Short Sales, Shorter Process

 

 

The short-sale process is expected to get shorter starting June 15. New guidelines issued under the Federal Housing Finance Agency will require Fannie Mae and Freddie Mac to give homebuyers of short sales notice of their final decision within 60 days. The new guidelines also will require the mortgage giants to respond to initial short-sale requests within 30 days of receiving an offer.

The speedier process is expected to be a boost to the housing market, Michael McHugh, president of the Empire State Mortgage Bankers Association, told the New York Times. Homebuyers and sellers often have to wait months before they receive a short sale decision from a lender. Some deals fall apart just from the wait alone.

Short sales have been increasing in recent months as many lenders find them more appealing than foreclosures, which can cost more and take longer to remove from their books.

Short sales now outpace foreclosure sales in many parts of the country. Short sales represent more than 14 percent of existing-home sales, according to CoreLogic housing data from March, the most recent month available.

McHugh says that a faster short-sale process may be particularly helpful in speeding the recovery in judicial states, where foreclosures must go through the courts before they are approved. Now short sales may be viewed by defaulting homeowners as more of an option if they want to avoid foreclosure.

“There should be a significant improvement in the turnaround,” McHugh said regarding housing markets with judicial foreclosure processes.

Source: “Speeding Up Short Sales,” The New York Times (May 24, 2012)

Moving Out of My Comfort Zone

“I'm coming out of my comfort zone
Some of the places in my life that's comfortable
God is challenging me, trust and believe
For to go where I've not gone, I must do what I've not done”

~Marvin Sapp~

This song motivated me through the latter half of 2011 and is now my seed of inspiration for 2012. Yes, I moved out of my comfort zone. I called all my past client in my database to reconnect and let them know, I am still in the Real Estate business. As nervous I was, I knew it would give my business the boost it needed. My database is now tapered to a working network of individuals that can attest to my trustworthiness, diligence and success-driven work ethic.

In 2011, I was also able to launch my very own website. I am no longer promoting listingbook, my broker or some other third party company. It’s all about Gloria Walters, the brand, the Realtor. I even have my own logo.

The number of training courses I attended in 2011 was also the highest in all of my real estate years combined. “I am coming out of my comfort zone” and rightfully so, I should. The landscape of the market has changed. There is so much a Real Estate professional needs to be knowledge of.

It’s now 2012 and I have established a new set of goals, where I must force myself to leave the comforting womb of complacency and redundancy. Overcoming these challenges, will certainly lead to well deserved rewards. Greater success is in my future and I look forward to every bit of it. I would like to share the inspiring song, which has elevated my thinking, confidence and perseverance to the next level. We all want to be better at something in life. Whatever it is, you need to challenge yourself and come out of your comfort zone!

Another Happy Investor

I recently helped one of my Investor’s successfully sell a property. He used my services to acquire the property back in 2009 for about $35,000. At this time, the home needed extensive rehabilitation. As you can see by the pictures, the home had been abandoned for some time. My investor (the visionary), saw an opportunity to turn this eye-sore into a move-in ready home. Fast forward to 2011. The home had been rehabilitated and rented for over a year, waiting for the right time to sell. I listed the newly renovated home that boasted new floors (hardwood, tiles and carpet), new cabinets, new appliance package, new roof, complete with all the homey touches for $144,900. In less than 60 days, I received a full offer on the property. This is only one example of the many successful investments stories. If you are looking for a real estate professional that could help you with your investment projects, you can count on me. I will help you from property acquisition and tenant placement to property re-sale. Looking forward to working with you.

Tampa Bay Real Estate Investment Opportunities (November 6, 2011)

Over the past month, a number of homes have gone under contract and come available. Certain condo communities are seeing a high demand in properties. Some of these properties include Hyde Park Place, The Quarter at Ybor, Villa Sonoma among others. There are currently 35 single family homes available for sale and priced at 20K or less in Tampa. The home’s rehabilitation needs range from medium to extensive . Click here to view these homes. Please give me a call 772-359-7543 or email me at info@gloriawalters.com to schedule a viewing and begin your journey in investing in Tampa’s Real Estate.

Best Chicken Philly in Tampa Bay

Fresh Mouth, located in Central Ybor makes the best chicken philly in Tampa Bay. I am yet to stumble upon another restaurant that can rival this tasty sandwich. Served on a soft hoagie bun, the philly consists of piles of chopped chicken breast, grilled mushrooms, green peppers and onions, smothered with a load of provolone cheese that makes the sandwich even more decadent with flavor. If you are looking for a Great chicken philly, Fresh Mouth is your place.

Top 10 Reasons to Own Rather than Rent

I read this article by FloridaRealtors that emphasized the top 10 reasons why it’s better to own rather than rent. With home prices really low and interest rates even lower, the market is perfect for those who have considering owning. Still on the fence? Review the list below. Hopefully it will tip you over into the field of home buyers.

 

Top 10 Reasons to Own Rather than Rent
1. You own it: With no landlord, you make the decisions.
2. You deduct it: Mortgage interest, property taxes and some costs involved with buying a home can be deducted from federal income taxes.
3. Interest rates: The cost to borrow mortgage money is at an all-time low. If you’re going to buy, this is the time to jump into the market.
4. You invest in it: Rent money is gone forever. Mortgage payments build home equity ownership interests.
5. You save for the future: Home equity is a ready-made savings plan. Sell it and you can make up to $250,000 cash without owing any federal income tax on the profit.
6. You can predict expenses: Unlike rent, a fixed-mortgage payment doesn’t get more expensive over time.
7. You pick it: Choose from different neighborhoods, styles and price ranges.
8. You create it: Decorate, renovate, get a pet or paint the walls whatever color you want – it belongs to you.
9. You live in a neighborhood: You and your neighbors take pride in the local schools, roads and more – and you work together to build a friendly community.
10. You spend money on yourself: When you buy a chandelier or hardwood floor or kitchen cabinet, you’re spending hard-earned money on yourself and building your equity at the same time.

 

Call me if you are ready to buy a home in Tampa… I look forward to working with you.

Florida Homeowners May Receive $5,000 to $20,000 in Relocation Assistance

Just in! Bank of America is offering Florida homeowners anywhere from 5,000 to $20,000 to short sale their homes rather than allowing them to fall into foreclosure. With this limited time offer, Bank of America hopes this will encourage distressed homeowners to communicate with them and explore the option of short sale.  An added benefit to these pre-offer programs, Home Affordable Foreclosure Alternatives (HAFA) and Bank of America Proprietary Program, is that the deficiency may be waived for the homeowner. The criteria is shown below.

Eligibility

• Homeowners with property in Florida
  
• Short sales initiated without an offer between September 26 and November 30, 2011
  
• The customer will have to be eligible for one of the without offer programs such as the HAFA program or our proprietary program (specific investor participation and eligibility criteria do apply to these programs)
  
• Successful closing of the eligible short sale by August 31, 2012
  
• Minimum relocation assistance is $5,000 and maximum is $20,000, with the specific amount calculated based on the unpaid principal balance

Exclusions

• Ginne Mae, FHA, VA, and USDA loans are ineligible for participation
  
• Lot loans are ineligible
  
• Properties outside the state of Florida are ineligible for participation
  
• Short sales initiated with an offer are not currently eligible for the enhanced relocation assistance

Distressed homeowners and investors with mortgages with Bank of America, this is a great opportunity to relieve yourself from that burden. To learn more about this program, please call or email me at anytime or you could speak to a Bank of America Short Sale Specialist at 877-459-2852. I look forward to helping you list your home and exploring the short sale opportunities.