We are experiencing short sale success! One agent got a short sale approved with
clients being current on their mortgage, another one was approved in 3.5 weeks,
many are being approved with the commission negotiated with the sellers, and
one agent got one approved while sitting in the exchange – 6 months after
submission but it was still approved.
Bank of America is now retaining the right to pursue a deficiency
judgment and letting the seller know that the MI Company may also pursue the
deficiency. More banks may follow suit –
Inventory is dropping all over Northern Virginia and the
market continues to be extremely price sensitive. A home was listed at $275,000 received 3
contracts and the price was escalated up to $300,000 and appraised close to the
sales price. As luck would have it, the
loan was denied due to fraudulent tax returns being submitted. Property was relisted for $300,000 because of
the appraisal and 27 showings occurred with no contracts in 2.5 weeks so price
was reduced to $275,000 and two offers are coming in – price properties
correctly and they will sell.
At a recent Buffini
conference he noted: in 2010 be a Go
Getter or be a Go Goner; Be a stay
puter and be a bankrupter; be a do
nothinger and be an out of the businesser!
What are you going to be next year?
4 million foreclosures expected in 2010 – filings are
slowing down after 6 consecutive months of increases in foreclosure filings.
Rates are at near low rates for the year. MBS being purchased by the government will
stop in March – what will happen to rates?
Who will be a buyer of mortgages at that time? Right now, we are in a high 4’s market will
probably be in a high 5’s market now. Again,
now is the time to buy a house!
FHA has reserves of .5% because of demand on their
insurance…what will happen? Will we need
higher down payments? Will upfront
mortgage insurance be higher?
In a recent survey of buyers, they felt that on a scale of 1
– 10, 10 being difficult to obtain a loan, getting a loan today ranks as an
8.1. Lenders are requiring more
paperwork, analyzing loans more and are more difficult to get through.
As most of us know, the tax credit has been
extended…but most REALTOR’s and lenders are not explaining it correctly. Take advantage of the opportunity and explain
it to your clients and ask for new business!
Food Bank ends Friday – please contribute
December 4th is our Quarterly meeting featuring
Dave Stevens – please register!
Breakfast with Santa is December 5th in the
Chantilly office – invite all of your clients!
At our events, the education is great, the food is plentiful
and the networking is awesome – you need to attend. Get it?
Got it? Good!
Now go sell