Now May be the Time to Buy - Buyers' Advantages
With very low interest rates, an increasing property inventory in the area, financial incentives such as the $8000 first-time homebuyer tax credit, as well as increasing conforming loan limits, even conservative sellers and buyers are "getting off the fence" and seeing what advantages are out there in the market.   Click here to view the comprehensive article PDF on buyers' advantages.

Whether it is providing property information, a Comparative Market Analysis (CMA) on your existing home, or marketing strategies, among other services, Loretta offers her clients valuable information for preparation of numerous real estate opportunities.

Short Sales De-Mystified

In response to the growing need for more information about real estate short sales, I am including a reference PDF with valuable information and hyperlinks to various websites for more information on this subject.  Please click here for the PDF and please feel free to pass this information along to anyone you feel would benefit from this comprehensive, informational piece. There is also a link on the PDF to consult with a HUD counselor for those that may find a need to discuss options.  As always, I encourage buyers and sellers to always seek counsel from their financial and legal representatives.

What is a short sale and what is the benefit?

“Short sales are when the lender allows a distressed property to be sold at a price lower than the homeowner’s mortgage indebtedness, with the difference forgiven,” says RISMEDIA. The article went on to report that a short sale “also typically allows the new purchaser to buy into the neighborhood at a substantial discount, much more in line with the property’s true, current market value. In other words, short sales facilitate efficient clearing of the market.”

Short sales have increased exponentially, due to the state of the economy and specifically:
-Declining property values
-Adjustable rate mortgage rate increases – property values go down, but rates still increasing
-100% or more financing
-Stated income loans
-Draining equity – homeowners using their equity in their homes as a “piggy bank” to fund, and property now worth less than what they owe
-Inflated appraisals – again, homeowners owe more than their home is worth
-Homeowner forced to sell due to change in personal circumstances:
    Divorce, death, illness, loss of employment

Short sales are quickly becoming the preferred choice when possible by lenders, in lieu of foreclosure.  For sellers, short sales provide additional options. There is much information to be shared and several scenarios to consider for those seeking opportunities. For buyers – bottom line is that with a short sale, they have the opportunity to purchase more home than they previously could afford.

I hope you find this information useful. If I may be of further assistance, please feel free to contact me.