Author Archive
Sharon Sevedge, Missouri Real Estates Services, Inc.
Earns NAR Short Sales and Foreclosure Certification
Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales
SHARON SEVEDGE with MISSOURI REAL ESTATE SERVICES, INC. has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.
Accordng to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.
“As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”
The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves.
Housing Tax Credit
Posted by: | CommentsI would like to see the $8000 home buyers tax credit extended to at least mid 2010. I would also be very happy if the tax credit included not only first time homebuyers but all homebuyers. I am probably dreaming but an increase to $15,000 home buyer’s tax credit would be fantastic.
If being a homeowner is your desire, you need to take advantage of the tax credit immediately. It’s not too late to meet the deadline if you act immediately. Ask your agent to find you a property that he/she feels would close escrow by the deadline. Of course, you will need to do your part and be prepared such as get pre-qualified and have your lender in place.
FHA Mortgages
Posted by: | CommentsFHA mortgage applications increased 50% from October 2008 through mid-August 2009. FHA is backing approximately 25% of all new mortgages.
The average borrower with FHA-insured loans has an average credit score of 690. Two years ago, the average credit score was 630. FHA-insured loan borrowers with a credit score below 500 will need to have a 10% down payment. Even with the increased average credit score and the need for a 10% down payment from borrowers with a credit score under 500, some analysts are concerned regarding the risk taken on by FHA.
We all know that our credit scores can plummet due to job loss, illness, etc.; however, I still feel FHA loans are important for the recovery of the housing market.
Excerpts taken from: Source: USA Today, Stephanie Armour (09/02/2009)