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As Washington works to extend the closing date requirements from June 30th (today) many homebuyers and sellers await wondering if their transaction will cancel.
Click here for an update on the status of that bill from the associated press published just an hour ago.
Good news for buyers who were in contract to purchase a home as the Senate votes to extend the closing deadline from June 30th, to September 30th. Below is an excerpt from The Hill,
“By a 60-37 vote, the Senate on Wednesday approved a measure extending the closing deadline for qualifying for the homebuyer tax credit…
To qualify for the credit, homebuyers have until June 30 to close on the purchase. The proposal pushes the closing deadline back to Sept. 30, 2010.” (Read Entire Article)
It may be a bit confusing for potential buyers as this only extends the closing deadline for those buyers already in contract by the April 30th deadline.
A recent article in DS News shows that 76% of consumers are in favor of renting versus buying a home. No suprise as the market values keep dropping.
“According to a new online survey of more than 2,000 U.S. adults conducted in May by Harris Interactive and commissioned by the Arlington, Virginia-based National Apartment Association (NAA), 76 percent of consumers deemed renting to be the more favorable option to owning a home in the current real estate market, a 5 percent jump from the 2008 survey results”
Despite many claims that the housing crisis is over, consumer behavior seems to say otherwise.
Fannie Mae is offering a pilot program in Nevada where owner occupied purchasers will have ” First Look” grace period . In the program, purchasers who plan to live in the property are allowed first choice to purchase the property in the first 30 days of the listing, which is a change from the 15 day policy.
This means, owner occupied buyers will have an advantage over the investor. Read more in the Hubble Smith article of the Las Vegas Review Journal.
In this market, where many buyers compete against and often lose out to the “Cash Investor”, this new program gives buyers who are using financing the opportunity to purchase homes they otherwise would have been unable to.
Black and LoBello is a law firm in Las Vegas that has one of the best blogs I have read ever. By permission, I have re-printed one of their blog posts that really hits home for those of us in the title business.
If you are in the real estate business in Las Vegas you really need to subscribe to this blog or better yet become a fan of their Facebook page. They blog on lots of current real estate topics and issues that will be a great resource for you. I am sure you will enjoy the post as much as I have.
On January 22, 2010, in Real Estate, by blacklobellolaw
New Orleans residents are challenged often with the task of tracing home titles back potentially hundreds of years. With a community rich with history stretching back over two centuries, houses have been passed along through generations of family, making it quite difficult to establish ownership.
Here’s a great letter an attorney wrote to the FHA on behalf of a client that I thought was absolutely priceless. This is one lawyer you gotta love, and it’s too good not to share!
A New Orleans lawyer sought an FHA loan for a client. He was told the loan would be granted, if he could prove satisfactory title to a parcel of property being offered as collateral. The title to the property dated back to 1803, which took the lawyer three months to track down. After sending the information to the FHA, he received the following reply:
(Actual letter):
‘Upon review of your letter adjoining your client’s loan application, we note that the request is supported by an Abstract of Title. While we compliment the able manner in which you have prepared and presented the application, we must point out that you have only cleared title to the proposed collateral property back to 1803. Before final approval can be accorded, it will be necessary to clear the title back to its origin.’
Annoyed, the lawyer responded as follows:
(Actual letter):
‘Your letter regarding title in Case No. 189156 has been received. I note that you wish to have title extended further than the 194 years covered by the present application. I was unaware that any educated person in this country, particularly those working in the property area, would not know that Louisiana was purchased, by the U.S. from France in 1803, the year of origin identified in our application.
For the edification of uninformed FHA bureaucrats, the title to the land prior to U.S. ownership was obtained from France, which had acquired it by Right of Conquest from Spain. The land came into the possession of Spain by Right of Discovery made in the year 1492 by a sea captain named Christopher Columbus, who had been granted the privilege of seeking a new route to India by the Spanish monarch, Isabella.
The good queen, Isabella, being a pious woman and almost as careful about titles as the FHA, took the precaution of securing the blessing of the Pope before she sold her jewels to finance Columbus ‘ expedition.
Now the Pope, as I’m sure you may know, is the emissary of Jesus Christ, the Son of God, and God, it is commonly accepted, created this world. Therefore, I believe it is safe to presume that God also made that part of the world called Louisiana.
God, therefore, would be the owner of origin and His origins date back, to before the beginning of time, the world as we know it AND the FHA.
I hope you find God’s original claim to be satisfactory. Now, may we have our damn loan?’
Freddie Mac will be offering over 75 homes for auction to owner-occupied bidders only on April 24th. Freddie Mac’s mission is to provide liquidity, stability and affordability to the housing market. This first time ever event will allow first time homeowners or people who do not currently own a home, to bid on foreclosed homes without having to compete with investors.
Buyers must have a government issued photo ID,loan pre-qualification documents and a $1000 cashier check(made out to yourself) at registration in order to bid at the auction. Buyer broker/agent participation is allowed and a 3% co-op commission will be paid to registered broker/agents who duly registered prior to the Auction Day.
A buyers premium of 3% of the winning bid will be added to establish the total purchase price. As an example, if the winning bid is $100,000 the buyers premium is $3000 thus the total purchase price is $103,000.
There will be two parts to the auction, the morning auction will be for the NSP qualified buyer only. The afternoon is open to all other qualified and registered bidders. All properties have been inspected and repaired to qualify for FHA and VA financing. Winning bidders will be offered a 2 year home warranty and up to 3.5% towards buyers closing costs.
To view properties available, register and get more information visit their website www.Auction.com. Open houses will be held prior to the 24th to view properties. Check the website for more information.
The Obama administration released new support for homeowners who must short sale their homes. The Associated Press article states that a homeowner who must short sale because they do not qualify for a loan modification can receive up to $3000 in moving expenses. The program is supposed to streamline the process as well.
It’s never easy for a homeowner to make this move, but at least there is some support.
Chris Rose of Wells Fargo Home Mortgage offers an monthly seminar on utilizing renovation loans, one of which is the well known but often misunderstood FHA 203K.
The renovation program allows a customer to finance the purchase price or the existing balance and the cost of improvements (both hard and soft costs) into the loan amount. The value is based on the improved value of the property. There is just one closing and the work is completed after closing.
Although these programs have been around for some time, the current REO market has brought this type of financing more to the forefront. Some of the allowable repairs include HVAC systems, Existing flooring, Painting and New Appliances.
Below is a short video of Chris Rose describing her passion to help people using this type of financing. Call her to see if this is the right progam for you at 702.556.9005.
The Nevada State Office of Energy will be launching an Energy Efficient Appliance Rebate Program beginning April 17, 2010. Funded through a $2,495,000 grant from the American Recovery and Reinvestment Act, it offers Nevada residents rebates for replacing old appliances with new Energy Star qualified appliances.
On or after April 17, 2010, Nevada residents can request a reservation at www.nevadaappliancerebate.com prior to purchasing a refrigerator ($200), washers & freezers ($150) and dishwasher ($100).
Funds are available on a first come basis. Visit the NSOE website for more information.
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