Written by: Gene Wunderlich, SRCAR GAD
Seems like everywhere you look there’s more bad news on the housing front. Make that everywhere you look but here. I’m chockfull of tidings of good cheer right now and hoping I won’t be proven chockfull o’nuts before mid-year. It could go either way.
Let’s start with good news for homebuyers. The FHA has been very busy lately doing some good things for the market. Since they are currently backing about 30%+ of housing loans in this country (80% of first time buyers), whatever they do has a significant impact. Back in November we had a chance to chat with FHA Commissioner Dave Stevens, a Realtor® himself, and we were much encouraged by his take on the market.
Since then they have made a couple serious moves to further benefit home buyers including increasing the number of properties an investor can hold and, as of February 1, waiving their 90 day anti-flipping rule for one year. Why are these good moves? Well, 18 – 24 months ago many of the REO (bank-owned) properties on the market were in pretty good condition. You could buy one and move right in. Today, many of the homes are pretty thrashed making it impossible for somebody to move in without some degree of re-hab – new appliances, flooring, windows, electrical wiring, plumbing, etc. 1st time homebuyers usually can’t afford to do that nor can they get financing on a house like that anyway.
Wednesday, August 5, 2009
Enhance your knowledge! This course provides an overview of every aspect of bank–owned properties. You will be introduced to the many ways to profit in the multi-faceted, dynamic field of real estate owned listing and sales. Learn with and from your peers and expand your contacts among other agents. Every phase of this rapidly expanding field is represented through a real world application in California.