Short Sales, Foreclosures, REO Bank Owned Properties - Information for Buyers and Sellers

The short sale process is still a mystery to many people, even after all these years. Lots of buyer's agents are confused; puzzled buyers are looking for direction, and not every short sale listing agent knows how to do a short sale.  For a list of short sale and foreclosure properties check out this link  Short Sales, Bank Owned and Foreclosure Opportunities for Buyers

The Basics of a Short Sale

Banks grant short sales for 2 reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth.

A few examples of a hardship are:

• Unemployment / reduced income
• Divorce
• Medical emergency
• Job transfer out of town
• Bankruptcy
• Death

If foreclosure or bankruptcy seem like the only option there might be another alternative.  To see if you qualify for a short sale check out this link DO I QUALIFY FOR A SHORT SALE

For a confidential consultation on your home sale options email mark@REintegritygroup.com or call 978-984-3107

FHA home limits restored

Andover, MA

US House and Senate passed the restoration of the FHA Loan Limits last night. The bill also included a short term extension of NFIP (National Flood Insurance Program) through December 13.

The votes were 298-121 in the House and 70-30 in the Senate.
Limits were restored to FHA only and not to Fannie & Freddie.
Bill increases maximum size of an FHA-backed mortgage to $729,750.
Flood insurance remaining active through extension. NAR expects a 5 year extension to pass in December.

Read more here  http://www.housingwire.com/2011/11/17/house-approves-higher-fha-conforming-loan-limits

Mark Gracy

Your real estate resource in the Merrimack Valley

www.GracyTeam.com

(978) 984-3107

Keller WIlliams Realty - Andover

Buying a home may cost you more if you wait

Those Who Wait Will Pay Thousands More This Spring

Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).

Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.

Here are a few reasons why:

On April 5th, the cost of required up-front mortgage insurance for loans guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7,000 down payment, the up-front mortgage insurance will increase by $965. Up-front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal but overall, the increase is still borne by the borrower both upfront and monthly.

Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these "seller concessions" can increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000.

There is only one way to avoid being affected by all of these costly changes that lie ahead – submit all FHA mortgage applications by the last week of March.

Mark Gracy (978) 861-4016 The Gracy Team @ Keller Williams Realty
Your Real Estate Consultant in MA and Southern NH
web: www.GracyTeam.com to find the hottest new listings in your area.

Want to know what homes in your neighborhood are selling for right now? Visit http://homevaluesma.com/

Text HOMESMANH to 87778 to view all homes for sale on your cell phone! or visit http://gracyteam.com/homes_on_your_phone