Thursday, August 23, 2012
Galveston Property Management Galveston Texas
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Galveston Homes & Galveston Property Management Galveston
For more information about Galveston Property Management and Galveston Homes vist our site:
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For more information visit Galveston Homes & Galveston Property Management Galveston Texas.
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Friday, July 20, 2012
Monday, July 16, 2012
Monday, July 2, 2012
Tyler Homes ~ Tyler Texas Home buying tips. 6 Signs you are ready to buy
If you are thinking about buying, you're not alone. So are you ready to make the move? You might be if you:
1. Are familiar with the market. If you've been paying attention to how much houses are listed for in the neighborhoods you're eyeing and have a realistic view of how much a house will cost you, you're in good shape. But if you're dreaming about that big corner house with no clue about it's asking price, you may want to spend some more time becoming familiar with the market and how much houses are going for.
2. Have the money for a down payment and closing costs. The down payment is a percentage of the value of the property. Freddie Mac says the percentage will be determined by the type of mortgage you select. Down payments usually range from 3 to 20 percent of the property value. Also, you may be required to have Private Mortgage Insurance (PMI or MI) if your down payment is less than 20 percent. Closing costs include points, taxes, title insurance, financing costs and items that must be prepaid or escrowed and other settlement costs. You can expect to pay between from 2 to 7 percent of the property value. Generally, buyers will receive an estimate of these costs from your lender after you apply for a mortgage.
3. Know how much you can afford. Freddie Mac says that as a general guide, your monthly mortgage payment should be less than or equal to a percentage of your income, usually about a quarter of your gross monthly income. Also, your income, debt and credit history go into determining how much you can borrow. As a general rule, your debt -credit card bills, car loans, housing expenses, alimony and child support -- should not be more than about 30 to 40 percent of your gross income.
4. Know what additional expenses will come with owning a home. This includes homeowners insurance, utility bills, maintenance costs -- roofing, plumbing, heating and cooling.
5. Have your credit in good shape and make sure your credit report is accurate. Potential lenders will view your credit history -- how much debt you've accrued, how many accounts you have open, whether your payments are made on time, etc. -- to determine whether they'll give you a loan. You should get a report from each of the three credit reporting companies: Equifax, Experian, and Trans Union.
6. You haven't made any recent major purchases, particularly a vehicle. If you do, you may have a harder time getting a loan -- or it could potentially lower the amount you'll be approved for.
Thank you for visiting Tyler Homes web site. If you should have any questions about purchasing a home from
Tyler homes contact Tyler Homes at the numbers listed below.
Shy Shinalt
903.533.8114
Sunday, July 1, 2012
Tyler Homes ~ Tyler homes for sale ~ Two-thirds of Colo. wildfire evacuees back home - KYTX CBS 19 Tyler Longview News Weather Sports
Two-thirds of Colo. wildfire evacuees back home - KYTX CBS 19 Tyler Longview News Weather Sports
Tyler Homes & Tyler homes group supports our fellow Keller Williams agents in Colorado during these tough times.
Tyler Homes & Tyler homes group supports our fellow Keller Williams agents in Colorado during these tough times.
COLORADO SPRINGS, Colo. (AP) - Melted bowling balls in the front yard were among the strange sights that met C.J. Moore upon her return Sunday to her two-story home, now reduced to ashes by the worst wildfire in Colorado history.
"You wouldn't think bowling balls would melt," she told The Associated Press by phone from the scene in her Mountain Shadows neighborhood, where she was among residents who were allowed temporary visits to areas most affected by the fire.
More than a week after it sparked on June 23, the Waldo Canyon fire was still being attacked by some 1,500 personnel. But crews working grueling shifts through the hot weekend made progress against the 26-square-mile fire, and authorities said they were confident they finally had built good fire lines in many areas to stop the spread of the flames.
So far, the blaze, now 45 percent contained, has damaged or destroyed nearly 350 homes.
It was just one of several still burning in the West, where parched conditions and searing heat contributed to the woes facing crews on hundreds of square miles across Utah, Montana, Wyoming and Idaho.
