NEW CERTIFIED DISTRESS PROPERTY EXPERT !!!!!

Mary Drefs has recently been designated a CERTIFIED DISTRESS PROPERTY EXPERT ! What does this mean? Mary has spent considerable time and resources learning the ins and outs of the distress property market and has earned the CDPE designation. This means she can provide you with all the alternatives to foreclosure and has mastered the art of the short sale.
Having difficulty keeping up with your mortgage payments? Mary can help you decide which path is best for you. Give her a call at 623-694-0354 and she will get you on the path to recovery soon.
Check back for lots more information on foreclosures and short sales!
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Mary Drefs , CRS, GRI, CDPE
Mike Drefs
Keller Wms Realty Professional Partners
623-694-0354 marydrefs@cox.net
Agent of the Year 2001,2002,2003 & 2004
Top Team 2005, 2006, 2007 & 2008 !!!

WHY IS IT SO HARD TO BUY A CONDO?

Many of our out of state clients are wanting to purchase condos. Condos are becoming one of the most difficult real estate purchases in our market. This is because of the high foreclosure rate and the vacancies. Many condo owners are not paying their HOA dues, placing the Homeowner's associations in jeopardy. See the question below.
Question: My perfect client is putting 50 percent down on a condo. The lender says they need to approve the entire complex. What's up with that?

Answer: Because of the number of condominium foreclosures across the country, most conventional lenders are requesting a complete legal review of the complex. In the ancient days or last year, the lender would request a simple condo certification form to be filled out and signed by any representative of the home owners association.

Now Fannie Mae and Freddie Mac want a full-blown packet with all of the recorded HOA legal documents, as well as their budgets to be scrutinized either by an underwriter or a condo review specialist.

What are they looking for? These are the highlights:

1. Delinquent HOA dues. If the complex has over 15% of the condo owners past due, it may not qualify (Yikes! This one really hurts)

2. The budget must be reflect money in reserves for unexpected repairs

3. Any lawsuits that pertain to the building or structure

Believe it or not, Fannie Mae does not have a guideline of primary residence to investor. But that is the holy grail of most banks. If the mix is more investor than primary, it could be a deal breaker.

FHA and VA are a little simpler, at least for today. As long as the condominium complex is listed on the HUD website as approved, you are good to go. Well, almost. The lender will still need to validate a 51% plus owner occupancy.

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Mary & Mike Drefs
Keller Wms Realty Professional Partners
623-694-0354 marydrefs@cox.net
Agent of the Year 2001,2002,2003 & 2004
Top Team 2005, 2006, 2007 & 2008 !!!

HAFA for Short Sales

The government has announced a new HAFA plan and a good description of the plan is on the address below.
http://www.youtube.com/watch?v=8TXx8rKy-Ow

To participate in HAFA you must meet the following criteria:
1) The house must be your principal residence
2) You must be delinquent or soon to be delinquent on your mortgage payments
3) Your unpaid mortgage balance must be less than $729,750
4) Your mortgage payment must exceed 31% of your gross monthly income
5) Your loan cannot be owned or guaranteed by Fannie Mae or Freddie Mac.

Currently the only mortgage insurer participating in HAFA is MGIC. I will update you as more come on board.

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Mary & Mike Drefs
Keller Wms Realty Professional Partners
623-694-0354 marydrefs@cox.net
Agent of the Year 2001,2002,2003 & 2004
Top Team 2005, 2006, 2007 & 2008 !!!

Upcoming Short Sales

Very shortly I will listing another short sale in Garden Lakes & in Sarival Village. Both are excellent homes!
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Mary & Mike Drefs
Keller Wms Realty Professional Partners
623-694-0354 marydrefs@cox.net
Agent of the Year 2001,2002,2003 & 2004
Top Team 2005, 2006, 2007 & 2008 !!!

And Away We Go.............

Most homeowners I meet are not aware of the basic requirements for a short sale. They are: 1) The monthly mortgage payment(s) must be more than 31% of the monthly household income. 2) The homeowner must prove a financial hardship.
I have a list of the hardships accepted by the lenders. Just contact me if you would like a copy.
If you are considering a short sale call me at 623-694-0354 and I will help you determine if you are a good candidate.