South West Missouri Real Estate and More!

Thinking of selling your Southwest Missouri property? Wait no more - do it now!

This week I've spent a great deal of time talking to people about the First Time Homebuyer tax credit being offered by the Federal government as well as the Tax Advance program being offered by the State of Missouri. There have been a ton of questions and I'm loving every minute of it!

While it's still early in the program, the buying public has taken note and is looking into their buying options.

Here are four reasons I believe now is a great time to list your home to SELL:

1. New inventory will get noticed!  Many properties on the market today have been there for a long, long time. The issue may be price, it may be condition or perhaps even difficulty in showing the home. Agents have seen these properties and have made their judgment call. Buyers have seen these properties on the Internet and have their reservations. A home that has not been on the market recently will get noticed.

2. Local buyers are asking about the 1st time buyer tax credits - The majority of questions we've received this week have come from RENTERS in the area. One or two have made the decision to stay in the area, put down roots and buy a home. A few realize there may never be a better incentive to buy than there is right now.

3. Rates are still historically low - Compared to previous down turns in real estate, interest rates are incredibly low. Buyers can still buy more home for their money due to lower rates. I do believe this time next year we will see higher interest rates.

4. Out of state buyer interest is picking back up - Real estate is selling in areas outside of Missouri. We are again seeing inquiries from around the country; as properties out of state are selling,  people are able to come into the state of Missouri and BUY homes, farms and commercial property. This is new money that can be used to buy your home.

And, a bonus: This is a great time to take advantage of the lower interest rates for YOURSELF, especially if you are in need of a larger home or more land.



If you'd like more information on the programs available to your buyers:

Are you a First Time Homebuyer in South Central Missouri? 10 things to know

MHDC Tax Credit Advance Loan Program for 1st Time Home Buyers in Missouri

Frequently Asked Questions About the Home Buyer Tax Credit

Expanded Tax Break Available for 2009 First-Time Homebuyers

Yesterday,  I wrote a post talking about 5 tips when considering the short sale of your home. The post was written after a local home owner, wanting to move back to their old home state, considered a short sale or even allowing their home to go back to the bank via foreclosure.

This homeowner never mentioned hardship or an inability to re-pay his loan. He merely wanted *out* of his current home.

I've given this some thought over the last few days - I'm not sure why this home owner thinks a short sale or a foreclosure is an easy answer. Perhaps the media hasn't done a good job of talking about the ramifications of these acts. Perhaps real estate agents haven't done a good job; perhaps mortgage brokers and loan officers haven't talked enough about the years to come after a short sale or a foreclosure.

The rules of buying a home and obtaining a mortgage have changed greatly over the last six months and I predict we'll see other changes as well.

In July of 2008 Fannie Mae issued an announcement, Announcement 08-16, specifically addressing bankruptcy and foreclosure policy changes. These changes were effective August 1st, 2008. In all, Fannie Mae issued thirty-eight (38) Lender Announcements in 2008! Rules are changing!

I encourage you to talk to your Lender, talk to your Attorney, talk to your Tax Adviser and talk to your local Real Estate Agent before making any decisions on the status of your home and your mortgage. The decisions you make today can have an impact for years to come - up to even seven (7) years!

More on Short Sales: 5 tips to consider when thinking of a short sale
Writing a Hardship Letter: Short Sales: What should my Hardship Letter say?

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Contact Debbie DiFonzo, Broker, United Country VIP Realty to sell your property or to buy property in Lebanon, Conway, Marshfield, Buffalo, Bennett Springs and the surrounding areas. I specialize in country homes, hunting land, river front property, dairy farms, large acreage and commercial property in Southwest Missouri. 417-532-2031 Lebanon MO office phone or email: missouriagent@msn.com

Copyright © 2009 By Debbie DiFonzo, All Rights Reserved. Five Tips to remember when thinking about a short sale.

A day doesn't go by that I don't see a media report, hear a radio clip or read an Internet story regarding foreclosures and short sales. So far, in Laclede, Webster, Wright and Dallas County in Missouri (four main counties that I serve), foreclosure properties, bank owned homes and short sales are not driving our market. Real estate agents, Sellers and Buyers in the area know that could change any day.

Needless to say, I hope our market does not see the day when we are listing and selling more foreclosures and short sales than we are traditional transactions. But that doesn't relieve me of my concern: there is a ton of mis-information floating around out there.

Today I received a call from a homeowner in the area. We had helped him and his family relocate to Missouri from a warm weather state. Our winter has been pretty mild, but yesterday we had our first real accumulation of the winter season. Spoiler here: Missouri does have four seasons - I love that about Missouri, but not everyone does. (I have no idea if the weather prompted this call but I am *assuming* it did.)

So... This homeowner has decided he should sell his home "as a short sale" or maybe he'll even "let it go back."  The family has plans to move back to their warm weather state.

I suggested we meet (when the weather breaks) later in the week to discuss his options. He said he'd call but I'll bet a crinkled dollar bill - I won't hear from him again. He'll call another agent in the area.

But, Deb, why won't he call you back?

Easy. He doesn't want to hear what I have to say. I truly believe the media leads people to believe a short sale can take place on a whim.

But...

There are guidelines in place for short sales.

There, I said it!


Based on the guidelines, here are Five things to consider when trying to decide if a short sale is right for you and for your family:

1. Lenders are NOT required to negotiate a short sale. If you read your mortgage papers you'll see verbiage to this effect. Listing your home the traditional way may be your only option.

If the lender is willing to discuss a short sale:

2. The Lender will want to determine the fair market value of  your home.
     a. They will want to order a Broker Price Opinion or an Appraisal.
     b. They may want the Seller to contribute to the cost of the BPO or the Appraisal

3. The property/home will need to be worth LESS than what the market will support. A Seller cannot make a profit on a short sale!

4. The Seller will probably be required to write a letter of hardship.
     a. Hardship includes divorce, medical conditions, unemployment, death
     b. Hardship does not include: not liking the home or area in which you live, bad spending habits, starting a family

5. The Seller will have to provide financial information.
    a. The Seller should be prepared to fill out a financial statement
    b. The Seller should be prepared to provide tax returns, bank statements and proof of income or unemployment benefits

Bonus:  Most lenders now require the loan to be in default or very near default. However, short sales are not necessarily quick -the home could still go into foreclosure during this process. Please watch your time frames - work with your Lender and your real estate professional.

If you don't like the home you own or the area in which you live, please visit with a local real estate profession about marketing and SELLING your home.

If you are facing hardship. please visit with your Lender about your options, including a short sale.

Based on your situation, your motivation, and the guidelines,  a short sale may be the very best option for you - Please let your Lender help you decide. 

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Contact Debbie DiFonzo, Broker, United Country VIP Realty to sell your property or to buy property in Lebanon, Conway, Marshfield, Buffalo, Bennett Springs and the surrounding areas. I specialize in country homes, hunting land, river front property, dairy farms, large acreage and commercial property in Southwest Missouri.  417-532-2031 Lebanon MO office phone or email: missouriagent@msn.com

Copyright © 2009 By Debbie DiFonzo, All Rights Reserved. Five Tips to remember when thinking about a short sale.