Fannie Mae Puts Investors Back In Business
In the midst of the mortgage meltdown, Fannie Mae changed it guidelines limiting investors to a maximum of four mortgages. This limitation affected many investors’ ability to secure financing with reasonable pricing. However, it seems that Fannie Mae has had a change of heart. Effective March 1, 2009, the four mortgage limited is being lifted. As [...]
If It Look’s Too Good To Be True…..
My mother always told me, if something looks to good to be true, it probably is. This saying especially applies to bank owned properties. I can’t even begin to count how many time’s I have gotten a call or an email from one of my clients that have seen a property online and are demanding [...]
The Perfect Couple Find Their Perfect REO Bronzeville Home
I remember the day that Orlando and Aminah were married. I have always admired them because they are young, hardworking, educated, and they don’t care what the Joneses do because they are focused on their plan. Buying a home and creating sweat equity for themselves was also a part of the plan. We have been [...]
Foreclosure: Who or What Can We Blame
There isn’t a person unscaved from the harsh reality of the recent rise in foreclosures. The statistics are alarming as the world of real estate sees the market shift from a sellers market to a buyers market. As I drive through the streets of Chicago there is a sea of boarded up properties that bring a [...]
Money Smart Week - Short Sale Webinar
20 April 2009
We are doing various seminars during Money Smart Week. If you missed the Short Sale Webinar, you can view it here: Short Sale: The Result of Foreclosure by Marki D. Lemons Get your own Virtual Classroom
Posted in Homeowners, Investors, REI Strategies, RealtorsComments (0)
Fannie Mae to pay up to 6% in commission
03 March 2009
No Negotiation of Preforeclosure Sales Commission Servicing Guide, Part VII, Section 504.02: Contacting Selected Borrowers Effective March 1, 2009, closing of preforeclosure sales may not be conditioned upon a reduction of the total commission to be paid to real estate agents to a level below what was negotiated by the listing agent with the borrower, unless [...]
Posted in Homeowners, REI Strategies, Realtors, ValuationComments (1)
Investors Can Fund Purchase Rehab Deals in this Market
03 March 2009
Program Highlights: Can be used by investors Conventional financing (less strict than government loans) Can combine the purchase and renovation or current liability and renovation into one loan. Required investment based off total cost (acquisition/balance + rehab) 20% down for 1 unit 25% down for 2-4 units Can be used on high-rise condos (203k’s can’t) Loan sizes up to the conforming limits for [...]
Posted in Financing, InvestorsComments (1)
8,000 Reasons to Buy a First Home
03 March 2009
First-time home buyers who purchase a home before December 1, 2009 may be eligible to take advantage of an $8,000 tax credit as part of the American Recovery and Reinvestment Act of 2009. Qualifying first-time home buyers may claim a tax credit of ten percent of the purchase price, up to $8,000, or $4,000 [...]
Posted in Financing, HomeownersComments (1)
$700 Billion Plan (TARP) - Revisited
22 November 2008
So I ask the question, why is the governement trying fix the economy without addressing one of the major underlying issues - foreclosures. Doesn't it just make sense, as opposed to giving the banks money ("strengthen bank balance sheets") that they help the homeowners in foreclosure, that are causing the bank's financial problems? Can't they see that if they start with the homeowners - that this will eliminate the bad debt that the banks are holding and therefore addressing the root cause of their financial problems - common sense.
Posted in Financing, Homeowners, Investors, RealtorsComments (0)
Young and Empowered Foreclosure Home Buyer
17 November 2008
Some people believe that long gone are the days where you can walk into a property and have equity. Never make an assumption. I have a client that is 24 years old and last week she closed on a spacious single family home that comes with 40k in equity. 11229 S. Parnell in the Roseland area [...]
Posted in Financing, HomeownersComments (3)
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