In Colorado Springs, a line of cars a mile long queued up at a middle school checkpoint, where police checked the identification of returning residents and handed them water bottles.
While searching for her great-grandmother's cast-iron skillets, Moore marveled at the juxtaposition of what burned and what hadn't. The bowling balls had been garden decorations.
"To find my mail in my mailbox, unscathed. It's just unreal. Unreal," she said. "Bird baths are fine. Some of the foliage is fine."
Three neighbors' homes were unscathed. Only concrete remained of other homes, including hers. Cars were burned to nothing but charred metal.
"Good Lord! I've never seen anything like this. And thank God there was nobody there. Thank God there were no people here. There would have been no been no hope.," Moore said.
Not far away, Bill Simmons and his wife, Debbie Byes, returned to their tri-level, passive-solar stucco home and found no damage - just some ashes in the driveway.
"The water and electric's back on. You know, we're good to go. We're feeling pretty happy about it at the moment," Simmons said by phone. "We're feeling pretty sad for our neighbors and pretty lucky for ourselves. It's been a real sobering experience."
Authorities said they would lift more evacuation orders Sunday night, bringing the total number of people who remain blocked from their homes down to 3,000 from more than 30,000 at the peak of the fire.
Rich Harvey, incident commander for Waldo Canyon, said crews continue to make good progress.
"We're cautiously optimistic," he said Sunday morning. "We still remain focused on things that could go wrong."
Authorities are still trying to determine the cause of the fire, which so far has cost $8.8 million to battle. Dangerous conditions had kept them from beginning their inquiry, but investigators were able to start their work on Saturday.
More than 150 National Guard soldiers and airmen helped Colorado Springs police staff roadblocks and patrol streets.
A "bear invasion" confronted a few mountain enclaves west of Colorado Springs. The scent of trash had enticed black bears pushed out of their usual forest habitat by fire.
People who left in a hurry didn't take typical precautions to secure household trash against wildlife, said El Paso County Sheriff's Lt. Jeff Kramer.
"So that's become an attraction for the bears," Kramer said.
State game officials were trying to shoo the bears out, he said, and Dumpsters were stationed to help volunteers and returning homeowners throw stuff out. Kramer didn't know how many bears were causing problems.
Among the fires elsewhere in the West:
- Utah: Fire commanders say Utah's largest wildfire has consumed more than 150 square miles and shows no sign of burning itself out. Hundreds of firefighters are trying to hold the Clay Springs fire from advancing on the ranching towns of Scipio and Mills on the edge of Utah's west desert. The fire has destroyed one summer home and threatens 75 others. The fire was 48 percent contained on Sunday.
- Montana: Crews in eastern Montana strengthened fire lines overnight on a 246-square-mile complex of blazes burning about 10 miles west of Lame Deer. More than 500 firefighters are now at the lightning-caused fires that started Monday and have destroyed more than 30 structures.
- Wyoming: A wind-driven wildfire in a sparsely populated area of southeastern Wyoming exploded from eight square miles to nearly 58 square miles in a single day, and an unknown number of structures have burned. About 200 structures were considered threatened.
- Idaho: Firefighters in eastern Idaho had the 1,038-acre Charlotte fire 80 percent contained Sunday but remained cautious with a forecast of high winds and hot temperatures that could put hundreds of homes at risk.
- Colorado: The last evacuees from the High Park Fire in northern Colorado have been allowed to return home as crews fully contained the blaze. The 136-square-mile fire killed one resident and destroyed 259 houses, a state record until the fire near Colorado Springs.
Shy Shinalt
903.533.8114
Tyler Homes
Tyler homes ~ Tyler Home How to Negotiate the best deal
How to Negotiate the Best Deal
Buyers have the advantage in this shifting market
Buyers are finally being able to take advantage of cooling trends in previously hot markets. Multiple offers are no longer being thrown at sellers as soon as the For Sale sign hits the front yard.
Competition has dwindled in many areas as investors disappear and buyers take to the sidelines. Unless a buyer thinks his local market is headed for a big downturn, this could be the pause that allows him to get into the market with a few perks unheard of in recent years as a bonus.
