News from Realtor Magazine about the foreclosure freeze

I found this article on the foreclosure freeze, it was very helpful and thought I would share!

 Have a great Holloween!!




Speaking of Real Estate Article

HAFA Helps Homeowners who need to avoid foreclosure

HAFA is a program available to homeowners who are facing foreclosure. This program is supposed to streamline the short sale process for homeowners that need to sell their home to avoid foreclosure.

Due to the market conditions many sellers are unable to net enough to pay off the existing mortgage or they are behind on their payments and already receiving foreclosure notices. There is help out there!

More information available at this link and definitely worth the time to read if you or anyone you know is facing foreclosure!

http://hafa-program.com/

Need to know how a short sale works?

Short Sale Information

Perrysburg and Toledo Rentals- Evicted Due to Foreclosure

You are thinking about renting a home, doing a lease option, or any type of seller financing, be sure to check on the seller as much as they check on you  


Example: You rent a home and pay your landlord on time every month and then suddenly you start to see notices coming from the bank, the sherriff shows up with an eviction notice, or you have a sudden eviction from the owner of the home.

Good Read from Legal Encyclopedia 
http://www.nolo.com/legal-encyclopedia/article-30064.html 

Your first question is, How can this happen? I can't be evicted if  I have followed all the rules of the lease-can I?

It does happen and there are resources to help when it does.

Many renters are unaware of the landlords financial situation when they sign a lease. You may pay rent to a landlord who is not paying their mortgage and they can get away with that for a long time before the bank forecloses on the home you are living in.

If you are thinking about renting a home, make sure you research the owner of the home as closely as they research you!

If you are able to buy a home, your investment will be more secure, however, if you are going to rent, lease option, do seller financing, or buy a home, hire an attorney to look into the contracts and title work so you don't end up with a landlord or seller that can't pay the bills.

I can help you with rentals as well as buying your first home!

What does the market look like for next year in Toledo?

I love this time of year! We have a great opportunity to learn and work on new systems to give our clients even better service next year. This week we will be making our favorite fall recipee Pumkin Apple Bread to deliver to our clients and friends for Thanksgiving!

Last week we learned some interesting news from Dave Liniger ceo of RE/MAX International about what we should expect the next year to look like for both buyers and sellers. Due to the 4 million plus foreclsoures still on the books to clear-it is going to take a couple more years for the housing market to recover.

Sellers need to be prepared to price their property to compete in todays market. Even with the current tax credit extension helping the market improve, todays seller should set reasonable goals to avoid frustration. The good news-if you have owned your current residence for 5 years-you may qualify for a tax credit as well!

Buyers and investors-this is still a great time to pick up incredible deals!  Save that Christmas cash for a long term investment and a new home!

We are going  to continue to provide great service and plan on ways to spoil our clients some more next year!

HAVE A GREAT THANSGIVING!

Where are all these Foreclosure Homes in Lucas and Wood County?

October is half over and my buyer clients keep wondering where all these foreclosure homes are that you see on the default lists. Well, good news for buyers! They are coming up soon!

Realty Trac is one my favorite  foreclosure sites I use to gather information about what is up and coming in the foreclosure market here in Lucas and Wood County. Realty Trac showed an increase in foreclosure auctions in Aug. of this year. Basicly put that means a lot of the properties were taken back by the banks in Aug. Since it takes a few months after the auction sale to get these homes back on the market, you will see an increase in available foreclosure properties soon!


Lucas County was the fourth largest county in Ohio for foreclosure auctions and filings in Aug, according to a recent report from Realty Trac. Ohio is among the top ten foreclosure states due to unemployement.


Now is the time to start viewing and investing in these properties! The prices are super low and the return after this mess is cleaned up will be great! Investors may want to consider rental property over "flips in this market. Both first time home buyers and move up buyers can find unbelievable deals! If you are planning a move, make sure you will be in the home for a few years to let the market recover.

Question? Please feel free to comment or contact me at 419-266-7911

Buying Foreclosures with FHA financing

Stuck wishing for the right home?


If you have an FHA loan, buying a foreclosure home can be difficult. Many foreclosure homes are not in the condition FHA would approve. So how do you get into a foreclosure home with FHA financing? It can be tricky but there are ways to do it! FHA has a program they offer call the FHA 203k rehab loan. Although this product has been around for years, not many purchasers know about it or use it when they are looking at finding the right home.

