As you may have found out, preparing your home for market takes a plan.  The idea is to make your home appealing to as many Buyers as possible. First I will tell you the steps, then I’ll tell you a few secrets to make life easy on yourselves.

Step 1 - Price it right!

If you are over priced, your home won’t sell.  There are of course other resasons why homes don’t sell.  But this is one of the biggest reasons.  Next is the appeal of your home to Buyers.

Step 2 - Put away the excess.

That means get rid of the clutter, the extra furniture and extra clothing.  You are not packing.  You’ll have plenty of time for that later.  You are moving it out of sight.

Step 3 - Let in the light.

Most Buyers like natural light.  So, open the curtains, lift up the blinds.  Give them a chance to see the place.

Step 4 - Pack up the closets.

No one likes to see jam packed closets.  Granted, closets or closets but if every one of your closets is packed with clothes and other items, it sends the message that there’s not enough closet space.

Step 5 - Jazz up the important rooms.

The most important rooms include the kitchen, master bedroom/bath and areas for entertaining.  It’s not unusual when decorating to make the master bedroom last on the list.  But, if you want to sell your home, you need to make it appealing.  As for the kitchen, that’s usually the first place that Buyers head for.

Step 6 - Depersonalize!

Do your best to remove your personal items.  You don’t want Buyers spending more time looking at your photos than looking at your house. 

NOW…. WANNA MAKE LIFE EASY??

Find a good Realtor that you feel comfortable with who uses a stager.  Then listen to what they say.  Your Realtor and Stager look at your home from the view of the Buyers.  Staging isn’t quite the same as decorating.  This is more directed at Buyer comfort versus Homeowner comfort.

Next you have to let go.  Remember that you are moving on to your next home. Your home may seem different, but it’s only for a short period of time.  Try to be flexible to recommendations and especially say yes to the ones that are free of cost.  Remember, the objective is to make your home appealing to the widest range of Buyers possible.  This is the first step on the way to your new home!

If you are a Real Estate Agent, consider adding an iPad to your toolbox.  In my opinion, it will definitely raise your bar!  First, I have to come clean!  I am a technology nut!!  With a background in software, I’m afraid I just can’t help myself.  It’s so bad, that some of my friends call me the “Techno Woman.”  About a month ago, I purchased the iPad.  The visual crispness of the screen, accessibility to information, availability of applications and the portabilty of it make it perfect for the business of Real Estate.  About once a week, I tell myself that Steve Jobs ought to be paying me commission.  I absolutely love this tool and have no problems recommending it to others. 

I know some of you might be perplexed about how it can make such a difference, well here’s a few reasons why I value it.  Below are a list of tasks I complete just about daily with my iPad.  Some are business related and some personal.  Overall, I would have to say the iPad has helped me to get to information a lot faster.  It pulls info for me daily and delivers it to me (not really the iPad, the app gets the credit for that) and it helps me to provide better information to my clients.  I use it for presentations and etc.  Overall, it can help you to use visuals to get your point across.  So rather than digging in my briefcase to review a listing agreement, I can pull it up on my iPad in a matter of seconds.  I can market myself and quickly market client properties.

1. First there’s the daily planner functionality of the iPad: email, calender, contacts and weather (the Weather Channel aka TWC MAX+), YellowBook for phone numbers and various calculators.  The Notes app is built in and also amazingly helpful.Only email, calender, contacts and notes are standard apps included in the base product.

2. Check for traffic jams (Beat the Traffic) before headed to critical appointments.

3. Review current articles waiting for me on my ipad based on the topics that are important to me to me (SkyGrid).  I also quickly review CNBC (CNBC RT).  CNBC can send alerts.  I give them their props (sorry for the slang) b/c they don’t inundate you with alerts.  When they send an alert its usually an important one.  I’ve also seen their alerts come thru w/info faster than the other major news outlets. I also like ot look at Bloomberg and PulseNews when I have a bit more time.  There’s plenty of ”todo” apps like Toodledo which is good for medium range tasks.  For daily items, I still use Levenger’s “To Do” cards - I’m addicted.  If you get better at using some of the news feed tools, I hope you will drop me a line.  I’m still learning.

4. Show Powperpoint Presentations (Keynote) - Listing and Market Updates.  When someone asks me about the market, not only can I tell them, but I can show them the graphs pulled straight from NVAR, GCAAR or the Luxury Homes Site.

