Real Estate and *stuff *
A real person helping real people with real estate
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Amy Mullen and Pam Crawford give a little update on the Short Sale process in Worcester County…
Many short sales behind them they have recently closed several more the end of 2011 and January 2012. The most noted change in the process is that the process is still long, and bank seem to be countering buyers more. However the homes are still closing for significantly less than market value. It’s a good way for a buyer to get a good price on a home and allows the seller to have a dignified solution to their issue. A short sale allows the seller to have more control over when they leave the property and a much better effect on their credit and income in the long run.
All in all – despite the recent challenges in short sales in Worcester County it’s a very viable solution for both sides of the transaction.
For more information: dontforeclosenow.com
I want to circulate this video interview on Fox and Friends that featured Alex Charfen because as I was watching it, I realized it is a very complete 5 minute overview of the housing market today. This is some great information for buyers, sellers, investors and realtors. I have recapped his main points in case you don’t have the time to watch the video.
Video link: http://youtu.be/fd7LHQV4y9A
Main points:
Tip #1: This is PRIME time for home buyers and investors: Alex points out that we are at record or near-record low interest rates and property values have dropped between 30% and 50%. We are only expecting single digit decline in the first part of 2012. “Buying at the bottom” is something that only happens if you are truly lucky and we are at bottom by all accounts.
Tip #2: Review your property tax bill carefully: if the value of your property has come down – you should only be paying taxes on the value. There are services that can help you change the property tax value or you can approach your town yourself with an abatement request.
Tip #3: Take advantage of home energy tax credit programs: consult with your tax accountant to see what energy improvements you made to your current home during 2011 will qualify for a tax deduction on your federal return.
Tip #4: Right size your space: Up until about 2007 the thought was “bigger was better” but that has reversed and people are looking for smaller spaces. The thought behind this is that it’s not just the purchase price of the square footage but it’s also the insurance, heating and cooling costs that go into maintaining a larger amount of square footage. If you can “right size” your space, then you can lower your overall expenses.
Tip #5: Be water wise: some areas have very expensive water bills so watch your appliances, washing machines and landscaping. Zero-scaping is a concept that has zero water usage for landscaping. The overall cost of owning a home can be reduced by being “water wise”.
Short sales and Foreclosures: Foreclosure is absolutely the last alternative and worst-case scenario for a troubled home owner – a record number of short sales were approved in 2011 and banks are more willing than ever to work with these deals. Chase, Bank of America and Wells Fargo are, in some cases, paying the home owners to short sale and move on to a different property.
On average, all the banks have improved their short sale processes and the transaction is almost as fast as a normal transaction. Short sales a dignified solution to a traumatic financial crisis for many homeowners. Find a real estate agent that understands short sales (easily identified with the CDPE designation) and that will shorten the process as well.
Real Estate and *stuff * 