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Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
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Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
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First-Time Homebuyers Losing Patience with Short Sale Process
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
First-Time Homebuyers Losing Patience with Short Sale Process
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
First-Time Homebuyers Losing Patience with Short Sale Process

October 4, 2011 (Jeff Alan)

Long wait times and a litany of obstacles has taken the luster off the purchase of short sale properties for first-time homebuyers according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.

Short sale purchases by first-time homebuyers dropped to 39.7 percent of all short sale transactions in August, the third straight month of declines, and down from the peak of 54.1 percent in November 2009.

Despite an average price that is 27 percent lower than non-distressed properties, obstacles being cited by buyers such as lost paperwork, coordination with multiple investors, slow appraisals, mortgage servicer understaffing and processing times averaging about four months have made short sale less popular with first-time homebuyers.

The California Association of Realtors® (CAR) released a similar report in August citing many of the same problems, not only for first time buyers, but for all buyers of short sales properties.

The three most frequently cited obstacles that California Realtors® reportedly had to contend with during the short sale process were slow response times to a short-sale package, repeated requests for documentation, and poor communication with lender representatives.

Seventy-four percent of the California respondents said it took lenders and servicers more than 60 days to return a written response on the approval or disapproval on submitted short-sale agreements. Half noted that lenders took more than five days to return any form of communication.

Distressed properties represented a total of 45.9 percent of all sales nationwide in August, down from 46.2 in June. Short sales accounted for 17.1 percent of the homes purchased with damaged REO and move-in ready REO accounting for 13.2 percent and 15.6 percent of the homes purchased, respectively.

Unfortunately, some real estate agents reported that homebuyers who are frustrated with the short sales process have resorted to placing offers on multiple properties with the intention of closing on only one, further slowing the short sale process.

“I feel that selling agents are telling the buyers it’s okay to write multiple offers because they can walk away with no risk, especially on short sales,” reported one agent. “The short sale market is fraught with deceit and corruption. First-time home buyers are hardly in the game when they try to purchase a short sale listing,” added another.

Tags: Campbell/Inside Mortgage Finance, HousingPulse Tracking Survey, short sales, first-time homebuyers, purchase obstacles, distressed properties, REO

Source:
Campbell/Inside Mortgage Finance

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
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A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
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BUYING OR SELLING A HOME IS A BIG DECISION
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Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

October 4, 2011 (Jeff Alan)

Long wait times and a litany of obstacles has taken the luster off the purchase of short sale properties for first-time homebuyers according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.

Short sale purchases by first-time homebuyers dropped to 39.7 percent of all short sale transactions in August, the third straight month of declines, and down from the peak of 54.1 percent in November 2009.

Despite an average price that is 27 percent lower than non-distressed properties, obstacles being cited by buyers such as lost paperwork, coordination with multiple investors, slow appraisals, mortgage servicer understaffing and processing times averaging about four months have made short sale less popular with first-time homebuyers.

The California Association of Realtors® (CAR) released a similar report in August citing many of the same problems, not only for first time buyers, but for all buyers of short sales properties.

The three most frequently cited obstacles that California Realtors® reportedly had to contend with during the short sale process were slow response times to a short-sale package, repeated requests for documentation, and poor communication with lender representatives.

Seventy-four percent of the California respondents said it took lenders and servicers more than 60 days to return a written response on the approval or disapproval on submitted short-sale agreements. Half noted that lenders took more than five days to return any form of communication.

Distressed properties represented a total of 45.9 percent of all sales nationwide in August, down from 46.2 in June. Short sales accounted for 17.1 percent of the homes purchased with damaged REO and move-in ready REO accounting for 13.2 percent and 15.6 percent of the homes purchased, respectively.

Unfortunately, some real estate agents reported that homebuyers who are frustrated with the short sales process have resorted to placing offers on multiple properties with the intention of closing on only one, further slowing the short sale process.

“I feel that selling agents are telling the buyers it’s okay to write multiple offers because they can walk away with no risk, especially on short sales,” reported one agent. “The short sale market is fraught with deceit and corruption. First-time home buyers are hardly in the game when they try to purchase a short sale listing,” added another.

Tags: Campbell/Inside Mortgage Finance, HousingPulse Tracking Survey, short sales, first-time homebuyers, purchase obstacles, distressed properties, REO

Source:
Campbell/Inside Mortgage Finance

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

October 4, 2011 (Jeff Alan)

Long wait times and a litany of obstacles has taken the luster off the purchase of short sale properties for first-time homebuyers according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.

Short sale purchases by first-time homebuyers dropped to 39.7 percent of all short sale transactions in August, the third straight month of declines, and down from the peak of 54.1 percent in November 2009.

Despite an average price that is 27 percent lower than non-distressed properties, obstacles being cited by buyers such as lost paperwork, coordination with multiple investors, slow appraisals, mortgage servicer understaffing and processing times averaging about four months have made short sale less popular with first-time homebuyers.

The California Association of Realtors® (CAR) released a similar report in August citing many of the same problems, not only for first time buyers, but for all buyers of short sales properties.

The three most frequently cited obstacles that California Realtors® reportedly had to contend with during the short sale process were slow response times to a short-sale package, repeated requests for documentation, and poor communication with lender representatives.

Seventy-four percent of the California respondents said it took lenders and servicers more than 60 days to return a written response on the approval or disapproval on submitted short-sale agreements. Half noted that lenders took more than five days to return any form of communication.

Distressed properties represented a total of 45.9 percent of all sales nationwide in August, down from 46.2 in June. Short sales accounted for 17.1 percent of the homes purchased with damaged REO and move-in ready REO accounting for 13.2 percent and 15.6 percent of the homes purchased, respectively.

Unfortunately, some real estate agents reported that homebuyers who are frustrated with the short sales process have resorted to placing offers on multiple properties with the intention of closing on only one, further slowing the short sale process.

“I feel that selling agents are telling the buyers it’s okay to write multiple offers because they can walk away with no risk, especially on short sales,” reported one agent. “The short sale market is fraught with deceit and corruption. First-time home buyers are hardly in the game when they try to purchase a short sale listing,” added another.

Tags: Campbell/Inside Mortgage Finance, HousingPulse Tracking Survey, short sales, first-time homebuyers, purchase obstacles, distressed properties, REO

Source:
Campbell/Inside Mortgage Finance

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS