On April 5th, eligible buyers will be able to benefit from a new government program– Home Affordable Foreclosure Alternatives (HAFA)– which aims to speed up and standardize the short sale process by providing financial incentives to lenders to do more short sales.
The program will also make it easier for buyers to negotiate a distressed-property bargain.
According to the Wall Street Journal, prior to this new program, a bank would order an appraisal or broker’s price opinion (BPO) when a distressed seller brought a potential buyer offering less than the amount owed on the loan.
Now, with the new federal rules, banks will order a BPO before a property is listed for sale. Banks will also share with sellers the minimum net proceeds they are willing to accept. A lender must accept an offer within 10 days, if the seller has a buyer with an offer equal to or greater than the pre-approved amount.
Despite the fact that sellers are supposed to provide clear title under HAFA, because many distressed properties come with financial burdens, buyers are warned that they must clarify in their contracts that they will not be responsible for any of the seller’s unpaid property taxes, liens or second trusts.
The US Census Bureau News reported this past week that the new construction industry is still struggling and hit a low last month. High inventory, decimated and damaged builders, a difficult financing market, and a lingering lack of confidence in the market are surely to blame. It is likely that builders will build again when these conditions improve, the re-sale market is moving better, and when customers are ready to commit money to custom built jobs.
This is such a good deal that I might just take advantage of it for my own furniture. (When we first bought our beautiful, brand-new furniture 6 years ago, my goal was to have them professionally cleaned once a year. Fast forward 6 years…it hasn’t happened…ever).
Olive You Restaurant & Catering is now offering cooking classes in their beautiful commercial kitchen – a night of fun, fresh flavors and making new friends. Classes are for both the novice and seasoned cook alike. Tasting is encouraged, your inner chef is invited to play, and every class ends with a dinner party!
The next class will take place Wednesday, March 31, at 6pm and will demonstrate four basic culinary sauces, the basis of many exciting recipes: Brown (beef sauce), Marinara (tomato sauce), Bechamel (white sauce), and Hollandaise (butter sauce).
Class size is limited to 12 participants, so sign up SOON. For more information and reservations call 503-472-8700 or email email@example.com. Olive You is located at 411 NE 3rd Street in McMinnville.
Mortgage Interest Rates for Fixed Rate Mortgages*
Rates as of Monday, March 22, 2010 Rates courtesy of Travis NewtonSr Mortgage Banker, ML-137Preferred MortgagePhone: 503-931-4490Fax: (503) firstname.lastname@example.org
How will you decide? Maybe you’ll just have to hit all three!
But make SURE that you visit Bella Casa’s very own Kim Hamblin at her art opening at Hidden Treasures, which is participating in the Art & Wine Walk. The address is 546 NE 3rd and she will be there from 4-8pm on Saturday. www.kimhamblin.com. Congratulations Kim!
Timing is Everything – How and When to Plant Your Veggies
Sponsored by: Slow Food Yamhill County, Workshop Leader: Ellie GunnPresentations are: 11-12 and 1-2FREE – Just show up, Children Welcome! Lil’ farmers are invited to make crafts in The Barnyard, starting at 9:00 AM.
Coelho Winery Spring Fling! Pinot Gris Release Fri/Sat/Sun, March 19-21, 11am-5pm. Emerge from hibernation and raise a toast to the renewal that arrives with the official start to spring. Coelho will be celebrating the vernal equinox with the release of their newest vintage Renovacao Pinot Gris (Renovacao means “renewal” in Portuguese). Featuring Baker Street Band on Saturday March 20, 2-5pm.
The first responsibility of your Listing Agent for getting your property sold is to Price your Property Properly.
Pricing is not about what the seller needs or wants for the property, nor is it about one’s intuition or the impression the home gives. Pricing is about hard-core research data obtained from comparable sold properties (real value), and then strategically assessing the competition to achieve the seller’s goals. There is no responsibility more important than this. An honest Realtor® will still occasionally be corrected by the marketplace (that keeps us humble) but no Realtor® can pull-one-over on the marketplace. The market is the most powerful force; no one controls it.
We have a saying that the listing agent begins as a hero in the eyes of the seller (great expectations!), but it goes downhill from there, sometimes way down because the end result is less than the dream. On the other hand, a buyer’s agent, begins at a disadvantage without trust from the buyers, but in the end achieves a dream for the buyers, and so ends the transaction as a hero.
While it is good to interview more than one Realtor®, sometimes the competition to win the client can cause the promise of price to be overstated. Learn more about establishing value and ask your Realtor® to show you the data to support their claim.
Click the Bella Casa links below to learn about the remaining top responsibilities.
This weekend, March 27th and 28th, you are invited to visit The Four Graces winery in Dundee between 12- 5pm with your family. One $10 donation per family gives children entrance to the activities and 2 adults to a wine tasting. (Wine tasting fees are normally $10 per adult.) All monies collected will go to Grandhaven Elementary School’s PTA fund to assist with the purchase of new audiovisual equipment for the school. Please call The Four Graces if you have questions at (503) 554-8000. Children must be attended at all time.
Saturday, March 27, 2010
Finger Sandwiches and Lemonade
Character Coloring pages and Crayons
12-4:30 Games and Obstacle Course with small prizes
2:00 Bingo with prizes
2:30 Storytime (young children)
3:00 Pinata time!
3:30 Storytime (K-2nd graders)
4:00 Bingo with prizes
Sunday, March 28, 2010
Cupcakes and lemonade
Character Coloring pages and Crayons
12:15 Egg Hunt in the Vineyard
1:00 -4:30 Games and Obstacle Course with small prizes
It’s no secret; the past few years are considered to be the toughest market since the Great Depression. We began our company only months before the sudden downturn and we are thrilled and thankful to be celebrating our third year in Yamhill County!
Since opening our doors on March 15, 2007, we have experienced consistent growth each new year, both in talented Realtors® joining our team and in overall sales volume. In fact, in 2008 when virtually everything else was in decline we more than doubled our sales volume. We ended 2009 having helped more buyers purchase properties in Yamhill County than any other office*
We are excited to be here for the long haul. We are excited to be growing. We are excited to be a part of this community with you.