Competition has dwindled in many areas as investors disappear and buyers take to the sidelines. Unless a buyer thinks his local market is headed for a big downturn, this could be the pause that allows him to get into the market with a few perks unheard of in recent years as a bonus.
So how do you know what shape your market is in? Economists believe that real estate is closely tied to employment, so if you’re in an area of growing employment, don’t expect to see double-digit depreciation anytime soon. In areas such as the Midwest, where auto manufacturing is king, prices have fallen sharply and will likely continue until the industry rebounds.
Here are 10 things buyers need to know to negotiate the best deal in a market shifting to their favor:
1. Human nature is the biggest problem for sellers and buyers to overcome in a changing market. Prices stagnate or drop a few percentage points and it’s amazing how different buyers and sellers react. Sellers still think their house is “special” and immune to the market. Buyers figure every seller is about to be foreclosed on and make ridiculous low-ball offers. Smart buyers do their homework, know what size home they need, how much they can afford and then search the market for what they want and negotiate fairly.
2. When you make an offer, know the recent comparable sales; it’s the best bargaining tool. “See what’s going on out there,’’ says Beverly Durham of ReMax Gold Coast Realty in Camarillo, Calif., where entry-level single-family homes begin at $500,000. “Make an offer $10,000 to $15,000 under what the last one sold. Even in this market, if you insult your seller, they won’t want to deal with you. Sellers know what the last one sold for. You want them to at least look at your offer.”
3. Find out as much as you can about the seller’s motivation -- retirement, job, divorce, wants to move up but only if he gets the right price. Durham says if a buyer knows the seller’s motivation they can negotiate a better deal or move on to the next property.
4. Multiple Listing Service (MLS) properties usually state what the seller owes. If not, your agent should be able to track down the figures. There’s a big difference in negotiating with an owner who owes more than the house is worth and one who has a lot of built-up equity.
5. “After 45 to 60 days the seller is usually absolutely sick of keeping their house spotless and sick of people walking through,’’ said Durham. This is when a seller may be the most anxious about selling their house as traffic to their house has likely fallen sharply.
6. Unless you’re incredibly handy and have time and cash, go after houses that are as updated as you can afford. This is easier to do in a stagnant or falling market and fixers aren’t usually discounted enough to be worthwhile.
7. In a tighter market, it’s not too much to ask the seller to add the closing costs to the price of the house. It’s better to put 20 percent down and add the closing costs to the loan than put 15 percent down and pay the costs upfront.
8. Items to ask for that shouldn’t offend sellers are paying for new kitchen appliances or washer and dryer. Most sellers will be willing to do so to close the deal. Durham also says it’s OK to ask sellers to pay up to the first year of homeowner association dues.
9. Don’t request anything that requires quality workmanship. “Don’t ask them to paint,’’ Durham said. “They won’t do it the way you want. They’ll do a lousy job.’’ Also, don’t get carried away and ask for the entire store. Be reasonable.
10. Make sure to look at the big picture. In changing markets you should be planning to stay for at least five years, so don’t get caught up in a $2,000 price difference. Remember, the goal is to get the house you want to live in for some time, not to impress friends with how you worked the previous owner.
If you are thinking of buying contact Shy Shinalt with Tyler Homes. We would be glad to assist you in anyway to find the write Tyler home for you and your family.
Shy Shinalt
Friday, June 29, 2012
Tyler home ~ Tyler homes for sale ~ Must-do's if buyer wants to perform own inspection
Must-do's if buyer wants to perform own inspection
DEAR BARRY: The buyer of our home wants to do his own inspection. Our concern is that he wants to get up on the roof. Our home is very high off the ground, and the roof pitch is steep. He also wants to climb into the attic. I'm concerned he may fall and hurt himself and/or damage something while in the attic. We don't want to offend the buyer, but we have a great concern. What do you advise? --Janette
DEAR JANETTE: Perhaps you could have the buyer sign a liability waiver stipulating that he will hold you blameless in the event that he is injured during his inspection and that he will pay for anything that is accidentally broken. To ensure that this would be binding, you should obtain a legal form from a lawyer.
