About San Joaquin County, CA

Fannie Mae offers - Deed for Lease Program instead of immediate foreclosure. this is another option rather than foreclosure or Short Sale.

If you do not qualify for a loan modification or have failed a loan modification plan you may be in luck to get in this Fannie Mae Deed for Lease Program.  If your property is a Fannie Mae property you may qualify for the Deed for Lease Program that Fannie Mae just announced.  This program can prove to be very useful and a stress reliever for homeowners that need more time to get their finances in order before completely moving out of their home.  It beats a foreclosure no matter how you look at it.

Borrower must be willing to transfer their property to the lender by completing a deed in lieu of foreclosure and then lease back the house at a market rate.

There are some guidelines that you must meet - here they are in a nutshell: In order to qualify you must meet these basic requirements:  If you answer yes to the questions below, contact your Fannie Mae representative to see if you can get started with this program to avoid foreclosure and evictions.

1.  Is this a Fannie Mae property - Don't know?  Go to: http://loanlookup.fanniemae.com/loanlookup/

2.  Are you living in your property and is it your primary resident?  ** TENANTS may qualify for this program as well

3.  Can you afford to pay a monthly rental that is no more than 31% of your gross income.  Also, that you are willing to take the commitment to pay the rental - on time.

4.  Do you have a second lien and are you able to get them to release you from any obligation of that loan?

Need more information on this program?  Go to www.efanniemae.com.  This is another avenue/option of options to avoid foreclosure? 

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I've been so busy working on the listing side, I have not been noticing the variety of Agent Confidential remarks that are popping up on the listings these days.

This one is one that is becoming more popular and annoying:

Buyer must be pre-approved with the "seller's sponsored mortgage company" - not required to use this lender, can use your own.  This requirement can delay a buyer from putting in an offer in time to be considered, the way properties are moving into Pending these days!  While the buyer is trying to get in touch with the bank's sponsored Mortgage consultant, the property is now in Pending!!!

It works better or faster when the seller require that the buyer is pre-approved by a direct lender -- doesn't it???  And I wonder when this will catch on with short sales too - or will it?

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Dear Listing agents:

Can one of you please explain to me why it is necessary to have the buyer bring the earnest money deposit to you PRIOR to placing the offer?  Is this a way to tie up the buyer's money, with a strong probility that their offer will not be accepted by the seller in the first place and this can delay them from being able to accept another offer and have their earnest money handy to send in to escrow and get the transaction moving on something their offer was accepted???

And will this catch on with Short Sales later on? 

Is this fair to buyers that don't even know if their offer is going to be accepted?

Please advise.

Signed concerned agent.

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The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent. In its press release, the FOMC noted that the U.S. economy "has continued to pick up" since the September FOMC meeting and that housing market activity has increased. It's the third consecutive post-FOMC statement in which the Fed speaks optimistically about the U.S. economy -- a signal that the recession is likely over. The economy isn't without threats, however, and the Fed identified several in its announcement, including:

1. Ongoing job losses for American workers
2. Reduced fixed investment by businesses
3. Ongoing challenges for the financial markets

The overall tone remained positive, however, as inflation appears to be held in check. Also in its statement, the Fed confirmed its plan to hold the Fed Funds Rate near zero percent "for an extended period" and to honor its $1.25 trillion commitment to the mortgage bond market. The Fed plans to wind down its mortgage market support over the next 5 months, reaffirming its March 2010 exit date. For now, Fed support helps hold mortgage rates down. Mortgage market reaction to the Fed's press release is negative overall. Mortgage rates are rising.The FOMC's next scheduled meeting is December 15-16, 2009.

The housing market continues to steam forward.

As reported by the National Association of Realtors®, the Pending Home Sales Index posted its 8th consecutive monthly gain in September. It's the longest winning streak in the history of the index and Pending Home Sales are now at their highest levels since December 2006.

A Pending Home Sale is a home under contract to sell, but not yet closed. It's the precursor to an Existing Home Sale. Trade group data shows that nearly 80 percent of "pending" homes close within 2 months. The majority of those remaining close within months 3 and 4. When the Pending Home Sales Index rises, it tells us that market activity has picked up. September's data confirms what we've been noticing since February -- the Buyers Market is ending. With more homes under contract in the marketplace, homebuyers typically face one or more of the following:

1. Competitive, multiple-offer situations
2. Reduced purchase price leverage over sellers
3. Fewer seller concessions

Therefore, if you're buying a home in the next several months, know that the 8-month run in Pending Sales will lead to a run in closed sales. It should result in higher home prices, too. Indeed, we are already seeing it.