Searching for that perfect Short Sale or Foreclosure Deal ?
Here is how to be most effective in your search.
Getting pre-approved.Tell your lender that you are looking at Short Sales and Foreclosures. Insure that your lender is able to facilitate all types of loans.( We are seeing the loan program being dictated a bit based on facts about the property. IE, Home path, FHA 203 K, Renovation Loan, etc.)
Insure that the expiration of your Pre- Approval is as far into the future as possible. Discuss rate lock openly with your lender and formulate a plan. USE A LOCAL LENDER PLEASE!
Hire an EXPERIENCED Buyers Agent- Create a time line unique to your situation with your agent. The inventory is very low, and most short sale foreclosures are priced to move. Therefore poorly marketed. Your agent is able to set up searches for homes that match your criteria, and can specify and pull out the privately owned, short sales and foreclosures. You will need a buyers agent mining the MLS for you so you can be the early bird. Plain and Simple. If the home is priced at the market value.(Quick Analysis Provided by Agent helps here...) then Go Big or Go Home...Likely you will be competing for these homes that are priced with the market. Do not wait to drive by as soon as the listing hits the email.If the location works, CALL YOUR AGENT and have them meet you there as soon as possible. Be prepared to Draft an Offer to Purchase IMMEDIATELY. Your Buyers agent will need your Pre Approval Certificate, Current Address, Full Legal Names. You will need. Your CHECKBOOK and a PEN! Being prompt, prepared and organized is how this is done. Otherwise you will constantly be outbid by other purchasers doing exactly what you are doing. Remember, drafting a Purchase Offer Does NOT obligate you to purchase the property, review your contract and discuss what Drafting an Offer truly is......... your intentions in writing. Michigan allows no verbal agreements from the Purchaser.
The Short Sale Search is a hurry up to wait procedure, the Short Sale transaction will become more commonplace in our market, and we all hope more simplified as time goes by.... in our climate it is a releif to know the property is being occupied, and hopefully more reasonably tended to. Short Sales just require patience. If you are patient, are not working with a housing deadline.. Don't pass these opportunities by. They can be a "Win Win Situation" for both Buyer and Seller.
Stay Tuned for Part 2 of this Short Sale/Foreclosure Series
"Drafting and Offer to Purchase" that gets accepted...........
CLICK HERE TO WATCH OUR ANN ARBOR VIDEO... This can be found on the University of Michigan Health System Website under About Ann Arbor.
http://www.med.umich.edu/a2/
Greetings Medical Professionals and Welcome to Ann Arbor.
I want to take a moment to discuss the First Time Buyer Tax Credit. If you have not owned a primary residence in 3 year
The most important link is the Virtual Office Web Site link. By registering for this search link, you will be able to search "low to no" maintenance housing, save your searches into a portfolio, and I am able to log in and see the homes you have saved. This allows me to build your home tour before you arrive! I can let you know the homes condition as well as the homes proximity to the Medical Center, Main Campus, North Campus, etc.
Take a moment to Subscribe to this blog, and then go out and Register on Prudential Real Estate VOW. It is the ticket to being informed and prepared.
http://prudentialsnyder.com/caitlinphillips OK, now that is complete. There are some additional links that I think may assist you with your move to the area.Note.... If you are renting, ask your professional for a rental application ahead of time, as well as bring a copy of your most recent credit report with you, so you will be prepared to draft a lease, and you can go home with an address..... and DO NOT forget your checkbook)
www.michigan.gov/sos- Secretary of the State for the State of Michigan Web Site. You can also utilize the handy Property Tax Estimator on this site to calculate accurate property taxes for properties that you are interested in.
http://www.mwfcu.org Midwest financial has a program designed just for interns, and many additional programs as well. They are responsive, helpful, and can provide you with a Pre- Approval for your home loan prior to you
getting here.As they are back on the rise.
www.hiannarbor.com- HOLIDAY INN North. This full service hotel offers a full service room rate for Prudential Guests at 89.00 Per night. Just let them know that you are a Prudential Relocation Destination visitor, and they will insure that you can receive that special PRU ROCKS RATE. This full service hotel also provides a full service AVIS rental kiosk in the lobby!
http://www.CaitlinAmanda.com- This is my personal Web Site, Save this to your favorites, and feel free to contact me anytime. YOUR A2 Connection.....
http://www.AnnArborsRealMarketChat.com - My BLOG on Google
The Rest is for fun while you are in town-
www.a2gov.org- City of Ann Arbor Official Website- Property Assesment Data is located here, as well as Parks and Rec info. Happenings, information about our town, Etc.
www.TheRide.org- Ann Arbors AWESOME Transportation Authority. Voted one of the Cleanest, Greenest Transportation Systems in the country, and being involved with University of Michigan, there are wonderful transportation opportunites. If you live here in town, you really almost do not NEED a car.
http://www.10Best.com/Ann_Arbor/Nightlife/ - Whew, After a long day of Walking the City and your new campus, kick up your heels for some dancing and enjoy one of the Greatest LIVE MUSIC Scenes Around!
