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March/April 2010 |
FYI... Short Sale vs. Foreclosure
SHORT SALE: Help Avoid Foreclosure!
A Short Sale is an "arrangement" between the current owner of a home and the bank that lent them the money to buy their home to accept an offer for less than the total amount owed to pay off the  home. The "deficiency" is the difference between the amount owed and what the bank collects at the short sale. Most short sales arise when a seller owes more on their house than they can sell it for. The owner of the home then attempts to make an arrangement with their lender to sell the house for less than is owed. For it to be a Short Sale, someone must be getting "shorted." Either the seller, or the bank. Despite popular belief, you DO NOT HAVE TO BE BEHIND ON YOUR MORTGAGE TO REQUEST A SHORT SALE. You just have to demonstrate that your house cannot be sold for what you owe.
FORECLOSURE:
"Foreclosure is the procedure by which a party who has loaned money secured by a mortgage or deed of trust on real property forces the sale of the real property to recover the money due, unpaid interest, plus the costs of foreclosure, after the debtor fails to make payment.""If the delinquency and costs of foreclosure are not paid within this time, then the lender (or the trustee in states using deeds of trust) will set a foreclosure date for selling the property at public sale.""There is also judicial foreclosure which is used in several states with the mortgage system or in deed of trust. This procedure is used when the amount due is greater than the equity value of the real property, and the lender wishes to get a deficiency judgment for the amount still due after sale." Foreclosure not only destroys your credit, you also could lose your security clearance, job and be affected for jobs in the future! |
Visit Our Resource Center
On Our Website you will find more information including...
Foreclosure Process, How to Avoid Foreclosure, What is a CDPE? and more!
Click Here for more information |
Important USDA Funding Changes
March 10, 2010
Notice of Funding
This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.
Once funding is exhausted, the Agency will not issue Conditional Commitments "subject to receipt of appropriated funds." This is because it is not certain when additional funding will be available.
Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited.
Buyers need to act quickly if zero down USDA is your only source of financing. There is no gurantee that it will be around forever.
If you have questions please contact Rachael Wilson or Keith Cook at 360-647-1313
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Don't Forget to Spring Forward!
Daylight Savings begins March 14.
Set your clocks forward an hour by 2:00 am this Sunday. |
Hats off to Canada!
We'd just like to mention how great this winter's Olympics went.The games were fun to watch, the city looked great, and the world got to see the Pacific Northwest. Canada definitely showed off the natural beauty of our area. Not only did Canada do a great job hosting the events, they really proved themselves in the medal count (and on the hocky court).Check out the results below:
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Country |
Gold |
Silver |
Bronze |
Total |
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Canada |
14 |
7 |
5 |
26 |
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Germany |
10 |
13 |
7 |
30 |
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United States |
9 |
15 |
13 |
37 |
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Norway |
9 |
8 |
6 |
23 |
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Korea |
6 |
6 |
2 |
14 |
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Switzerland |
6 |
0 |
3 |
9 |
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China |
5 |
2 |
4 |
11 |
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Sweden |
5 |
2 |
4 |
11 |
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Austria |
4 |
6 |
6 |
16 |
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Netherlands |
4 |
1 |
3 |
8 |
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Russian Federation |
3 |
5 |
7 |
15 |
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France |
2 |
3 |
6 |
11 | |
"Just So You Know Some Ling-O"
Loan Modification-a private corporation authorized by the U.S. Congress whose chief function is to buy federally insured home mortgages and help develop nonfederally insured mortgages.
Short Sale-A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.
CDPE- A Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners.
CRS-The Certified Residential Specialist (CRS) is the highest Designation awarded to sales associates in the residential sales field. The CRS Designation recognizes professional accomplishments in both experience and education.
Five Star- The Five Star Institute is the premier provider of education for the real estate professional, providing innovative and unparalleled academics developed by industry authorities.
SRES- REALTORS® who want to specialize in the real estate needs of maturing Americans are earning the Seniors Real Estate Specialist (SRES) designation by taking the new SRES course designed and conferred by the Real Estate Buyer's Agent Council of the National Association of REALTORS®.
CNE- Certified Negotiation Expert
ABR-The Accredited Buyer's Representative (ABR®) designation is designed for real estate buyer agents who focus on working directly with buyer-clients.
Broker- Real estate brokers and sales agents have a thorough knowledge of the real estate market in their communities. They know which neighborhoods will best fit clients' needs and budgets. They are familiar with local zoning and tax laws and know where to obtain financing for the purchase of property. Brokers and agents do the same type of work, but brokers are licensed to manage their own real estate businesses. Agents must work with a broker
Managing Broker- The licensee responsible for a brokerage, and who is responsible for exercising the rights conferred on the brokerage as well as for the performance of the duties imposed on the brokerage by its licence. In addition, the managing broker is responsible for the control and conduct of the brokerage's real estate business, including the supervision of its related licensees.
