Archive for the ‘foreclosures’ Category
Obama Helps Homeowners and Veterans. Congress Can’t Stop Him.
President Obama just announced a plan to help US families. And, miraculously, he doesn’t need the approval of Congress to help us.
- Obama promised relief to homeowners who are trapped in high rate loans by banks. If a homeowner is current on their current high interest loan payment, they can not be turned down for a lower interest rate loan that reduces their monthly payment.
- Obama will cut closing costs for loan refinancing on FHA loans to make refinancing affordable. The average borrower will save at least $1000 a year in fee’s and charges, in addition to saving about half of the closing costs on the new loan.
- Obama waives appraisal value as a criteria for refinancing a high rate loan. In other words, your bank can no longer use an appraisal against you…no matter how much you owe on your current loan.
- Obama promises to compensate all US Servicemen and Veterans who were foreclosed upon during their tour of duty. All Veterans who attempted to refinance their home to avoid foreclosure, and were turned away by their lender…are entitled to full compensation for all penalites, fee’s and losses.
We applaude this action and feel that it is long overdue. This is exactly the type of change that Americans, and the housing market, need to avoid further personal and financial losses. There is no legimate reason for a bank, who received taxpayer handouts, to turn down a borrower who wants to benefit from low Fed bank rates. If a borrower is able to afford a $1500 house payments at a 10% interest rate, then why would a lender turn them down for a loan payment of a $1000 per month at 4.5%? The only answer is a unfortunately a common one…GREED. Banks are closing ranks to protect their 10% rate of return from dropping to 4.5%, even though the Fed’s (ie:taxpayers) are giving them the money for nothing.
Thank you for visiting Why6Percent.com. If you are in a position to refinance a high rate loan and save your home, please do so TODAY. If you have been turned down for a refinanced loan…please reapply today. Help is Here!!
How to Get a Home Loan After Short Sale
Short sales are not uncommon in today’s real estate market. Currently, they make up more than 10 percent of home sales and that number is rising.
If you have been forced to sell your previous home short, there is a way to get another mortgage. Banks are starting to lend money to people who have worked hard to scrub up their tarnished credit history and other financing options are available.
- If you kept your mortgage paid until the closing of your short sale…you may qualify for an FHA loan right now. If you were in loan default, you will have to wait 3 years to apply…however, if you had extenuating circumstances that led to your default, the 3 year waiting period may be waived.
- If you qualify for a VA loan (veterans) you can apply for a loan within 2 years after a short sale.
- If you are applying for a Fannie Mae loan you will have a 2 year wait with a 20% down payment….10% if you have qualifiying extenuating circumstances. Otherwise, Fannie requires a 4 year waiting period for down payments between 10%-20%…and, a 7 year waiting period if your down payment is less than 10%.
- Freddie Mac requires a 4 year wait, or two years if you can prove extenuating circumstances.
- Banks and credit unions may give you a loan within 2 years with a 30% down payment. If you have extenuating circumstances, they may waive the waiting period entirely.
- Two other options to consider are seller financing or a lease-purchase. You may have to settle for less than your dream home since sellers who agree to these type of arrangements often have less desireable property that they haven’t been able to unload using normal methods.
Everyone deserves a second chance. If you have been forced to sell a home short, if you have worked hard to rebuild your credit and if you have steady employment, selling your home short won’t keep you from owning your own home, again very soon.
Thank you for visiting Why6Percent.com. Our network of brokers can list your property on the MLS and all the major real estate websites for one, low flat fee…and let you sell your home yourself. Save time and money, yet reach all the buyers in the marketplace. It’s a win – win!! Call us today at 1-800-381-9496 or visit our Why6Percent.com for details.
College Students Swap Dorm Life for Suburban Mansions
When the real estate bubble burst in 2007, I predicted that we would likely see large, single family, suburban mansions carved up and repurposed into multi-family housing. Well, time and a prolonged recession have proven the idea viable.
The USA went through the same type of evolution, in reverse, with intercity housing. Vacant, large urban, single family mansions where carved up into apartments, efficiencies and co-ops, after the mass exodus to the suburbs in the 1950’s. Now, its the McMansions, gated communities and long commutes that are out of vogue.
Families are returning back to life in the inner city. They are buying multi-family homes and converting them back into single family residences. The concept of highest and best use…has come full circle.
Check out this short video to see the latest change in student housing in decades. A bad housing market has created some luxury digs for college co-eds out in the ‘burbs”.