Another option is offering to split the cost of a professional home inspection. When compared with the cost of an attorney, it might even be worth it to pay the entire inspection fee.
That aside: If your buyer believes that he is qualified to perform the same evaluation as a professional home inspector, he is very naive. It takes years of full-time inspection work to become truly qualified as a home inspector. If your buyer wants to experience undisclosed defects after the close of escrow, he should go ahead and do his own inspection.
DEAR BARRY: When we purchased our home, the termite inspector found plumbing leaks under the bathroom. But the home inspector did not inspect under the building because there was water on the ground, and he said this would be unsafe. He recommended ground drainage improvements to enable further inspection, but we went ahead without further inspection and bought the property.
That turned out to be a mistake.
Within days of moving in, we had a major sewage backup in the bathrooms. It turns out that we have rusted-out drainpipes and lots of roots in the main sewer line. We believe the sellers knew about these problems but said nothing. What should we do? --Nick
DEAR NICK: If the pest inspector found leaking under the building, he was not deterred by water on the ground. Perhaps the home inspector was too squeamish and should have done the same. Groundwater in a crawl space is an inconvenience for a home inspector, and no one except a small kid enjoys crawling in the mud. But it hardly qualifies as a significant safety hazard.
On the other hand, if the water on the ground was from leaking sewage, the inspector was wise to stay out, and the pest inspector probably should have done the same.
If the seller claims no knowledge of the problem, proving otherwise could be difficult, but it seems unlikely that the plumbing problems just occurred for the first time. Sometimes a neighbor has knowledge of past plumbing problems. This is something to investigate by asking around.
You need to obtain a repair bid from a licensed plumbing contractor. Hopefully, the costs will not be excessive. If repairs are expensive, you should get some legal advice regarding seller liability.
Shy Shinalt
Keller Williams Tyler
903.533.8114
www.shyshinalt.com
Can you say 'liability waiver'?
By Shy Shinalt, Tuesday, June 26, 2012DEAR JANETTE: Perhaps you could have the buyer sign a liability waiver stipulating that he will hold you blameless in the event that he is injured during his inspection and that he will pay for anything that is accidentally broken. To ensure that this would be binding, you should obtain a legal form from a lawyer.
Another option is offering to split the cost of a professional home inspection. When compared with the cost of an attorney, it might even be worth it to pay the entire inspection fee.
That aside: If your buyer believes that he is qualified to perform the same evaluation as a professional home inspector, he is very naive. It takes years of full-time inspection work to become truly qualified as a home inspector. If your buyer wants to experience undisclosed defects after the close of escrow, he should go ahead and do his own inspection.
DEAR BARRY: When we purchased our home, the termite inspector found plumbing leaks under the bathroom. But the home inspector did not inspect under the building because there was water on the ground, and he said this would be unsafe. He recommended ground drainage improvements to enable further inspection, but we went ahead without further inspection and bought the property.
That turned out to be a mistake.
Within days of moving in, we had a major sewage backup in the bathrooms. It turns out that we have rusted-out drainpipes and lots of roots in the main sewer line. We believe the sellers knew about these problems but said nothing. What should we do? --Nick
DEAR NICK: If the pest inspector found leaking under the building, he was not deterred by water on the ground. Perhaps the home inspector was too squeamish and should have done the same. Groundwater in a crawl space is an inconvenience for a home inspector, and no one except a small kid enjoys crawling in the mud. But it hardly qualifies as a significant safety hazard.
On the other hand, if the water on the ground was from leaking sewage, the inspector was wise to stay out, and the pest inspector probably should have done the same.
If the seller claims no knowledge of the problem, proving otherwise could be difficult, but it seems unlikely that the plumbing problems just occurred for the first time. Sometimes a neighbor has knowledge of past plumbing problems. This is something to investigate by asking around.
You need to obtain a repair bid from a licensed plumbing contractor. Hopefully, the costs will not be excessive. If repairs are expensive, you should get some legal advice regarding seller liability.
