Dave Sutton
Windermere Cronin & Caplan Realty Group, Inc.
Dave Sutton :: Direct: 503-505-9722 :: Email: davesutton@windermere.com :: www.davesuttonhomes.com
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Short Sales in 30 days? New FHFA Guildelines
Posted on May 2, 2012
One of the biggest headaches with short sales has been how long it took lenders to respond to offers. My personal experience ranges from six weeks to six months, with the average much closer to the six months end. Sometimes the lender's response is "no", and the buyer has just wasted months during which they probably could have bought a home that was not a short sale.
New guidelines from the Federal Housing Finance Agency (Fannie Mae and Freddie Mac) require the lenders to respond in three business days and give the buyer an answer in 30 days, under some circumstances up to 60 days.
If, and it's a big one, lenders can't just ignore this or find a way around it (am I being too cynical?) this change will make short sales much more marketable and be a boon to both sellers and buyers. The new guideline takes effect June 15, so we'll soon see.
The National Association of Realtors news release with all the details is here
Post a Comment : Author: Dave Sutton
Refinance Your Upside-Down Mortgage? Possibly!
Posted on April 24, 2012
Lenders continue to be more flexible, and government programs and guidelines continue to evolve as well. Mark Boeck, the Windermere Mortgage Branch Mgr. in my office announced that some upside down mortgages can be refinanced to a lower rate, which of course lowers your payment in the process. The detailed information is here.
Post a Comment : Author: Dave Sutton
Portland Homes for Sale at 8-year Low
Posted on April 12, 2012
In the Portland Tri-County area, the number of detached homes listed for "normal" sale (excluding bank-owned and short sale) is the lowest it has been in at least eight years. This chart shows, by quarterly average, the number of homes for sale (the bar) and the number which for which sales are pending (the line). The first quarter 2012 average number of homes for sale is less than half that at any time from 2007 through 2009.
This chart helps explain why my Windermere Lloyd Tower office is frequently seeing ten or more offers on a listing. Many nice homes, priced at market, are selling in a week. If you've been considering selling, now is definitely the time.
Post a Comment : Author: Dave Sutton
How Much Down Payment to Buy Today?
Posted on March 24, 2012
In survey after survey, renters say they think it takes 20% down to buy a home today. WRONG!
With good credit and reasonable debt to income ratios, home purchases are being made in and around Portland, OR with FHA loans that require only 3.5% down, and just this week our Portland Windermere Mortgage manager told me ZERO % down conventional loans are again available.
I just completed a purchase with a buyer who paid 3.5% down AND the seller gave him a 3% credit for closing costs besides!
Let's talk about how little it takes to get you into a Portland area home of your own today. I respond to text, email or phone. Your choice, but do it today (yes, I work evenings and weekends). You're waiting for what?
Post a Comment : Author: Dave Sutton
Buying More Affordable than Renting in 98 of 100 Largest US Metros
Posted on March 24, 2012
You read it right. Accordng to Trulia's Rent vs. Buy index, buying is now more affordable than renting in 98 of the nation'largest metropolitan areas - even New York, LA and Boston.
Read the whole story here and let me show you how that's true in Portland, OR.
Read the whole story here and let me show you how that's true in Portland, OR.
Post a Comment : Author: Dave Sutton
"Housing Crisis to End in 2012 as Banks Loosen Credit Standards"
Posted on March 8, 2012
That's the conclusion of DSnews.com, a news source for "the mortgage default servicing industry"
A link to the whole story is below.
The other part of the story is that, at least for the Portland Tri-County area we may have passed the proverbial "bottom of the market". The average sold price for a detached home (not including bank owned or short sales) has gone up every month since last September. The number of homes currently for sale is the lowest in more than five years.
Last week, one of my officemates called a seller the day after the home was listed to schedule a showing, only to learn the seller had accepted one of multiple offers that day - the day after it was listed! Multiple offers on desirable homes are now the norm not the exception.
Have we passed the "bottom of the market"? Leave a comment with your thoughts.
For the full DSnew.com story click here
Post a Comment : Author: Dave Sutton
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