5. Pull up other relevant documents for clients thru PDF readers (ReaddleDocs or GoodReader).  At any given time, I can show some of the most popular pages from my website (Buyers Timeline, What Happens at Closing, Luxury Home Market Report…) in a crisp clear pdf document.  For those of you that wear glasses like me, you can increase the size of the page in a second with 2 fingers.  As long as I’m using the iPad, I don’t have to whip out the glasses.  OK, I’m a little vain.

6.  Pull up photos of my current listings and my solds.  Anytime I find myself in the position to market a client’s home or myself, I have gorgeous photos to show in a size that’s larger than anything shown on the web.  It makes a big difference.  I use the photo tool built into the article.  I also use Web Albums, and Photogene.

7.  Need to save content to use for my blog later?  I use ClipPrinter for that.  I save the info and the resource for later reference.

8. For more industry related apps, there’s Mortgage Calc which is a true mortgage calculator.  Unlike the typical ones on the web, that don’t include all the numbers, this one includes property taxes, PMI, HOA and other Expenses.  It also shows an amortization schedule with yearly tax savings.  There’s also Realtor.com’s app, good for finding properties and Open Houses in the area based on your location.  It’s a nice cross reference.

9.  For big presentations, I’ve used OmniGraffle for diagrams - probably one of the most expensive apps in the App Store, but well worth it.  Once you know how to use it, you’ll be able to make amazingly professional charts and graphs very quickly.

10.  Other quick apps used for entertaining: Open Table (better for higher end restaurants) for online reservations.  If you find that you are not familiar with the restaurant names in Open Table, then it’s not the app for you.  Another app that has more restaurants in it is Urbanspoon.

11.  If you just need to  take your mind off of works there are a ton of other aps to pursue your personal interests.  My favorites include:  Epicurious, Crosswords (I’m terrible) and Scrabble (great fun for Pass ‘n Play, especially if you are competitive).

All in all, the iPad is fantastic.  I’m convinced that it’s the new modern day-timer and business presentation tool.  Granted, you need a little planning in advance to decide what you need access to in terms of docs, etc.  You also need a little time to get proficient on the apps you plan to use. 

There are some small hurdles to overcome.  I’m new to Apple’s platform.  I’ve been a “PC” most of my life.  Yes, the iPad is intuitive, but sometimes, we as people just are not THAT intuitive.  Many of the apps come without directions, guide books and or evne a help key.  Usually you can figure it out with a little time.  I’m still learning new things and I’ve had mine for about 6 weeks.

Here are my grades:

Content Delivery - A

Visuals - A++

Versatility - A++

Usefullnes - A++

Information Input - B- 

This really isn’t an input tool. If you have lots to input, go find a PC or laptop.

In case you are wondering, I still carry my lightweight laptop daily.  But you’ll rarely find me without the iPad.  It’s a great investment.

One last point…I’m a big Verizon fan.  I was already using a mobile card for my laptop.  I never use free wi-fi.  I know that Verizon’s broadband is secure and pretty reliable.  So, I upgraded to the mi-fi secure broadband tool.  I can use it for my laptop and my iPad.  It’s about the size of a credit card and about 1/8 ot 1/4 of an inch thick.  I throw it in my bag and turn it on when needed.  I also carry an extra battery to be on the safe side.  If you really find yourself in a pinch, you can use a USB adapter and plug it into your laptop for continued use if your mi-fi battery is low.

I hope that helps.  I’ll forward other info as it becomes available.

Real estate is local and we are oh so lucky here in the Washington area.  The DC commercial real estate market has well in the midst of this recession.  So well that Washington DC was rated #1 in the Top 10 Commercial Real Estate Markets for 2010.  DC received the highest marks followed closely by San Francisco, Austin, Boston and New York.  Those surveyed believed the surrounding suburbs were not far behind. 

For more information, see the full article by Tom Rice.  http://www.therealestatebloggers.com/%20/top-10-real-estate-lists/top-10-commercial-real-estate-markets-for-2010/

In a recent survey by Homegain.com agents and brokers reported that “Going Green” can put money in your pockets. Homegain.com surveyed more than 1000 real estate agents and brokers in the US.  As an example, more than 65% of the respondents noted that simply adding native plants and rees to the perimeter of your home ranks as the number 1 Green home improvement.

