Quick update on upcoming important company functions: www.demandsuccesstoday.com
is on October 28 from 9 – 12 – register today, Continuing Education with Champion Title on the new HUD-1 from 2
-4 at the Sully District offices on 0ctober 28th, and short sale training with America’s Home Rescue from 9 -12
in Chantilly. Also, there is still time
to get in on our Annual Business Planning this weekend.
Due diligence in dealing with our transactions is more
important today than ever before.
Recently we have had experiences with leased propane tanks, fuels and HOA
docs. Read, and reread the contract to
know what to say when situations arise.
Knowledge is power people!!
What do you need to do when dealing with short sales and the
HUD-1’s? Add 9 months of taxes, and HOA
dues to whatever is past due currently so there are no surprises to the
noteholder when the approved HUD is 6 – 9 months old and the numbers don’t add
up. Are short sales getting easier? We don’t think so!
Foreclosure inventory is down
Sales are getting easier – when dealing with arms length transactions
Houses are staying on the market a little longer so urgency
isn’t as great
Inventory is stable over the last few months but still way
down from the beginning of the year, month’s supply is consistent, rental
market is tight right now as well.
Appraisals continue to be issues on all fronts. We have experiences with appraisers who are
inexperienced and bring in numbers way too high or way too low – it continues
to be a crap shoot.
Condo sales – starting November 2nd – approved
condo rules are going to change. Spot
approvals are going to more difficult
Rates have inched up about ¼ – ½ point over the last few
weeks – they will continue to rise
Flipping rules may come into play with conventional loans
when they require Private Mortgage Insurance.
Be careful if you are selling a flip.
Wall Street Journal ad between NAHB and NAR was published
today. The ad showed that $28 billion to
the economy because of jobs. An average home
sale generates $62,000 and involves 29 different industries are effected by
each sale. It is good for continuing
Homepath financing is for Fannie Mae owned properties and is
offering special financing options.
Conventional loans, 5% down, no MI, no appraisal, rates are only ¼ to ½
% higher, investors can get in for 15% down and there are no income
requirements plus credit score only needs to be above 660. Check out www.homepath.com.
No new news on keeping the loan amounts at $729,750 after
Agents shared details on various properties throughout the
area as well as buyers they are working with to try and get them into homes
prior to going on the market.
Our next exchanges will include a commercial agent and
appraiser to keep us up to speed on those aspects of our industry. Keep learning so you keep earning. Get it?
Got it? Good!
Now, go sell something!