Springfield Real Estate Chatter

Are There Special Loans For Springfield Mo Fixer-Uppers And Springfield Real Estate?

Wed, 10 Mar 2010 20:49:10 -0600

Are there special loans for Springfield Mo fixer-uppers and Springfield Real Estate?

If you are purchasing Springfield Mo real estate and need a loan to buy and remodel it, there are programs available. Check out the U.S. Department of Housing and Urban Development's Section 203(K) loan program. It is designed for major structural rehabilitation for houses with one to four units that are more than one year old.

A 203(K) loan is usually done as a combination loan to purchase a "fixer-upper" property "as is" and rehabilitate it, or to refinance a temporary loan to buy the property and do the rehabilitation. It can also be done as a rehabilitation-only loan.

One of the requirements include the owner-occupant to put up to 5% down. For investors, the requirement is 15% down. Housing and Urban Development (HUD) requires at least $5000 be spent for improvements.
Another requirement - two appraisals.
Buyers must submit plans and specifications for the proposed work for architectural review and cost estimation.

Money for repairs are paid in advance periodically during construction to finance the constructions costs.

Kay Van Kampen is a local Realtor serving Springfield, Ozark, Nixa, Rogersville, Republic and surrounding areas in Greene, Christian and Webster Counties in Missouri. She is ready and available to help you with all your Springfield Mo real estate needs. To contact her go to www.kayvankampen.com. If you would like a free list of homes for sale in this area/neighborhood, would like more information about Springfield, Ozark, Nixa, Rogersville, Republic, Willard and surrounding areas or would like to be the first to know about hot new listings before other buyers do, then give me a call at: 417.839.4534.

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New Springfield Mo Short Sale Program Requirements To Begin April 5th

Wed, 10 Mar 2010 21:12:47 -0600

New Springfield Mo Short Sale Program Requirements to begin April 5th

After working Springfield Mo short sales for the past few years, the Federal Reserve is stepping in to assist banking institutions that participate in the program. This will be a big change in the way some banks handle short sales. Maureen Megowan, Remax Palos Verdes Realty wrote a great post about the new changes.

VIA: Maureen Megowan:

For those institutions that have signed up to participate in the Federal Reserve's new program to stimulate short sales of delinquent loans, called the Home Affordable Foreclosure Alternatives Program (HAFA).the new program requirements take effect on April 5th. This program was made available for first lien mortgage loans that are not owned or guaranteed by Fannie Mae or Freddie Mac .

Those financial institutions that wanted to participate in the program needed to execute an agreement with Fannie Mae in its capacity as financial agent for the United States (as designated by Treasury) to participate in HAMP ( the Home Affordable Modification Program, a previous program to help borrowers modify their delinquent loans) on or before December 31, 2009. This program is effective through December 31, 2012.

Only those institutions that have applied to participate in this program are held to the program requirements, and they do not apply to loans owned by Fannie Mae or Freddie Mac, which account for over 50% of all loans outstanding. Fannie Mae and Freddie Mac are following several of the guidelines of this program such as the amount allowed to be paid to junior mortgage holders from the sales proceeds.

The HAFA program simplifies and streamlines the use of short sales by incorporating the following unique features:

- Complements HAMP by providing viable alternatives for borrowers who are HAMP eligible. Servicers must evaluate a borrower for a HAMP modification prior to any consideration being given to HAFA options .

- Utilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis.

- Allows the borrower to receive pre-approved short sale terms prior to the property listing.

- Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement.

- Requires that borrowers be fully released from future liability for the debt.

- Uses standard processes, documents and time frames.

- Provides financial incentives to borrowers, servicers and investors. Among the financial incentives are the following:

1) The servicer will be paid $1,000 to cover administrative and processing costs

2) The investor will be paid a maximum of $1,000 for allowing a total of up to $3,000 in short-sale proceeds to be distributed to subordinate lien holders, or for allowing payment of up to $3,000 to subordinate lien holders. This reimbursement will be earned on a one-for-three matching basis. For each three dollars an investor pays to secure release of a subordinate lien, the investor will be entitled to one dollar of reimbursement. To receive an incentive, subordinate lien holders must release their liens and waive all future claims against the borrower. Each lien holder, in order of priority, may be paid three percent (3%) of the unpaid principal balance of their loan, until the $3,000 aggregate cap is reached. Payments will be made at closing from the gross sale proceeds and must be reflected on the HUD-1 Settlement Statement.

