Well we know the next 12-18 months, is going to comprised of mostly distressed properties, and we need to make sure we are all doing what we can to understand this market, the best way to deal with Lenders, the Consumer and the Banks. Title also has to have the right Escrow Officers, who understand how to produce multiple HUD’s, communicate with both agents in the transaction and keep all parties informed and up to date on status’s and issues.
We are sponsoring a CDPE- Certified Distressed Property Experts event here in Arizona on March 13th and 14th, this group has been certified by Keller Williams, RE/MAX and a number of other large Real Estate Entities and offers a comprehensive two day work shop, with quality online follow up and coaching to ensure the agents, Lenders and Title parties leave there with value and information to become a true “Expert” in this field. We look forward to seeing as many Real Estate Professionals as possible at the event as it is critically important to all of us to be working on our “Real Estate Practice”, the same way a Dr. or a Lawyer works on their practice!!
To sign-up, call 480-214-4540 or For More Information Go To: http://www.fntarizona.com/Content/Content.aspx?ContentID=888696
Steve de Laveaga
SVP Sales and Marketing
Fidelity National Title
Maricopa, Pinal and Coconino County.
Thursday, February 26, 2009
Thursday, February 12, 2009
Fannie Mae Removes Its 4-Financed Property Limit
Friday, Fannie Mae rolled-back one of its least popular mortgage guidelines updates of the last 12 months.
Effective March 1, 2009, real estate investors can once again own and finance up to 10 individual properties. The restriction reversal does come with new minimum requirements, however.
Homeowners buying a 5th, 6th, 7th, 8th, 9th or 10th home must meet the following standards, as set forth by Fannie Mae:
1. 720 credit score
2. 25% downpayment for a 1-unit (30% for a 2-4 unit)
3. No mortgage delinquencies in the last 12 months
4. 6 months of reserves for each investment property
In other words, Fannie Mae is re-opening the lending spigot for real estate investors with good credit, a sizeable downpayment and ample reserves.
According to Fannie Mae, the change rationale is that experienced investors can "play a key role in the housing recovery". Until now, foreclosure auctions have gone at less than full speed because investors unable to pay cash have been halted by the existing 4-property Fannie Mae limit.
Going forward, expect a more expedient foreclosure liquidation nationwide which should, in turn, provide further support for the housing market.
And lastly, not to be forgotten, homeowners with more than 4 properties can finally participate in the ongoing conforming mortgage Refi Boom. Until now, they've been stymied by the 4-property restriction, too.
For more market information and for all that is real estate go to http://www.fntarizona.com/
Friday, Fannie Mae rolled-back one of its least popular mortgage guidelines updates of the last 12 months.
Effective March 1, 2009, real estate investors can once again own and finance up to 10 individual properties. The restriction reversal does come with new minimum requirements, however.
Homeowners buying a 5th, 6th, 7th, 8th, 9th or 10th home must meet the following standards, as set forth by Fannie Mae:
1. 720 credit score
2. 25% downpayment for a 1-unit (30% for a 2-4 unit)
3. No mortgage delinquencies in the last 12 months
4. 6 months of reserves for each investment property
In other words, Fannie Mae is re-opening the lending spigot for real estate investors with good credit, a sizeable downpayment and ample reserves.
According to Fannie Mae, the change rationale is that experienced investors can "play a key role in the housing recovery". Until now, foreclosure auctions have gone at less than full speed because investors unable to pay cash have been halted by the existing 4-property Fannie Mae limit.
Going forward, expect a more expedient foreclosure liquidation nationwide which should, in turn, provide further support for the housing market.
And lastly, not to be forgotten, homeowners with more than 4 properties can finally participate in the ongoing conforming mortgage Refi Boom. Until now, they've been stymied by the 4-property restriction, too.
For more market information and for all that is real estate go to http://www.fntarizona.com/
Monday, February 9, 2009
Looking over the Horizon, is where opportunity sits…..
We will know much more today about where the government is heading with regards to assisting the economy and housing in recovery. There are a couple of key components which we need to look for, firstly, if the loan amount for government backed loans increases to either $675K or $725K, then the Jumbo market which has been largely forgotten over the last year, will have a very strong next 6-12 months, and the large amount of consumers in this space with 780 FICA’s and some equity left, will be able to refinance, purchase, etc…
The other issue, which is more wide spread is how the government will deal with flood of foreclosures, the lack of liquidity and the fact that the vast majority of foreclosures we see here in Title are not hardship problems, but much more so the consumer making a business choice to walk away from their home, as they are now, $100K, $200K or sometimes $300K upside down in their property. If the government can use the TARP money to allow consumers to refinance at current values, then you will see folks stay in their homes, as they are back to at least 0 and this will in turn slow foreclosures, which will reduce inventory and start to bring us back to a normalized market. It sounds good in theory, but something tells me, it is never quite that easy….
Steve de Laveaga
Senior Vice President of Sales and Marketing
Fidelity National Title
(Maricopa, Pinal and Coconino County)
The other issue, which is more wide spread is how the government will deal with flood of foreclosures, the lack of liquidity and the fact that the vast majority of foreclosures we see here in Title are not hardship problems, but much more so the consumer making a business choice to walk away from their home, as they are now, $100K, $200K or sometimes $300K upside down in their property. If the government can use the TARP money to allow consumers to refinance at current values, then you will see folks stay in their homes, as they are back to at least 0 and this will in turn slow foreclosures, which will reduce inventory and start to bring us back to a normalized market. It sounds good in theory, but something tells me, it is never quite that easy….
Steve de Laveaga
Senior Vice President of Sales and Marketing
Fidelity National Title
(Maricopa, Pinal and Coconino County)
Thursday, February 5, 2009
5 Real Estate Myths
As seen on the Today Show: http://today.msnbc.msn.com/id/26184891/vp/%20Five%20biggest%20real%20estate%20myths#28854109
1. Sellers are Desperate- Find out why they are selling. If it is a relocation, then the sale would need to occur faster than if a seller was simply looking to upgrade to a larger home.
2. You Are Stupid to Buy Before Prices Have Bottomed. It happens fast from bottom to on the way up again, by the time you realize the market has bottomed, it can be too late.
3. You can't buy a home without putting 20% down. You can buy with an FHA loan of 3.5% down.
4. Now is the worst time to sell. It depends on where you live. Places like Phoenix, San Diego and Detroit, that were hit hard early are slowly on the rise. And the number of homes being sold each month is increasing.
5. Before you re-finance, shop around. Chances are you will get the best deal with your current lender.
For more market information and for all that is real estate go to http://www.fntarizona.com/
1. Sellers are Desperate- Find out why they are selling. If it is a relocation, then the sale would need to occur faster than if a seller was simply looking to upgrade to a larger home.
2. You Are Stupid to Buy Before Prices Have Bottomed. It happens fast from bottom to on the way up again, by the time you realize the market has bottomed, it can be too late.
3. You can't buy a home without putting 20% down. You can buy with an FHA loan of 3.5% down.
4. Now is the worst time to sell. It depends on where you live. Places like Phoenix, San Diego and Detroit, that were hit hard early are slowly on the rise. And the number of homes being sold each month is increasing.
5. Before you re-finance, shop around. Chances are you will get the best deal with your current lender.
For more market information and for all that is real estate go to http://www.fntarizona.com/
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