The Fed did come out with some modifying rules for lending. They seem like common sense to most of us, but the last few years a lot of people, real estate professionals also, we more into getting the deal done, than getting a deal that makes sense finished. The Panama City Beach Florida Condominium market is just as bad. With Foreclosure after Foreclosure and Short Sale after Short Sale, it's getting bad all the way around!!! Take some time to review the information below.
Fed Issues New Lending Rules
The Federal Reserve on Monday adopted rules designed to protect homebuyers from the kind of loans that drove many into foreclosure. The new rules apply to all lenders and not just to banks supervised by the Fed. Most are expected to take effect Oct.1, 2009. Escrow requirements won’t go into effect until April 1, 2010.Here are the new requirements:
Prevent loans made without documenting borrower’s income.
Require lenders to escrow money to pay taxes and insurance for risky borrowers.
Limit and in some cases ban prepayment penalties.
Prohibit lenders from making a loan without considering a borrower's ability to repay a home loan from sources other than the home's value.
Require mortgage advertising to contain information about rates, monthly payments and other features of the loan.
Insist lenders credit a mortgage payment to a home owner’s account on the day it is received.
Brokers and others are forbidden from "coercing or encouraging" an appraiser to misrepresent the value of a home.Source: The Associated Press, Jeannine Aversa (07/14/08)
For more information on Panama City Beach Florida Condominiums please visit www.Panama-City-Beach-Florida-Condominiums.com and for information on Smarter Investing in Real Estate visit www.InvestSmarter.com today and make sure you visit the forum section to share ideas!
Wednesday, July 16, 2008
Thursday, July 3, 2008
Sell or not to Sell....what should you do?
Very interesting information comes to the front when we start talking about do we take an offer, come back with a counter, wait and see....you just never know. Here is an interesting article that does bring a few valid points to the front of our minds and something to think about. Find more online with www.InvestSmarter.com about the true market trends.
Daily Real Estate News July 2, 2008
Hard-Won Lessons from a Home Owner Minneapolis home owner Lucie Amundsen’s husband was transferred north to Duluth, Minn. She stayed behind to sell the house. Here's what she learned about selling a home in a tough market:
Make the commitment to sell. “This market eats wishy-washy sellers alive. Sellers should be prepared to let go.”
Steer clear of useless feedback. “I should have had the real estate professional who listed my home turn off the electronic feedback feature. He could have passed along any helpful information, while filtering out the more hurtful and pointed comments.”
Be prepared for the long haul. “Because I adore my house, I just assumed other people would, too. “
Respond to the market. “Long before the 40th showing, we should have dropped the price or taken the property off the market.”Source: Star-Tribune, Lucie B. Amundsen (06/28/2008
So we are starting to see more and more of this across the region. Not just because of the number of units and homes available but also based on the "bottom feeders" if you will trying to get into a lower price bracket and finding deals. Take some time to look at www.Panama-City-Beach-Florida-Condominiums.com for more information on the condos for sale and a link to the Panama City Beach Florida homes that are available. You will find more information for buyers and sellers also on this site.
Daily Real Estate News July 2, 2008
Hard-Won Lessons from a Home Owner Minneapolis home owner Lucie Amundsen’s husband was transferred north to Duluth, Minn. She stayed behind to sell the house. Here's what she learned about selling a home in a tough market:
Make the commitment to sell. “This market eats wishy-washy sellers alive. Sellers should be prepared to let go.”
Steer clear of useless feedback. “I should have had the real estate professional who listed my home turn off the electronic feedback feature. He could have passed along any helpful information, while filtering out the more hurtful and pointed comments.”
Be prepared for the long haul. “Because I adore my house, I just assumed other people would, too. “
Respond to the market. “Long before the 40th showing, we should have dropped the price or taken the property off the market.”Source: Star-Tribune, Lucie B. Amundsen (06/28/2008
So we are starting to see more and more of this across the region. Not just because of the number of units and homes available but also based on the "bottom feeders" if you will trying to get into a lower price bracket and finding deals. Take some time to look at www.Panama-City-Beach-Florida-Condominiums.com for more information on the condos for sale and a link to the Panama City Beach Florida homes that are available. You will find more information for buyers and sellers also on this site.
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