I just received this great chart from Dean Wegner about waiting periods after a foreclosure or a short sale. Please call or email me with any questions! 480-559-9660 or info@narducciteam.com.

HomeSmart is ranked the #1 brokerage for both agent count and sales volume in Arizona, #5 in the nation, and we’re now International! HomeSmart has opened it’s newest office in Beijing, China.

The federal Home Affordable Foreclosure Alternatives Act (HAFA) will become effective on April 4, 2010. This legislation is a companion to HAMP, which was enacted last March.

I’m sure you’ve heard about the long waiting periods if pursuing a short sale. This legislation requires lenders to respond to reasonable offers in a timely manner (supposedly 10 days). It will also require lenders to pay agents a guaranteed 6% commission, 3% to buyers agent, 3% to listing agent. Furthermore, home owners will be released from all liability. Meaning no cash contributions, promissory note or deficiency judgement.

For a short sale consultant or Professional Mortgage Modifier, the application process for distressed mortgage relief will also be “fast tracked.”

If you would like more information about Short Sales or Mortgage Modifications, please click the contact link above. All inquiries will be kept confidential.

*Please seek legal and tax advice before pursuing a short sale or loan modification.

Yahoo Finance recently published a nice article titled “10 Things to Know About Real Estate in 2010″ by Luke Mullins. I will give a quick recap of his top 10 things and then link the article below:

1. Prices to Bottom
2. Mortgage Delinquencies Up
3. Foreclosures Move Upstream
4. Mortgage Rates to Rise
5. Buyer’s Market Remains
6. Modification Plan to be Modified
7. FHA Lending Standards may increase
8. Tax Credit Available Through June
9. Markets will vary a great deal by region
10. Mobile Maps Can Help

Please click here and read Luke’s complete article.

I wish everyone a happy 2010 and may you all have success this year!

- Shalyce

FHA announced that they will temporarily lift the ban requiring 90 day seasoning before the property can be sold to a buyer wishing to use FHA financing.  This will go into effect February 1^st, 2010 and be in place for one year unless otherwise extended or withdrawn by the FHA Commissioner. If FHA discovers there is a significant increase in mortgage defaults or mortgage insurance claims attributable to insured mortgages obtained through this waiver, the Commissioner may, at his discretion, withdraw this waiver immediately.

There are a few conditions that must be met which are highlighted below:

• All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
• In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
• The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Below is the link announcing this policy change:

http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-011

Buying a home keeps getting cheaper. First time home buyers have been getting homes for $8,000 cheaper since January of this year. Well if you’ve lived in your home for a minimum of 5 years, you are now eligible for a $6,500 tax credit. The tax credit has been extended to April of 2010. This gives buyers enough time to pursue short sales, a luxury that they didn’t have for the past few months.

From January – August, 1.4 million first time home buyers have cashed in on this tax credit. According to the National Association of Realtors, approximately 350,000 buyers purchase homes specifically to benefit with the credit. For the majority, you get a “free gift” just for purchasing a home.

These incentives won’t last forever and most likely we will not see anything like this in the near future. Don’t wait, take advantage of low prices and free tax credits!

Call me at 480-559-9660 to get started or click here to fill out your “Dream Home Finder.”

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Stratland Estates on Gilbert/Germann can say goodbye to their empty lots and overgrown weeds. According to the Arizona Republic, Pulte, Meritage and Toll Brothers have purchased 230 lots and plan to start building next year. This adds to the new home momentum in Gilbert after 1,000 permits have been issued this year. I love seeing abandoned communities getting cleaned up and beautified!

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