Monthly Archives: August 2010

“Lions, Tigers and Bears…OH MY!”

If the Tin Man, Lion, Scarecrow and Dorothy were skipping down the Yellow Brick Road today, perhaps they would be chanting a different line than that famous one in the movie. Maybe it would be something more like…  “Inventory, Rates and Prices…OH MY!”

Inventory of homes now on the market has increased in Kansas and most all other States. Buyers can shop to their heart‘s content!.

Loan interest rates this week are fluctuating between 4.00-4.5. Most real estate brains agree that rates may never hit this low again in our lifetime!

Home prices have dropped…and significantly in most neighborhoods. Sellers are competing with foreclosures and short sales.

This is a time when buyers control all the flying monkeys, and those that have courage, will be able to find a dreamy deal on a home or investment property this summer.

Ohhhhhh…we’re off to see a lender…..”

Sorry, I can’t help it. It’s the songwriter part of me surfacing.  🙂

Enjoy your day and rest of the week,

Sincerely, Kevin   www.KevinGormanSells.com  www.ItsaMatterofTrust.com

The GORMAN-ROSS Real Estate Network is always available to answer your real estate questions!

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Filed under Home Mortgages, Real Estate and More

New Federal Programs Help Unemployed and Struggling Homeowners

MORE HELP FOR STRUGGLING HOMEOWNERS: Your comments are welcome~

If you are an unemployed homeowner and struggling to pay your mortgage, you may be eligible to receive financial assistance through two new federal foreclosure-prevention programs facilitated by the U.S. Treasury Department and HUD. The Treasury Department is allocating $2 billion of additional assistance to be available through the Housing Finance Agency’s (HFA) Hardest Hit Fund.

HUD will also contribute with a $1 billion Emergency Homeowners Loan Program. The program will assist homeowners who are at risk of foreclosure and have had a substantial reduction in income due to job loss, underemployment or a medical condition for up to 24 months. To qualify, borrowers must meet the following criteria: be at least three months delinquent on their mortgage payments and have a reasonable likelihood to being able to resume repayment within two years; mortgage must be for the borrower’s principal residence, borrowers may not own a second home; and borrowers must demonstrate a good payment record prior to the event that produced the loss of income.

CLICK HERE for a link to the Housing And Urban Development website with official information.
Seventeen states and the District of Columbia are eligable at this time. They include: Alabama, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee and Washington, D.C. Thu, Aug 12, 2010

Hope this helps!  All my best,    Kevin

www.KevinGormanSells.com   www.ItsaMatterofTrust.com

       GORMAN-ROSS Real Estate Network

Kevin Gorman, Judy & Ron Ross

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Filed under Home Mortgages, Real Estate and More, The Economy

Bargains and Risks

Buying or selling a distressed property will  be challenging and can expose sellers and buyers to higher levels of risk. In the past, the most important three words in real estate were “location, location, location!”. Perhaps those three words should now be “attorney, attorney, attorney!”

When buying a bank owned (foreclosure) property, buyers must agree to use the bank’s contract which is written in the bank’s best interest. Buyers should consider hiring an attorney to help them understand what they are signing and explain their exposure to risk. However, buyers should not expect banks to accept any changes an attorney will want to make to the contract. Usually, it’s the bank’s way or the highway!

Short sale properties are probably less risky, but frankly, they are often a giant mess of red tape. Successfuly buying or selling a short sale is tough. They typically take months and months….and months…. to get bank approvals. They are complex, frustrating, emotional and the majority of short sales fail. Sellers need to absolutely get the advice of a real estate attorney before putting their home on the short sale market. They should also discuss the tax ramifications of a short sale with their CPA.  Buyers need to understand that it may take forever and a day to get a bank response on their offer. During that time loan interest rates may rise.

Real estate is a different animal than it has ever been before. Sellers need to have a top-notch team at their side. The team should consist of a Realtor that has a distressed property expertise, a real estate attorney, a bankruptcy attorney and a CPA. Buyers should have a Realtor with distressed property expertise and a real estate attorney.

Real estate is a long term investment. This is the time when buyers can find bargains and sellers should wait it out, if they can.

TO SEARCH FORECLOSURE PROPERTIES GO TO: www.KevinGormanSells.com

All my best,

Kevin Gorman    www.KevinGormanSells@comcast.net     www.ItsaMatterofTrust.com

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Filed under Real Estate and More, The Economy