Crucial for homebuyer to develop a ‘Plan B’

Crucial for homebuyer to develop a ‘Plan B’

In today’s real-time real-estate market, it makes sense for buyers to carefully weigh contract options and develop contingency plans with their real-estate agents long before it’s time to go to settlement.

In addition, sellers have to keep a keen eye on the process as this is clearly not a version of the “don’t ask, don’t tell” laissez-faire approach of the past.

Here are some top contract trends and contingency plans for keeping your home sale on track…

Read More on The Seattle Times…

Timelines may speed short sales

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…

Proposed bill would protect residents selling their home

Proposed bill would protect residents selling their home

If you’re under water in your mortgage and thinking about selling your home for a loss, a new bill from 46th District Sen. David Frockt aims to give you some extra protection.

The bill would require banks to choose between two options, either selling off the debt they didn’t recover from the home sale or taking it as a tax write-off, rather than the common practice of doing both.

“What we do in this bill is essentially provide the same type of protection to homeowners who are not yet in foreclosure but are at risk for foreclosure,” Frockt said.

Read More on KomoNews.com…

Are you a struggling homeowner? Check out our Avoiding Foreclosure section for resources and tips.

More opting for short sales vs. foreclosures

More opting for short sales vs. foreclosures

It’s a tarnished silver lining for people at risk of losing their houses and homeowners in neighborhoods blighted by bank-owned properties, but the robosigning scandal that slowed the foreclosure process to a crawl appears to have increased lender interest in short sales…. 

Short sales, in which the lender agrees to let the owner sell the home for less than the amount owed on the mortgage, and foreclosures both climbed in 2010, but while short sales rose by 26,000 this year, the number of foreclosures fell by 255,000, according to Hope Now…

…Short sales are better for homeowners. They can stay in their homes, and the quicker process means they can begin rebuilding their credit sooner.

Read Story on MSNBC.com…

Are you a struggling homeowner? Check out our Avoiding Foreclosure section for resources and tips.