Wednesday, March 17, 2010
The Trevi Collection at Sorrento in Dublin Ranch is scheduled to put out a new release this week. The collection includes the more typical multiple level floor plans seen in most of Toll Bros Dublin townhomes but also has a couple single story options (either all first story or all second story). The new release will be ready for an August move-in. There are still some available in the last release prices range from ~$560k to ~$605k for 3bed/2+bath townhomes from ~2000-2400 sqft. The sales agent said sales have improved but don't they always say that? On the other hand Dublin Ranch homes sales are definitely picking up in the resale market. We just wrote an offer on a townhome in the Cottages that got 12 offers!
Tuesday, February 9, 2010
The Dublin real estate market is hot!
The inventory of single family homes is low, pending sales are high (at least higher than inventory) and the market remains inundated with buyers and no homes for them to buy. For the third month in a row, and four out of the past five, pending sales were higher than the inventory available and there is less than a month’s worth of homes on the market.
The inventory of single family homes is low, pending sales are high (at least higher than inventory) and the market remains inundated with buyers and no homes for them to buy. For the third month in a row, and four out of the past five, pending sales were higher than the inventory available and there is less than a month’s worth of homes on the market.
Friday, February 5, 2010
We have a new rental in the Dublin Ranch Villages. It's the Firenze model in the Courtyards. Great open family/kitchen combo, 2 bedrooms & 2 full bathrooms. It's available early March, small pets are ok with additional deposit, $2000/month. We have been getting a ton of calls and showings. It's encouraging for homeowners that want to keep their current properties but move into a larger home. There are a lot of renters out there!
Tuesday, February 2, 2010
How HAFA Can Help Financially Challenged Homeowners
This past November, the Treasury Department released guidelines for its new Home Affordable Foreclosure Alternatives Program (HAFA), designed to help homeowners who are unable to retain their home under the Home Affordable Modification Program (HAMP). Under HAFA, homeowners may be able to avoid foreclosure by completing a short sale or a deed-in-lieu of foreclosure (DIL). If you or someone you know is having trouble making mortgage payments, understanding this new government program is essential.
We have consulted with many clients faced with distressed property situations. The good news is HAFA is designed to simplify and streamline the use of short sales and deeds-in-lieu of foreclosure by improving the process.
Here’s how:
• Help homeowners who are HAMP eligible but nevertheless unable to keep their home
• Use financial and hardship information already collected in connection with consideration of a loan modification
• Allow borrowers to receive pre-approved short sales terms before listing the property
• Require borrowers to be fully released from future liability for the first mortgage debt and if the subordinate lien holder receives an incentive under HAFA, that debt as well
• Use standard processes, documents, and timeframes/deadlines
• Provide financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to a $1,000 match for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders
To be eligible for HAFA, homeowners must meet the basic eligibility criteria for HAMP:
• The home must be your principal residence
• The first lien must have originated before 2009
• Mortgage delinquent or default is reasonably foreseeable
• The unpaid principal balance cannot exceed $729,750 (higher limits for 2- to 4-unit dwellings).
• The borrower’s total monthly payment exceeds 31% of gross income Under HAFA, the forgiven debt due to a short sale will not be taxed if the amount of forgiven debt does not exceed the debt that was used to acquire, construct, or rehabilitate a principal residence. Check with your tax advisor. Please also know that while the debt will be forgiven, the short sale will be reported to credit agencies and have some degree of negative impact on your credit. Short sale agreements must be executed and returned no later than December 31, 2012.If you think that you or someone you know can benefit from the HAFA program, please e-mail me. You can also visit www.realtor.org/shortsales for links to the guidance, many additional FAQs, and more information about short sales. Please remember to pass this important information along to others. In today’s economy, we all know someone who might need help.
*The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on December 31, 2012.
This past November, the Treasury Department released guidelines for its new Home Affordable Foreclosure Alternatives Program (HAFA), designed to help homeowners who are unable to retain their home under the Home Affordable Modification Program (HAMP). Under HAFA, homeowners may be able to avoid foreclosure by completing a short sale or a deed-in-lieu of foreclosure (DIL). If you or someone you know is having trouble making mortgage payments, understanding this new government program is essential.
We have consulted with many clients faced with distressed property situations. The good news is HAFA is designed to simplify and streamline the use of short sales and deeds-in-lieu of foreclosure by improving the process.
Here’s how:
• Help homeowners who are HAMP eligible but nevertheless unable to keep their home
• Use financial and hardship information already collected in connection with consideration of a loan modification
• Allow borrowers to receive pre-approved short sales terms before listing the property
• Require borrowers to be fully released from future liability for the first mortgage debt and if the subordinate lien holder receives an incentive under HAFA, that debt as well
• Use standard processes, documents, and timeframes/deadlines
• Provide financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to a $1,000 match for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders
To be eligible for HAFA, homeowners must meet the basic eligibility criteria for HAMP:
• The home must be your principal residence
• The first lien must have originated before 2009
• Mortgage delinquent or default is reasonably foreseeable
• The unpaid principal balance cannot exceed $729,750 (higher limits for 2- to 4-unit dwellings).
• The borrower’s total monthly payment exceeds 31% of gross income Under HAFA, the forgiven debt due to a short sale will not be taxed if the amount of forgiven debt does not exceed the debt that was used to acquire, construct, or rehabilitate a principal residence. Check with your tax advisor. Please also know that while the debt will be forgiven, the short sale will be reported to credit agencies and have some degree of negative impact on your credit. Short sale agreements must be executed and returned no later than December 31, 2012.If you think that you or someone you know can benefit from the HAFA program, please e-mail me. You can also visit www.realtor.org/shortsales for links to the guidance, many additional FAQs, and more information about short sales. Please remember to pass this important information along to others. In today’s economy, we all know someone who might need help.
*The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on December 31, 2012.
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