3) Following the successful closing of a short sale or DIL, the borrower shall be entitled to an incentive payment of $1,500 to assist with relocation expenses.

A loan meets the basic eligibility criteria if all of the following conditions are met:

 The property is the borrower's principal residence;

 The mortgage loan is a first lien mortgage originated on or before January 1, 2009;

 The mortgage is delinquent or default is reasonably foreseeable;

 The current unpaid principal balance is equal to or less than $729,7501; and

 The borrower's total monthly mortgage payment exceeds 31 percent of the borrower's gross income.

Servicers must consider possible HAMP eligible borrowers for HAFA within 30 calendar days of the date the borrower:

 Does not qualify for a Trial Period Plan;

 Does not successfully complete a Trial Period Plan;

 Is delinquent on a HAMP modification by missing at least two consecutive payments; or

 Requests a short sale

The program offers borrowers the opportunity to get their short sale parameters preapproved by the lender through a Short Sale Agreement ( " SSA" ) . This SSA must include the following:

- A fixed termination date not less than 120 calendar days from the effective date of the SSA ("Effective Date").

- A requirement that the property be listed with a licensed real estate professional who is regularly doing business in the community where the property is located.

- Either a list price approved by the servicer or the acceptable sale proceeds, expressed as a net amount after subtracting allowable costs that the servicer will accept from the transaction.

- The amount of closing costs or other expenses the servicer will permit to be deducted from the gross sale proceeds expressed as a dollar amount, a percentage of the list price or a list by category of reasonable closing costs and other expenses that the servicer will permit to be deducted from the gross sale proceeds.

- The amount of the real estate commission that may be paid, not to exceed 6% of the contract sales price, and notification if any portion of the commission must be paid to a contractor of the servicer that has been retained to assist the listing broker with the transaction.

- A statement by the borrower authorizing the servicer to communicate the borrower´s personal financial information to other parties (including Treasury and its agents) as necessary to complete the transaction.

- Cancellation and contingency clauses that must be included in listing and sale agreements notifying prospective purchasers that the sale is subject to approval by the servicer and/or third parties.

- Notice that the sale must represent an arm´s length transaction and that the purchaser may not sell the property within 90 calendar days of closing, including certification language regarding the arm´s length transaction that must be included in the sales contract.

- An agreement that upon successful closing of a short sale acceptable to the servicer, the borrower will be released from all liability for repayment of the first mortgage debt.

- An agreement that upon successful closing of a short sale acceptable to the servicer the borrower will be entitled to a relocation incentive of $1,500, which will be deducted from the gross sale proceeds at closing.

- Notice that the servicer will allow a portion of gross sale proceeds to be paid to subordinate lien holders in exchange for release and full satisfaction of their liens.

- Notice that a short sale may have income tax consequences and/or may have a derogatory impact on the borrower´s credit score and a recommendation that the borrower seek professional advice regarding these matters.

- The amount of the monthly mortgage payment, if any, that the borrower will be required to pay during the term of the SSA, which amount must not exceed 31% of the borrower´s gross monthly income.

- An agreement that so long as the borrower performs in accordance with the terms of the SSA, the servicer will not complete a foreclosure

Upon negotiating a purchase contract, the borrower would submit a Request for Approval of Short Sale ("RASS") to the lender. The lender must approve the RASS within 10 business days. The lender must approve a RASS if the net sale proceeds available for payment to the lender equal or exceed the minimum net determined by the lender prior to the execution or extension of the SSA and all other sales terms and conditions in the SSA have been met. Additionally, the lender may not require, as a condition of approving a short sale, a reduction in the real estate commission below the commission stated in the SSA. The servicer may require that the sale closing take place within a reasonable period following acceptance of the RASS, but in no event may the servicer require that a transaction close in less than 45 calendar days from the date of the sales contract without the consent of the borrower.

