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Well things are still real good for buyers right now. But….many are forecasting the end to the “best buying period in decades”. The tax credit will end on April 30th (contract date) and most economists believe that nothing new will be coming. Interest rates have already shown signs of climbing. If you are going to buy [...] In October the pending sales index went up dramatically. Buyers were scrambling to sign contracts before the $8,000 credit program expired at the end of the month. It is very interesting to observe the first mortgage taking a stand and trying to set the limit on the amount of cash that the second mortgages are allowed in the short sales. The seconds are sticking tight and daring the first to foreclose. In many cases, the first is foreclosing – which helps nobody. But….the seconds [...] If you cannot make your mortgage payments, then you are probably in enough of a hardship for the lender to approve a short sale. A short sale is a very positive solution to a tough situation. Typically, the bank agrees to let you sell the home at market value and absorbs the loss. I’ve been working these very [...] Tuesday, the California Association of Realtors (C.A.R.) said it is extending its Mortgage Protection Program (MPP) for first-time homebuyers through December 31, 2010. Another great reason to buy now is the $8,000 first time buyer incentive from the Feds. Interest rates are still very low, so nothing should hold you back. FHA, and VA offer very low [...] The short sale process which has been taking 120 to 180 days will take 75 to 120 days this year. The main reason is the banks now have personnel and systems in place. Bank of america, for instance, allows agents to input their short sale packages directly into a computer based system. There will still be plenty [...] |
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