Shy Shinalt
Keller Williams Tyler
903.533.8114
www.shyshinalt.com
Thursday, June 28, 2012
Tyler Encourages Responsible Water Use
Tyler Encourages Responsible Water Use
Tyler Encourages Responsible Water Use Tyler remains under voluntary water restrictions to help conserve supplies as another hot Texas summer closes in. The city has been on voluntary restrictions since late March, easing a December order that called for mandatory cutbacks. Tyler Public Works Director Greg Morgan said Tuesday the city is taking this proactive measure to voluntarily conserve water now for later. "The City of Tyler currently remains under step one water conservation measures," Morgan said. Plentiful spring rainfall helped refill East Texas lakes and recharge the soil -- two pluses going into the hot, dry months ahead -- but levels still are below normal. "The Lake Tyler/Lake Tyler East system still remains about 2.5 feet down from a full elevation of 375.5," Morgan said. "As such, it is incumbent upon the customers of Tyler Water Utilities to remain good stewards of our environment and to utilize this natural resource in a responsible manner." Tyler has a very stable, long-term water supply that is projected to last for decades, if people use it responsibly, officials said. Morgan said water production and lake levels are being evaluated on a daily basis, and staff is prepared to adjust conservation measures as needed to conserve.
National Weather Service officials said Tuesday the summer months should be somewhat hotter and drier than normal, but nothing close to the withering conditions of last summer. It is, after all, Texas. "To quote a cliche, on the fourth of July it's going to be hotter than a firecracker," Hydrologist C.S. Ross said this week. For fall, there are indications of a return to El Nino conditions, characterized by cooler, wet weather. In the interim, residents are asked to limit irrigation of landscaped areas to Sundays, Tuesdays and Thursdays if their street address ends in an even number (0,2,4,6,8); or Saturdays, Mondays and Wednesdays if their address ends with an odd number (1,3,5,7,9). Irrigation also should be done between the hours of 10 p.m. and 6 a.m., officials said. Tyler's pumping capacity is about 72 million gallons per day -- 8 million from deep water wells, 34 million from Lake Tyler and Lake Tyler East and 30 million from Lake Palestine. The city of Dallas also has rights to remove water from Lake Palestine but is not yet drawing from that source, officials said. Tyler first began calling for voluntary cutbacks last October. At that time, Lake Tyler was 6.9 feet below spillway levels and Lake Palestine was about 5.9 feet low, records show. Residents are asked to not waste water. Waste is considered the elective use of water, such as washing house windows, sidings, eaves and roof with a hose without the use of a bucket, officials said. Other types of water waste include washing driveways, streets, curbs, gutters and vehicles without a cut-off valve and bucket. External Relations Director Susan Guthrie said residents should check their sprinkler systems to ensure they are appropriately timed and positioned. "When you set your sprinkler systems, make sure they are not watering the streets and sidewalks," she said. Residents also are asked to check for leaking faucets and toilets to help conserve.
Shy Shinalt
Keller Williams Tyler
903.533.8114
www.shyshinalt.com
Tyler Encourages Responsible Water Use Tyler remains under voluntary water restrictions to help conserve supplies as another hot Texas summer closes in. The city has been on voluntary restrictions since late March, easing a December order that called for mandatory cutbacks. Tyler Public Works Director Greg Morgan said Tuesday the city is taking this proactive measure to voluntarily conserve water now for later. "The City of Tyler currently remains under step one water conservation measures," Morgan said. Plentiful spring rainfall helped refill East Texas lakes and recharge the soil -- two pluses going into the hot, dry months ahead -- but levels still are below normal. "The Lake Tyler/Lake Tyler East system still remains about 2.5 feet down from a full elevation of 375.5," Morgan said. "As such, it is incumbent upon the customers of Tyler Water Utilities to remain good stewards of our environment and to utilize this natural resource in a responsible manner." Tyler has a very stable, long-term water supply that is projected to last for decades, if people use it responsibly, officials said. Morgan said water production and lake levels are being evaluated on a daily basis, and staff is prepared to adjust conservation measures as needed to conserve.
