county and state as they too could have local income taxes that are deductible.

8. The best deal is Home Buyers Tax Credit. Ending on April 30, so you better hurry to take advantage of this one, you just have to be under contract by Apri 30, 2010.  This tax credit is for first time home buyers or existing buyers if you have been in present home for over 5 years.

9.  Health-Related Credit. If you have had to make home improvements for medical reasons (that do not add value to the overall home) can be tax deductible.

10.Capital Gains with No Income Taxes. Did you sell a home last year? If so, you should be able to realize a tax exempt profit of up to $250,000 once every 2 years,  be sure to check with your tax accountant.

 As always, please check with your tax advisor on which of these deductions may apply to you. Please keep in mind these are always subject to change.

Determining market value when listing

A topic I am confronted with as I talk to prospective Sellers is one of a false sense of optimism about the marketability of their home. Selling a home today can be as easy or hard as one wants to make it…however, a dose of reality is the medicine required to market a home, given the variable present in today’s market economy

A factor that has no bearing on market value is the amount you paid for your property. It doesn’t always go up in value after you bought it, especially if you purchased a home within last few years. Also, if you bought your home below market value, you may have to sell that way yourself.  Many homes purchased in the last few years have not appreciated in value and these factors must be considered:

You can’t base the sales price on:

what you spent on redecorating

what a neighbor got for his/her property

your emotional attachment to your home

how much money you need to purchase your next house.

When thinking about a move, carefully listen to your real estate professional, and get answers to important questions, such as:

What is the competition and how many properties are there on the market?

How long have homes been on the market?

What are the good points and the bad points as far as salability?

What can be done, such as staging, to hasten a quick sale? Remember, a few dollars well spent can go a long way toward improving marketability.

If your home or condominium is clean, in good condition, and priced within the range of similar selling properties, it should attract a serious buyer within a reasonable period of time.

3 more families have been helped from being foreclosure on

With the closing of 3 short sales within the last 7 days, with all the time and work and effort to get these families to the closing table, it was worth it when I saw their appreciation and relief in their faces and know that they can now move on with their lives.

Short sales where are they going?

 

Successfully closed on my third short sale transaction in 7 days. The history of these listings is what’s interesting.

One listing took 11 months to close and 6 purchase contracts. That’s right Buyer #6 was the lucky buyer. However over the 11 months each purchase contract price declined, as we waited on Country Wide/Bank of America to negotiate the short sale.

2nd one was also Country Wide/Bank of America only took 8  months to process that contract, and one buyer, he stayed the course for the whole 8 months, not knowing whether he had brought a home or not. That takes patiences!

Listing #3 closed today after 8 months of negotiating with Chase Bank.  If my math is correct, that is an aveage of 9 months for the banks to negotiate a short sale and to close.

Approx.  3 years ago when shorts sales were just getting started in Northern Colorado, it was my experience that negotiations took 4-6 months.  Right now I am experiencing 30-45 days before the banks will even acknowledge that they have received the short sale package.  I do not see this changing in the near future, except maybe to get worse as the economy continues its recession.

If I am correct short sales will not be an option for the Sellers in the near future, the banks will have to foreclosure on more properties driving the real estate prices down even more. I would really appreciate hearing from other agents who  also specialize in short sales your thoughts and ideas on where the short sales market is going.

Northern Colorado mixed housing market.

Mixed market in northern Colorado. Short sales and bank owned property listings are slightly down, but according to predictions, that will soon change in March and April.

We have an actual housing shortage of nice privately owned homes for sale in Greeley, Colorado. The $8,000 first time buyers tax credit, and great interest rates are consuming the homes that are priced right.  First time credit buyers can’t really participate in the short sale market, as they don’t have time to close before the program expires. Alot of bank owned properties need work, and the first time home buyers don’t have the tools, knowledge, or time to do the work.

Greeley, Colorado is the most affordable city in northern Colorado with the average sales price being $135,000, Ft. Collins average sales price is approx $225,000 and Loveland, Colorado is coming in at $210,000.

Smart Buyers looking for good value for their money are buying in Greeley and commuting to the front range, just minutes away by Highway 34 and/or interstate 25.

Northern Colorado Real Estate

Short sales and bank properties are our majority of inventory.  Short Sales are currently taking approx. 6 – 9 months to process.  A crazy way of doing business.  I am new at blogging, but very excited about learning the process,  and would appreciate any and all tips.

Blogging

4 easy steps to blogging, right. I have a blog, now can anybody see it?  All suggestions would be very much appreciated.