David Gorka, head of Black & LoBello’s Submission and Processing department, answers some common questions clients have regarding the document submission process when dealing with a short sale and the lenders involved.
As foreclosures increase, the nation’s largest mortgage financier has added 61,929 new REO properties to its inventory in the second quarter. In an effort to step up the unloading of these properties, FANNIE has created its First Look program. See, HomePath.com .
The program is aimed at assisting owner-occupied purchasers and public entities with purchasing the properties. Once the residence has been foreclosed upon, and assuming it has not been purchased by a third party through the foreclosure process, owner occupants, public entities and their partners can submit offers without competition from investors. The First Look period is typically 15 days.
On Thursday, new incentives were added to this program. Qualified homebuyers who will be owner-occupants can receive up to 3.5 percent of the final sales price that can be used toward closing cost assistance, including a home warranty, if available. In addition, selling agents representing owner-occupants will receive a $1,500 bonus. However, the bonus will be hard earned. Eligible offers must be submitted on or after September 23, 2010, and must close by December 31, 2010. The sale must close within 60 days of the offer being accepted.
Tisha Black Chernine, Esq.
A survey by the Pew Research Center found that more than a third – 36 percent – of Americans believe the practice of “walking away” from their mortgage payments and their home is acceptable, at least under certain circumstances. Of the homeowners surveyed, 48 percent say the value of their home declined during the recession. It’s these underwater homeowners who are more likely than those whose home did not lose value to say it’s acceptable to renege on a mortgage (20 percent vs. 14 percent respectively).
Joshua D. Carlson, Esq.
Mark your calendars. This FREE Town Hall meeting hosted by Prudential Americana features experts from various fields related to the Real Estate market to answer YOUR questions. This meeting will be on September 25, 2010 at 10:00 AM located at Green Valley Ranch, Conference Room La Sirena IV. Please submit any questions you would like to have answered at this very important meeting throughTwitter or our Facebook Discussions Tab.
Don’t miss the upcoming Town Hall meeting in which Tisha Black, Esq., will address YOUR legal questions about the current Real Estate market. This meeting will be on September 25, 2010 at 10:00 AM located at Green Valley Ranch. Please submit any questions you would like to have answered at this very important meeting through Twitter or our Facebook Discussions Tab.