Below is a list of the top nine do-it-yourself Green home improvements. The criteria was that all hme improvements have a cost of $300 or less and would most benefit a seller when they sell their homes.

1. Plant trees and shrubs
2. Replace air filters in your HVAC
3. Green home staging
4. Weather strip and caulk doors and windows
5. Install programmable thermostats
6. Install low flow shower heads
7. Use audio turn-off power strips
8. Install CFL or LED lights
9. Paint with low VOC paint

Content based on Summerset Blog 08873 by Michael Adams, Keller William Cornerston Realty

Survey results from Rismedia’s report conducted by Homegain.com.

There’s a great article by Dan Melson published on Searchlight Crusade’s site.  Melson delivers a hard-hitting narrative on the downsides of walking away from your mortgage because you are upside down.  This is not directed at folks who short sale.  It’s directed at those who have the ability to pay, but decide not to.  These are the folks who turn in their keys and walk away from their commitments.  There are many different views on this topic.  But here’s one that you probably haven’t heard…  If you are one of those owners that is hanging in there (in spite of being upside down) and making your payments — Dan Melson is your voice!

In summary, Dan reminds readers:

1. Debt Forgiveness is taxable income.

2. The impact on your credit could last up to 10 years.

3. You may be haunted by it for the rest of your life.

4. Potential lost profits.

Melson, makes a pretty compelling argumen, read the entire article:

http://www.searchlightcrusade.net/2010/05/why_you_should_not_walk_away_f.html

It’s really true!  The housing market is beginning to show signs of warming.   March housing numbers showed a net increase in home sales by 5%. But, Q1 sales were up only.12 percent.  That shows a bit of a ram. 

• Ave DOM is 50% of last years number
• Supply is down to five months from last year’s six month period
• Average sales prices increased by 10% compared to the same period last year.

As we expand the area to include the outer lying and southern parts of Northern VA (aka: Greater Northern Virginia), we see even greater change.  It seems that the areas that were hit the hardest are now showing the most improvement.  Once we include outer lying areas (still considered NOVA), we see:

• 18% increase in sales price - March
• 19% increase in sales price - Q1
• YTD ”sold” volume dropped a small amount and Days on the Market (DOM) have declined by 43%.
• Greater NOVA homs sales this March was 55 days compared to last years 95 days.

For all the talk and speculation, we finally have some hard numbers to back up the claims that we are headed in the right direction. 

Source: NVAR March Sales Data

From time to time closings are delayed. Unexpected problems sometimes happen in real estate transactions.  It’s how you handle the speed bumps that can ultimately affect the out come of your transaction.

Reasons for Delays in Closings:

• Short Sales - Lacking bank approval-final negotiations may not be complete or final approval letters after a verbal approval may not have arrived
• Sellers encounter an unexpected problem with the property-pipes burst and must be repaired prior to settlement
• Buyers are still waiting on lender’s final approval
• Buyers are waiting on appraisal re-inspection
• Buyer’s Loan is affected by new underwriting disclosure guidelines
• Buyer is responding to new underwriting documentation requirements

All contracts include a settlement date that both parties agree to. Most regular sales close on time without a hitch.  However, there are sometimes complications-even in a regular sale (appraisal re-inspections). But, if you are involved in a Short Sale, these are a horse of a different color.  Buyers are interested in moving in as quickly as possible.  If a Buyer has been waiting on a Short Sale to close, they are more than eager to move in.  Most “regular” sales have a closing date that’s at least 30 days from ratification. With a short sale, final approval of the contract is provided by the bank. Choosing a closing date less than 30 days from the bank’s approval can be accomplished, but is more challenging on everyone involved. The Realtors involved will have a good idea if the shorter timeline can be achieved. For those involved in appraisals and inspections, it leaves little room for delays or solving unexpected problems.

What To Do If Your Closing is Delayed:

If you encounter a delay, maintain a calm head.  As you work your way through the delay, you can accomplish more if you stay calm.  Try to understand what the problem is and whether or not it’s reasonably solved.  Sometimes, both parties are working towards the same goal and something unexpected occurs.  It happens.  But, often, these things are not insurmountable, they just take a little extra time and elbow grease.  There’s a big difference in hearing ”if we close versus when we close.”  Once you know the problem is solvable, agree upon a reasonable date and make a game plan to ensure that problem gets resolved.  If you are incurring costs as a result of the delay, see if the other party will concede to some type of concession for the delay. The answer may still be no, but it doesn’t hurt to ask.  

