The moment you decide to work with firms that make announcements like “We Buy Houses in Baltimore MD” and find the best one to work with, you’ll have to go through the home-selling journey that usually culminates during the settlement process. Although you’ll have to read and sign several documents to transfer your property to the buyer, one of the most important pieces in the paperwork is the HUD-1 settlement statement.
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HAMP – One More Time.
Eversince President Obama announced the Making Home Affordable Program (HAMP) to attack the housing crisis head on, there have been many modifications to the program attempting to address the problem. Though more successful than what the previous administration was able to do, the program started out with the intent of helping only a fraction of the distressed. Subsequent revisions have sought to expand HAMP’s reach, but critics and subsequent evidence have proven HAMP to be too little, too late. Under the latest change to the program, banks must offer 3-6 months payment relief to the unemployed. Banks are encouraged (but not required) to cut principle payments, which will be compensated by $75 billion in diverted HAMP funds. The new guidelines are an attempt to address two major causes of foreclosure: unemployment and negative equity. The crisis started among subprime mortgages that reset but spread to other groups – especially those who lost their jobs or saw their housing values dive. When HAMP was hatched last year, it immediately met criticism because it did not adequately address either problem. In the original program, HAMP did not demand that principal balances on loans be reduced – even though evidence available at the time showed that this was the most effective way to approach the problem, especially in view of the growing negative equity problem. Now banks will be offered incentives to reduce principle, but it is still not mandatory that they do so. The crisis is far from over. Over the next two years, 8…
Are you cut out to be a homeowner?
This subject came up on Dr. Phil the other day. He asked the audience about mistakes they had made. One person brought up that she had bought a house. “Everyone” suggested it was a good idea, but she thought otherwise when the roof developed a major leak. She was angry with the landlord until she remembered, “O, that’s me!” She quickly decided that she didn’t want to be responsible for property and longed for the days of more carefree renting. Does this describe you? Would you prefer to direct your money elsewhere besides home repair and new carpeting? Do you travel and find homeownership a burden? Or are you struggling to pay anything besides your basic mortgage and maybe even having trouble with that since you got laid off or had your hours cut? It may be part of the American Dream to own a home, but that does not have to be the blueprint for your life. If you have signed on the dotted line sometime in the past and have lived to regret it, you have options! Maybe you should have bought a condo rather than a house. Maybe you should have stuck to renting. Given the state of affairs in real estate today, you may have come to the realization that you made a mistake at the wrong time. Selling can be challenging, even though the Days on Market (DOM) have gone down in many parts of the country, especially in DC, Virginia, and Maryland. Express Homebuyers…
Despite Lower DOM, houses can spell DOOM for Some Sellers
Even in this age of computer-fed journalism, gallons of ink has been figuratively spilled to discuss and evaluate the hard time that home-sellers are experiencing in the current economy. Figures in the DC area show shortened Days On the Market (DOM) and more stabilized housing prices. While this may seem like good news for sellers – a lot of the challenges are still not over. When you want to or need to move, due to divorce, job transfers or economic challenges; you usually want to go quickly. You find yourself on the downside of Bill Moyers’ famous quip, “Buy a home, sell a house.” Even before you anticipate buying a new home, you have disassociated yourself from the old one. If you are not in a hurry, you might feel like avoiding the agony of actually going through a sale, until you really need to make one. If you are distressed and are not moving by choice, you have probably surpassed the stages associated with denial, anger, bargaining, depression, and acceptance; and really want to move on to the next stage. Decreased DOM means that on an average, You, as a seller, will have less time to wait to get an ‘ideal’ offer. According to Jay McDonald of bankrate.com, for sellers whose properties don’t seem to move – DOM means DOOM. You feel no certainty that your home will sell just because you want to sell it. Your plans are delayed, you are faced with unpalatable choices such as lowering the price, you are just passively waiting to sell or choose to…
Reduce Your Days on Market to Fewer than 14
If you are in a position where you want to sell your home quickly, Express Homebuyers is an honest company with both reputation and resource.
Lower the Principle, Lower Loan Modification Default Rates
Loan modifications would have a better chance of working if the principle was lowered according to a study by the New York Federal Reserve Bank.