Fannie Mae Website - Short Sales & Foreclosure

I came across a website for consumers that address questions about foreclosure, short sales and ways to stay in your home. It allows you to see if your mortgage is owned by Fannie Mae, contact a housing counselor and provide a financial checklist.

Click here for the Fannie Mae Website

June Market Statistics: Austin Texas

Days on market dropping and sold prices are rising. Austin looking good in June!

Auctions & the Real Estate Market

I attended a United Country – Supreme Auctions this weekend at the Omni Hotel in Austin TX. This auction represented two different condo developments in the 78704 zip (The Ivy & The Element). Supreme Auctions estimate that in the coming years more and more property will be conveying in this manner. As an attendant, in my opinion, it was exciting to see the free market in action. Buyers bidding on the properties at its highest value and you could see your competition in the room. The first property sold 25% under last MLS sold price, and quickly moved to 40-50% under last MLS sold price.

My client and I had a good time. I look forward to doing it again.

Tax Credit Deadline Extended; Flood Insurance Program Reinstated

Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. This is a huge win for REALTORS® and homebuyers, and the National Association of Realtors [NAR] worked closely with members of Congress to make it happen.

The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.

Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30th. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted. NAR will continue to work with Congress on the NFIP Reform bill, and we will keep you posted on those efforts.

For additional information on both the tax credit deadline and the NFIP, visit Realtor.org/Government_Affairs.

Austin Initiates Neighborhood Partner Program

The city is accepting applications for an experimental program that joins city dollars with volunteer labor to enhance neighborhoods.

The Neighborhood Partner Program was formed to split costs between the city and neighborhoods by using volunteers on the projects, allowing small-scale improvements to be made to neighborhoods by the people who live in them.

No funding has been set aside for the new program, but city leaders hope to allocate some money in next year’s budget, which will be available in October. The program will build up to 20 projects over one year. The program could be expanded if it is successful.

City officials say they do not intend for the program to replace spending on parks, roads, sidewalk repair and other public works improvements. Neither does the city intend to delay or abandon projects it has already scheduled.

For more details, http://www.ci.austin.tx.us/publicworks/npdocuments.htm

FTC Settles Countrywide Loan Servicing Case

Delinquent homeowners who allegedly paid inflated fees to two Countrywide mortgage servicing companies for services like property inspections and lawn mowing will receive $108 million in refunds under the terms of a settlement between Bank of America and the Federal Trade Commission.

The companies created subsidiaries to hire third-party vendors, charging markups of 100 percent or more, the FTC said. The companies also failed to tell borrowers in bankruptcy when new fees and escrow charges were added to their accounts.

Most mortgage contracts require that homeowners pay for necessary default-related services, but mortgage servicers may not mark up the cost to make a profit or charge homeowners for services that are not reasonable or appropriate to protect the mortgage holder's interest in the property, the FTC said.

Homeowners overcharged by Countrywide Home Loans Inc. and Countrywide Home Loans Servicing LP (now BAC Home Loans Servicing LP) before July 2008 will receive refunds. Borrowers who are eligible for refunds will receive a notice in the mail.

For more details, you can view the entire FTC release: http://www.ftc.gov/opa/2010/06/countrywide.shtm

Private Transfer Fees - What you should know.

Private transfer fee covenants, referred to as a “PTF” or “PTF covenant” have been around several years in Texas. A PTF covenant requires the seller to pay a fee to a third party when a property is sold. These covenants are usually found in the restrictive covenants for a subdivision but may also be contained in a deed or separate document. Typically, it requires the payment of a transfer fee of 1% of the sales price each time the property is sold. The covenants usually have a life span of 99 years.

This is typically seen in the newer subdivisions and can impact the sale or purchase of a property. For more details, you may read entire article at http://tiny.cc/xb4ax