Posts Tagged ‘Short Sale’
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Tuesday, January 11th, 2011
ANN ARBOR REAL ESTATE SERIES-HAFA Posts New Rules for Short Sales
Loan servicers will have 30 days to send a borrower a short-sale agreement that includes the list price or acceptable sales proceeds under recent changes made to the Home Affordable Foreclosure Alternatives Program, aimed at distressed borrowers who don’t qualify for other government loan modification programs.
Once a sales contract has been initiated, loan servicers then have 30 days to approve or reject the transaction.
The stricter timelines are believed to help speed up the short sale process, which has faced numerous complaints for how long it takes lenders to review and approve short sales often causing buyers to walk away.
The stricter timelines were apart of several revisions the Treasury Department recently announced to its HAFA program — the second major revision to the program since its launch in 2009.
Another big change: Loan servicers will no longer be restricted on paying second-lien holders, allowing them more freedom particularly when dealing with second-lien holders when borrowers owe less than $100,000. Loan servicers used to be restricted to paying second-lien holders no more than 6 percent of outstanding loan balance (with an overall limit of $6,000) in exchange for releasing subordinate liens. Second-lien holders have been another big obstacle to completing short sale transactions.
HAFA’s new directives also now forbid loan servicers from deducting vendor expenses from commissions paid to real estate brokers.
The rules are effective Feb. 1. It does not apply to mortgages owned or guaranteed by Fannie Mae or Freddie Mac, or insured or guaranteed by a federal agency such as the Federal Housing Administration (FHA).
Source: “Short-Sale Incentives Revamped Again,” Inman News (Jan. 10, 2011)
As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.
Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Ann Arbor House, borrpwers, Fannie Mae, freddie mac, HAFA, Home Affordable Foreclosure Alternatives, home buying, home selling, loan balance, loan modification, Prudential Snyder & Company, real estate brokerss, rental, secpnd-lien holders, Short Sale
Posted in Foreclosures and Short Sales |
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Monday, December 6th, 2010
 Short Sales are going to be affecting the Ann Arbor Real Estate Market for the foreseeable future. Lenders’ treatment of short sale transactions has been evolving as you will see below.
Releasing the Borrower’s Liability
Lenders are vigorously reviewing borrowers’ financial abilities before releasing the borrowers form all liability. If the sellers have a good income or if they have assets other than the house involved in the short sale, then they are often required to sign a note for all or part of the deficiency created by the short sale. Similarly, the letter approving a short sale is frequently revised right up to the day of closing which forces the seller to accept new terms related to their liability at the very last moment before the sale closes.
Association Fees
Lenders can look at those fees as household maintenance expense which should be paid by the seller and not from the proceeds of the sale. If you are attempting a short sale with a condominium, ask the association if it would be willing to negotiate the terms of any outstanding homeowner’s fees.
Divorce
Married couples often execute mortgages together and both are equally responsible for the terms of the mortgage. In the event of a divorce, the divorce decree often requires that one of the parties assumes the liability of the mortgage. Lenders however, are not bound by that decree and will often hold both spouses responsible for the mortgage liability. If the property is the subject of a short sale, then the spouse assuming responsibility for the mortgage must check with the lender on the ex-spouse’s liability. Frequently a divorced couple must work together on a short sale. If the ex-spouse is held liable for part of the deficiency and does not approve the terms of the short sale, then the short sale will not close.
These are just a few considerations affecting short sales that have recently changed. If you are about to start the short sale process or are in the middle of negotiations, stay in frequent contact with your lender and your Realtor to minimize any unexpected changes to your short sale. Make sure your real estate agent has training and experience in successfully completing short sales transactions!
As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.
Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime.
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Tags: Ann Arbor, Ann Arbor House, borrower's liability, real estate market, Realtors, Short Sale, Short Sales
Posted in Foreclosures and Short Sales |
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Tuesday, July 27th, 2010
 Photo: Nick Bastian We’ve talked a lot about Ann Arbor Real Estate, the short sale and foreclosure market, and the changing housing market. The internet gives us a plethora of information on Ann Arbor homes for sale, but often the jargon used by Realtors goes undefined. With that thought in mind, I’m going to run a new series to help home buyers and home sellers decifer the details shared in our marketing pieces and listings.
Let’s start with the basics today: What is a condo?
- If you own a condo, you do not own the land surrounding your living space.
- A condo owner owns only the unit itself, which is taxed as an individual entity, and sometimes a percentage of the common areas of the community.
- Condo communities may provide such shared facilities as a pool, gym, tennis courts and clubhouse, all maintained by the condo association, which takes care of all day-to-day management tasks. This is one of the key advantages of condo living — all of the joy of using the amenities, none of the hassles of maintaining them.
- Condominium owners pay a monthly fee to the condo association, which also sets the rules for the community.
There are well over 100 condo communities in Ann Arbor alone. Each development is centered around the unique needs of its owners and has a distinctive set of accommodations and special features that make it exceptional.
If you’re interested in learning more or have any comments or suggestions, please let us know. In the next blog, we’ll take a look at the different types of single family homes available in the Greater Ann Arbor Area.
As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.
Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Ann Arbor, Ann Arbor Homes, Ann Arbor House, Condo Communities, Foreclosures, Greater Ann Arbor, home buyers, Home Search, home sellers, home selling, Homes for Sale, Prudential Snyder, Realtors, rental, Short Sale
Posted in Ann Arbor Real Estate |
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Thursday, April 8th, 2010
This week, the big Real Estate newsmaker is a government program called Home Affordable Foreclosure Alternatives (HAFA). As of Monday, April 5th, the Treasury Department released this new directive as an addendum to the Home Affordable Modification Program (HAMP). HAFA provides incentives to Servicers(Banks) and Borrowers who utilize a short sale or deed-in-lieu to avoid a foreclosure on an eligible loan under HAMP.