Borrowers who have pursued a short sale without applying for a loan modification under HAMP or requested preapproval through an SSA may still request approval from their participating lender through an Alternative Request for Approval of Short Sale (Alternative RASS). The servicer must verify the borrower's financial information through documentation and obtain a signed Hardship Affidavit from the borrower prior to approving the short sale. If the borrower does not wish to be considered for a modification, the servicer may consider the Alternative RASS without first having to enter into an SSA with the borrower. If the servicer approves the short sale, then the loan will qualify for the HAFA program.

Hopefully, this program will make it easier to obtain approvals of some short sales, which previously have taken up to sic months or more. For more information , see Foreclosures & Short Sales. I am a certified Distressed Property Expert and can help lead you through the complexities of these transactions.

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Springfield Short Sales Are Increasing - Alternatives To Foreclosure

Tue, 09 Mar 2010 21:38:58 -0600

Springfield Short Sales Are Increasing - Alternatives To Foreclosure

Many Springfield sellers are finding it harder to make their mortgage payments -- and may of them are headed in default because they don't know they have alternatives to foreclosure. Home owners that can no longer make mortgage payments, refinance or work out financing alternatives have options for sale:

Sellers can market their homes and sell before foreclosure.
Give a deed-in-lieu of foreclosure to the bank or let the bank foreclose.
Or sellers can can negotiate with the bank on short sales before the home foreclosure is complete.

Short sales are increasing rapidly in the Springfield real estate market. Negotiating with the bank to accept less than the full loan amount is a much better alternative than foreclosure.

Some of the benefits include:

Sellers will be eligible, under Fannie Mae guidelines, to buy another home in 2 years instead of 5 to 7 years.
Know that you did the right thing, by trying to sell versus giving up and letting the home be foreclosed.
Some banks are now offering cash back to sellers at closing for moving expenses.

As a real estate agent, I can not give you legal and tax advice before making a decision to short sale your home. Consult your tax accountant or attorney.

Sellers who stop making mortgage payments -- and those headed into default who cannot refinance or work out financing alternatives with their lender -- have three options for sale: sell the property before foreclosure is final, give a deed-in-lieu of foreclosure to the bank or let the bank take the property in foreclosure. Buyers and investors often try to negotiate with the bank on short sales before the home foreclosure is complete, especially if the home is worth less than the outstanding mortgage balance.

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705 W Lexington Circle, Clever Mo - The Briars Short Sale

Tue, 09 Mar 2010 16:33:56 -0600

705 W Lexington Circle, Clever Mo - The Briars Short Sale

Clever Missouri is located in Christian County, just minutes south of Springfield Mo. Established in the 19th Century, the town has started growing and added several new businesses in the last few years. As a part of the Springfield real estate market, Clever continues to thrive.

705 W Lexington Circle is in a newer subdivision of comparable homes. Well maintained 3 bedrooms, with a large great room, accented with plant shelves.

The home was built in 2007, maintenance free and includes tile and laminate flooring, 2 car garage, large back deck and a 96 x 120 size lot. Priced to sell fast at $90,000.

Enjoy The Tour

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Six Reasons Why the Springfield Housing Market Peaks Can Not Return

Mon, 01 Mar 2010 20:51:25 -0600

Six Reasons Why the Springfield Housing Market Peaks Can Not Return

The Springfield real estate market has seen a slowdown in the past several years, with more foreclosures, short sales and price drops. But across the country the housing market has taken a beating. Joe Mulkey wrote why the housing market peaks can not return......at least for the next few years.

Via: Joe Mulkey Six Reasons Why the Housing Market Peaks Can Not Return

Recent conflicting reports about the housing market and whether or not it is truly in recovery have left consumers as well as those in the real estate business more than a bit confused; those whose business plan is dependent upon a full or quick recovery should proceed with caution. I believe the housing market is far from recovered, and, in fact, will not return to the levels of the past decade for many years-if ever. I see six reasons why the housing market peaks can not return, that it will never regain its past "glory days."

● Robust home sales are dependent upon consumer confidence in the economy. Consumers must feel that both their personal economy as well as that of the nation is on sound footing before committing to such a major, long-term purchase, especially on the heels of the longest recession in more than half a century. Thus far, consumers are far from confident.

