More Market Updates…some good, some not so good!

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I’m sure by now you’ve realized that the market changes on a daily basis.  Since my husband is in the mortgage industry, I get to hear about many of these things before the “general” real estate public, so I want to share with you when I hear things that might change the way you do business…here’s a two that have happened over the last few weeks.

1.  FHA has announced revised loan limits for the remainder of 2009 (this is probably GOOD news for most of you!).  These loan limits apply to people who are credit approved during ‘09.  That means that it could potentially close in early ‘10, but the process would have to be started in ‘09.  You can go to www.Hud.gov and find the information.

2.  Got Condos?  Sorry!  If you’ve been in the business for a while, you remember the days when you couldn’t GIVE a condo away…well, they’re back!  Many parts of Florida are bombarded with vacant condos on the market and here’s the kicker…even if you find a buyer for it, they probably won’t be able to get a loan!  Many lenders have now just announced a blanket policy of “We don’t lend on condos.  Period.”  So even if you have a condo that DOES meet FHA/VA or Fannie approval guidelines for the community, good luck finding a lender!

Tip: for starters, think long and hard before taking a listing of a condo…if you can’t get it sold, the seller will be mad at YOU.  One thing you can do is look in public records to see what’s sold in the last few months in your association and see what lender financed them and then see if they’re still financing currently.  The only other option is to talk to your seller about owner financing or lease/optioning the property.

Stay tuned for more updates!

Andy
p.s.  To leave a comment on this post, go to my ActiveRain page.