Talking about Foreclosure Freeze Possible in Robo-Signer Flap

Posted on October 13, 2010 by Real Estate Expert

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Talking about Foreclosure Freeze Possible in Robo-Signer Flap 

What will the effect of the possible foreclosure freeze have on short sales? The truth is we don’t know at this point or what impact it will have on the housing market. I have a gut feeling it will help with the short sale process. It seems likely that if the banks can’t foreclose they may be more likely to approve a short sale and get the property off their books.  

Wells Fargo, whom I have several short sale contracts submitted to, is not halting foreclosures at this time, while some financial institutions are only limiting the foreclosure halt in the 23 states where a judge’s approval is required.

David Simpson is a short sale specialist and serves the following areas of Northwest Arkansas: Bentonville Arkansas, Beaver Lake Arkansas, Bella Vista Arkansas, Fayetteville Arkansas, Lowell Arkansas, Rogers Arkansas, Eureka Springs Arkansas, Siloam Springs Arkansas, Springdale Arkansas, including Benton county, Washington county and Surrounding areas.

David Simpson – http://www.nwarkansashomesforsale.com  http://www.shortsalenorthwestarkansas.com

RE/MAX Associates – Fayetteville  Arkansas

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Talking about REALTOR® Magazine-Daily News-Mortgages Hit Lowest Levels Since 1950s

Posted on October 11, 2010 by Real Estate Expert

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REALTOR® Magazine-Daily News-Mortgages Hit Lowest Levels Since 1950s

Interest rates are the lowest since the 1950′s and still falling.  I am amazed that there aren’t more buyers out there picking up on the great buys we have all over Northwest Arkansas. With tons of Bank owned properties and short sale offerings there are still fewer buyers out there especially since the homebuyers tax credit ended. Home prices and interest rates are steadily falling and it’s such a great time to buy a home!
 

David Simpson-NWArkansasHomesForSale.com

ShortSalesNorthWestArkansas.com

HistoricVintageHomesForSale.com

Copyright 2010 by David Simpson

David Simpson serves the following areas of Northwest Arkansas: Bentonville Arkansas, Beaver Lake Arkansas, Bella Vista Arkansas, Fayetteville Arkansas, Lowell Arkansas, Rogers Arkansas, Eureka Springs Arkansas, Siloam Springs Arkansas, Springdale Arkansas, including Benton county, Washington county and Surrounding areas.

RE/MAX Associates – Fayetteville  Arkansas

 

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Will 2010 go down as the year of short sales in Northwest Arkansas?

Posted on August 20, 2010 by Real Estate Expert
There are more and more lenders today agreeing to short sales and more short sale listings on the market than ever before in Northwest Arkansas. Previously shyed away from by buyers and buyers agents there are now so many short sale listings they can’t really be avoided. With such a diverse array of properties on the market subject to a short sale, including low end to high end properties, it would not be a wise decision to avoid purchasing one of these homes priced well below market value especially if the listing agent is an experienced short sale negotiator with a CDPE designation (Certified Distressed Property Expert). A CDPE is highly trained in the short sale process and can get the job done in a reasonable amount of time.

Currently out of 6,753 current residential listings in Benton and Washington counties there are 530 short sale listings compared with 745 current bank owned listings. Last year, in 2009, there were 165 short sales that went to closing and this year, as of 7/21/2010, there are 184 sold and pending short sales on the market. As for bank owned properties, last year 342 sold – so far this year there are 694 sold, 184 pending and 561 current bank owned listings and that’s only in a six month period. This is a huge increase in foreclosures!

A short sale property can be a great opportunity for a buyer if they have the patience to wait 30 to 90 days (normally around 45 days) for the lender to approve the sale. Once the lender has approved the short sale, closing can take place at any time as long as it’s in the time period the lender demands…usually must be within 30 days of lender approval.

*For those of you who don’t understand the term “short sale“: A short sale is when the sellers lender agrees to approve the sale of a home for less than what is owed on a mortgage. A short sale keeps the homeowner from a foreclosure and its devastating effects on their credit once the lender approves the sale.

Visit David’s websites:

 NWArkansasHomesForSale.com

ShortSalesNorthWestArkansas.com

HistoricVintageHomesForSale.com

Copyright 2010 by David Simpson

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