NEW YEAR, NEW YOU?
Unlike Calvin, many of us see the beginning of a new year as an opportunity to wipe the slate clean and enjoy a fresh start.
I've found that the secret of successfully keeping to your resolutions lies not so much in a fired-up determination to change but in gently and gradually changing the way we think.
So, if you're vowing to make any changes this year, take it easy. Be kind to yourself. This mess didn't happen overnight and neither will fixing it. And by the way remember always how I personally feel about each and every one of...
I've found that the secret of successfully keeping to your resolutions lies not so much in a fired-up determination to change but in gently and gradually changing the way we think.
So, if you're vowing to make any changes this year, take it easy. Be kind to yourself. This mess didn't happen overnight and neither will fixing it. And by the way remember always how I personally feel about each and every one of...
(pssst! Click on the heart!)
FEWER FORECLOSURES AHEAD?
RealtyTrac Inc. recently reported that approx. 1.9 million homes went into foreclosure in 2011, the lowest level since the recession began. Last year here in Southwest Florida lenders filed approximately 5400 foreclosures in Lee County, and about 2800 in Collier County, a noticeable decrease from previous years.
The RealtyTrac report made the point of cautioning that the decline does not necessarily mean that the housing market is getting any better, since many foreclosures have simply been delayed because of the industry’s struggle with the foreclosure process.So much so, that many lenders simply ceased initiating new foreclosures during 2011.
THE BOTTOM LINE on all this is that as lenders are finally figuring out how to handle the large volume of foreclosures they’ve been facing, we may be seeing a larger inventory of foreclosed homes on the market this year - good news for homebuyers. Nevertheless, there seems to be a general trend towards fewer mortgage defaults and foreclosures, indicating a recovering economy; and that’s good news for
ALL of us!
BANKS FINALLY GET IT!
Several major lenders, including Bank of America,Wells Fargo, JPMorgan Chase and CitiMortgage have recently begun offering a quicker, accelerated short sale programs as an alternative to foreclosure or the customarily lengthy and complicated short sale process.
In these programs, the homeowner agrees to maintain the property and work with a real estate agent, putting the property on the market at a fair market price determined by the lender’s appraiser. Additionally, many of these programs offer the seller cash incentives to short sell their homes rather than allowing them to go into foreclosure; as much as $30,000.00 in some cases, if all terms and conditions are met.
The most significant difference of these accelerated short sale programs is that the lender approves the short sale and listing price before putting the property on the market or receiving a purchase offer. For buyers it becomes a more straightforward transaction, closing within a more reasonable time frame: No more months and months of waiting for the bank to review the sellers’ financial circumstances, determine the property’s fair-market value, review the purchase offer, counter the purchase offer, request updated documentation of the sellers’ financial hardship and finally approve the short sale. By which time many buyers would have grown tired of waiting, found another property and withdrawn their offer.
So far, lenders have been proceeding cautiously; the accelerated programs are not being promoted or marketed widely and are being offered only to selected homeowners and real estate professionals as trial pilot programs and for a limited time.
Having recently been involved in an accelerated short sale, I can personally attest that this is definitely a better way to handle things. The programs offer a more reasonable solution to the challenges faced by anyone involved in a short sale. Lenders should be open to implementing the accelerated process whenever possible.
4 Seasons Realty LLC
1615 SE 47th Ter, Cape Coral, FL 33904
Ph. 239.851.6235 | Fx. 239-333-2031
team@kathycardet.com | http://kathycardet.com
If you or someone you know may be looking for real estate of exceptional quality, please contact me right away;
- I would be more than happy to help!
4 Seasons Realty LLC
Ph. 239.851.6235 | Fx. 239-333-2031
team@kathycardet.com | http://kathycardet.com
If you or someone you know may be looking for real estate of exceptional quality, please contact me right away;
- I would be more than happy to help!