College students renting suburban McMansions
Thank you for visiting Why 6 Percent. We offer flat fee MLS and Realtor.com packages to builders, homeowners and anyone who needs to keep more money from their property sell. We have helped thousands of homeowners sell their homes. We can help you, too.
Banks Bulldoze Houses To Cut Taxes and Fee’s
Getting rid of repossesed homes is the biggest headache for US lenders. 1,679,125 homes ( 1 in every 77) are in some stage of foreclosure as of June. Lenders feel that no one will buy many of these homes and they”re trying to cut their losses. Bulldozing the problem away means the banks won’t owe property taxes to our floundering cities and it won’t have to pay for repairs, maintenance and upkeep on the property. In addition, there are some perks for giving away a house. The banks get a bunch of tax write-offs and best case… they may even get a pat on the back and some nice PR, too.
The idea of Bulldozing houses is nothing new. Although the banks are not blowing up homes for alturistic reasons…I think we can all agree that removing home inventory is good for all of us. In 2010, Warren Buffet advised that ”blow up a lot of houses” was a viable option and similar to ‘cash for clunkers’ auto program. I always thought bulldozing abandoned homes and returning the land to a raw state was a smarter solution than handing out money in the form of a homebuyer tax credit. The tax credit cost billions of dollars, put money into the hands of a few people blessed with good timing and did little to reduce inventory.
Bankers, why not take the “TNT” strategy one step further. Donate unwanted houses to local non-profits vs blowing them up? Make a call to Habitat for Humanity, for example? I can’t understand why Habitat is still building new homes, when we can’t get rid of the ones that are causing problems in our neighborhoods. Habitat needs to change their business model with the times and so do our lenders. Families, who are in dire need now, wait up to 6+ months for a new home to be built and the cost of building from scratch far exceeds the costs of rehabbing properties, in most cases.
Just my two cents….
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InfoTube.net is FREE home selling website. Visit our site for free legal forms, home searches, home listings, marketing tools, advise and support! We are a 100% Made in the USA company.
What the Real Estate Market looks like in 2012
Would you like to see what the housing market has in store for 2012? If so, take a moment to watch this video.
Remember that in spite of the doom and gloom…10,000 sets of keys are handed to new homeowners every single day!!
Thank you for visiting Why6Percent.com…we offer FREE marketing website for owners, builders and agents. In addition, our MLS and Realtor.com packages can give you all the exposure of a full service listing…without the cost.
Remember that… Who you buy From is as important as What you Buy! Look for Made in the USA products and support US workers!!
7 Tips to Sell Your Home this Weekend
In today’s’ super-competitive housing market, it is essential that homebuyers picture themselves living inside the home you are trying to sell.
7 Home Selling Tips from the Lips of Top Selling Agents
- For starters, take down the Wallpaper – Trust me when I say, “Buyers just do not like wallpaper.” If you doubt how personal wallpaper is…just walk into any wallpaper store and stare at the thousands of available patterns. Chances of your tastes matching are at least a thousand to one. Don’t risk it! Pull that paper down!
- The Clutter HAS to Go! Living in a house is alot different than Selling a house. It is easy to get blind to your own clutter. Ask a friend, neighbor or neutral party to be honest with you. Then, pack away every single thing you don’t use. And, clear the kitchen counters completely.
- Smelly Homes Will NOT Sell. Agents have an old saying, “If I can smell it, I can’t sell it.” Pet smells, musty odor’s, etc will kill a sale everytime.
- White is not a Color. But, paint is your friend. Every room should have a fresh coat of paint in a warm, neutral color.
- A Spot of Color. Everyone loves flowers. Place pots with colorful annual flowers by the front door or plant seasonal color in the beds to make your home inviting and memorable.
- Househunting Begins on the Internet. If your property is not exposed on the internet, your chances of a buyer finding you are very small. Tip the odds in your favor by advertising your home on the MLS and all the major search engines for real estate. InfoTube also offers FREE property listings on its website. Also, make sure your listing includes at least 10 good photo’s of the interior and exterior of your home. If possible, also include a video tour of the house and neighborhood.
- Forget About Comp’s and Sold Properties. Study your competition, which means homes currently For Sale. If your home is priced too high when compared to your competition, it is going to sit for a long, long time.
Homeowners should please keep in mind that Buyers have a lot of choices. The homeowner who can make their house stand out among the vast inventory of “For Sale” signs will the one who wins the selling game.
