HOMEOWNERS AND HOMEBUYERS BENEFIT FROM SHORT SALES!

Homeowners and Homebuyers benefit from Short Sales!

On August 21,2012 the Federal Housing Finance Agency (FHFA) announced that working with Fannie Mae and Freddie Mac new guidelines were developed that expand eligibility criteria and streamline the short sale process which benefits Homeowners and Homebuyers alike.

These new guidelines offer a more streamlined short sale approach for troubled homeowners, as well as enable lenders to quickly and easily qualify certain homeowners for a short sale who are current on their mortgage payments,but must suffer from specific hardships such as job relocation, increase in housing expenses, unemployment and disability. The FHFA guidelines will also combine current short sales programs into one single uniform process and provide lenders and homeowners clarity on processing a short sale when a foreclosure sale is pending.

Moe Veissi, the president of the National Association of Realtors (NAR) has commended the FHFA,  “As the leading advocate for homeownership, REALTORS® know that when a family is absolutely unable to keep their home, a short sale is often the best option for homeowners hoping to avoid foreclosure,”  “REALTORS® appreciate FHFA’s efforts to increase the number of short sale approvals, which limit the losses incurred by homeowners, lenders, the federal government and taxpayers.”, he recently stated. Short sales also help stabilize home values and neighborhoods by keeping homes occupied, which benefits the housing market and aids in the recovery. these guidelines are to be implemented by November 1, 2012.

Homebuyers definitely benefit from these guidelines, as they can purchase homes with a higher market value for much less than they’re worth, PERIOD.!

If you are selling your house or buying your dream home – I can make it happen!

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HOMES 4 sale CONTINUE to FALL!

Homes 4 sale continue to fall The housing market is in recovery mode as evidenced by plummeting inventory levels and rising median prices, Realtor.com as indicated in its National & Local Market Trends report. In July 2012, the total number of residential listings from single-family, townhouses, co-op and condos dropped almost 20%, slightly just below 2 million. In the Fall of 2007 the national inventory was over 3 millions units. According to the National Association of Realtor’s website Realtor.com, the average length of time that properties are on the market is about 85 days, down about 9% from 2011, this while the average national list price is $194,900, which is up 2.63%. Today, the overall list prices are well below the 2007 $250,000 national price at its peak. Now is a GREAT time to buy! Generally, rising or stable prices combined with lower levels of inventory are signs of a recovering housing market as noted in the Realtor.com report. It’s important to note that older industrialized parts of the U.S. economy continue to show signs of weakness when it comes to housing. On the other hand, for-sale inventories are definitely falling in most U.S. markets – New York being one of those markets. Now is a GREAT time to buy! List prices grew in 91 of the 146 surveyed markets and declined in only 22 markets. "This pattern is in stark contrast to trends observed in July 2011, when median list prices were down -1% or more on an annual basis in 58 of the 146 markets covered by Realtor.com," the report noted. Now is a GREAT time to by! As a full service Realtor, I will help you achieve Real Estate needs – from finding your “DREAM” property, helping you connect with consumer friendly mortgage lenders, Attorneys that specialize in Real Estate, as well as housing, and termite, etc. Subscribe to my blog - http://escapingthecellar.blogspot.com/

THE RIGHT WAY TO BUY YOUR FIRST HOME

THE RIGHT WAY TO BUY YOUR FIRST HOME

Many people buy homes every day, but unfortunately a lot of them are not really ready. Make sure that you are fully prepared before taking on such a large responsibility. Simply put, "DON'T GO IT ALONE", "hire" a 'Realtor' - a licensed professional. All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.

While the final decision is in you the buyers hands, the Realtor you've chosen must be trusted to do what they do, i.e. bring the deal to a sucessful close. Your dream of home ownership involves many players, and your Realtor know the process from start to finish, and how to bring all interested parties together to achieve your goal to be called a "Homeowner". Theodore 'Ted' Corbett has saw buyers realized the American Dream - that of Home Ownership!

