JULY 2011
PAGE 45
REAL ESTATE Mortgage Advisor hosts Cable Show Michael Shain, a 25 year veteran of the mortgage/banking industry and currently a mortgage consultant with Charles River Bank, announces another informative episode of Real Estate Roundtable, his public access cable program focusing on the local real estate market. The first segment of Real Estate Roundtable features a panel of local real estate experts who provide analysis and commentary on current, local, and important topics related to residential Real Estate. The second segment provides topic specific in depth oneon-one discussion with an guests. This month’s panel is comprised of Josh Lioce from Lioce Properties Mendon and Leo Fantini of The Massachusetts Realty Group, Bellingham and the Advance Real Estate Academy in Bellingham. Both guests are experienced professionals, owners and brokers. The first topic is a healthy discussion of what to look for in a real estate professional when buying or selling. Some common themes from our panel discussion include: the need for excellent communication between the customer and the real estate professional, realtor experience as well as a track record of success, and how to determine successes. Other issues that are discussed are the combination of low mortgage rates, homes that are priced to sell, seller concessions for closing costs and mortgage pre-pays. These combinations make this a very good time to purchase a home. Shain reminds viewers that low mortgage rates, low down payment mortgage programs and ample mortgage money is available for qualified buyers. The second segment of the show features a one-on-one interview with Mr. Leo Fantini who discusses the change in requirements for real estate salespersons. As of June 1st 2011, new requirements to become a real estate broker have changed. Now a salesperson must work for a real estate broker for a minimum of 3 years, versus the previous 1 year requirement, in order to qualify for the broker’s course. Leo and Joan Fantini are owners and instructors at Advanced Real Estate Academy. The academy begins its fifth year of operation this September. For information on Advance Real Estate Academy; visit their website at www.AdvanceReal EstateAcademy.com Real Estate Round table can be seen on most public access channels. Check your public access station for scheduled times. The panel of Real Estate experts invites you to contact them at their offices to answer your real estate questions. To contact the show’s host, Michael Shain, with any comments/ questions please call 508-330-8487 or e-mail mshain@charlesriverbank.com
Short Sale Guidelines Are Making a Difference Submitted by: Susan Baghdasarian The theory behind short sales seems simple enough: If a homeowner owes more money on a house than the house can sell for, and the homeowner is struggling to pay the mortgage, the lender will allow the house to be sold for less than is owed. For obvious reasons, lenders are not big fans of short sales and often make it a complicated process. In April 2010, The Home Affordable Alternatives Program (HAFA) released new guidelines designed to streamline the short-sale process and allow more delinquent homeowners to sell their homes and move on with their lives. In its first year, participating servicers initiated 12,266 HAFA agreements and completed 5,447 transactions. According to the National Association of Realtors, the share of distressed homes—bank-owned properties and pre-foreclosure short sales— in April 2011 dropped to 37% of total sales volume, down from 40% in March and an average of 39% over the first quarter. HAFA complements the Home Affordable Modification Program (HAMP), a loan modification program designed to reduce delinquent and atrisk borrowers’ monthly mortgage payments by providing alternatives for borrowers who don’t qualify for or don’t complete a trial modification. “[HAFA short-sale guidelines] are designed to help people who are unable
to keep their home under the HAMP loan modification program,” said Jeff Lischer, managing director for regulatory policy for The National Association of Realtors. “Let’s say you can’t keep your property under HAMP, the next step is a short sale, which is better than a foreclosure.” It’s estimated that lenders lose about 40% of a property’s value on a foreclosure, whereas the figure is reduced to about 19% on a short sale. Moreover, the short sale is a graceful exit from the ownership, which is better for people’s credit scores. New rules also add incentives for the short-sale process. One incentive helps sellers relocate by providing them with $3,000 for moving expenses. A second incentive is for mortgage servicers, who receive $1,500 from the federal government for each completed short sale. Under new guidelines, homeowners can secure a short sale approval in advance from the bank representing a minimum net amount the bank will accept. Lenders participating in the HAFA program maintain the following requirements for homeowners considering short sale: The loan must be less than $729,750, made before Jan. 1, 2009, and the home must be the owner’s primary residence. Also, the homeowner must be delinquent and unable to pay the mortgage, and the homeowner’s mortgage payment must be more than 31% of his or her beforetax income.
Susan Baghdasarian ABR, SRES, eCertified is a local realtor with Prudential Prime Properties she can be
reached at susanbaghdasarian@yahoo. com or www.susanbaghdasarian.com
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