Happy Thanksgiving!
From all of us silly folk at WallaceandKelly, we would like to wish everyone a safe and Happy Thanksgiving and for those of you who do not celebrate…. Well y’all have a nice few days off too.
Kelly…
Gimmics and so much more.
Time goes on and on, Real Estate markets have ups and downs and in every market there they are smiling with their palms pressed forward using their charms to convince you that they have the answer to your woes and you can be making $107,614. in the next six months.
Why is it that during the down times the charlatans come out of the wood work and increase their sales of that bitter snake oil? I say increase their sales because they are always there but when you are making money hand over fist you just don’t really need them. Oh, you never need them but when you are down you may think you do.
I guess what I am trying to say in a nutshell is this. Take the time and energy it will take to subscribe to and do the “new” way of doing business and apply it to your existing business and you may just well make the $107,614 in six months anyway. Get off your duff pull your chin up and get back to work!
Kelly…
FHA Anti-Flipping Rule….Uh Why Exactly?
I guess in my limited mental capacity, for the life of me I can’t really wrap my mind around this FHA Anti-Flipping Rule. I mean it is ok for the same buyer to buy this flipped property at market value using a conventional loan, heck back when prices were stupid, that buyer could finance over 100% of the purchase price and then a few months later after watching late night TV and seeing that dude from that company ask “Homeowners, do you need to consolidate your bills and buy a nice big jet ski or boat or are you in humiliating need of a Humvee?”
So those predators (Flippers) can sell that home in conjunction with our capitalist society and then amazingly enough put their winfall back into the economy and kind of keep things going round and round? And for some reason some bleeding heart thought that the buyers needed protecting from these same flippers only while trying to use a goverment insured loan? Are we really protecting the buyer or are we just protecting the insurers?
I am feebily still trying to understand this. I keep reading and I just can’t follow the logic. If you followed the link above please check this link out and then try esplanen’ this rule to me so I can be in the show.
FHA Waives 90 Day for foreclosures and other properties.
So, let me say this….We currently are in escrow with first time home buyers that have saved and saved and are finally able to take advantage of the reasonable interest rates and home values in our market. We look and look for a suitable piece of property for them and after several weeks and a few offers written and not accepted, find a property that is not only in their price range but also already fixed up and clean. Yeah, fresh paint, new carpet, yards are clean, no broken windows, a clear pest report! Wow! The clients are approved for an FHA loan and they are extremely excited about the possiblities of finally owning a home.
Sounds nice? Yet the clients have to wait for the home to be owned by the investor for 90 days before they can attempt to buy it. These clients can’t qualify for a conventional loan due to the increased down payment. Meaning they have the amount of money for down and closing for an FHA loan. With a conventional loan they need to come up with 5-6% more to cover their down payment and closing costs.
Now, what we see happening is the investor simply states in the marketing material that they will not consider any offers from buyers who are pre-approved for an FHA Loan. Great…. We have this wonderful program available that is limited in it’s use. Meaning most foreclosed properties are beat to death and won’t qualify for FHA and the ones that are the investor/owner won’t look at offers from buyers using FHA. Now that leaves a very small percentage of homes in any price range that are owner occupied due to the climate of this market.
Tell me oh please tell me who have we protected? It looks as though we have just shoved a pretty large group of buyers out of the market. And, in a time where the economy could really use those same buyers participating in the market.
Help Me please Help Me understand this! Oh, and if you say to me you are protecting the consumer, I will just have to say…TTTTTHHHHHPPPPPBBBBBPPPP!!!!!
Kelly…
Why hasn’t my home sold?
I think we need to discuss this one more time.
It’s overpriced!!!
Kelly…
Have you VOTED Yet?
Well we here at wallaceandkelly urge you to do so. That is if you were smart enough to register and realize your voice does matter. And, if you haven’t registered we better not hear you bitching about the state of the economy, the rediculous wars, the right for anyone to marry or anything else for that matter.
Kelly…