Do not hesitate to ask questions.

Know and understand how much you can logically afford. Be disciplined! Avoid the temptation of going beyond what you can afford. A handy tool - "How much home can I afford". This calculator computes the most expensive house you can buy based on the highest payment you can afford, but does not indicate whether you would qualify for the loan.

Get an inspector to check things out.

Do not buy a money pit.
While Foreclosures, Short Sales,etc. can allow great price deductions, remember there is "NO FREE LUNCH"! Avoid,Avoid Avoid the temptation to buy a property where you will be sinking tremendous amounts of money into it.

Be reasonable about expectations.

Be open about other areas.

Do not expect perfection.

REMEMBER! Hire the right people to help you along the way.A Realtor will see you through to your dream of Homeownership!

Having money is not the most important factor when buying a home. There are many more things that need to be taken into consideration. If done right you can end up with a real prize.

SELLING YOUR HOME IN A BUYERS MARKET

SELLING YOUR HOME IN A BUYERS' MARKET

In many parts of the country, selling a home IN A Buyer’s market, i.e. when there is a greater supply than demand, can be a challenge. The tremendous supply of both older homes and new construction often create a dilemma for the qualified buyer, causing a greater delay in the buyer making the decision to buy, causing your house to stay on the market longer than expected. Or, worst yet, not to sell at all.
However, there are a few things you can do to enhance “curb appeal”, so that your house stands out in the crowd. And when that happens, buyers will take notice.



For example, if your home has been on the market for more than six months, it’s probably time to change the sales approach. There are several factors that could be reviewed with your real estate agent to determine improvements that can be made. Ask for a reassessment of the sales price; it may be too high for the current market. Also, ask the agent for a new or updated marketing plan and ask for a specific explanation of each activity. Marketing your home goes beyond a few ads in the newspaper and a listing on the Multiple Listing Service (MLS); a good agent will do more to get your home sold.
If your current agent doesn’t respond to your satisfaction, you should contact the real estate broker (the owner of the office) and ask for a different sales agent – or, if you’re no longer under any contractual obligation to the firm, it might be time to change real estate offices entirely.

When setting the asking price through a comparative marketing analysis, compare similar homes sold in the winter months. Many owners set their asking price too high because of comparisons with sales prices during peak seasons. Always try to compare like properties sold at the same time of year.
Once you’ve settled on an asking price, its time to spruce up the interior and exterior of your home. Many real estate agents recommend opening as many curtains as possible to add light and color to rooms. Also, it’s suggested that you keep spring and summer pictures of your home out on tables and in clear view. Photos of your front yard flowers or the backyard shade tree in full summer bloom can help swing many buyers in favor of a purchase.
Staying on top of winter maintenance and chores is another sure-fire way of adding value to your home. A neatly shoveled driveway and cleared walkway can add a nice touch. Make sure the furnace is in good working condition and that the room temperature is kept at a comfortable level. Also, check to see that the basement if dry and sealed from any drafts.
Take yourself on a tour of your home. Start in the basement and work you way through the house. More than likely you’ll see many previously undiscovered cluttered spaces and needed repairs that can turn off potential buyers.
Don’t overload your home with a lot of pictures, either. Your house should be able to appeal to a broad spectrum of buyers.

Welcome to My Blog

Escaping the Cellar is my way of sharing knowledge and experiences in the hope that it will enhance the lives and circumstances of others. The basic theme of this blog is to provide how-to, ideas, advice and opinions for the improvement of ones life circumstances.

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It's Time to Escape the Cellar!

First, before you read any further, make this promise and commitment to yourself:

"I am a winner,

I wanna be the best,

though life's circumstances

have presented me this circumstance,

it is only a stop on the road to my successful self,

I am better then this and deserve better,

Today, I begin to turn this circumstance around

towards being the successful ME!"

Now if you honestly are able to make this promise and commitment to yourself-

CONGRATULATIONS!

You've done the "hard part".

My next postings will provide self-improvement how-to s, ideas, advice and opinions.

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