Friday, August 19, 2011

Current Real Estate "Good to Know" Information

Concentrating on how Responsible Referrals can help nonprofits serving homeless youth and families, I see that it's been a while since I've written anything regarding the real estate market.  Here's a few things that might come in handy!

** Want to check current foreclosed properties?  Just announced, the United States Department of Housing and Urban Development (HUD) has unveiled a new interactive website to make it easy for you.  Try it!

** HomeSteps by Freddie Mac is apparently overloaded with condominium property.  They're now offering an owner-occupant buyer incentive called HomeSteps Condo Cash to help move these properties. It amounts to $1500 to help with association fees provided that the property has been on the market for over 120 days with HomeSteps, a purchase agreement is written between 8/15/11 and 11/15/11, and the closing takes place on or before 12/30/11.  As they say, "every little bit helps"!


** New Guidelines for Short Sale Lenders and Purchasers:
On August 9, the Treasury Department issued Supplemental Directive 11-08 which serves to update the HAFA program.  The following details are courtesy of the National Association of Realtors.

Specifically, Supplemental Directive 11-08 implements the following key changes:
  • Requires servicers to develop and post on their website a HAFA Matrix that describes various components of a servicer’s HAFA Policy, including any unique HAFA eligibility criteria or program rules, the servicer’s process for re-evaluation of property value, and contact information for HAFA assistance.
  • Removes non-mortgage debt from the $6,000 subordinate lien cap. Non-mortgage lien holders still must provide lien releases and waive borrower liability.
  • Requires all servicers to develop a process for periodic re-evaluation of property value and to reconcile discrepancies between the servicer’s independent assessment of value and market value data provided by the borrower or the borrower’s real estate broker.
NAR will continue to collaborate with the Treasury Department on HAFA improvements and promoting a streamlined short sale process beyond the end of the program.
Supplemental Directive 11-08
HAFA Matrix template

** And, for those of you who remember the blog entitled "Styles: Just for Fun", maybe you'll remember me talking about a style that was new to me.  In Minnesota, it's not unusual for us to watch the Weather Channel (Californians probably don't even know about this channel) but recently I watched one of the Cantore Stories about, you guessed it, Earthship Homes!  Very interesting.  If you missed it, you can find the three part series on YouTube starting with the first on this link.

Have a great weekend!

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