For sellers...
Market Update: There are approximately 1100 condos available for sale in OC, which means inventory is down about 16% from last year. In December there were 43 contracts which brings us to a total of 863 settlements for the year - that’s up almost 4% from 2010. The average days on market is around 300 and the majority of condos are priced under $300K. CURRENTLY 269 CONDOS IN OCEAN CITY FOR SALE FROM $75K - $200K!! AND 49 HOMES IN OCEAN PINES FOR SALE FROM $90K - $200K!!
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FHA Refi’s for Underwater Borrowers
FHA has launched a refinancing program to assist homeowners who owe more on their mortgages than their home is worth. Beginning Sept. 7, 2010 the agency will offer qualified non-FHA borrowers the opportunity to refinance with an FHA-insured mortgage on their primary residence. Borrowers must be current on their existing mortgage, qualify under FHA underwriting requirements, and have a credit score of at least 500. The first lien holder must agree to write off at least 10 percent of the remaining amount owed under the mortgage, bringing the combined loan-to-value ratio of all mortgages to no more than 115 percent. The LTV for the new FHA mortgage may not exceed 97.75 percent. The Treasury Department will provide incentives to second lien holders who agree to forgive all or part of their liens.
