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Fannie Mae Intensifies Penalties for Strategic Defaulters
Fannie Mae is boosting penalties for strategic defaulters by prohibiting them from getting a mortgage, backed by the company, for seven years from the foreclosure date. Fannie Mae says it will also take legal action to recoup debt and will be instructing services to monitor delinquent loans and recommend cases that need deficiency judgments. In [...]
Senate Approves Extension of Tax Credit Closing Deadline
The U.S. Senate has passed an amendment that would extend the closing deadline of the homebuyer tax credit by three months. Right now, qualifying homebuyers who were under contract by April 3oth have until June 3oth to close the deal. But because of the large volume of applications for lenders to process, concerns have begun [...]
Short Sales: When is Offer ‘Accepted’?
There has been some confusion about when a short sale offer is “accepted.” A short sale is a sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. The owner will request that the lender (third party) agree to take less and forgive the rest of what [...]
Who is a First-Time Home Buyer?
“First-time home buyer” is defined by the Cranston-Gonzalez National Affordable Housing Act of 1990. The code specifies:
The term “first-time home buyer” means an individual and his or her spouse who have not owned a home during the 3- year period prior to purchase of a home with assistance under subchapter II of this chapter, except [...]
Happy New Year!!!
I believe 2009, will be a fantastic year for buyers. Interest rates will remain low, housing inventory is high, prices have fallen, and sellers will contribute towards buyers closing costs. What more can a buyer ask for? Grant programs are available for Baltimore City and Baltimore County first-time home buyers, call or email me for [...]
Yes, I work Personally With Clients!
Last week I had more than one person who wanted me to be their real estate agent ask me do I work personally with clients or do I refer them to one of my agents. Some people think that because I am an owner of two RE/MAX franchises I don’t work personally with clients. My [...]
My Clients are Still Getting Mortgage Loans in Spite of the Economy!
Last week I received several calls from buyers wanting to know if my clients were still getting mortgage loans and my answer to them was “yes.” FHA financing is the best way to go for most first-time home buyers. FHA requires that a buyer put 3% of their own funds into the transaction and the [...]
What Not to Overlook at Your Final Walk-through!
I am truly amazed that some agents do not have their clients do a walk-through before settlement. How do I know this is happening, because an agent who sold one of my listings did not take his client back to the property before we went to settlement. I asked him was he going to do [...]
What Is A 1031 Exchange?
Created by the I.R.S. in 1990, section 1031 of the Internal Revenue Code allows taxpayers, with the aid of a Qualified Intermediary, to sell investment or income property solely for the purchase of other “like-kind” property within 180 days and to defer the capital gains taxes normally associated with such a sale. In essence, the [...]
Banks Are Creating A Sellers Market For Their Short Sale Properties
In some parts of Maryland banks are creating a sellers market for their short sale properties by lowering the price well below what the seller originally paid for the property. This creates competition and a sellers market for that particular property. I have witness properties that were originally purchased for $486,000 being sold by the bank for [...]
