Does the typical first-time homebuyer in today's market really understand what type of market we're in? Here is a different way to show this segment of the market that NOW is the right time to buy.
Short sale facts and figures are reviewed in addition to a brief overview of the government's latest endeavor to streamline the short sale process.
Miscellaneous items:
- Title insurance rates are changing in Pennsylvania. Get the facts.
- The latest Prudential Homesale commercial is presented.
- Changes reviewed in the new PAR agreements for Vacant Land and New Construction.
- Market statistics for Central PA for the month of April 2012.
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Buying in Today's Market / Short Sale Facts
1. Why is now a good time to buy?
• Historically low interest rates
• Wide selection of properties
• Bottom of the market
“What does that mean for me?”
5. Short Sales
SOURCE: Mortgage Bankers Association
• 1.5 million homeowners at least 90 days late on their
mortgage
• 12.5 million homeowners ‘underwater’ in their home
11. What’s Changed for Short Sales?
New guidelines
effective on June 15
• Lender has 30 days to review and respond to short
sale requests
• If lender needs more than 30 days, they must
provide the borrower weekly updates and a final
response within 60 days
12. What’s Changed for Short Sales?
(Home Affordable Foreclosure Alternative)
• Program is usually used prior to putting the home
on the market to establish an acceptable sales
price
• Same guidelines apply
13. What this Means for Short Sales?
• Make the process much more streamlined
• Make it more transparent
• Reduce excess inventory quicker
14. Penalties for Non-compliance?
• ‘Compensatory’ fees could be due borrowers
• Servicers will be evaluated under the
Servicer Total Achievement & Rewards
Program (STAR) Huh?
15. What this Means for Short Sales?
Will lenders really be able to change?
16. Revised PAR Agreements
New Construction
Agreement
• Expanded broker blocks
• Updated deposit language
• Change in buyer’s financial
status
• Multiple additional clauses to
bring it in line with standard
agreement of sale
17. Revised PAR Agreements
Vacant Land
Agreement
• Expanded broker blocks
• Financing options
• Change in buyer’s financial
status
• Multiple additional clauses to
bring it in line with standard
agreement of sale
18. NEW Title Insurance Rates
• State regulated rates
changing
• Reissue Rate is no
longer an option
• Different rates for sales
vs. re-fi’s
• Rates will go into affect
starting June 1, 2012