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NEW VIDEO May 21, 2020 COVID-19 UPDATE: Forbearance | PPP | iBuyers | Real Estate Supply & Demand Las Vegas/Henderson
Mortgage Forbearance options of repayment and how to qualify for a refi or new loan after a forbearance. (I forgot to mention in the video that in order to qualify for a new refi or new mortgage after a forbearance you will need to make 3 payments after coming to a repayment agreement with your lender. This means if you did a payment plan you need to make 3 months of the repayment plan payments to be eligible. If you went with the loan modification option you need to make payments for 3 months to qualify. If you defer your forbearance balance to the end of your loan you need to make 3 months of regular payments to be eligible for a refi or new loan.
PPP (Payroll Protection Program)
This Program still has funds but the SBA is overwhelmed and is experiencing delays in getting the funds to approved applicants. Get your applications in ASAP before they run out of funds. Rumor has it they will not fund this program a 3rd time. By utilizing the forgiveness application of the PPP you can get the funds for free and not have to pay it back,
iBuyers are back in the game but submitting lower offers and higher average service fees than pre-coronavirus. This equal less money for sellers and even bigger equity grabs by these investors/funds. MAKE SURE YOU HAVE A REALTOR REPRESENTING YOUR BEST INTEREST. THE iBUYER'S AGENT WORKS FOR THEM NOT YOU. Focus on the net proceeds to seller from each offer whether a traditional listing or from an iBuyer.
Supply and Demand in Las Vegas / Henderson
We discuss the roller coaster ride the real estate market has been experiencing over the past few months. No conspiracy theories just data that has been recorded and our experiences as agents that are talking to hundreds of people a daily and that have boots on the ground doing deals everyday.
Please consider us a resource and call or text anytime with questions! We want to help you and your family.
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