Home Affordable Foreclosure Alternatives Program

On November 30th the U.S. Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of the Home Affordable Modification Program (HAMP). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program.

The HAFA program simplifies and streamlines the use of short sale and DIL options by incorporating unique features and provides viable alternatives for borrowers who are HAMP eligible. Information collected on borrowers is used to help get pre-approved short sale terms prior to the property listing and servicers are prohibited from requiring a reduction in the real estate commission agreed upon in the listing agreement as a condition of approving the short sale.

Read more on the guidelines from HAMP online by clicking here.

Fannie Announces “First Look” initiative for its REO Properties

Fannie Mae has announced the national launch of its “First Look” program that is designed to support neighborhood stabilization and promote home purchases by owner occupants, as well as by public entities, would be offered nationwide. The program applies to the real estate owned (REO) properties owned by Fannie Mae.

Under the new program, during the first 15 days a property is listed for sale, only those buyers who intend to occupy the home and public entities committed to the community may purchase a Fannie Mae REO property. Fannie will waive the earnest money/deposit requirement for public entities, and lower these requirement for individuals who have qualified to use public funds for the purchase. Buyers will also get 45 days to close—15 days longer than usual. Investor offers will only be considered after the initial 15 day period.

In addition to “First Look”, buyers using Neighborhood Stabilization Program (NSP) funds from the U.S. Department of Housing and Urban Development’s (HUD) Community Development Block Grant (CDBG) program, HOME Investment Partnerships Program funds from HUD, local housing trust funds, or charitable foundation funds may also qualify for the following benefits:

Deposit Waivers – Fannie Mae will waive the earnest money/deposit requirement for public entities using public funds to purchase a Fannie Mae-owned property. Individual homebuyers who have qualified for public funds and want to purchase a Fannie Mae-owned property do not have to meet the usual earnest money/deposit requirement. Deposits for these buyers can be as low as $500.

Reserved Contract Period – Upon receipt of an acceptable offer, buyers have the ability to renegotiate their offer after obtaining an NSP-required appraisal.

Extra Time for Closing – Buyers receive up to 45 days to close — 15 days more than is usually permitted for purchases of Fannie Mae-owned properties.

Fannie Mae’s First Look initiative was piloted in August and is rolling out across the country. Initial response to the initiative has been positive and Fannie Mae does not reduce commissions related to the sale of its REO properties. Click Here to read the Fannie Mae press release on the new program.

Early registration is now open for the Resort and Second-Home Symposium

The 2010 NAR Resort & Second-Home Symposium will be held at the Hyatt Regency Lake Tahoe Resort, Spa and Casino on June 13-15, 2010. Held every 18 months, the symposium is a can’t-miss networking and educational event for REALTORS®.

REALTORS® attendees either already have their Resort and Second-Home Property Specialist (RSPS) certification or are attending the symposium to earn their certification. The symposium offers all attendees a variety of educational events, seminars, property tours and social gatherings.

Symposium attendees come from across the United States and North and worldwide to get the latest information on economic issues, learn about marketing trends and new products, discuss the process of marketing of luxury homes, and to connect with clients and other REALTORS®.

Don’t miss out on this unique opportunity to attend education sessions and networking events tailored for your business! Attendance at the NAR Symposium counts as one elective towards your Resort and Second-Home Property Specialists (RSPS) Certification. To view the RSPS Certification requirements, please visit www.realtors.org/resorts

Click Here for more information or to register online.

REBAC Hall of Fame Inductees announced

In November of 2000 in San Francisco, ten REBAC members were inducted into the Hall of Fame and recognized for thier acheivements and committment to buyer agency. This year REBAC welcomes David Lewis, Richard Parke, Pat Strong, Dwayne Carte and the North Central Jersey Association of REALTORS®, our license provider honoree, to the 2009 REBAC Hall of Fame.

Our 2009 inductees will be honored for their dedication and service at a special networking reception on Saturday, November 14, 2009 at the REALTORS® Conference and Expo in San Diego. Plan on joining all of us and REBAC as we honor these outstanding representatives. For more information on attending the NAR Conference and Expo, being held next week, please click here.

Extension of tax credit for first time home-buyers may be in works

News reports out of Washington have indicated that an extension of the extremely popular $8,000 tax credit for first-time home buyers, along with a proposal to offer a $6,500 credit for existing homeowners, has been agreed to by key members of the Senate. The new $6,500 credit would be for those existing homeowners who have lived in their current residence for a consecutive five-year period within the past eight years.

Potential home buyers would need to be under contract by April 30, 2010, and close before July 1st, 2010. Concerns have been raised by House Democrats about the cost of the program, and there have also been allegations of abuse of the program that have resulted in an IRS probe of the program.