● A vigorous recovery of the housing market cannot occur as long as we have unusually high unemployment. While there is much disagreement on when and how our recovery will occur, the financial experts all agree that unemployment will remain at higher than normal levels for several years, and some projections do not indicate a recovery to "full" employment for as much as ten years. With at least 20 million unemployed or underemployed, and with awareness that many of the jobs lost will never return, a high rate of joblessness could possibly become the norm.

● The dramatic loss of home equity will significantly limit the pool of available move-up buyers. In the past, move-up buyers used the equity from their former home to help them purchase a larger/more expensive one; however, declining home values with the associated loss of trillions in equity means fewer sellers will have the resources to purchase another home.

● A continued high rate of foreclosures will depress both the housing market and the hopes of many potential buyers. The millions who have experienced foreclosure will be automatically ousted from the buying pool. For some, several years of damage to their credit rating will be the defining factor; and others will become permanent renters, avoiding the potential for further pain and the trauma associated with foreclosure.

● A slow increase in mortgage rates will reduce the number of qualified buyers. As we experience the higher mortgage payments associated with rising interest rates, many will fail to qualify for loans on the homes of their choice. Others, having been "spoiled" by the low rates of the past decade, will stay out of the market hoping for a return to those rates.

● Tighter lending restrictions will also result in fewer buyers qualifying for home loans. And the restrictions, combined with the declines in credit scores experienced by millions of consumers will only further reduce the number of buyers.

Additionally, there are other factors such as: high levels of consumer debt, changing demographics, and a diminishing of the appeal of home ownership as a result of experiences during the current recession, will only serve to dramatically alter the housing market for the foreseeable future. While there will always be a group committed to home ownership and will always be homes available for them to purchase, an expectation that the housing market will soon recoup its losses and regain its momentum, for me, seems extremely unlikely.

The Housing Guru: The one source for all your housing questions

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Short Sale - Ozark Mo Multi-family and Investment Properties - Town & Country - Ozark Mo Real Estate

Sun, 28 Feb 2010 10:24:03 -0600

Short Sale - 1001-1003 N 24th St, Ozark, Mo - Town & Country - Ozark Mo Real Estate

Short Sale - Ozark Mo Multi-family and Investment Properties

Town and Country Subdivision is located off of Highway 14 on the west side of Ozark, built in 2007.

Town and Country subdivision includes apartments and duplexes, close to major shopping centers and convenient to Highway 65.

$145,000

Don't miss out on this great investment property - Large newer duplex. Great location with lots of amenities. Each unit has 3 bedroom, 2 baths, large kitchen open to the living room, plus a 2 car garage. Excellent location in Ozark, close to shopping and OTC's campus.

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1236 Meadowview - Terrace Park - Springfield Real Estate

Sun, 28 Feb 2010 09:58:24 -0600

1236 Meadowview - Terrace Park - Springfield Real Estate

$104,900

Terrace Park is an established neighborhood in Southeast Springfield. The subdivision was establised in the 1970's and still remains on the best Springfield real estate areas to live.

There's still time to purchase this home and take advantage of the government stimulus package. This is NOT a short sale!

Nice and clean with lots of updates, this wonderful ranch home offers a formal living room (Or Formal dining), family room, great eat-in kitchen, updated tile and laminate flooring, fenced back yard, storage shed, rock and permanent siding. Ready to move in!

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Lots of room in this great 5 bedroom, 3 bath home and it's close to Nixa High School, on 3.4 acres, with three living areas, sunroom, fantastic open kitchen, Pellet fireplace, finished walkout basement, storage shed, oversized deck, brick/vinyl siding. The two car garage is entered from the side. It's the perfect location just outside the city limits of Nixa, yet close enough to be near shopping and easy access to Springfield. Priced at $170,000. Cick photo for details.

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Open House - Elk Valley Estates - Ozark Mo Real Estate

Sun, 14 Feb 2010 15:00:18 -0600

Open House - Elk Valley Estates - Ozark Mo Real Estate - Sunday, February 14, 2010, 2:00 - 4:00 P.M.

Treat yourself to a wonder Valentine's Day present. Beautiful home in Ozark on huge lot with loads of curb appeal. Outdoor spaces complete the perfect package. This home has over 2400 Sq. Ft., a formal dining, formal living and so much character to boot! The best of both worlds, feels like country living but so close to shopping, travel and entertainment. Must see property! $140,000.

Click Here for directions.

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Horse Property - All Brick Home - Springfield Mo Short Sale

Thu, 11 Feb 2010 19:50:29 -0600

Horse Property - All Brick Home - Springfield Mo Short Sale!

I just received a referral from a national bank to help the seller with marketing their home as a "Short Sale."

Combined with an all brick multi-level home, a 5 stall horse barn, loafing shed, this great home is priced to sell at $170,000.

On 7.32 Acres, 3 living areas, 2 kitchens, 3 fireplaces, a partial finished basement. 24x40 detached garage, chicken house and pond.

Additional Photos

The only thing that lacks on this home is a new owner.

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Springfield Real Estate Chatter

Are There Special Loans For Springfield Mo Fixer-Uppers And Springfield Real Estate?

Are there special loans for Springfield Mo fixer-uppers and Springfield Real Estate?

New Springfield Mo Short Sale Program Requirements To Begin April 5th

New Springfield Mo Short Sale Program Requirements to begin April 5th

Springfield Short Sales Are Increasing - Alternatives To Foreclosure

Springfield Short Sales Are Increasing - Alternatives To Foreclosure

705 W Lexington Circle, Clever Mo - The Briars Short Sale

705 W Lexington Circle, Clever Mo - The Briars Short Sale

Enjoy The Tour

Six Reasons Why the Springfield Housing Market Peaks Can Not Return

Six Reasons Why the Springfield Housing Market Peaks Can Not Return

Short Sale - Ozark Mo Multi-family and Investment Properties - Town & Country - Ozark Mo Real Estate

Short Sale - 1001-1003 N 24th St, Ozark, Mo - Town & Country - Ozark Mo Real Estate

Short Sale - Ozark Mo Multi-family and Investment Properties

$145,000

1236 Meadowview - Terrace Park - Springfield Real Estate

1236 Meadowview - Terrace Park - Springfield Real Estate

$104,900

Terrace Park is an established neighborhood in Southeast Springfield. The subdivision was establised in the 1970's and still remains on the best Springfield real estate areas to live.

Nice and clean with lots of updates, this wonderful ranch home offers a formal living room (Or Formal dining), family room, great eat-in kitchen, updated tile and laminate flooring, fenced back yard, storage shed, rock and permanent siding. Ready to move in!

Top 7 Questions to Ask Before Buying Your New Springfield Home - Kitchen

Top 7 Questions To Ask Before Buying YOur New Springfield Home - Kitchen

I COULDA, WOULDA, SHOULDA..................... FHA Raising Down Payment Requirements

How Can A Pre-Listing Inspection Help You Sell Your Springfield Home? Here' s Few Ideas!

Eight Ways To Avoid Springfield Foreclosures - Springfield Real Estate

Eight Ways To Avoid Springfield Foreclosures - Springfield Real Estate

Call today and allow our team of experts help you sell your home.

Make More On Your Home By LOSING Your SHIRT!! Getting Top Dollar!

Make More On Your Home By LOSING Your SHIRT!! Getting Top Dollar!

Nixa Short Sales - Golden Meadows Estates - Nixa Mo Real Estate

Nixa Short Sales - Golden Meadow Estates - Nixa Mo Real Estate

Open House - Elk Valley Estates - Ozark Mo Real Estate

Open House - Elk Valley Estates - Ozark Mo Real Estate - Sunday, February 14, 2010, 2:00 - 4:00 P.M.

Click Here for directions.

Horse Property - All Brick Home - Springfield Mo Short Sale

Horse Property - All Brick Home - Springfield Mo Short Sale!

I just received a referral from a national bank to help the seller with marketing their home as a "Short Sale."

Combined with an all brick multi-level home, a 5 stall horse barn, loafing shed, this great home is priced to sell at $170,000.

On 7.32 Acres, 3 living areas, 2 kitchens, 3 fireplaces, a partial finished basement. 24x40 detached garage, chicken house and pond.

Additional Photos

The only thing that lacks on this home is a new owner.