HUD, REO, Homes, Community, and Real Estate News

HAFA Short Sales Help Sellers & Buyers
May 20th, 2011 10:25 PM

HAFA Provisions 

  • Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
  • Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
  • Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
  • Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
  • Uses standard processes, documents, and timeframes/deadlines.
  • Provides the following financial incentives:
    • $3,000 for borrower relocation assistance;
    • $1,500 for servicers to cover administrative and processing costs;
    • Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.

Realtor.com Link to HAFA Short Sales:

http://www.realtor.org/government_affairs/short_sales_hafa

Search for Short Sales:  http://seattle.northwesthomequest.com/

 


Posted in:General
Posted by Chris Cross on May 20th, 2011 10:25 PMPost a Comment

1.  Owner Occupants get a 30 day head start on investors for most HUD homes.

2.  HUD homes are as-is purchases.  No repairs, no exceptions.

3.  The earnest money required is $1000 for all properties over $50,000.

4.  Proof of funds are required for cash purchases.

5.  You can search specifically for HUD homes past the owner occupancy bid period on www.hudhomestore.com

6.  Investors must use a HUD registered real estate broker to bid on a home.

Search all bank owned homes for sale at:  http://seattle.northwesthomequest.com/


Posted in:General
Posted by Chris Cross on May 20th, 2011 11:11 PMLeave a Comment

 

 


Posted in:General
Posted by Chris Cross on May 20th, 2011 11:01 PMLeave a Comment

10 Questions to Ask the Condo Board

Before you buy, contact the condo board with the following questions. In the process, you’ll learn how responsive — and organized — its members are. You’ll also be alerted to potential problems with the property.

1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.

2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.

3. How much does the association keep in reserve? Plus, find out how that money is being invested.

4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs.To determine if the assessment is reasonable, compare the rate to others in the area.

5. What does and doesn’t the assessment cover? Does the assessment include common-area maintenance, recreational facilities, trash collection, and snow removal?

6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board’s fiscal policy.

7. How much turnover occurs in the building? This will tell you if residents are generally happy with the building. According to research by the NATIONAL ASSOCIATION OF REALTORS®, owners of condos in two-to-four unit buildings stay for a median of five years, and owners of condos in a building with five or more units stay for a median of four years.

8. Is the condo building in litigation? This is never a good sign. If the builders or home owners are involved in a lawsuit, reserves can be depleted quickly.

9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer’s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren’t in good repair, they become your problem once you buy.

10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you’re buying, may require separate assessments.

Source:  Realtor.com

Search for a condo at:  http://seattle.northwesthomequest.com/

 


Posted in:General
Posted by Chris Cross on May 20th, 2011 10:30 PMLeave a Comment

May 20th, 2011 9:59 PM

1. HUD gives you 15 days to inspect your new purchase from the date the contract is ratified or signed by HUD's representative.

2. Get utility authorization through the FSM (Field Service Manager) before you inspect.

3. Get authorization through the FSM to dewinterize the property and re-winterize during the winter months when finished.

4. HUD will provide the septic certificate prior to closing per your county regulations.

5. Scope the sewer line if your inspector recommends it.

Ten Questions to Ask a Home Inspector on the HUD Website:

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/insp/inspfaq

 

 

 


Posted in:General
Posted by Chris Cross on May 20th, 2011 9:59 PMLeave a Comment

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