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Short sales the wave of the (short term) future?
We’ll see if that holds true for Raleigh. According to a report from the New York Times that I read today, the government will start paying banks and sellers to utilize the short sale process to encourage more real estate sales activity.
“We want to streamline and standardize the short sale process to make it much easier on the borrower and much easier on the lender,” said Seth Wheeler, a Treasury senior adviser.
Under the new program, the servicing bank, as with all modifications, will get $1,000. Another $1,000 can go toward a second loan, if there is one. And for the first time the government would give money to the distressed homeowners themselves. They will get $1,500 in “relocation assistance.”
This new plan sounds decent on paper when you first look at it, but man it looks like a a train wreckwhen you think about it. The one idea that I like so far is the idea to pay a second mortgage company a piece of the pie. Second mortgages can block a sale unless they are able to get a piece of the action. The good thing is that I don’t think second mortgages demand a lions share and the extra $1,000 might make a difference based on what I have heard some short sale enthusiasts declare.
David Streitfield. New York Times On-line.Program Will Pay Homeowners to Sell at a Loss. 3/7/2010. Accessed 3/10/2010. http://www.nytimes.com/2010/03/08/business/08short.html
Twitter Updates for 2010-03-10
- 5.38% of Fannie Mae's single-family loans were over 90 days delinquent, up from 2.42% a year earlier (CNN Money) http://tiny.cc/25YtO #
- Mortgage giant Freddie Mac stays the course and does not lien on bailout cash for 3rd straigth Qtr. (From WSJ) http://on.wsj.com/9eMxUQ #
- Sold a townhouse Southerby Bluffs last night! New community in Garner is 5.5 miles to downtown Raleigh from $185k. http://tiny.cc/XV4jS #
- Pending home sales in the South still up 18% over Jan 2009 despite a recent 2.1% drop- : http://tiny.cc/RgIoI #
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Twitter Updates for 2010-03-08
- RT @ABC11_WTVD: Affiliated Computer hiring another 280 workers in Raleigh! http://bit.ly/bGsZIz http://myloc.me/4A84r #
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Outstanding weather for Raleigh home buyers this weekend
We did 2 open houses this weekend in Garner and in Raleigh… the weather was awesome! We had a great day at Southerby Bluffs on Saturday and had several visitors tour the new townhouses. On Sunday we held our listing at 8741 Camden Park Drive open, but only had 1 visitor… Each weekend is hit or miss around Raleigh when the weather turns for the better. Sometimes folks just say forget it and stay home to do a little spring cleaning or will venture out for lunch and wind up sitting outside or going for a walk ultimately delaying home shopping ’til the next nice weeked. Guess we had a little both this weekend!
Southerby Bluffs will be open this weekend
We will be on-site showing the new townhouses Southerby Bluffs this Saturday doing a little cleaning and setting up for the coming week. Come for a visit and see our quality, convenient location and custom floor plans!
Directions to Southerby Bluffs:
From 440 Beltline: Take exit 299 Hammond Road and turn left, Follow Hammond and cross Hwy 70 then Hammond turns into Timber Drive, Travel about 3.5 miles on Timber then turn left onto Aversboro Road, Right onto Heather Park Drive and then Right onto Southerby Bluffs.
From Downtown: Take South Saunders toward Garner and it turns into South Wilmington/ 70 East, Stay left at the 70/401 Split, Turn right onto Aversboro Road, Left onto Heather Park Drive and then right into Southerby Bluffs.
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