Wednesday, June 1, 2011
Friday, July 16, 2010
Interest Rates are Amazing !
If you are thinking of investing or buying a bigger home, now is the time to do it! We are at all time lows in the interest rates and with all the inventory out there, there is no time like the present. I have several buy up properties for sale and if you can wait and have patients, than a short sale just might be what you need. Here are some of the homes that I have available and you can visit my website or call me for additional information.
www.Washingtonhomesold.com
425-343-5225
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Monday, July 12, 2010
Golden Opportunity to Buy!
Mortgage interest rates are the lowest since 1971 and home prices have reached their lowest point since 2002. Taken from the Global Insight, Inc.. Economist are saying , that it appears to be beginning to stabilize and only we the people can determine that, since we are the consumers and truly run this country! If you are in the position to invest in Real Estate, then this just might be your window of opportunity. With todays rates the savings on a $250,000., 30 year fixed mortgage would be $54,993 over the life of the loan. While most people are likely aware of the lower interest rates, very few do the math to see what the savings represent. It really does pay to do the math, after all Warren Buffet says" Now id the time to Buy" ! Now is the time to think of that retirement home, even if you are not planning on it for a while. If it is in a destination area, rent it out and block out the weeks for you and your family. Buy the time you go to retire, it is paid for or close to it. Think about it....really think about it and if you need to discuss options, feel free to contact me. I always make time for my clients and people in general.
Natalee Thurston
Natalee@ Washingtonhomesold.com
30 year high = October 9th ,1981 it was 18. 63%
30 year low = July 8th , 2010 it was 4.57%
15 year high = December 16, 1984 it was 8.89%
15 year low = July 1, 2010 it was 4.04%
5 year Arm high = June 29th, 2006 it was 6.39%
5 year Arm low = July 8th, 2010 it was 3.75%
Even if you are not thinking of selling and have a higher interest rate.. refinance, it may be your best and only chance for along time.
Natalee Thurston
Natalee@ Washingtonhomesold.com
30 year high = October 9th ,1981 it was 18. 63%
30 year low = July 8th , 2010 it was 4.57%
15 year high = December 16, 1984 it was 8.89%
15 year low = July 1, 2010 it was 4.04%
5 year Arm high = June 29th, 2006 it was 6.39%
5 year Arm low = July 8th, 2010 it was 3.75%
Wednesday, June 23, 2010
Short Sales
Today as you will find there are many homes on the market and they are either REO ( Bank Owned ) or Short Sale properties. I often get asked, " What is a Short Sale" ? First of all, the Short part is not the time it takes to get an approval from the Bank. The Short part is what the owner owes on the home, what the current market value is and the amount that is owed to the bank. If you can prove hardship and are unable to make your mortgage, than this might be an option for you. It is better than a Foreclosure or a Deed in Lieu ( DIL ) on your credit and tells creditors , that you tried everything within your power to sell your home. Typically, that means that you probably tried to work with the bank to try a Loan Modification prior to taking the next step. Make sure that you keep great records and notes during the entire process. One of the things that you want to find out is what type of a loan you have and if you have Private Mortgage Insurance ( PMI ). Do you have two loans? If you answered "Yes" , than a DIL would not be an option for you. This would also include any other liens on the property.If you are thinking of doing a Short Sale, there is documentation that you will have to submit and every lender varies with what you will need. Contact your lender and make sure to get a check list and documents to help you with this. If you have more than one loan, you will need to fill out paperwork for each one separately. If you have a Realtor®, they will have to have all of this as well and will have to update the information , once you receive an offer. They will also need a letter of authorization to speak to the bank in regard to your account.Very important to have a Short Sale Specialist or a Realtor® that has closed many of them. They can be very complex and time consuming. Just remember, " Good things come to those who wait".
The way it works is, you make or receive an offer and then it is submitted to the lender, which many times is only the servicer of your loan. Then it is assigned an negotiator and they will review the file and documents and send them to the investor for review. If closing costs are being asked for... if they pay any, I have seen no more than 3% being offered. There are some lenders that use a third party and they must be an attorney or licensed Realtor or agent. If you have an FHA or VA loan , that will be the investor and if there is PMI, that will be a separate investor as well. Same with a second loan....that will be a separate negotiation as well. Remember a Short Sale is actually a Pre-Foreclosure and you are liquidating the property. Price your property accordingly, though not so low that the bank will never take your offer. You will be signing the contract , since you are still the legal owner. Sometimes it is more profitable for the lender/ investor to Foreclose than to Modify or Short Sale the property. ( Whole different discussion...keep your eyes open for it. )
If you do get a Demand Notice / Trustee Sale Notice remember, if you do have an offer on the property than 9 out of 10 times you can get the date postponed or cancelled. Also, remember once you do get approval they will give you typically a maximum of 30 days to close the transaction. If you should have any questions on this process, please feel free to comment and I will get that posted for you. If there are any topics you would like to see, let me know. :)
Tuesday, June 22, 2010
What time is it ? Time to Buy or Time to Sell ?
The good news is....it is time for both! If you have equity in your home and have been thinking of making a move, this is the time to make that move! Why you ask? Interest rates are at 50 year lows and they will not stay there forever. Then you think well, " I am not going to get as much for my home" . You are correct ..though, you will not be paying as much for the home you purchase. There is a lot of homes to choose from and if you find one that you love and it just needs some work, then you might consider an FHA 203k Rehab loan, if there is not a lot to do, that it can be a streamline product. Are you a Veteran and would have qualified for the Tax credit for first time or second time home buyer Credit ? Well, then you may have an extra year... Contact your lender to see if you qualify. If you ever thought about investing in Real Estate and are in a position to due so....then "Just Do it". This is your chance!If you would like more information please feel free to contact me and I can fill you in on all the opportunities that are at your door. If you hear a knock, then just open it!
There are also programs for those that need it and are not in a position to buy and you need a modification or to Sell your home. I have informational links below. If you have a VA loan, start with the VA first and then your Lien Holder. There are programs out there and I will post some links to help you, I am also just a phone or email away and am happy to give my time to discuss them with you. The worst thing that you can do, is to do nothing !
HAFA ( Home Affordable Foreclosure Alternatives )
http://www.hafa-program.com/
HAMP ( Home Affordable Modification Program )
http://www.consumerlaw.org/issues/mortgage_servicing/content/HAMP-Recommendations0709.pdf
Help For Veterans
http://nvf.org/?gclid=CMLqt7Wms6ICFRlRagodcV985A
First Time Home Buyer Credit for Veterans
http://www.irs.gov/newsroom/article/0,,id=215594,00.html
Great Duplex for Investment
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