Shy Shinalt
Keller Williams Tyler
903.533.8114
www.shyshinalt.com
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Wednesday, June 27, 2012
Top 10 rising real estate markets in May
Top 10 rising real estate markets in May
Zillow Home Value Index down a slight 0.9% on an annual basis
Friday, June 22, 2012.
U.S. home values continued to rise this spring, according to an analysis by online real estate marketplace Zillow. As of May, national home values are up (0.5 percent) for the third month in a row, settling at $148,100.
Despite the spring season up-crawl – 0.5 percent in March, 0.8 percent in April – home values remain down (0.9 percent) on a yearly basis from last May when they stood at $149,445.
However, some hard-hit metros are seeing a sustained recovery in home values, including Phoenix and three Florida markets: Fort Myers (No. 2), Miami (No. 3) and Punta Gorda (No. 7). Fort Myers and Miami-Fort Lauderdale, Fla., saw 6.7 percent and 5.2 percent year-over-year home value increases, respectively, in May.
Familiar recovery front-runner Phoenix is living up to its name, topping the May list for its year-over-year home value increase of 9 percent to $133,400. High yearly increases in median list price as well as age and amount of inventory catapulted Arizona's capitol metro to the top of Realtor.com's Top Turnaround Town list in the first quarter of 2012.
Surging Denver captured the No. 10 spot in May with a 2.6 percent year-over-year home value increase to $209,000, the second highest home value of any metro in the top 10.
Honolulu (No. 9) has the by-far highest valuation in the top 10 at $489,000.
Tulsa, Okla. (No.4), and Oklahoma City (No. 6) are in the top 10, too, representing the "Sooner" state yet again as a Zillow Home Value Index list-topper in 2012
Shy Shinalt
Keller Williams Tyler
903.533.8114
www.shyshinalt.com
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Tuesday, June 26, 2012
Valid mortgage price quotes do exist
Valid mortgage price quotes do exist
Do you know where to look?
By Shy Tyler Homes Monday, June 25, 2012.
If you have access to valid price quotes, three is usually enough. If you don't have access to valid price quotes, you won't get a competitive price no matter how many lenders you solicit.
Valid prices are prices that the lender would be willing to commit itself to at the time the price is quoted. Differences in valid prices posted by different lenders are small, which is why you don't have to shop many lenders. The reason is that 95 percent of all new mortgages today are either sold to Fannie Mae and Freddie Mac, or insured by FHA or VA, so that the federal government assumes virtually all of the risk.
The residual risk to the originating lenders, that they might be required to buy back loans or, at an extreme, lose their right to originate, is small and does not result in large price differences between them. Some lenders are more efficient than others, but price differences from this source are also
Tyler HomesThe challenge faced by mortgage borrowers who want to shop is that most price quotes are not valid, and soliciting them is a waste of time. Invalid prices can be quoted to shoppers with impunity because shoppers can't say, "Yes, I'll take it," until the information upon which the price is based has been confirmed, by which time the market will have changed.
Valid mortgage price quotes meet all of the following conditions:
They come from the internal pricing system of the lender, which I call their "posted prices," with no intermediation from loan officers. Loan officers are not bound to quote posted prices, and it is common for them to quote prices below the posted price, called "lowballing," in order to induce shopping borrowers to commit to them.
They are fully adjusted for all loan features that affect the price, such as credit score, type of property, purpose of loan, down payment, etc. The list is a long one. If anything that affects the price is left out, the lender assumes whatever generates the lowest price, which may or may not hold up.
For example, many lenders price loans without asking whether the borrower wants to escrow taxes and insurance. If in fact the borrower does not want to escrow, the price will have to be raised.
They include all price components. This means not only the interest rate and points but also other lender fees that are often left out of price quotes.
They are current as of the time of the quote, not as of the day before. The borrower shopping several lenders must do so on the same day, and to be safe within the same hour of the day, since prices are sometimes adjusted during the day.