A Note About Closing Short Sales:

I have to repeat this point one last time - Short Sales are consumated without a real defined closing date.  Although the contract calls out a closing date, the entire contract is “Subject to Third Party Approval.”  Since the Third Party/Bank is a party to the transaction and doesn’t usually sign off on the contract until very late in the game, the close date in the contract is just an estimated date.  Once a short sale contract has been approved by all parties, then a true close date can be selected.

So, in summary, as frustrating as it might seem, a delayed closing doesn’t mean your deal is dead.  Stay engaged, be as reasonable as possible and follow up to make sure the problem gets resolved in a timely manner.  You have five yards to go to the end zone - you are almost there!

**Note, these comments are based on the Washington Metropolitan Market. Please seek legal assistance to determine your legal rights and responsibilities.

Be Careful What You Read

The Northern Virginia real estate market remains strong for both buyers and sellers.  Although inventory levels have increased slightly over the last few weeks – more houses are selling as well!  Our absorption rate remains steady at a 1.8 month supply of houses! 

Be careful what you read.  In a recent article, it was noted by Fox Business that new homes sales had dropped to record lows.  In our area, builders are seeing robust sales and tremendous activity.  We have said it before and will continue to say that we are in the best real estate market in the nation – take what you see and what you hear about real estate with a grain of salt because we are different and good news doesn’t sell!  We put a condo on the market in Manassas on Friday of last week and it was sold by Sunday – the market is HOT!

For the best in real estate advice and news, please call us to hear the true information about our market.  We want our clients to be the most informed and up to date with our local housing market.  We have the most current stats, data and information on financing as well as the Extended Home Buyer Tax Credit and how it can affect you so feel free to call today!  We are happy to help.  Contact Dawn Battle at 703-966-6630.

Entry by Scott MacDonald, Broker - RE/MAX Gateway

HUD recently introduced a new Good Faith Estimate in play.  I mentioned in an earlier blog, that for the most part, it seemed like a positive move.  The new Good Faith is clearer and easier for Buyers to understand.  Each Buyer is supposed to receive a Good Faith Estimate when they are pre-qualified (we used to call it a pre-approved) for a loan.  This gives them all of the pertinent information about the loan.  The one major change that is not crystal clear is the way the form shows the “cash-to-close” figure required of the Buyer.  Buyers should verify their understanding of “cash-to-close” with their lender.  The bottom line figure in the GFE may not reflect the down payment or seller paid closing costs.

To view the new form http://1greathouse.com/good-faith-estimate.asp

We might all be in for an unexpected positive surprise with the onset of the new HAFA guidelines for short sales.  After complaining about short sale time-lines for such a long time, a change is finally on the way. 

Positive Affects We Weren’t Expecting:

• Banks have become pro-active on short sales.  While many believed banks would drag their feet.  Many banks have already implemented some of the new guidelines.  We may see some improvements sooner than expected.
• Banks have begun to outsource short sale processing leading to better, faster systems.
• Short sale home values are creeping up.  Banks were passive to pricing in the past.  Sellers tended to list homes at below market value.  As a result, their contracts were even lower, which helped to draw market values down. Now that banks setting prices, they are setting them at or above market value.  Thus, shifting the value trend upward.
• More Buyers willing to consider short sales.  The stigma may one day be removed.

To explore your short sale options:

Dawn Battle                                                                                           RE/MAX Gateway                                                                                   Licensed in VA, MD & DC                                                                              703-966-6630

FHA is making changes in a number of areas to reduce risk and strengthen reserves.  The following changes are on their way.

Major Policy Changes:

• Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
• Update the combination of FICO scores and down payments for new borrowers. New borrowers will now be required to have a minimum FICO score of 580 to qualify for  FHA’s 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.  
• Reduce allowable seller concessions from 6% to 3%  
• Increase enforcement on FHA lenders

FHA Commissioner David Stevens said: “When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency’s history. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market’s recovery. Importantly, FHA will remain the largest source of home purchase financing for under-served communities.”

For those of you that don’t know, Commissioner Stevens is from our own backyard.  He served as the President and Chief Operating Officer for Long & Foster Companies, headquartered in Chantilly, VA. In the fourth quarter of 2009, Commissioner Stevens joined RE/MAX Gateway for our quarterly meeting.  About 75 Realtors from the Changilly office had directed access with the Commissioner for an open disucssion of the current market and a Q & A session.

