Here's Your Money...Now Get Out!

Melissa Yardy St. Pete Beach  A Distressed homeowner assistance program rolled out by Bank of America this week is one of the new innovations to help the homeowner and our economy.  The new program offers relocation incentives--up to $20,000 to distressed homeowners who start the short sale process prior to November 30, 2011.  As a real estate professional I believe that this can help thousands of families and  homeowners who can demonstrate a verifiable hardship and provide proper paperwork to "unqualify" for the mortgage.  This is a great stride in mending our real estate market.  The next step is
for Bank of America customers who are in default and suggest they contact a Realtor to get started.  It is almost required that a licensed real estate agent market the property to find a buyer in an "arm's length
transaction."

The term "arm's length" is used to describe a real estate transaction in which the buyers and sellers of property or a parcel of land act independently and are not related to each other. The idea of an arm’s length transaction ensures the buyers and sellers in the real estate transaction are acting in their own self interest and are not subject to any outside influence. In a ‘non-arm’s length transaction their could be other factors that influence the transaction and subsequently the value of the exchange. This concept is important as it is a common way to determine fair market value.

For those that qualify for the program and will give hundreds of homeowners a faur start when starting over.

For more information on short sales, visit http://www.provenshortsales.com/


Read more: http://www.realestatewords.com/arms-length-purchase/#ixzz1aUuIpxxb that the owners use a licensed Realtor to find a buyer in a "arm's length transaction."

What is a 203K Specialist?

Melissa Yardy St. Pete Beach, Fl  We are noticing a trend in real estate in which there seems to be more and more investors looking to take advantage of today's decreased real estate values.  A smart investor will find a Realtor who specializes in investment real estate and has completed the comprehensive training in the use of the US Govermen's FHA 203k Home Purchase and Renovation Loan program.  This designation allows the agent to become a member of REbuildUSA, a nationwide organization of real estate, lending and home improvement professionals. 

The FHA Renovation Loan offers tremendous opportunities for many Americans to enjoy great prices on homes today, yet there is very little awareness of this program and the power it offers in our current economy.

203K Specialist are also trained to bring a storng competitive advantage to home sellers by more effectively  marketing their homes to a wider audience.  The REbuildUSA  List Assist program provides visualizaion tools and cost estimates allowing prospective buyers to better recognize the value of an available property, and the the 203k Speicalist can then help them put the power of the FHA 203k to work in purchasing and renovating their home.

For all your real estate needs, call Melissa Yardy RE/MAX Preferred
727-367-3636