Short Sales and What they mean?

A short sale is selling a home for less than what is owed to the lending institution that is servicing the loan on the home. How does a short sale effect a family? The family that does a short sale has more control over when and how they leave a property. About 50% of the families I have worked with get relocation funds. A families credit is impacted however not as hard as with a foreclosure. After foreclosure it will be 7 years before purchase with a FANNIE MAE or FEDDIE MAC loan. FHA or VA is 3 years. This will effect investors more than traditional home buyers. A short sale is 3 years with some exceptions. Stress of having your home foreclosed is greater than a short sale. Having trustee sale paperwork and ads placed in paper does not feel good nor does having the Trustee paperwork taped to your garage door, with a short sale we avoid this. Having to sale your house because you can no longer make the payments is not fun. Leaving on your terms is better than being told to leave. What I have seen from the short sale is the peace of mind it gives someone from knowing that they did everything they could right even though the economy and the banking world let them down. Having maintained a level of self-respect is priceless. Instead of walking away talk to a true real estate professional and do a short sale. We are there to help you and your family.

Where Are We Headed With Mortgage Rates?

I always get asked what will interest rates do? I have given up trying to predict that one. Here is some news on interest rates and other indicators to what they might do. This is what I do know. I have never seen them this low and the saying is all good things must end. Take advantage of the rates we have now to purchase that dream home, first home or get involved in investing. This was reposted from the Lock Advisor. Mortgage markets worsened last week as domestic job growth surprised Wall Street and the Eurozone moved yet one more step closer to reaching a lasting Greece sovereign debt solution. ` Conforming mortgage rates rose on the news, although you wouldn’t know it from looking at Freddie Mac’s weekly mortgage rate survey. ` According to Freddie Mac, the average 30-year fixed rate mortgage rate fell to 3.87% last week with 0.8 discount points due at closing, plus closing costs. 1 discount point is a fee equal to one percent of your loan size. ` 3.87% for a 30-year fixed rate mortgage is the official, all-time low for the weekly Freddie Mac survey, conducted since the 1970s. However, because Freddie Mac gathers its results on Monday and Tuesday only, by the time the survey results were released Thursday morning, mortgage rates were already rising off their lows. ` Then, Friday morning, after January’s Non-Farm Payrolls data was released, mortgage rates surged. ` The January jobs report exceeded expectations in nearly every fashion possible : ` Economists expected to see 135,000 jobs created in January. The actual number was 243,000. Economists expected to see the Unemployment Rate at 8.5% in January. The actual number was 8.3%. Revisions added an additional 180,000 net new jobs to the original 2011 tally. ` As compared to one year ago, there are 2.1 million more people employed in the U.S. workforce. Figures like this hint at a stronger national economy, and that tends to drive mortgage rates up. ` This week, with little economic data due for release, mortgage rates are expected to move on momentum. Right now, that momentum is causing rates to rise slightly again, today. ` If you’re shopping for a home and getting a mortgage and want to know if the time is right to lock, consider that it’s impossible to time a market bottom, but simple to spot a “good deal”. Now appears to be one of them. ` Moderately priced homes are expected to see the most appreciation this year in the housing market. Purchasing Bank Owned Properties and Distressed Homes could be where you find your best values or reach out to any one of the Realtors at fb Home Buyer’s Educational Page to learn more about great opportunites in your area today. ` If you just want to do some window shopping right now be sure to check out of links for Bank Owned Foreclosed Properties to the right of the page.