Sources:  HUD website and Realtor Magazine (3/2010 issue)

Finding an experienced short sale agent in the Northern Virginia Area can be like herding cats.  Many might claim experience, but few are really good at it.  Shorts sales are one of the most baffling aspects of today’s real estate market.  So take the time to investigate your Realtor by asking the right questions.

Strengths of an Experienced Short Sale Agent:

• Experienced as a Realtor
• Experienced with short sales on both the Buyer and Seller Sides
• Completed Advanced short sale training
• Success rate of over 75% in short sales
• Experienced negotiator

The national average for short sales is about 23%.  Personally, my average is 100%.  I have to give credit to my 20 years of corporate sales experience prior to working for RE/MAX.  Having worked for several Fortune 100 companies who put special incentives on sales production (like deliver or give up your chair…), I’m pretty focused on getting results.

For assistance on a short sale in the Northern Virginia Area, contact me:

Below is a list of Lenders participating in HAFA, HEMP and MHA.  HAFA is the new short sale process meant to complement HEMP (loan modification process).  MHA is the Making Housing Affordable Program; the umbrella that these new changes fall under.The good news is that most of the major players are on the list.  This should be a welcome sign to everyone!  Implementing the new short sale guidelines (HAFA) requires that a lender sign up and officially commit to being on board. Those serving Freddie and Fannie Mae loans don’t have a choice.  But others do.   Many lenders are pursuing additional methods to speed up the processing through out-sourcing.  Make sure you are aware of whole will be processing your short sale and if they will be following HAFA Guidelines. 

Don’t be surprised if the bank representative is unaware of the upcoming changes. April isn’t here yet.  But be aware that lenders do have the option to begin the program ealier.  There’s a lot of “test driving” going on right now.  It’s not unusual for a lender to have 2 or 3 ways of processing a short sale.  The method used tends to depend on the type of loan and other lender specific guidelines.

To view the list, click on the link.  Look for the link “show all services” in the middle of the page to see the entire list: 

 Making Home Affordable -Contact Your Mortgage Servicer

** Dawn Uselding of New Dawn Real Estate Services helped point us all in the right direction with her post on ActiveRain.

The short sale landscape is finally poised to change.  We are all hoping for improvement: shorter time-lines, faster response times, and more consistency overall. From now on, when you hear the term HAFA (Home Affordable Foreclosure Alternative Program), you should be thinking Short Sale.  HAFA provides incentives that operate with the Short Sale.

HAFA is the supposed to be the second part of a two fisted major punch through much of the existing wall of red tape involved in short sales.  The first part pushes all potential short sale sellers through loan modification program first.  It involves taking advantage of any possible loan modification opportunities that might remedy the situation.  It ensures that every potential short sale explores available solutions to avoiding foreclosure prior to pursuing a short sale.

If this solution doesn’t work then sellers have a chance to walk through the short sale process in a fraction of the time it currently takes to close a short sale.  Once a buyer offers a reasonable contract, the process should take no more than approximately 45 days.  This is much closer to the normal length of time needed to move to settlement.  So far, so good…

The Basics of HAFA

What is It?:  Part of the Treasury’s Home Affordable Modification Program (HAMP)

How does it work?:  It’s intended to complement HAMP. Allows the borrow to receive pre-approved short sale terms prior to listing the property.  It releases borrowers from future liability from first trusts lenders.

Why was it created?  To help borrowers transition to more affordable housing and avoid the foreclosure.

What You Should Know About HAFA

• Effective Date - April 5, 2010
• After 4/5/2010, borrowers (homeowners) must be evaluated for a HAMP (loan modification) BEFORE consideration for HAFA (short sale options) can be considered
• If you fail to be evaluated for HAMP first, your file will not be considered for the HAFA short sale until you’ve been evaluated for HAMP
• EVERY borrower (homeowner) MUST be considered for HAFA (short sale) BEFORE the loan is referred to forclosure

Targeted Time-line

1. Borrower (homeowner) has 30 calender days for HAMP.
2. Borrowers who fail the HAMP process or are unqualified for the HAMP must be considered fro HAFA. A Short Sale Agreement is executed w/ the T’s & C’s of the approval.
3. If borrower is eligible for HAMP they will be notified of their options by the bank and will have 14 days to respond.
4. Property is listed on the market at he lender approved price.
5. Offer produced at the lender approved price.
6. Agent had 3 business days to submit the offer and supporting documents to lender (short sale bank).
7. Lender (short sale bank) has 10 business days to approve or disapprove after offer and request for short sale have been submitted to servicer (short sale bank).
8. Transaction will have approx 30-45 days to close after approval.

