Archive for the ‘Selling Your Home’ Category
New Program Pays Owners to Sell for a Loss
With more than 5 million households currently behind on their mortgages, the Obama adminstration is rolling out a new program to encourage lenders to accept a short sale. A short sale is one in which a property is sold for less than the outstanding mortgage owed to the lender. The administration hopes the program will prevent more foreclosures, which further depress property values and harm good neighborhoods.
The program, which takes effect April 5, 2010, pays lenders and borrowers to complete a short sale. Key points of the program are as follows.
- 1. The program compels lenders to accept a short sale offer and forgive the difference they are owed between the market value and the outstanding mortgage balance.
- 2. The lender will receive $1000 for every short sale they participate in.
- 3. The program encourages millions of borrowers to get serious about getting rid of their homes. It pays homeowners $1500 in walking away cash for finding buyer for their property and closing the sale.
- 4. The lender will utilize real estate agents to determine the present market value for a home. That value will set the minimum acceptable price. The estimated value will not be shared with the homeowner. If an offer is submitted that is equal to or higher than the estimated value, the lender MUST take it.
Pro’s and Con’s
- 1. For the investment pools which own most of the home loans, there is the hope of getting more money from a short sale than a foreclosure proceeding.
- 2. For the lender, $1000 will help offset the labor intensive short sale process.
- 3. For the borrower, their credit will suffer less damage. They have the lenders assurance that they won’t be sued down the line for their unpaid balance. And, they get $15oo to assist with their relocation.
- 4. For the community, short sales mean fewer empty houses sitting around waiting for the bank sale. It is estimated as many as half of all vacant properties are ransacked, neglected, vandalized and depress the value of neighboring homes.
- 5. The downside is that short sales are “tailor made” for fraud. House values are inherently subjective, which provides a wide latitude for potential conflicts.
- 6. Another problem is that bankers hate the very idea of accepting an offer short of what they are owed. By nature, they don’t want to sell anything at a discount. If they loan $200,000 …they expect to be repaid $200,000, not $150,000.
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Snooping Real Estate Agent Caught on Camera
ATLANTA — When real estate agents representing buyers show your home, should they be allowed to examine private or confidential papers? How would you react if you caught them doing just that?
Channel 2’s Tom Regan talked with one home seller who was shocked by what he caught on camera in his home. David Scitthelm owned a beautiful home in Buckhead. He was proud to put it up for sale, but he wasn’t pleased with the conduct of the two real estate agents who arrived to show the house.
To Learn More or Watch the Short Video, CLICK HERE
Commentary: Infotube.net ALWAYS advises that home sellers hide or pack away anything that is private or could be used against them in a negotiation. And, private mail and legal notice issues aside…did you see how this agent hunted for books, stereo equipment, family photographs, collections, etc. to gain personal knowledge about the sellers? Hopefully this story plainly illustrates to homesellers the importance of packing up all personal items BEFORE they put their home on the market. Added Bonus: A staged home always shows better and appeals to a wider audience, too.
P.S. And, don’t forget your medicine cabinet (:
Radiator Covers Dress Up Your Home
Easy staging and decorating tip: Install a cover over old radiators.
Radiators perform a necessary function in any home, but they can easily be a home feature, too. An easy DIY project, a Radiator Cover can completely transform the look and feel of your room, by hiding away those ugly radiators.
Why not give your home an instant and inexpensive makeover and gain shelf space? Radiator covers look more attractive than a bare radiator and also provide a shelf for plants, flowers, photographs, candles, lamps, etc.
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FREE Stuff and Thank You Veterans.
Veterans Day, Wednesday, November 11th is a very special day for all Americans.
It is our special time to say thank you to all the men and women who serve and protect this country. It is our special time to say thank you for keeping America free. It is our special time to take a moment of silence for all who paid the ultimate price for us to protect this nation.
As our special way of saying thank you to all Veterans and Active members of the military, InfoTube.net is offering FREE Featured Home Listing Upgrades on Veterans Day!!! Just phone 1.800.858.6000 or send an email to nicole@infotube.net with your ad number. It’s that easy!!
We are happy to report that other Businesses are joining us in giving back to Veterans and Active Military Personnel on Veterans Day!!! Check out the Free Offers of Food, Goods and Services for all Veterans on Wednesday.
- Applebee’s, McCormick & Schmicks and Golden Corral are serving up FREE meals. Drop by and enjoy a juicy steak, shrimp, chicken or whatever makes you happy.
- Outback Steakhouse may be from “down under”, but they love US Vets!! Stop by Outback for a FREE Blooomin’ Onion Appetizer and Beverage.
- Krispy Kreme donuts will sweeten up your life with FREE Hot Ready Now Donuts. YUMMY!
- For Vet’s in the mid-west, Hy-Vee Supermarkets is providing a FREE, all you can eat, Breakfast Buffet. Stop by start your day right!
- Home Depot and Lowes are offering a 10 percent discount at the register!! Save big on your home improvements or holiday needs.
- The Federal Government offers FREE access to all Federal Parks and Recreation Sites. Grab the family and enjoy a day together.
Thank you for visiting InfoTube.net homes for sale and rent website!! To all Veterans and Active Military, THANK YOU and please don’t forget to claim your FREE Home Upgrade on Wednesday.
3 News Stories for Real Estate Lovers
3 Short Real Estate News Items of Interest.
- Good news for US Housing. For those of you still searching for a BOTTOM in the real estate market, we hit it in January 2009. A double bottom, in fact. Take a look at the CHART.
- China raised its minimum down payment requirement to 40 percent, in an effort to slow down the overheated housing market in Hong Kong. Conversely, in the US, we still offer financing with NO Money Down, when the tax rebate is combined with FHA or VA financing. Quite startling in light of the lessons we learned from subprime loans.
- Uncle Sam Added 5 Percent to Home Prices. Government interventions in the housing market have inflated home prices at least 5 percent higher than they would have been. Artifically low interest rates, $8000 tax credits, push for loan modifications and efforts to stall foreclosures may have created a false bottom. Since the props won’t last forever, the risk of price decline in the future is significant.
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