January 2010

Found 3 blog entries for January 2010.

I was doing a little research on line today trying to find updated information comparing short sales versus foreclosures and bankruptcy.  I ran across some interesting investor sites and investor written materials that alarmed me greatly.  The advice given on these sites were to have homeowners work directly with investors to short sale their homes and NOT contact Realtors.  The investors warned against high Realtor fees and said that the banks did not want to work with Realtors because of their commissions.  Several sites boasted that the banks understood investors better and preferred to work with investors over agents.  In addition, one site in particular stated that the banks understood that the investor would need a 15% to 20% profit margin on

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HUD will approve financing on a property that had been previously purchased and rehabbed within the past 90 days.  This is great news for investors and first time buyers alike.  For our FHA buyers out there, this means no more waiting for an investor flip to be eligible for FHA financing.  It has been frustrating to see investor flips only going to those with conventional loans and/or VA loans.  Since over 80% of our first time buyer market is pre-approved for FHA financing this is a huge win and opportunity for our investors and buyers alike.  It could also allow for investors to either, improve their profit margins or increase their initial purchase prices and purchase more homes since their holding costs will go down significantly.  Our buyers out there…
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Happy New Year and Welcome 2010

What is in store for 2010?  That is a huge question.  2009 was a year of tremendous Government intervention.  We realized the implementation of the TARP program (which seems to still be defining itself); the HARP program (Home Affordable Refinance Program) which is limited to Fannie and Freddie owned loans, non-delinquent owner occupants, and for loan to value ratios up to 125%; HAMP (Home Affordable Modification Program) which is eligible for owner occupied borrowers who are delinquent on their mortgages or facing imminent risk of default, whose loan balance is less than $729,750, and have a loan origination date before January 1, 2009; HAFA (Home Affordable Foreclosure Alternative) which allows borrowers who are not

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