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Timelines may speed short sales

May 1, 2012

Timelines may speed short sales

If you’re one of the estimated 11 million homeowners burdened with an underwater mortgage, a new federal-policy change could be good news: Starting in June, when you want to do a short sale to shed your mortgage-debt load and avoid foreclosure, you may not have to wait for months to hear back from your bank when you submit an offer from a potential purchaser.

Instead, if your loan is owned or securitized by either of the dominant conventional mortgage-market players — Fannie Mae or Freddie Mac — you can expect a response within 30 business days, with a final decision no later than 60 days.

Read Full Story on The Seattle Times…

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Lay groundwork carefully on buying your first home

April 23, 2012

Lay groundwork carefully on buying your first home

As a young adult, there are few occurrences that make you feel more like a “grown-up” than when you purchase your first home. It’s a process that’s frightening, somewhat frustrating and fun — all at the same time.

With the economy and the housing market wreaking havoc with emotions, even considering a first house can leave you wondering, “Is there ever going to be a right time?”

Read Full Story on The Seattle Times…

Are you dreaming of buying a home? Check out our Homeownership Simplified section a for information & tips on buying a house and our handy calculators to figure out potential mortgages, closing costs, and more!

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10 Ways to Turn Off a Homebuyer

April 18, 2012

10 Ways to Turn Off a Homebuyer

What a difference a couple of years makes.

Back in 2007, homebuyers would beg to purchase your house. They would even bid more than the asking price for the privilege to do so.

Today … well, not so much. Once the real estate bubble burst and foreclosures poisoned the housing pool, buyers suddenly regained the upper hand. But instead of buying, they’re waiting, convinced that housing prices will continue to drop.

What’s a smart seller to do in this environment?

Read More…

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Bidding Wars Erupt as U.S. Supply of Homes for Sale Falls

April 17, 2012

Bidding Wars Erupt as U.S. Supply of Homes for Sale Falls

Bidding wars, absent from most parts of the U.S. residential market since its peak in 2006, are erupting from Seattle and Silicon Valley to Miami and Washington, D.C. The inventory of homes hovers close to a six-year low, while an increase in jobs and record affordability are tempting more buyers. The number of contracts to buy previously owned homes jumped 14 percent in February from a year earlier, the National Association of Realtors reported yesterday.

Read Full Story on Bloomberg…

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Homebuying warms up in many parts of nation

April 16, 2012

Homebuying warms up in many parts of nation

Five years after the U.S. housing bust sent sales and prices plunging, the spring homebuying season is pointing to a long-awaited recovery.

Reduced prices, record-low mortgage rates, higher rents and an improving job market appear to be emboldening many would-be buyers. Open houses are drawing crowds. A wave of foreclosures is leading investors to grab bargain-priced homes.

And many people seem to have concluded that prices won’t drop much further. In some areas, including King County, house prices have begun to tick up.

Read More on The Seattle Times…

Are you thinking of buying a home? Check out our Homeownership Simplified section a for information & tips on buying a house and our handy calculators to figure out potential mortgages, closing costs, and more!

Filed Under: News Tagged With: , ,