Thank you for visiting Why6Percent.com,, your do-it-yourself home selling source. We can bring buyer’s to your door. Check out our website to see how we’ve helped thousands of home sellers.
Latest Existing Home Sales Chart for Your Area
Sales of existing homes increased 2.7 percent in January 2011. Prices were down slightly because distressed properties made up 37 percent of all sales. It’s good news that we are working through some of the excess inventory.
Check out the chart below to see how your town or area fared.
Single-family existing-home sales and prices
| Metropolitan statistical area |
Median price Jan. 2010
|
Median price Jan. 2011
|
Annual change in price
|
Annual change in sales
|
| Atlanta |
105,100
|
106,900
|
1.7%
|
-6.3%
|
| Baltimore |
230,000
|
218,300
|
-5.1%
|
27.0%
|
| Boston |
343,700
|
334,400
|
-2.7%
|
7.2%
|
| Cincinnati |
113,900
|
110,500
|
-3.0%
|
5.9%
|
| Dallas-Fort Worth |
131,600
|
141,500
|
7.5%
|
-7.7%
|
| Houston |
144,600
|
139,000
|
-3.9%
|
10.1%
|
| Indianapolis |
103,500
|
110,700
|
7.0%
|
-3.1%
|
| Kansas City |
122,200
|
117,500
|
-3.8%
|
1.3%
|
| Miami-Ft. Lauderdale |
203,000
|
165,800
|
-18.3%
|
32.9%
|
| Minneapolis-St. Paul |
157,000
|
140,000
|
-10.8%
|
10.4%
|
| New Orleans |
152,900
|
143,200
|
-6.3%
|
23.2%
|
| New York-Northern New Jersey-Long Island |
384,600
|
381,200
|
-0.9%
|
-5.0%
|
| Philadelphia |
207,700
|
208,500
|
0.4%
|
-2.4%
|
| Phoenix |
137,900
|
126,900
|
-8.0%
|
12.3%
|
| Portland |
240,000
|
215,400
|
-10.3%
|
2.8%
|
| San Antonio |
n/a
|
n/a
|
n/a
|
n/a
|
| San Diego |
366,800
|
370,100
|
0.9%
|
-1.1%
|
| St. Louis |
100,000
|
105,300
|
5.3%
|
3.1%
|
| Washington, DC |
285,600
|
292,600
|
2.5%
|
-5.5%
|
| U.S. |
163,800
|
159,400
|
-2.7%
|
3.3%
|
Source: National Association of Realtors
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Is the Media too Negative on Real Estate?
The Boston Globe reports that “From rising foreclosure rates to dismal post-tax credit reports, media headlines continue to be centered around the negativity in today’s market. Real estate leaders, however, know that this is only one part of the story – that there are plenty of positive stories to share as well.”
To read the article about the media and real estate CLICK HERE.
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The Next Real Estate Boom
Where will the next real estate boom happen? According to research conducted by Patrick Doherty, of the New America foundation, it will likely be right in your home town.
Click here to See how Your Home Will Fare in the Next Boom
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Foreclosure Moratorium Erases Competition for Home Seller’s and Builder’s
While Wall Street wrings its hands and pulls its hair over the banking problems and foreclosure moratorium, home seller’s and home builder’s have a BIG reason to celebrate. Their competition dropped the ball!!!
The moratorium on foreclosures effectively removes ONE THIRD of all the homes For Sale from the market!! 33 Percent of the competition is GONE!!! For how long, we don’t know…but, we do know that this is a RARE opportunity and all property seller’s should take full advantage of it.
What can home seller’s and builder”s do to take advantage of the Bank Error?
- Realize that Time is of the Essense! The banks will work hard and fast to get their inventory back on the market. And, when they do, they will no doubt offer special incentives that individual seller’s can not compete against. The clock is ticking…….
- Price Right and Show Well! If your home is priced right against its remaining competition, and it is staged, depersonalized and shows well, Your House Will Sell.
- Marketing to the Masses is Key! The MLS sells over 90% of all the homes in the United States. If your home is not on the MLS, your chances of selling are less than 10%. If money is tight, know that you don’t have to pay 6% for an MLS listing. You can purchase an MLS listing for your Home for only $399.
Why6Percent.com believes that “a bank moratorium on foreclosure competition” is a very unique opportunity and the window is open for a short period of time, only. We are here to help you . “The clock is ticking”. Don’t let this unbelievable opportunity pass you by!!
