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Economy

Jeffrey — Thu, 16 Oct 2008 05:31:14 +0000

So the Dow Jones went down even more…………

I just can’t make payments on my Phoenix home anymore !

The Current Bank’s Tactics

Jeffrey — Sun, 10 Aug 2008 08:36:05 +0000

So here we are. Probably roughly two years in to the sky rocket of short sales and we see just another tactic from the bank to kick us all who are involved in short sales. Short sales are becoming more and more difficult because they are becoming more and more common. If you would have asked a group of real estate agents a year ago what a short sale was the majority wouldn’t know what you are talking about. Now a days the words short sale come up more regularly than closed deal.

So what are the banks doing? Well the have employed several methods to try and save their behinds. The newest one? A bank, that will go nameless for now, has set up a triage group to I guess weed out the bad short sale contracts. The low ball offers we like to call them.

What is this group actually doing? They are plugging information into a computer to calculate rough numbers on which they are basing someone’s future on. Thats right! They are flat out declining short sales before a short sale negotiator is assigned, before a BPO is done, and before you even talk to the short sale department. They are doing all this just on some rough numbers a computer spit out to them. Kind of harsh don’t you think? I surely do. Thanks for reading and come back soon.

- – Jeff Buettner
Real Estate Wiz Kid

I just can’t make payments on my Scottsdale home anymore !

New FHA Bill Passed To Help Homeowners Out

Jeffrey — Mon, 28 Jul 2008 17:31:52 +0000

So as of the past week or so a bill has been passed to help homeowners from going into foreclosure. The bill is set to help out close to 400,000 people. I know, I know, only 400,000 people but its a start for this real estate market right? There are a few things in the fine print obviously. So this new bill that has been passed will allow homeowners to refinance their mortgage with a lower payment. The refinance will shift the risk from that of the lender to the FHA. The benefit of the lender is the continuation of the loan while the benefit to the homeowner is the obviously to stay out of foreclosure. So what is the benefit for the FHA? The benefit of the FHA is that if the home owner ever sells his/her property for a profit they must share the profits with the FHA. If they sell for a profit within 1 year they must give it all to the FHA and that amount decreases by 10% for every year for up to 5 years. So regardless, if you refinance with this new loan program and sell your home for a profit, your going to be giving at least half that profit to the government, plain and simple. Not to mention this process is completely volunteering for the lender and you can’t go into this program if you have a home equity loan. Another downside is its goal is only to help 400,000 people which is a fraction of the real estate needy. Will this really help America out? Is this program going to be better than a short sale? Time will only tell. Keep reading. Have a great day.