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/
Thursday, January 29, 2009
Fidelity National Title's Tips and Tricks for flexmls® - What is the difference between a Portal and an Auto-Email in flexmls®?
A Portal is a personalized website that you set up for you customer. When you create a Portal for a client, they will receive an email containing the link to their website.
Your client will receive the email one time but will be able to login to their website any time they wish (see below).
The Portal is an interactive website that is branded to you and includes your contact information. Upon logging in, your client will be able to view the results of any customized search that you have attached to their contact record. They will have the ability to mark properties as favorites, possibilities & rejects (by clicking on the emoticon faces) and to send you an email inquiry on specific properties that interest them (see below).
***Tip: As your clients mark properties using the emoticons in their personalized Portal, this information flows through to their contact record in your Flexmls system. In contact management, if you click on the client's contact record and then click on the Portal tab, you will be able to see which properties your clients are most interested in, as well as those that they are not interested in. By clicking on the Favorites link within the Portal tab, you will be able to see the exact properties that your client has marked as favorite (see below).***
In comparison, an Auto-Email is an email event you set-up, based on a customized search that you have created for a specific client. You may specify how many days of the week you’d like this email to be sent to the client. The email will be generated when there is a change to a property which meets your client's search criteria (for instance, a new listing or a price change). If there were changes that met your client’s search criteria, your client will receive an interactive email which will contain a link to the properties. If there were no changes to any properties that met their criteria, the email will not be generated. You can create an Auto-Email in Contact Management by clicking on the client’s contact record, selecting the Searches/Auto Email Tab, highlighting the specific search that you’d like to setup the Auto-Email on from the Searches box on the left-hand side and clicking the Add an Auto-E-mail link (see below).
***Tip: The number of Auto-Emails sent to a client will be tracked on the client record in Flexmls. This information can be viewed from the Flexmls Dashboard under the A Column of the Contacts Pane. If you click on the number, you will be able to view the details of the email delivery, as well as the hit count (how many times your client viewed that specific email). If you click on the View link under the Content column, you will be able to view the properties which were included in the Auto-Email (see below). This is a great way to track whether or not the client is opening the Auto-Emails that have been sent to them. If your client has not opened any Auto-Emails, you may want to verify that you have the correct email address or that the emails aren’t going into the clients spam folder.***
Would you like us to bring a customized Flexmls class to your office? If so, please email info-fntarizona@fnf.com.
Pati Conover - Armls Approved flexmls®Trainer Fidelity National Title
Resource for Flexmls Training Online:
http://www.newarmls.com/
https://armls.webex.com/mw0305l/mywebex/default.do?siteurl=armls
flexmls® Web is a registered trademark of FBS
Your client will receive the email one time but will be able to login to their website any time they wish (see below).
The Portal is an interactive website that is branded to you and includes your contact information. Upon logging in, your client will be able to view the results of any customized search that you have attached to their contact record. They will have the ability to mark properties as favorites, possibilities & rejects (by clicking on the emoticon faces) and to send you an email inquiry on specific properties that interest them (see below).
***Tip: As your clients mark properties using the emoticons in their personalized Portal, this information flows through to their contact record in your Flexmls system. In contact management, if you click on the client's contact record and then click on the Portal tab, you will be able to see which properties your clients are most interested in, as well as those that they are not interested in. By clicking on the Favorites link within the Portal tab, you will be able to see the exact properties that your client has marked as favorite (see below).***
In comparison, an Auto-Email is an email event you set-up, based on a customized search that you have created for a specific client. You may specify how many days of the week you’d like this email to be sent to the client. The email will be generated when there is a change to a property which meets your client's search criteria (for instance, a new listing or a price change). If there were changes that met your client’s search criteria, your client will receive an interactive email which will contain a link to the properties. If there were no changes to any properties that met their criteria, the email will not be generated. You can create an Auto-Email in Contact Management by clicking on the client’s contact record, selecting the Searches/Auto Email Tab, highlighting the specific search that you’d like to setup the Auto-Email on from the Searches box on the left-hand side and clicking the Add an Auto-E-mail link (see below).
***Tip: The number of Auto-Emails sent to a client will be tracked on the client record in Flexmls. This information can be viewed from the Flexmls Dashboard under the A Column of the Contacts Pane. If you click on the number, you will be able to view the details of the email delivery, as well as the hit count (how many times your client viewed that specific email). If you click on the View link under the Content column, you will be able to view the properties which were included in the Auto-Email (see below). This is a great way to track whether or not the client is opening the Auto-Emails that have been sent to them. If your client has not opened any Auto-Emails, you may want to verify that you have the correct email address or that the emails aren’t going into the clients spam folder.***
Would you like us to bring a customized Flexmls class to your office? If so, please email info-fntarizona@fnf.com.
Pati Conover - Armls Approved flexmls®Trainer Fidelity National Title
Resource for Flexmls Training Online:
http://www.newarmls.com/
https://armls.webex.com/mw0305l/mywebex/default.do?siteurl=armls
flexmls® Web is a registered trademark of FBS
Friday, January 23, 2009
Think Outside Of The Box...The New Face of Home Tours
Tired of driving agents to 12 different houses? Trying to find a new way to get investors around to show foreclosure properties or just looking to grow your business in a unique way?
Here are some ideas that may get the juices flowing!
Here are some ideas that may get the juices flowing!
- Try a bike tour-A company in Boulder, Colorado takes clients on a bike tours through neighborhoods and advertises all over town with their custom bikes, read more...
- Use the new light rail to tour clients around the city.
- Book a Foreclosure Limo Tour with Fidelity National Title- Get a group of investors together, a Lender and Fidelity and we will donate the Limo Bus! For more information call 480-214-4540 or click here for more limo tour details....
- Meet for a hike with clients to discuss their needs and show them the area in a whole new way.
There so may ways to save money and grow your business. You just have to think outside of the box!
Friday, January 2, 2009
A Glimpse of Real Estate in 2009- Reshaping Real Estate
The close of the year often begs a retrospective approach to the events that took place-good, bad or otherwise. The sharp edges are often dulled in hindsight, motivated by the desire to put it all behind us and move on to the fresh promise of a new year.
To close out 2008, therefore, we’re taking a look at the industry’s most significant paradigm shifts. Don’t mistake these for trends-these are long-term, if not permanent, foundational changes to the way real estate will be conducted in 2009…and well beyond. If you haven’t embraced these shifts yet, start now. They are critical to your survival and bounce-back in the real estate business.
Waning Consumer Confidence The New Lending Landscape Creative Cost Control Green For Good Seeing Real Estate Clearly Differentiation That’s Actually Different Bye-Bye, ‘Back to Basics’-Hello, ‘New Deal’ Real Estate’s New Face Targeted Technology For the full article, click here: http://rismedia.com/wp/2008-12-01/reshaping-real-estate/#more-31306
By Maria Patterson, Stephanie Andre, and Paige Tepping with RisMedia- www.RisMedia.com
To close out 2008, therefore, we’re taking a look at the industry’s most significant paradigm shifts. Don’t mistake these for trends-these are long-term, if not permanent, foundational changes to the way real estate will be conducted in 2009…and well beyond. If you haven’t embraced these shifts yet, start now. They are critical to your survival and bounce-back in the real estate business.
By Maria Patterson, Stephanie Andre, and Paige Tepping with RisMedia- www.RisMedia.com
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