Wednesday, August 6, 2014

Multiple Offer Situation Tips for Buyers

Due to the current lack of home inventory in the St Marys / Kingsland real estate market, multiple offers on a house are becoming much more common.

It’s not unheard of for a property to receive two, three or even ten offers! It’s great news for the sellers, but a multiple offer situation can be tricky if you are looking to buy a house.

You have found the perfect house, secured a real estate agent and are ready to make an offer on your new home. What if someone else is ready to bid as well?

Here are some tips for home buyers to keep in mind during a multiple offer situation:

Know Your Limit

A multiple offer situation can lead to a bidding war which often causes buyers to end up spending more on a property than they originally intended to.
Know how much you can spend and stick to it.

Keep Your Emotions in Check

If you are making an offer on a house with multiple offers, don’t feel disappointed if you don’t get the property. It’s easier said than done, but it is important to not let your emotions get in the way when trying to buy a home.
If you do not get the home you originally wanted, keep in mind that there is something even better out there waiting for you.

Work With A Good Buyer’s Agent

Multiple offer situation are clearly advantageous to the seller and usually not to the buyer. Working with a strong, knowledgeable buyer agent will help make sure you do not over pay for a property and that the process of buying the house goes smoothly. Agents are used to helping people who are
buying a house with multiple offers and have experience helping them bid appropriately.

Get Pre-Approved

A pre-approval letter is better than a pre-qualified. It means that you are financially able to purchase the home. If there are multiple offers on a home, the seller is much more likely to pick the one they know for sure will go through.
Have you been in a multiple offer situation as a buyer? What happened?

Saturday, August 2, 2014

$1.2 billion Fannie, Ginnie bulk MSR portfolio for sale | 2014-08-01 | HousingWire

$1.2 billion Fannie, Ginnie bulk MSR portfolio for sale | 2014-08-01 | HousingWire

A $1.2 billion pool of bulk residential mortgage servicing rights is for sale, according to Interactive Mortgage Advisors, which is acting as the exclusive broker for the deal.
The pool of mortgages carries a weighted average note rate of 3.75% and a delinquency rate of less than 2%. The loans come from a “wide geographic dispersion” and have a weighted average FICO score of 744.
Fannie Mae and Ginnie Mae each back a separate pool of the underlying loans. IMA is requesting separate bids to be submitted for the Fannie pool and the Ginnie pool to allow consideration by the seller to sell the pools separately.
“Any prospective bidders who may not be interested in either the Fannie or Ginnie are encouraged to bid for that one investor type you do prefer,” IMA said. “All representations and warranties will be provided by a national bank with strong financials.”
IMA also said that any prospective purchased must be an approved Fannie or Ginnie servicer or have a structure in place with an approved Fannie or Ginner servicer who is able to take ownership and service on the buyer’s behalf.
The loans are currently sub-serviced by Dovenmuehle.

Trustees to accept $4.5 billion JPMorgan settlement | 2014-08-01 | HousingWire

Trustees to accept $4.5 billion JPMorgan settlement | 2014-08-01 | HousingWire

A proposed $4.5 billion settlement between JPMorgan Chase (JPM) and investors over losses sustained due to JPMorgan’s misrepresentation of the makeup of pools of residential mortgage-backed securities is one step closer to fruition, according to a report from Reuters.
The report states that the trustees representing the defrauded investors are set to accept the settlement for a “vast majority” of the trusts that they represent. The settlement was originally agreed to in November 2013.
The seven trustees overseeing the securities will accept the deal for all but perhaps two dozen of the 330 trusts included in the offer, the person said.
Trustees may poll bondholders in some trusts to see if they would pursue claims if the offer is rejected, the person said.
The settlement stalled out in January when investors were slow in agreeing to the settlement terms, but they appear to be prepared to accept the settlement now.
The trustees, including Bank of New York Mellon, Deutsche Bank National Trust Co. and HSBC Bank USA face a August 1 deadline for a decision on whether to accept the offer.
JPMorgan does not have to go through with the deal if the number of trusts that reject the deal are in excess of a confidential limit the parties negotiated.
A JPMorgan spokesman declined comment.
Source: Reuters