Not only are homes being sold at higher prices with every sale, but other major factors are influencing the real estate market. New guidelines set forth by the Federal Housing Finance Agency regarding the short sale process are warmly welcomed by many buyers, sellers, and realtors. The new guidelines call for a more streamlined paperwork process and offer up to $6,000 to second-lien holders. The FHFA will require little or no documentation from borrowers who are delinquent on multiple loan payments, suffered a financial hardship, or have low credit scores. For those who are still current on mortgage payments, servicers will have more flexibility to process short sales for homeowners dealing with hardships. The numbers of foreclosures will diminish once this goes into effect on November 1, 2012. This is supposed to have a positive effect on the value of communities that are suffering from homes being appraised at lower values.
Keeping homes occupied and avoiding the foreclosure process will undoubtedly raise the quality of communities and all around real estate market, especially in the Tampa, Florida market. This boost will contribute to an already up swinging number of short sales that make up the real estate transactions in Florida. 8.8% of all home sales were the product of short sales, which is up from 6.5 percent in 2010.
SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”