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Taking on roommate comes with risk | Katonah NY Realtor
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Daily Archives: April 20, 2012
3 tips for setting home’s list price | Mount Kisco NY Real Estate
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Bank of America Leads Banks in Short Sales of U.S. Homes | North Salem NY Real Estate
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6 tips for a painless closing | Cross River Real Estate
California Home Prices Going Up, Inventory Down, C.A.R. Reports | Waccabuc Real Estate
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Fannie and Freddie Set Timeline Requirements for Short Sales | South Salem NY Real Estate
Beginning June 15, real estate agents working with distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer within 30-60 days.
The GSEs issued new guidelines Tuesday that fall under the Servicing Alignment Initiative rolled out last fall and aim to bring greater transparency to the short sale process and expedite decisions related to these pre-foreclosure sales.
Not only is a short sale an effective foreclosure alternative when home retention is no longer an option, but it keeps homes occupied and helps to maintain stable communities, according to the Federal Housing Finance Agency (FHFA).
Addressing real estate practitioners’ No. 1 complaint about short sales, FHFA directed Fannie Mae and Freddie Mac to establish a new uniform set of minimum response times that servicers must follow in order to facilitate more efficient short sale transactions.
The GSEs’ new short sale timelines require servicers to make a decision within 30 days of receiving either an offer on a property under the companies’ traditional short sale programs or a completed Borrower Response Package (BRP) requesting short sale consideration, whether it’s through the federal government’s Home Affordable Foreclosure Alternative (HAFA) program or a GSE program.
If more than 30 days are needed, servicers must provide the borrower with weekly status updates and come to a decision no later than 60 days from the date the BRP or offer was received.
According to the GSEs, this 30-day add-on will provide some leeway for servicers who may need more time to obtain a broker price opinion (BPO) or a private mortgage insurer’s approval for a short sale. All decisions must be made within 60 days.
In the event a servicer makes a counteroffer, the borrower is expected to respond within five business days. The servicer must then respond within 10 business days of receiving the borrower’s response.
The GSEs plan to use the new short sale timelines to evaluate servicer compliance with the Servicing Alignment Initiative.
Edward DeMarco, acting director of the FHFA, says the GSEs new borrower communication and timeline requirements for short sales “set minimum standards and provide clear expectations regarding these important foreclosure alternatives.”
GSE servicers must comply with the new minimum communication time frames for all short sale evaluations conducted on or after June 15, 2012, although servicers are encouraged to begin implementing the new requirements sooner.
“I applaud Fannie and Freddie for finally coming out with real guidance with real world timelines for their servicers,” commented Anthony Lamacchia, broker/owner of McGeough Lamacchia Realty Inc., which specializes in short sales. “There is no question that this will help short sales and the market as a whole.”
Last year Freddie Mac completed 45,623 short sales, a 140 percent increase since 2009. Fannie Mae’s short sale completions shot up by 101 percent over the same period, totaling around 79,800 in 2011.
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3 Tips for Good Communication | Katonah NY Real Estate
5 Proper Ways to Respond to Negative Criticism Online | Bedford Hills Real Estate
Charts on March Existing Home Sales | Pound Ridge NY Homes
Existing home sales (single-family plus condos), which measure actual closings, decreased 2.6 percent in March to a seasonally adjusted annual rate of 4.48 million units pace. Even with the decrease, the first quarter average of 4.57 million is the strongest first quarter in 5 years.
Compared to one year ago, existing home sales were higher by 5.2 percent. This represents nine straight months of year-over-year gains.
The national median existing home sales price in March was $163,800, which is an increase of 2.5 percent from one year ago. Part of the reason for the price lift is due to a greater number of higher-priced homes getting transacted and a slightly lower number of distressed property sales.
Inventories at the end of March decreased slightly to 2.37 million homes available for sale, corresponding to 6.3 months supply of inventory. The inventory count is 22% lower from one year ago and is in essence at a 6-year low point. A significant inventory shortage is developing in south Florida, Phoenix, Anaheim, and Seattle.
One of the Certainties of Life | Bedford Corners Real Estate
As one educator said, “America is a land of taxation that was founded to avoid taxation.” So I think Tax Day is a good opportunity to talk about the tax benefits that go along with home ownership.
Since 1913, when the federal income tax became permanent, the tax code has offered a break for mortgage interest. This incentive to homeowners has reflected the high value that our nation places on homeownership due to the many financial and social benefits owning a home provides.
Additional tax incentives that encourage home ownership include deductions for property taxes and tax credits for energy-efficient remodeling projects and heating and cooling systems.
We believe these incentives should be protected because of the numerous financial and social benefits to the nation that are provided by homeownership. Even with these benefits, home owners currently pay 80 to 90 percent of the federal individual income taxes.
Let me mention a few of the financial benefits:
- Every home purchased pumps more than $60,000 into the economy for things like furniture and home improvements.
- Historically, a home owner’s net worth is 31 to 46 times that of a renter.
- For every two homes sold, one job is created.
- Housing is a key driver of our economy, accounting for more than 15 percent of the national Gross Domestic Product.
These benefits show the importance of housing as an engine of our economy.
On top of financial benefits, there are many social benefits:
- Home owners are happier and healthier.
- They participate more in their communities, including voting, volunteering and donating to charities.
- They’re children stay in school longer and have higher test scores.
- Homeowners are less likely to be victims of crimes.
- They have a greater attachment to their neighbors and their neighborhoods, which fosters a greater sense of community.
This is just a partial accounting of the many social benefits that make our communities a better place to live and work.
While we don’t have to throw the tea in the harbor—yet—we can let our government representatives know strongly that we believe in the tax benefits provided to homeowners, particularly the mortgage interest deduction. As one former Secretary of the Treasury put it, “The nation should have a tax system that looks like someone designed it on purpose.”
So on this Tax Day, tell our leaders that we want to see the tax code continue to reflect the values of ordinary Americans, most of whom still consider home ownership to be a key part of the American Dream.
Death and taxes are certainties. Meanwhile, if you’re a homeowner, Tax Day doesn’t look so bad after all. And if you’re expecting a refund because of the MID—it can even become a day to look forward to.