Posts from — June 2010

No tax credit extension?? Nope, not yet!

At first it sounded like they were going to pass HR4213, “The American Jobs & Closing Tax Loopholes Act” which included the homebuyer extension. However this bill HAS NOT passed the Senate and as of now there is NO EXTENSION!

So what does this mean? Well, if you have been under contract since before April 30th and you qualify for the $8,000 tax credit then your property MUST close by June 30, 2010 otherwise you lose the $8,000.

There is a slim possibility that this law gets signed & passed in the next 48 hours but very unlikely. The better possibility is that later this summer the government passes this act and makes it retroactive so 180,000 homebuyers aren’t shut off from the credit.

We’ll see what happens!

The Government wants your house!!

Fannie Mae, which was taken over by the government in 2008, is currently in the process of foreclosing on every house possible, including those that people are trying to short sale.

Fannie Mae has not come out and issued a formal statement regarding their two very well-known “unwritten rules” but it’s time the general public knows what they are:

If you have a loan backed by Fannie Mae and you want to do a short sale then;

1. You must be late at least 30 days or it won’t be considered
2. Once a foreclosure date has been set it won’t be postponed, cancelled, or altered in any way no matter what.

So what does this mean? Basically if you are trying to short sale a Fannie Mae backed property it needs to be timed perfectly so that a payment can be missed BUT the property needs to be approved AND closed before that foreclosure date which will be set.

In the short sale world trying to “time” a short sale is like trying to win the lottery…except in the lottery at least you know when you win or lose!

Fannie Mae HAS come out and issued a different statement however. They have said that they are doing everything possible to give people alternatives to foreclosure.

WHAT???

Not only does that make no sense considering their short sale policies but it’s pretty much a downright lie! They want your house to foreclose and if it doesn’t get short sold in that small time frame then it’s theirs!

This week we’ll post “Alternatives to letting the government take your home” to let you know what you can do to get your property short sold when you have this ridiculous government entity chasing you down with their foreclosure stick.

Great home in North Phoenix!! Short sale – fantastic price!

Fannie Mae just announced that they are going to be cracking down on people who walk away from their mortgage!

They have threatened to sue people who foreclose on properties when they have the ability to pay and also have threatened that those people won’t be able to purchase another Fannie Mae backed home for 7 years!

Well, maybe if Fannie Mae would STOP FORECLOSING on people who have short sale packages in they would see that more and more people are interested in short selling homes rather than letting them goto foreclosure. This would not only net them more money (the average short sale nets a lender about $20/sq.ft more than a foreclosure!!) so they can quit crying about their losses but would also boost our sagging economy and terrible real estate market nationwide!

This organization has become so powerful that they cry and complain about the number of foreclosures and how much money they are losing when there are thousands of homeowners submitting them short sale packages every day and they are still foreclosing on these people…then they turn around and whine about all the foreclosures and stick their hand out for more of our tax money? Ridiculous…

Looking for a short sale agent to help you short sell your home? Have short sale questions but don’t know who to ask? Here are some qualities to look for in a short sale expert:

1. Persistent — We have closed deals based 95% on the fact that we just wouldn’t give up, no matter how many times the lender said no! A persistent & pesky agent is a great quality!

2. Dedicated — A good short sale agent is dedicated to his/her job, client, and in getting the deal done!

3. Educated — A good short sale realtor is involved in up-to-date short sale information, lender practices, government programs, etc.

4. Busy — The best short sale agent is a busy one! You can’t expect an agent with one short sale listing to be on top of the market or heavily involved with all the lenders that are out there! A busy agent knows the tips & tricks with each lender, has multiple lender contact numbers & emails, and knows how to keep your file on top!

5. Patient — Patience in short sales is a necessity and a good agent knows when to be patient and when to be a pest!

Those are some great qualities to look for in a short sale agent! If you are looking to short sell an Arizona Home then we feel we are the agent for you so give us a call at 480-241-4406! If you are looking to do a short sale in another part of the country let us know and we’ll help you find a pesky, persistent, busy, dedicated, patient, & educated short sale expert through our nationwide referral program!

7 days a week at 480-241-4406 or Sean@AzHomeHelp.com