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FALLING BEHIND? WE CAN HELP!

by Team Cook

WHO DO YOU KNOW THAT IS FALLING BEHIND IN THEIR MORTGAGE PAYMENTS OR STRUGGLING TO KEEP THEIR HOUSE? PLEASE TELL US AND WE CAN HELP THEM!

 

What is a Short Sale?

A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers' mortgage obligations and closing costs, such as property taxes, transfer taxes, and the real estate agent's commission. A short sale is an alternative to foreclosure which may benefit both lender and borrower alike.

 

How do I know if a Short Sale on my property is right for me?

If you are faced with a hardship and are unable to meet your financial obligation on your mortgage, your lender would prefer to settle the matter with you as opposed to taking the property through the foreclosure process.

 

If I do a Short Sale, what do I have to pay to sell my home?

In most cases, you will pay literally no sales costs if your lender approves the Short Sale. The agent commissions, title and escrow fees, and even most repair expenses are paid by the lender as part of the Short Sale approval.

 

How do I get started on the Short Sale process?

There are very specific categories that lenders consider "qualified hardships." A short sale can only take place if both your property and you qualify. You will need to make sure you are working with an experienced short-sale transaction management team.

 

What "hardship" is acceptable for a lender?

Below you will find a list of "hardships" that are frequently accepted by mortgage lenders:

Job loss, unemployment or significant income loss
Divorce or separation
Excessive medical bills
Death of spouse
Military service
Adjustment in mortgage payment or unforeseen increase in living expenses
 

Do my mortgage payments need to be delinquent?

Most lenders will turn down your request for a short sale if the seller is currently making the payments. The only time they will consider it a short sale, is when the seller's payments are delinquent.

 

I have two loans; can I still do a Short Sale transaction?

Yes. You will have to work with both lenders to put together a Short Sale transaction packet. Most sellers in this situation are usually successful at getting the two lenders to cooperate because neither lender wants to own another home through foreclosure.

 

I am concerned about my credit - how will a Short Sale affect my credit?

Late payments leading up to a Short Sale will negatively impact your credit. However, if your bank accepts a Short Sale and does not negatively report, the short sale will not in itself negatively impact your credit score. For sellers, the key advantage to selling in a short sale is avoiding foreclosure. A short sale does less damage to a person's credit report than a foreclosure. It's also less detrimental than a "deed in lieu" (of foreclosure), in which a borrower gives the lender the keys to the house and stops paying the loan.

 

WHY SHOULD BUYERS BUY IN TODAY'S REAL ESTATE MARKET?

by Team Cook

WHY SHOULD BUYERS BUY IN TODAY'S REAL ESTATE MARKET?

Become a pre-approved buyer. With lending guidelines changing daily, being approved will allow you to look like cash to sellers which helps you make a deal. Plenty of inventory in upper price ranges. This is where the largest discounts in prices are occuring.

Real estate is a finite product that will rebound in value. Buy now and take advantage of your buy low, sell high ability today.

Lock in your low interest rates that are available today.

Ask for terms from sellers to meet your financing needs.

Ask for a Carbon Monozide detector with your inspections at the seller's expense to install before closing. Make sure you ask for the detectors that are wired with the other ones in the home.

If you are a patient buyer, short sales and foreclosures will afford you the lowest prices to buy homes, but you must be knowledgeable of the short sales process to really take advantage of this opportunity.

By Leeann Iacino - Denver Post


Would you like more information on Short Sales and how they work???

CALL TEAM COOK AT THE COTTAGE REALTY TO LEARN ABOUT GREAT BUYS AND OPPORTUNITIES THAT MAY BE AVAILABLE TO YOU IN NORTHERN COLORADO!

$8000 UPFRONT!

by Team Cook

PLAN TURNS TAX CREDIT INTO CASH!

First-time home buyers will be able to get $8,000 up front instead of waiting for tax time. 

Thousands of first-time home buyers will be able to get short-term loans so they can make quick use of a new $8,000 tax credit to pay for some of the costs of buying a home. The Federal Housing Administration on Friday released details of a plan in which borrowers who use FHA loans can get advances from lenders that let them effectively receive the credit in advance, so they don't have to wait to get the money from the Internal Revenue Service.

Most Borrowers will still have to come up with the FHA's required 3-5 percent down payment, unless they work through a state or local housing agency or an approved nonprofit. Ten states have such programs in place, according to the National Council of State Housing Agencies.

But, there are many other potential uses, such as for closing costs and fees, or to beef up the down payment beyond the minimum level. The FHA, which insures about a quarter of new home loans, is projected to guarantee about 2.2 million loans in the next budget year.

Any buyer who hasn't owned a home in the past three years is considered a first-time buyer and eligible for the program.  Borrowers can claim the credit by filing an amended 2008 tax return, or they can wait for their 2009 return.

The change "will represent an enormous benefit for communities struggling to deal with an oversupply of housing." Housing Secretary Shaun Donovan said in a statement.

The tax credit is not available to individuals with incomes above $95,000 or couples with incomes above $170,000. It expires Nov. 30.

By Alan Zibel The Associated Press


If you are a first-time home buyer or have not owned a home in the past three years, then don't miss out on this great opportunity to help you become a home owner. Team Cook has helped several buyers who took advantage of this program.  As they say, "Time is of the essence" There are only a few more months available to receive your $8000.00 dollars...and then IT'S GONE!

CALL TEAM COOK AT THE COTTAGE REALTY TODAY!

HUD HELPS OUT!

by Team Cook

On May 29, the Department of Housing and Urban Development announced that qualifying buyers can apply the $8,000 tax credit toward the purchase of a home. To facilitate the process, the Federal Housing Administration is permitting its lenders to extend short term bridge loans, which will enable qualifying buyers to apply their tax credit toward closing costs, buying down their interest rate, or increasing their down payment above the FHA required 3.5 percent.

"With an abundance of inventory, reduced home prices, historically low interest rates and now the availability of the tax credit at closing, we expect to see the housing market further stabilize and improve," said Charles McMillan, president of the National Association of REALTORS.

* 2009 home buyers can claim a special tax credit worth up to $8,000. The American Recovery and Reinvestment Act offers qualifying home buyers a tax credit equal to 10 percent of a home's purchase price, up to a maximum of $8,000. The tax credit is offered to first time buyers, and those who have not owned a principle residence in the past three years. To be eligible for the tax credit, buyers must meet general income requirements and close on their purchase before December 1, 2009. Please contact Team Cook for more details on this once-in-a-lifetime program.

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Team Cook Real Estate Services
The Cottage Realty Ltd.
908 Mountain Avenue
Berthoud CO 80513
970-532-2695
Fax: 970-532-2699

"I have truly heard and seen first-hand that Cottage Realty is wonderful, exemplary, and a real asset to the economy of Northern Colorado. I will definitely keep Cottage Realty in mind as my first choice if and when I have real estate needs in the future. Again, thank you so much. I will also refer you to friends and family who need your services. Sincerely...Stacy"