October 2013

Short Sale Rule Change for HUD Properties

 

Relationship has become an important element in the REO and short sale market. Government funding sources such as FHA (Federal Housing Authority) and HUD (Housing and Urban Development) recently announced changes to the rules for purchasing a short sale. All transactions must be arms length, meaning that no family members or relations can purchase the home through the short sale process. But relationship extends even further to close personal or business relationships – see the article below for more details.

HUD Announces New Short Sale Requirements

Effective October 1, 2013, HUD has announced the following changes to their Federal Housing Administration (FHA) short sale requirements: To be eligible, one must successfully complete a short sale under the FHA short sale program. The borrowers must meet the following requirements: They cannot list the property with or sell it to anyone with whom they are related or have a close personal or business relationship. » Read More

US-DeptOfHUD-Seal

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© 2018 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com
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Gov’t Shutdown – The Effect On Real Estate

What Does the Government Shutdown

English: Sign in front on of the Minnesota His...
English: Sign in front on of the Minnesota Historical Society Building stating that the building and office are closed due to the 2011 Minnesota State Government Shutdown. (Photo credit: Wikipedia)

Mean for the Housing Market?

While government leaders try to sort out the implications of the government shut down, various agencies within the government must by law “shut down”. Locally in the housing market it will be felt most by the USDA’s RD (Rural Development) Loan department. Yesterday the offices were closed and will remain so until a settlement is reached.

As the federal government ground to a halt Tuesday, the question
of how the shutdown will affect the housing market remains at the front
of everyone’s mind. So how will the housing market react? The answer: it
depends.

Most economists agree that the short-term effects of the shutdown should
be minimal, assuming that the shutdown is short-lived. » Read More

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© 2018 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com
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