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Since short sales starting showing up about two years ago we have come a long way. It has been a very steep and painful climb but finally we have some encouraging news! Much needed guidelines have been put into place to accelerate agreements between lenders, agents, homeowners & buyers. Here are some of the highlights effective as of April 5, 2010. Fannie Mae & Freddie Mac have their own rules, one of my favorites is they must respond to a short sale offer within 2 weeks. This may actually change the 6 months it seems to take to get a short sale closed.
• Allows borrowers to receive pre-approved short sales terms before
listing the property (including the minimum acceptable net proceeds).
• Prohibits servicer from requiring a reduction in the real estate
commission agreed upon in the listing agreement (up to 6 percent).
• Requires borrowers to be fully released from future liability for
the first mortgage debt (no cash contribution, promissory note, or
deficiency judgment is allowed.)
• Provides financial incentives: $1,500 for borrower relocation
assistance; $1,000 for servicer to cover administrative and processing
costs; and up to $1,000 for investors.
...whether you are a first-timer or wish to buy "up". The tax credit that was extended in November has a deadline of April 30th. Interest rates are still historically low but might not be for long. Many economists are predicting that rates will climb in 2010.
Here are some basics to know about the new tax credit.
First-time buyers who have not had interest in a principal residence for 3 years are still eligible.
Maximum amount remains $8,000
Current homeowners who have maintained the home they want to sell for 5 of the last 8 years are eligible for a credit of up to $6,500.
Buyers must sign a purchase agreement by April 30th & close before July 1, 2010.