Foreclosure Sales Account for 31 Percent of All Residential Sales in First Quarter 2010
Foreclosure Sales Account for 31 Percent of All Residential Sales in First Quarter According to New Report From RealtyTrac. As an active short sale broker, assisting both buyers and sellers of short sale properties, I consider it a critical party of my job to help keep all parties involved and informed. A recent statistical article by RealtyTrac, one source for Foreclosure Activity across the US, posted its recent statistical summary releasing statistics for the number of foreclosure properties nationwide, along with comparing the value of non-foreclosure properties to those properties that have... [Read more...]
6 Tips for Buying a Home in a Short Sale
I was recently forwarded this article about buying short sales and thought it was good enough to share! Thanks to BuyAndSell.HouseLogic.com, By: G. M. Filisko, Published originally on March 19, 2010 Short sales can be lengthy and difficult, but if you know what you're doing, you can end up with a great deal. Image: fotog/Getty Images By preparing for a real estate short sale, you can emerge with a great home at a favorable price. When sellers need to sell their home for less than they owe on their mortgage, they’re shooting for a short sale. Short sale homes can sometimes be bargains,... [Read more...]
Fannie & Freddie Adopt HAFA Short Sales Guidelines
Fannie Mae and Freddie Mac are now allowing struggling homeowners with loans backed by the government-sponsored enterprises, or GSEs, to sell their properties through a Short Sale or deed-in-lieu of foreclosure if they can’t get a loan modification, officials announced this week. GSE loans were excluded from the Treasury’s Home Affordable Foreclosure Alternatives (HAFA) program’s guidelines, which went into effect in April. HAFA, which streamlines the Short Sale process, was created to help both homeowners and banks avoid foreclosure. To be eligible for HAFA, Fannie and Freddie... [Read more...]
Want to Buy or Sell in Auburn, WA? Better Use an Experienced Short Sale Agent!
At a recent Short Sale and Foreclosure class, I observed that possibly over 70% of agents in the greater Seattle/Bellevue/Tacoma area have never handled a short sale or bank-owned (foreclosure) property on either the buyer or seller side. Now that may be okay in some areas of King County, but as you work your way south into the Auburn area and further into the north Pierce County area, you definitely need to be working with an agent who has Short Sale and Foreclosure experience. Here’s why: Although I run statistics frequently, I hadn’t actually compared different parts of the region... [Read more...]
Certified Short Sale and Foreclosure Resource
I recently completed requirements by the National Association of Realtors to receive certification as a Short Sale and Foreclosure Resource, although I’ve been assisting buyers and sellers of these types of properties since 2004. Taking the certification class was a fascinating experience – of the group of approximately 50 agents present, fewer than 30% of the agents had ever handled either the buyer or seller side of a short sale property! Wow, where have they been and how on earth are they still in business? When questioned about where they work, well over half of the agents at the class... [Read more...]
WOW!! Price Reduced to $200,000!!
With almost 2000 square feet, you’ll love this rambler home with step-up bonus room in Timber Hills! Walk through the front door to the living, dining, kitchen, family, and laundry rooms, plus three bedrooms. In the master suite are an extra-long closet and recently updated ¾ bath with tile floor & walk-in shower. Just four steps up and above the garage, is a huge 440 square foot bonus room, which could also be a very generous 4th bedroom with two deep walk-in closets. Don’t miss the pull-down attic stairs in the hallway leading to additional storage space! The home’s lower level... [Read more...]
What Sold in Auburn, WA in 2009?
Yes, homes and other properties DID sell in Auburn in 2009. From an agent’s standpoint, the business of real estate felt slower until Fall, then things started jumping like mad! I know from my own business that every single sale was a lot of work — always gratifying, but whew! The start of real estate in 2010 is moving right along! Just so you know … Days on Market is the number of days the property was Active; i.e., available for sale and not under any sort of a purchase contract. Sometimes, especially where short sales are involved, a property may go in and out of Active status,... [Read more...]
Watch Your Credit Score If You Do a Loan Modification!
This morning I was startled to read an article in RIS Media, an information service that scans the news services and gathers articles impacting real estate — for homeowners, buyers and for agents — reporting that Credit Scores are being reduced as much as 100 points for successful Loan Modifications! Loan Modifications are one avenue that troubled homeowners can take when income levels drop or expenses skyrocket due to unexpected bills such as medical costs. There are a number of different combinations and types of loan modifications available, although I understand that very few... [Read more...]
Will Short Sales FINALLY Become Reasonable?
As a busy agent in the south King County area and down into the Tacoma/Puyallup Pierce County areas, I both list properties for Sellers and assist Buyers in finding their “dream home,” whether it be a first time purchase or a repeat purchase. While definitely not unique to these geographic areas, price points and demographics of buyers and homeowners for these areas seem to especially target short sales and bank owned properties. Or maybe it’s just the clients with whom I’ve worked over the last few months. Sellers need to sell–usually as quickly as possible–and... [Read more...]
