Archive for October, 2012

Short Sales not always so short… if you know what I mean

Tuesday, October 30th, 2012

As thousands of would-be buyers have discovered, short sales can be a long shot. Though selling houses for less than the amount owed on the mortgage has become commonplace, accounting for the lion’s share of transactions in many markets, such sales are fraught with complications that can short-circuit the deal. Here is a summary of […]

HOUSE FLIPPING — They’re Back !!

Friday, October 26th, 2012

Just in time for Halloween!!! House flipping as an American pastime took hits during the recession but, like disco or SUVs, it has never gone extinct. It is returning — with a vengeance. Cable TV shows glorify expert flippers and infomercials flog seminars for novice investors eager to dive into this risky market. As many […]

CLOSING COSTS GETTING smaller

Tuesday, October 9th, 2012

Federal regulations are helping to reduce the amount new homebuyers are paying come closing time. The average cost of closing on a mortgage has fallen by 7.4% over the past year, according to a recent survey by Bankrate.com. At the end of June, a homebuyer looking to close on a $200,000 mortgage with 20% down […]

NEW RULES FOR SHORT SALES MAKE IT EASIER FOR BUYERS & SELLERS

Wednesday, October 3rd, 2012

Starting November 1, 2012, Fannie Mae and Freddie Mac will implement new short sale guidelines to make the approval process easier for eligible borrowers. The changes will require a streamlined approach with documents, leading to a reduction in documentation requirements. For example, borrowers who are 90 days or more delinquent and have a credit score […]