The proliferation of short sales and foreclosures have placed the servicing bank or lender in the position of seller. This dynamic has made setting a realistic closing date extremely difficult at the time of presenting an offer.
Sunday, March 29, 2009
The stimulus plan that President Obama signed on February 17th contains a provision for first time home buyers that will make a HUGE impact on their purchase decision.
Sunday, February 22, 2009
Navigating Through Fannie Mae’s New Condo Guidelines By C. J. Coury On January 15th, Fannie Mae changed their requirements for the purchase of condominium mortgage loans in the state of Florida. While these changes are certainly going to make it more difficult to obtain financing on these purchases there are some things that you can do to help mitigate this obstacle. Below are the most significant changes as well as some helpful tips. Full Review of Existing Projects: Many lenders will have the ability to review and approve existing projects. This will save substantial costs ($1,200 + $30 per unit) […]
Sunday, January 18, 2009
JOHN’S STORY (Part 2 of 2) Excerpt from 21st Century Real Estate Investing By Jeff Riddell IT’S NO SECRET Andrew Carnegie said “More money has been made in real estate than in all industrial investments combined.” The big boys know all about it and have made fortunes for generations through real estate. Even the railroad barons of the 19th century knew that wealth was in real estate. When they built the transcontinental railroad in the 1860s, the government gave them 640 acres of land for each mile of track they built. They believed they could sell the land for millions […]
Sunday, January 18, 2009
Help the Bank Appraiser to Avoid Valuation Issues! By C. J. Coury In today’s changing mortgage lending landscape the bank appraisal process has been totally redesigned. Lenders are no longer able to question, coach, prod or pressure the real estate appraiser in any way. In fact, loan origination associates are prohibited from even speaking with the appraisers. Although the reason for these new restrictions is sound they do create the need for a new way of approaching this component of the mortgage approval process for the REALTOR®. When contacted to set up the inspection appointment a listing agent should be […]
Saturday, December 20, 2008
Today, more than ever, it is critical to encourage your buyers to research their options for financing. As the credit markets have continued to tighten, many lenders have eliminated or suspended programs that may well still be available elsewhere. Some examples of this are condominium and second home financing with 10% down, no-income documentation loans for self-employed buyers, 95% loans on primary owner-occupied properties, even in so called “declining markets” and construction to permanent loans to name a few. This clearly illustrates the need for those in a position to direct buyers toward reliable lenders to expand their resources.
Sunday, November 9, 2008
Over the last 2 years, loans insured by the Federal Housing Administration (FHA) have increased by over 265%! The year-to-date period ending June 30, 2008, when compared to the same period ending June 30, 2006, showed an average increase in FHA insured purchase money mortgages from 149 to 398 units in Sarasota and Manatee Counties. With the tightening, if not elimination, of the Alt-A market, the time has come to embrace these excellent loan programs.
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Friday, April 17, 2009
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