According to the latest REALTOR's Confidence Index, properties sold faster in March — at a median of 55 days — due to low inventories of homes for sale nationwide.
Short sales took longer, and averaged 112 days on the market in March compared to 98 days in February, while foreclosed homes were on the market for 55 days.
See the numbers and story behind the current market in the REALTOR's Confidence Index, a report by the National Association of Realtor's based on surveys of nearly 4000 Realtors in March.
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The Federal Housing Administration will issue a series of changes to FHA mortgage programsÂ this week designed to bolster the agency's capital reserves in the hopes of avoiding a taxpayer bailout.
The changes will limit the ability of some borrowers with low credit scores to qualify for loans, and raise minimum down payment requirements and premiums for borrowers taking out mortgages larger than $625,500.
FHA will raise the annual mortgage insurance premium paid by borrowers on most new FHA loans, which the FHA expects will add $13 a month to the average borrower's monthly payments.
FHA will reverse a policy that automatically canceled required premium payments after loans reached 78 percent of their original value. Most FHA borrowers will now have to continue paying annual premiums based on the unpaid principal balance for the life of their mortgage loan.
Borrowers with FICO credit scores below 620 and a total debt-to-income ratio of more than 43 percent will not be eligible for processing through FHA's automated underwriting system, TOTAL Scorecard. Such will have to be processed manually, with lenders documenting compensating factors such as a larger down payment or a higher level of reserves.
FHA will crack down on lenders that advertise under the false pretense that borrowers can "automatically" qualify for an FHA-insured loan three years after a foreclosure. Borrowers who have experienced a foreclosure must have re-established good credit and meet underwriting criteria, including the policy change outlined above for borrowers with credit scores under 620. Click here to read the entire article
As a Certified Distressed Property agent, I can tell you it is a complicated process, but is so much better than going into foreclosure.Â If you or someone you know needs help, call me - we can work through it!
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"As Is" can be a confusing statement, and I find it usually means something completely different to Buyers and Sellers!
Many Sellers say they want to sell their home "As Is."Â What they typically mean is that they won't, or can't, make any repairs to the property that may be found during an inspection.Â I find it is often an emotional statement, and they sometimes believe that making that blanket statement relieves them of having to make any disclosures about the property's condition at all.
The days of "caveat emptor" are long gone, legally, and there areÂ required disclosures and disclaimers in nearly every state.
There areÂ things a seller should reveal about a home to avoid legal trouble down the road.
-If you have made repairs to your property, you should disclose them, even if the problem has been resolved. Not every little one-timeÂ repair like a leaky faucet, butÂ anything that is not readily identifiable by the buyer.
-Water damage is one of the biggest causes of disclosure-related lawsuits.Â If you've got a mold problem, disclose it.
-If you are selling a house built before 1978, you must comply with a federal law that requires disclosure of all known lead-based paint and hazards in the house.
-Does your house have an infamous history?Â Disclose it.
In addition, special disclosures might include a historical designation that restricts remodeling, or any other special zoning or local environmental concerns.
My rule of thumb for sellers:Â if there's any question about whether or not you should disclose something, you probably should!Â In the long run, I think you'll find buyers are actually more willing to 'step up to the plate' and purchase a house they know the history of.