I hope that this information assists you in your Relocation to our lovely area, and please feel free to contact me today to schedule your Complimentary Ann Arbor Area Destination Visit. 734.395.4990 Cell
This just in for release from HUD and the FHA
FHA Announces Policy Changes to Address Risk and Strengthen Finances
New Measures Will Help FHA Better Manage Risk, While Maintaining Support for the Housing Market and Access for Underserved Communities
WASHINGTON - Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA's capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The changes announced today are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation's housing market recovery.
The FHA will propose to take the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement. U.S. Housing and Urban Development Secretary Shaun Donovan previewed the changes in December of last year, noting that the FHA would announce additional details before the end of January.
"Striking the right balance between managing the FHA's risk, continuing to provide access to underserved communities, and supporting the nation's economic recovery is critically important," said Commissioner Stevens. "When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency's history. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market's recovery. Importantly, FHA will remain the largest source of home purchase financing for underserved communities."
Announced FHA Policy Changes:
1.Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
◦The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
◦If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
◦This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing
◦The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.
2.Update the combination of FICO scores and down payments for new borrowers.
◦New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
◦This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
◦This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
3.Reduce allowable seller concessions from 6% to 3%
◦The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
◦This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.
4.Increase enforcement on FHA lenders
◦Publicly report lender performance rankings to complement currently available Neighborhood Watch data - Will be available on the HUD website on February 1.
■This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.
◦Enhance monitoring of lender performance and compliance with FHA guidelines and standards.
■Implement Credit Watch termination through lender underwriting ID in addition to originating ID.
■This change is included in a Mortgagee Letter to be released tomorrow, January 21st, and is effective immediately.
◦Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process
■Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.
◦HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes:
■Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders. This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite
■Legislative authority permitting HUD maximum flexibility to establish separate "areas" for purposes of review and termination under the Credit Watch initiative. This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches
In addition to the changes proposed today, the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.
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HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.
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Making Home Affordable
Help for America's
Homeowners
HUD Implementation of the Recovery Act
HUD.GOV/Recovery
Federal Housing Administration
Insuring More Than 37 Million Mortgages Since 1934
Community Planning and Development Developing Viable Communities
Fair Housing and Equal Opportunity Equal Housing Opportunities
for All
Public and Indian Housing
Ensuring safe, decent,
and affordable housing
Ginnie Mae Helping to make affordable housing a reality for millions of low and moderate-income households across America
Open Government Initiative
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Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:
To be eligible for this incentive:
Contact a Fannie Mae listing broker for more information.
*Lenders may impose their own limitations on the use of the 3.5% incentive, so buyers should consult their lenders for guidance.
Buying a home? Take Advantage of a Federal Income Tax Credit
New legislation was approved which extends the First-Time Homebuyer Credit for homeowners through April 30, 2010 with a 60-day cushion beyond that date to complete closing. The program broadens benefits to existing homeowners and now includes:
For more information about this program, click here. Also, speak with a lender, accountant or attorney to learn more about how this may apply to you.
Need help buying a home?
State and local housing authorities often have programs to help homebuyers research and purchase a home. Programs can include counseling, down payment assistance, and more.
Neighborhood Stabilization Program (NSP)
Currently, some local housing authorities and housing non-profits have programs for homebuyers that use HUD's Neighborhood Stabilization Program funds.
Fannie Mae supports NSP and offers some concessions to streamline the purchase of Fannie Mae properties for buyers using NSP funds. This includes:
For more information on NSP programs in your area, click here
First Look is designed to provide owner occupants and buyers using public funds a "first look" at Fannie Mae homes. Under First Look, Fannie Mae will only consider offers from owner occupants and buyers using public funds during the first 15 days a property is listed in the local multiple listing service (MLS). If the property is still for sale on the 16th day, investor offers may be submitted and will be considered. Ask a Fannie Mae listing broker for more information.
"Motivation is the art of getting people to do what you want them to do because they want to do it." ~ Dwight D. Eisenhower
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