Some of the new benefits of HAFA:
- Servicers may not require a cash contribution or promissory note from the borrower.
- Requires that borrowers be fully released from future liability for the debt.
- Allows the borrower to receive pre-approved short sale terms PRIOR to listing the property.
- Short sale timelines are being tightened significantly for HAFA participants, so it will alleviate the lengthy process now stigmatizing short sales.
To learn more about the program, eligibility criteria, and how it may affect the future of the real estate market in the Greater Ann Arbor Area, contact us! We have trained Realtors who are ready to answer your questions and guide you through the Short Sale process. We know the paperwork, the expectations, and the pitfalls of working with the banks. We will work diligently to make sure that the process is as low stress as we can make it.
As always, we are here to assist you with any of your home buying, home selling, rental or other real estate needs. Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Ann Arbor, deed-in-lieu, Distressed Homes, HAFA, HAMP, Home Affordable Foreclosure Alternatives, Home Affordable Modification Program, home buying, home selling, Real Estate, Realtors, rental, Short Sale, treasury department
Posted in Ann Arbor Real Estate, Foreclosures and Short Sales |
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Thursday, April 1st, 2010
We keep hearing about them in the news, so what are they? Wikipedia defines a Short Sale as follows: A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan.
Once upon a time, being involved in a Short Sale held a stigma. It usually indicated that you were unable to make your payments. Today, that is not the case. Homeowners who are relocating due to job changes or other circumstances may qualify for Short Sale programs and it doesn’t have to destroy your credit rating.
Why is this so important to work with a specially trained Agent?
1. The process can be both lengthy and frustrating.
2. Not all Homeowners qualify for Short Sale programs.
3. IRS could determine forgiveness is income.
4. Your credit is at stake.
5. Release of lien is not the same as release of obligation.
6. Current government programs are changing rapidly.
7. Short Sale homes are sometimes stigmatized.
No one can guarantee the outcome of your Short Sale, but here at Prudential Snyder & Company, we have trained Realtors who are ready to answer your questions and guide you through the Short Sale process. We know the paperwork, the expectations, and the pitfalls of working with the banks. We will work diligently to make sure that the process is as low stress as we can make it.
As always, we are here in the Greater Ann Arbor Area to assist you with any of your home buying, home selling, rental or other real estate needs. Plus, we have a great network of Agents across the US who can assist with properties in other areas. Call us at 734-747-7500 or 734-747-7700 weekdays, or
734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Ann Arbor, home buying, HOME SALES, home selling, Homeowners, Prudential Real Estate, Real Estate, real estate needs, Realtors, rental, Short Sale
Posted in Foreclosures and Short Sales |
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Wednesday, July 8th, 2009
Ann Arbor Welcomes the Award Winning Ann Arbor Art Fairs!
In just one week, over 500,000 people will hit the streets of Downtown Ann Arbor to celebrate the award winning Ann Arbor Art Fair. Named number One Art Fair in the Country by AmericanStyle Magazine (2004), The Ann Arbor Art Fair has continued to rank among top Fairs and Festivals lists every single year since!
Established in 1960,we boast not one but four Art Fairs. The Ann Arbor Street Art Fair is the Original:
In celebration of their 50th anniversary, The Ann Arbor Street Art Fair will exhibit original art, photographs and narrative panels chronicling it’s first half century. This exclusive presentation will explore the humble beginnings of one of the most renowned Art Fairs in the country.
MAPS AND TRAVEL GUIDE TO THE ANN ARBOR ART FAIR
Check back with The Prudential Snyder Real Estate Blog for updates and further event information!
SEARCH FOR ANN ARBOR AREA HOMES
In our commitment to being the Local Innovation Leader, we at Prudential Snyder & Company would like to invite you to CLICK TO THE FUTURE of Real Estate!
We welcome any feedback and suggestions: info@prusnyderrealtors.com. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Ann Arbor Art Fair, Ann Arbor House, Distressed Homes, Downtown Ann Arbor, Foreclosure, Homes, Short Sale, South University Art Fair, Street Fair, Summer Fair, University of Michigan
Posted in Ann Arbor News, Ann Arbor Real Estate |
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Wednesday, July 1st, 2009
Ann Arbor Area Fireworks and Events Schedule
Wednesday, July 1 -
Friday, July 3 -
Saturday, July 4
Prudential Snyder & Company wishes you a safe and Happy Fourth of July! Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Ann Arbor House, Fourth of July Fireworks Schedule, Homes, MLS, Mobile Phone Search, Prudential Real Estate, Prudential Snyder & Company, Short Sale, The University of Michigan, Washtenaw County
Posted in Ann Arbor News |
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Tuesday, June 30th, 2009
Are you thinking about Selling your Home?
Prudential Snyder & Company is the leader of real estate technology in Washtenaw County and continues to innovate the fundamental shift in real estate services. Understanding consumer behavior is the cornerstone to online success and we offer immediate exposure to the most widely-visited real estate websites on the Internet.
We continue to invest in technological advances and are committed to providing the very best service to our clients. While many companies are cutting back on online services, we continue to pioneer the real estate industry with services such as mobile search applications and the exclusive Online Seller Advantage. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
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Tags: Ann Arbor House, Foreclosure, Mobile Phone Search, Online Seller Advantage, Prudential Real Estate, Search, Sell My Home, Short Sale, The University of Michigan
Posted in Ann Arbor Real Estate |
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