We are seeing more reports about the market and how sales are on the rise. Logically, one should notice this is due to the first time homebuyer credit , and after the deadline date of closing by June 30th, the valley can expect to see a decline once again. The credit is creating a false stimulus that is not reflective of our true market with current qualifying and lending standards. What we expect to see after this time period is a rise in short sales and foreclosures. This is not happy news to report, but thankfully we are experienced in both and are here to answer your questions pertaining to both.
Good news pertaining to lenders and their approval ratings is they have gone up. It is in the banks best interest to short sale instead of foreclose, due to the costs of a foreclosure. The public should be aware the banks have put policies and procedures in place to help with approvals of short sales, and to help with the process for all parties in general. We are seeing more and more approvals on short sales on a weekly basis, and expect to see more with time passing.
Lastly, The HAFA (Home Affordable Foreclosure Alternative) has begun as of April 5th, 2009. To qualify, borrowers must:
- Have been considered for other foreclosure prevention options
- Meet HAMP eligibility(Home Affordability Mortgage Program)
- Be either delinquent or current
These are some basic guidelines and for further questions feel free to call us at 1-801-485-SAVE or email us to info@saveutahhomes.com.