Fannie Mae- Fannie Mae is a government-sponsored enterprise (GSE) chartered by Congress with a mission to provide liquidity, stability and affordability to the U.S. housing and mortgage markets. Fannie Mae operates in the U.S. secondary mortgage market. Rather than making home loans directly to consumers, we work with mortgage bankers, brokers and other primary mortgage market partners to help ensure they have funds to lend to home buyers at affordable rates. We fund our mortgage investments primarily by issuing debt securities in the domestic and international capital markets.
Freddie Mac- Freddie Mac, one of America's biggest buyers of home mortgages, is a stockholder-owned corporation chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. "Every day we help millions of families in neighborhoods across America buy their own homes or enjoy quality and affordable rental housing by linking them to the world's capital markets. In the process we reduce the costs of housing finance and expand housing opportunities for all families, including low-income and minority families. It is a unique mortgage finance system that makes homeownership a reality for more of America's families."
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  8226 Gillies Road
$729,000
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  64XX Portal Way
$895,000
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  1467 Crestview
$285,000
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6338 Mt. Baker Hwy
$350,000
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13014 State Route 9
$498,000
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Community Update: Everson
 Everson and the nearby city of Nooksack lie near the foothills of the Cascade mountains. Located on the banks of the Nooksack, the businesses support the surrounding farms and logging industries. The valley is heavily influenced by Dutch settlers who established dairy farms on the fertile flood prone land. Fruit orchards and berry fields also play an important part
of the town's economy. The town's small business district provides all the basic services. There are restaurants, a pharmacy and groceries, auto-repair, and agricultural supply stores. The City Park is located a 1/2 block south off the W. Main St. and Riverside Park is on the banks of the Nooksack River featuring picnic tables and ball fields.
Throughout the year, the area hosts small festivals in town or in the surrounding area, including a summer festival and harvest festival. |
NWMLS Stats: February 2010
Northwest Multiple Listings
Whatcom County
Everson, WA
Closed Sales Report - Residential
Residential Units Average Price Median Price
Click Here to View Archived Statistics on all of Whatcom County |
Trendgraphix Featured Chart:
Nooksack
Interested in another area's statistics?
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Economic Update: March/April 2010
Monthly Payments
Example Purchase Price of $250,000
30-Year Fixed
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Payment |
$1,058.42 |
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Points |
.25% |
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% Down |
20% |
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Rate |
4.875% |
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APR |
5.040% | 15-Year Fixed
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Payment |
$1,058.42 |
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Points |
.25% |
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% Down |
20% |
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Rate |
4.875% |
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APR |
5.040% |
Comments & Explanations:
Let me compete for your business. Payments do not include homeowners
insurance and property taxes. MLO Lic#107093. To apply online visit me at
www.neighborhoodmortgage.net/anny
* Please note that this illustration requires that you put a minimum 20% down. No ARMS or Balloons. Only
conforming 30 Yr. Fixed Rates. This information is provided for illustration only and does not constitute an
application does not guarantee loan approval, nor is it an offer or commitment to make a loan to you on the above
terms. This is not a commitment or an offer to extend financing as defined by Federal Reserve Regulation Z - Truth
in Lending and as such does not contain an APR. Interest Rates are subject to change daily without notice and
will affect the loan amount for which you may qualify
Anny Havland
Neighborhood Mortgage
License # 510-LO-35892 Co-owner/Licensed Mortgage Advisor 360-594-4030-Direct 360-671-8043-Fax "Cheers to continued great lending rates." |
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In November, Congress extended and expanded the First-Time Home Buyer Tax Credit program to include a subset of "move-up" buyers - homeowners that have owned and lived in their home for 5 of the last 8 years.
The credit ranges up to $8,000 per buyer. There's now just 7 weeks left to take advantage.
To be eligible, home buyers must be under contract for a new home no later than April 30, 2010, and must be closed no later than June 30, 2010.
In addition to meeting the deadline dates, there's a basic set of requirements to be tax credit-eligible:
- You can't purchase the home from a parent, spouse, or child
- You can't purchase the home from an entity in which the seller is a majority owner
- You can't acquire the home by gift or inheritance
- Each buyer in the purchase must meet eligibility requirements
There's other criteria, too.
For one, the sales price on the subject property cannot exceed $800,000. Homes sold for more than $800,000 are ineligible for the tax credit. Furthermore, households earning more than $125,000 as single-filers, or $225,500 for joint-filers, are ineligible.
You can read the complete eligibility requirements at the IRS website, or, you may just find it simpler to speak with your accountant about it. There are some nuances in qualifying for and claiming the tax credit on your returns and getting a professional's opinion is always wise.
And lastly, don't forget that government's tax credit program is a true tax credit. It's not a tax deduction. This means that a tax filer whose "normal" tax liability is $3,500 and who is eligible for $8,000 in credit will receive a $4,500 refund from the U.S. Treasury.
If you're currently in the House Hunt, mark your calendar for April 30, 2010. It's 7 weeks away and you can be sure that as the date gets closer, buyer traffic is going to increase. You may find sellers more willing to negotiate today than several weeks from now.
Anny Havland
Neighborhood Mortgage
License # 510-LO-35892 Co-owner/Licensed Mortgage Advisor 360-594-4030-Direct 360-671-8043-Fax "Cheers to continued great lending rates." | |
