Banks are realizing that homes in poor condition are taking longer to sell and properties that are cleaned up are more appealing to home buyers. I showed a home that was in rough condition a month ago and then took another set of buyers to look at it a couple days ago. The home was […]
Fannie Mae and Freddie Mac have recently changed guidelines regarding seller contributions. If you are purchasing a second home that is not your primary residence, the seller can not contribute more than 2% of the purchase price toward buyer closing costs. In other words, if an investor purchases a home for $150,000, the seller cannot […]
Yet another change that will affect investors who purchase Fannie Mae Real Estate Owned (REO) listings. Investors will not be allowed to submit an offer on an REO property until after it has been on the market for 15 days. Within the first 15 days, only bids from buyers who will occupy the home as their primary residence […]
If you plan on purchasing a home in foreclosure and do not plan on living in the home as your principal residence, you may be affected by the Colorado Foreclosure Protection Act. If a property falls under the Colorado Foreclosure Protection Act, investors are required to utilize a different contract when purchasing a home in foreclosure. According […]
The Housing Stimulus Bill (The Housing and Economic Recovery Act of 2008) recently signed by President Bush, is expected to alleviate some of the turmoil surrounding the foreclosures bombarding the current real estate market in many areas around the nation. The Housing Stimulus Bill entails many provisions and I will include only a few of […]