Buying in Today's Market / Short Sale Facts
Upcoming SlideShare
Loading in...5
×
 

Like this? Share it with your network

Share

Buying in Today's Market / Short Sale Facts

on

  • 565 views

Does the typical first-time homebuyer in today's market really understand what type of market we're in? Here is a different way to show this segment of the market that NOW is the right time to ...

Does the typical first-time homebuyer in today's market really understand what type of market we're in? Here is a different way to show this segment of the market that NOW is the right time to buy.

Short sale facts and figures are reviewed in addition to a brief overview of the government's latest endeavor to streamline the short sale process.

Miscellaneous items:
- Title insurance rates are changing in Pennsylvania. Get the facts.
- The latest Prudential Homesale commercial is presented.
- Changes reviewed in the new PAR agreements for Vacant Land and New Construction.
- Market statistics for Central PA for the month of April 2012.

Statistics

Views

Total Views
565
Views on SlideShare
559
Embed Views
6

Actions

Likes
0
Downloads
1
Comments
0

1 Embed 6

http://comparecarinsurancetoday.com 6

Accessibility

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Buying in Today's Market / Short Sale Facts Presentation Transcript

  • 1. Why is now a good time to buy? • Historically low interest rates • Wide selection of properties • Bottom of the market“What does that mean for me?”
  • 2. National Average Rent
  • 3. Monthly Payment Analysis Principal & Interest $ 808.34 Taxes ($2,800/yr.) 233.33 Insurance ($400/yr.) 33.33 PMI 50.00 Total Monthly Pymt. $ 1,125.00 $169,315
  • 4. Listed Between $160K - $170K Dauphin County: 84 homes available
  • 5. Short Sales SOURCE: Mortgage Bankers Association• 1.5 million homeowners at least 90 days late on their mortgage• 12.5 million homeowners ‘underwater’ in their home
  • 6. Not Going Away Anytime Soon
  • 7. Not Going Away Anytime Soon
  • 8. Not Going Away Anytime Soon
  • 9. Incentive to do Short Sales by Lenders
  • 10. Short Sale Overhaul?!?! New guidelines adopted by designed to speed up process.
  • 11. What’s Changed for Short Sales? New guidelineseffective on June 15• Lender has 30 days to review and respond to short sale requests• If lender needs more than 30 days, they must provide the borrower weekly updates and a final response within 60 days
  • 12. What’s Changed for Short Sales? (Home Affordable Foreclosure Alternative)• Program is usually used prior to putting the home on the market to establish an acceptable sales price• Same guidelines apply
  • 13. What this Means for Short Sales? • Make the process much more streamlined • Make it more transparent • Reduce excess inventory quicker
  • 14. Penalties for Non-compliance? • ‘Compensatory’ fees could be due borrowers • Servicers will be evaluated under the Servicer Total Achievement & Rewards Program (STAR) Huh?
  • 15. What this Means for Short Sales? Will lenders really be able to change?
  • 16. Revised PAR Agreements New Construction Agreement • Expanded broker blocks • Updated deposit language • Change in buyer’s financial status • Multiple additional clauses to bring it in line with standard agreement of sale
  • 17. Revised PAR Agreements Vacant Land Agreement • Expanded broker blocks • Financing options • Change in buyer’s financial status • Multiple additional clauses to bring it in line with standard agreement of sale
  • 18. NEW Title Insurance Rates • State regulated rates changing • Reissue Rate is no longer an option • Different rates for sales vs. re-fi’s • Rates will go into affect starting June 1, 2012
  • 19. Prudential Homesale Commercial
  • 20. Absorption Rate Analysis 3 Month Moving Average February - April 2012
  • 21. Settled UnitsYear-to-Date Comparison through April
  • 22. Average Sales Price Year-to-Date Comparison through April
  • 23. Average Days on Market Year-to-Date Comparison through April