The word "rehab" probly scares most first time home buyers away to begin with! The good news is, the home doesn't have to be in horrible shape to use this loan! If you find a home you really love but the carpeting and paint need to be done-talk to your mortgage lender because this may be an option for you!

The rehab loan allows purchasers to finance many of the improvements needed on a home. There is always a limit to what can be done, this loan can be time consuming and you should work with someone who is familiar with it's process. It may help you get the home you have been dreaming of as well! Find more information at the HUD website http://www.hud.gov/buying/loans.cfm

Short Sales- Are they worth the wait?

HE LOOKS FRUSTRATED DOESN'T HE?


As more short sales enter the market, buyers should prepare ahead of time for a long process! On the bright side, the short sale properties we have closed on recently have been a great buy for our clients and also a relief to the seller!

Home buyers need to plan in advance to be patient if they choose to go through this type of purchase. I have noticed time and again, as we start the process the purchaser is really excited about the great deal they are getting on the home but sometimes we lose that excitement when the offer on this type of property takes a long time to approve and sometimes a long time to close. Very understandable! Just try to remember that anything you invest in, that is truly worth the time and trouble, is not always easy!

Some of the most recent issues we have noticed that you may want to prepare for are.

1. Both seller and bank approve your offer but right before close, the MI or PMI company wants to approve the amount or have the seller sign a promisary note as well. This can cause delays.

2. The bank has approved your sale and liens are attached at the last minute. This can be resolved, expect delays.

3. Too much time has passed and your interest rate lock has expired-prepare for this ahead of time with your lender.

These are only a few of the many problems that can arise in this type of purchase. I highly recomend my clients use an attorney along with a Certified Distressed Property Expert (CDPE) to navigate through this type of sale. Don't plan on a closing date or order your moving truck until you have officialy closed on the short sale home. Be prepared for possible last minute issues.

In the end-are they worth the wait, the time, and the effort? Absolutely, if you are looking to save thousands! Just keep your eye on the final goal and you can achieve great results!

Short Sale Homes-What are they, how do I find them, and what is the process?

What is a short sale?

There is a lot of misconception I am finding about short sale homes. A short sale (also called pre-foreclosure) can happen when a homeowner is unable to keep up with their current mortgage due to some type of financial distress. Distress can happen to many homeowners due to job loss, divorce, death, relocation, rising interest rate on their loan, etc. A short sale is where the bank agrees to allow the homeowner to sell their property for less than the current mortgage amount due.

A short sale is not just simply "We owe more on our home than the market will allow" A true short sale must involve a good reason for the current mortgage company to take a loss.

Finding short sale homes can take a lot of research and many homeowners are not even aware the option to sell prior to foreclosure is available. A Realtor can help you navigate through the process of finding and purchasing this type of home and most of mortgage companies require sellers to involve a Realtor in the process as well. If you are considering this type of purchase or considering selling your home as a short sale, you may want to contact an attorney and also make sure your agent has extensive knowledge and training in the short sale process.

Purchasers should be aware up front that buying a short sale home can be a longer process. It can take anywhere from 2 weeks to 3 months to get a short sale offer approved so the purchaser definitely needs to have time to wait for this process to take place. Short Sale homes may not be your best option if you need to move in 60 days or less.

There is good news though! If you are a seller in a short sale situation-your credit won't be affected as badly as it is by a foreclosure. If you are a purchaser and you have time to navigate through the short sale process-you will get a really good buy!

There is more information on how short sales work to be found at my website

http://www.perrysburg-homes.com/

Help us get the word out-stop foreclosures in Toledo!

It is still shocking to see how many homes are still going into default in Toledo! Especially with all the information and help available today! Realty Trac is showing an amazing number in Toledo-there are over 5000 homes in distress and foreclosure. Help us reach out to these homeowners and let them know there is help out there for them-they just need to know where to look and what to do.

One of my former clients has had great success with a local organization that is helping homeowners renegotiate with their current mortgage company. This client was able to save on their monthly payment and keep their home! You can find the information from a WTOL story at http://www.wtol.com/global/story.asp?S=9464967

Additional information is also available at my website http://www.perrysburg-homes.com