What will change about the Short Sale Process if this works?

• Severe reduction in time frames
• None negotiable pricing
• Seller released from full liability (on 1st trusts)
• Mortgage insurers must waive rights to collect additional money

The plan sounds interesting.  Let’s keep are fingers crossed.  By far, one of the most exciting parts of this process is the introduction of fixed time-lines.  As we move closer to April, I’m sure we’ll all have a better idea of how the plan is shaping up.  We will keep you posted!

Don’t forget, always consult an attorney and a tax accountant when considering a short sale.  These are the only folks equipped to explain the impact of your decision to you.  While we Realtors want to help, it’s really not within our scope or expertise to advise you on these matters.  They make experts for a reason.

Sources: Making Home Affordable Supplemental Directive 9-09, Universal Title

The short sale landscape is finally poised to change.  We are all hoping for improvement: shorter time-lines, faster response times, and more consistency overall.  HAFA is the supposed to be the second part of a two fisted major punch through much of the existing wall of red tape involved in short sales.  The first part pushes all potential short sale sellers through loan modification program first.  It involves taking advantage of any possible loan modification opportunities that might remedy the situation.  It ensures that every potential short sale explores available solutions to avoiding foreclosure prior to pursuing a short sale.

If this solution doesn’t work then sellers have a chance to walk through the short sale process in a fraction of the time it currently takes to close a short sale.  Once a buyer offers a reasonable contract, the process should take no more than approximately 45 days.  This is much closer to the normal length of time needed to move to settlement.  So far, so good…

The Basics of HAFA

What is It?:  Part of the Treasury’s Home Affordable Modification Program (HAMP)

How does it work?:  It’s intended to complement HAMP. Allows the borrow to receive pre-approved short sale terms prior to listing the property.  It releases borrowers from future liability from first trusts lenders.

Why was it created?  To help borrowers transition to more affordable housing and avoid the foreclosure.

What You Should Know About HAFA

• Effective Date - April 5, 2010
• After 4/5/2010, borrowers (homeowners) must be evaluated for a HAMP (loan modification) BEFORE consideration for HAFA (short sale options) can be considered
• If you fail to be evaluated for HAMP first, your file will not be considered for the HAFA short sale until you’ve been evaluated for HAMP
• EVERY borrower (homeowner) MUST be considered for HAFA (short sale) BEFORE the loan is referred to forclosure

Targeted Time-line

1. Borrower (homeowner) has 30 calender days for HAMP.
2. Borrowers who fail the HAMP process or are unqualified for the HAMP must be considered fro HAFA. A Short Sale Agreement is executed w/ the T’s & C’s of the approval.
3. If borrower is eligible for HAMP they will be notified of their options by the bank and will have 14 days to respond.
4. Property is listed on the market at he lender approved price.
5. Offer produced at the lender approved price.
6. Agent had 3 business days to submit the offer and supporting documents to lender (short sale bank).
7. Lender (short sale bank) has 10 business days to approve or disapprove after offer and request for short sale have been submitted to servicer (short sale bank).
8. Transaction will have approx 30-45 days to close after approval.

What will change about the Short Sale Process if this works?

• Severe reduction in time frames
• None negotiable pricing
• Seller released from full liability (on 1st trusts)
• Mortgage insurers must waive rights to collect additional money

The plan sounds interesting.  Let’s keep are fingers crossed.  By far, one of the most exciting parts of this process is the introduction of fixed time-lines.  As we move closer to April, I’m sure we’ll all have a better idea of how the plan is shaping up.  We will keep you posted!

Don’t forget, always consult an attorney and a tax accountant when considering a short sale.  These are the only folks equipped to explain the impact of your decision to you.  While we Realtors want to help, it’s really not within our scope or expertise to advise you on these matters.  They make experts for a reason.

Sources: Making Home Affordable Supplemental Directive 9-09, Universal Title

by Dawn Allen Battle, ReMAX Gateway