Booth Escrow Newsletter

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Appraisal Relief comes July 1st

Sam Pace with the Seattle King County Board of Realtors spoke at the South Sound WCR on Thursday and explained that there will be a new law in place on July 1st requiring Appraisal Management Companies (AMC) to be sure that every appraiser has "geographic and product confidence". This means that your appraisers must know how to use comps in the local area, such as knowing the difference between a waterfront property in Redondo and a lakefront property at Twin Lakes. All AMC's will be licensed by the Department of Licensing and it will be the Department of Licensing that will enforce this new law.

It still surprises me how laws have to be created for people to use common sense.

New Growth for Covington!

The City of Covington recently passed a new 4100 multi-family and mixed use units plan for their City.

Click this link if you would like more information on this plan and watch them grow.
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What is HAFA?

HAFA stands for "Home Affordable Foreclosure Alternative" and is part of the HAMP program.

Effective April 5th, HAFA provides financial incentives to both servicers and borrowers who utilize a short sale or a Deed in Lieu of in order to avoid foreclosure.

The Supplemental Directive 09-01, provides guidance to servicers for adoption and implementation of HAFA on loans not owned or guaranteed by Fannie Mae or Freddie Mac.

Under HAFA the borrower will be released from all liability for repayment of the first mortgage debt. The borrower will also be entitled to a relocation incentive of $1500.00.

Any agent involved with short sales should become familiar with this Supplemental Directive 09-01.

Julie Booth

You say you haven't met Julie Booth yet?

What's keeping you from picking up the phone? She would love to talk with you about your transaction over a cup of coffee!

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