New Short Sale Guidelines To Help Homeowners

Earlier this week the Federal regulators who oversee Fannie Mae and Freddie Mac passed some changes to the laws that govern short sales that go into effect on November 1, 2012. The design behind these changes was to help families who truly deserved of a short sale get through the process quicker and with less paperwork. Anyone familiar with a short sale knows the amount of paperwork involved in it can be extensive. I often joke with sellers when they ask me how much paperwork is involved that by the time we are done we will have used a complete tree. And that process takes months to get done. Now, the guidelines implemented for Fannie Mae and Freddie Mac are designed to help streamline this process and make it easier for deserving families to qualify and process through a short sale. Fannie Mae and Freddie Mac are primarily the investors on a majority of the mortgages out there. You would never know it because the service provider is probably the same bank that you received your mortgage with. But on most short sales Fannie Mae or Freddie mac make the majority of decisions on whether to approve or not a short sale and verify the paperwork is correct or not. Under the new guidelines borrowers who are current on their mortgages but face certain hardships like death in the family, divorce, loss of job, relocation or disability now can have their short sales streamlined faster and with less paperwork. Military personal being relocated automatically qualify for a short sale regardless of whether they are behind on the payments or not. And best of all they are exempt from deficiency judgements. So the banks cannot sue them afterwards for the balance owed on the house after the foreclosure or the short sale. the paperwork for a short sale will be uniformed among all service providers that Fannie Mae and Freddie Mac service now. Currently each bank has their own set of paperwork for the short sale and as long as it meets the guidelines for the lienholder and Fannie Mae and Freddie mac get the required information they need no one cared. However; it bogged down Fannie and Freddie as they had to sift through papers to ensure that they had all the necessary information. This eliminates this issue and should speed up the process. Also, they are offering an incentive of up to $6000 toward second lienholders to help process the short sales. Currently second lienholders can kill a short sale transaction if they do not agree to the dollar amount offered by the first lienholder or if they feel it is not in their financial best interest. With short sales on the rise as more and more banks have adopted streamlining processes in place and buyers are not waiting as long as before to close on them this can help alleviate some of the homes that go to foreclosure and remain empty for a period of a time and remove the stigma of a foreclosure off of their credit. the full article from the Federal Housing Financing Agency link is: http://www.fhfa.gov/webfiles/24211/ShortSalesPRFactFinal.pdf Dave diCecco Realtor/Broker Coldwell Banker United www.davedicecco.com

Does Paint Color Matter When Selling A House?

Does it matter what color paint you use on the walls when selling a house? Most definitely it does matter what the color of paint is on the walls when you go to sell the house. A color that you may like on the walls may not be the choice of color for the buyer.... Certain colors tend to make a room look and feel larger and warmer than other colors. because your daughter liked pink on the walls and your son wanted his room blue does not matter to a buyer. They may not want those colors. I know a lot of people tell me but it is only paint...it can be fixed with a fresh coat of paint and they can paint it whatever color they want when they move in. yes that is true....but colors tend to make a house look different to different people. For example, I walked into a house that had been on the market for seven months with no offers and few showings. The seller could not understand why. Home was priced right. Well as soon as you walked in you immediately noticed the colorful rooms with decor and paint that matched the sellers taste. Most buyers walking through the house were turned off by the paint colors and could not look past it. In some rooms it made the rooms feel and look smaller and the lack of fresh paint on the trim work made the house feel old and dated inside. Now, fast forward 30 days. When I walked into the same house that was freshly painted in a beige color on all the walls and the trim was brightened up with a white glossy paint. The rooms looked rich and bright and the house had a feel of being newer and more updated than before. Buyers were in love with the house because of the fresh paint and the feeling they got when they walked in and saw the home freshly painted and warm and inviting. It made the house look and feel larger and open. Because of that the showings increased dramatically and with the increase in showings came multiple offers and a closed sale… Paint may be an easy fix to a house that a prospective buyer can do.....but it is also something that can make your home stand out from the rest and help you get a quicker sale and possibly more money for the house.....do not neglect the little things in this housing market that can add value to your house and help you get it sold in a timely manner. Dave diCecco Realtor/Broker Coldwell Banker United www.davedicecco.com

Market Report: Crestdale Crossing Matthews, NC. 28105 July 2012

Crestdale Crossing is a quaint 110 single family home subdivision located in Matthews, NC. 28105 just outside of the center of town. This quiet community was built in 2002-2003. It's families love the location to the highways, the great schools and family like atmosphere with children playing in the park or riding bikes through the cul de sac's. Below are the market trends for Crestdale Crossing for the past three years. This will give you a good idea of how the housing has trended in there. These numbers are from August 1st through July 31st. 3 years ago there were 5 homes that sold for an average sale price of $119,550. They were on the market for an average of 23 days. 2 years ago there were 5 homes that sold for an average sale price of $100,700. They were on the market for an average of 70 days. Last year there were 8 homes that sold for an average sale price of $81,679. They were on the market for an average of 104 days. Currently there is one homes for sale for $112,000. There are three under contract right now. The average asking price of those three under contract is $96,133 and they have been on the market for an average of 53 days. A balanced market (one which does not favor the buyer or the seller) is considered one that has six months worth of inventory avaialble. Based on the last years sale numbers and what is currently availble on the market right now the market is favoring the seller. David diCecco Realtor/Broker Coldwell Banker United www.davedicecco.com