Home Selling Tips
Fannie revamps rules on delinquent loans
Wednesday, 08 June 2011 12:48 Written by sw
WASHINGTON - June 8, 2011 - Fannie Mae recently announced new rules that will require mortgage servicers to act more quickly and consistently in helping troubled homeowners avoid foreclosure.
Fannie told servicers they must strive to build a "strong customer service relationship," better understand why the borrower is missing payments, and educate them on ways to prevent foreclosure.
"We want homeowners to be able to understand their options when facing foreclosure, and we want servicers to reach homeowners early in the process, communicate frequently and clearly, and help them avoid foreclosure," says Jeff Hayward, senior vice president of Fannie Mae's national servicing organization.
Also among the revamped guidelines, Fannie told servicers they will be required to contact homeowners verbally and in writing within 120 days after a loan first becomes delinquent. They will need to try to complete a loan modification or other option that keeps the borrower in their home or helps the borrower avoid the foreclosure process.
If foreclosure is unavoidable, servicers will need to follow a clear timeline and must begin the foreclosure process once a loan has been delinquent for more than 120 days. Servicers also must make it clear when a property in the foreclosure process will be sold.
Source: "Fannie Mae Updates Rules on Delinquent Loans," Associated Press (June 6, 2011)
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When it's time to sell
Monday, 10 March 2008 22:36 Written by George Wilson Last Updated on Friday, 19 March 2010 09:59
One of the most important decisions when considering the sale of your home is one that's oft overlooked. It's the decision to sell. What I mean is that, especially in a soft market, it's important to make the commitment. If the idea is to test the market, you're not ready to sell. If your idea is that "I'll sell if I can get my price", this is not the time. It's time to admit to yourself you're ready to be here another 3-4 years. Maybe longer. Not the worst thing in the world. Hey, it's the Keys!
If, however, you've decided it's time to write your life's next chapter, it will help to take the long view. You may not be selling at what I call a pre-Wilma price, but your appreciation over the last 8-10 years is nothing short of amazing. In almost every case, the increase in real estate prices in the Keys has outpaced the rest of the country. Take heart in the fact that it's a bigger buyer's market almost anywhere you're headed.
When you call for an opinion of value from one of our highly trained professional agents, (yeah, I know they all say that, but ours really are!) you're going to get the truth. It's easy to tell people what they want ot hear. It's much better in the long run to support an opinion with fact, and use the facts to your complete advantage in the sales process. Homes properly priced are certain to sell quicker than those with a "wish" price. In the current market, proper pricing is at, or slightly below, the last comparable sale. It is imperative to price the home within 5% of where it will appraise once it's under contract. Nothing is more disappointing than selling your home, only to have the process come apart prior to closing. Too often sellers worry about having room to negotiate. If there's only one point you take from this article, make it this: Properly Priced Homes Sell. You're hiring us to market the property, and handle the negotiations and closing process. Your agent is well trained to handle objections, including those to the asking price. Give a Prudential Keyside Properties agent a proper price, and stand back and watch 'em work. The one most helpful thing you can do is Price to Sell.
How Your REALTOR Keeps You And Your Home Safer
Sellers, one of the best reasons to hire a REALTOR(r) to represent your home in the marketplace is for security reasons. Realtors are trained to help protect your safety while promoting your home to buyers in a wide variety of mediums from the Internet to the sign in your yard.
Because they work closely with the public in unique ways, Realtors are considered by law enforcement officials to be in a high risk profession. Realtors are mobile, work in a variety of locations, and are often in the company of consumers whom they may not know well. To protect their own personal safety, as well as your property, Realtors have evolved a number of safety guidelines that might be helpful for you as a consumer to know.