Valid price quotes are available on the Internet if you know where to look. Every mortgage lender has a website, but few provide valid prices on them. Most are designed to entice shoppers to identify themselves so that they can be contacted by a loan officer who will give them a sales pitch.
But some lenders provide valid prices on their sites while allowing shoppers to remain anonymous until such time as the shopper elects to contact the lender. These include the seven Upfront Mortgage Lenders that I identify on my website. Shopping them is doable, if a bit of a chore, because each site is programmed differently and the shopper must visit each on the same day to extract the desired price data.
Much the better way to shop is on a multilender website where the site maintains valid prices for multiple lenders, which it presents in one single format for easy comprehension and comparison. There are three of those: mortgagemarvel.com; zillow.com; and mtgprofessor.com, which is mine.
Don't confuse multilender sites with lead generation sites, such as lendingtree.com and lowermybills.com, which do business with hundreds of lenders. These sites do not collect price data from lenders. Rather, they collect financial information including Social Security numbers from shoppers, which they sell as leads to lender clients.
These lead generation sites first identify the lenders who have indicated an interest in the particulars of a lead, and they sell the lead to the three or four lenders who will pay the most for it. The shopper then gets sales pitches from three or four loan officers who are under strong pressure to lowball the price because that is often the way to win the deal.
Shy Shinalt
Keller Williams Tyler
903.533.8114
www.shyshinalt.com
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Monday, June 25, 2012
New Fannie Mae CEO will stay out of BofA spat
New Fannie Mae CEO will stay out of BofA spat
Timothy Mayopoulos served as lender's top lawyer
Timothy Mayopoulos will take over as Fannie Mae CEO on June 18, three years after joining the company's management team. Before joining Fannie Mae, Mayopoulos was executive vice president and general counsel of Bank of America Corp.
According to its most recent quarterly report to investors, Fannie Mae had $7 billion in outstanding repurchase requests with Bank of America as of March 31, including more than $3 billion in requests which were overdue by 120 days or more.
Bank of America was the recipient of the lion's share of $12.1 billion in total Fannie Mae repurchase requests, followed by JPMorgan Chase Bank ($1.2 billion), CitiMortgage ($955 million), Wells Fargo Bank ($797 million) and SunTrust Bank Inc. ($380 million).
Lenders must typically repurchase loans on foreclosed properties, or reimburse Fannie Mae for losses if it is determined that the mortgage loan did not meet underwriting or eligibility requirements, if loan representations and warranties were violated, or if mortgage insurers rescind coverage.
Bank of America and Fannie Mae disagree on whether a multi-billion dollar settlement in 2010 also applies to more recent repurchase claims, HousingWire reports.
Freddie Mac's new CEO, former JPMorgan Chase & Co. executive Donald H. Layton, has made similar commitments with respect to his former employer.
Layton receives deferred compensation from JPMorgan Chase, which services more than 1 million mortgages for Freddie Mac and has underwritten billions in company debt.
In order to avoid potential conflicts of interest, Layton "has agreed to recuse himself in specified circumstances from acting upon matters directly relating to JPMorgan Chase that may be considered by Freddie Mac's board of directors or presented to him in his capacity as Freddie Mac's chief executive officer," Freddie Mac said in naming him to the post last month.
A graduate of Cornell University and the New York University School of Law, Mayopoulos has also held senior management roles at Deutsche Bank AG, Credit Suisse First Boston, and Donaldson, Lufkin & Jenrette, Inc.
Mayopoulos will take a pay cut, earning an annual salary of $600,000 a year as CEO, although he will be allowed to receive the rest of his $2.66 million compensation package for 2012, the Washington Post reported.
Fannie Mae earned $2.7 billion in profits during the first quarter and said it would not require funding for the Treasury for the first time since the company was placed in conservatorship along with Freddie Mac in 2008.
Although Fannie Mae has paid $22.6 billion to the Treasury through dividend payments, the aggregate liquidation value on the senior preferred stock held by the government remains at $117.1 billion.
At $11.7 billion a year, dividend payments to the government "exceeds our reported annual net income for every year since our inception," the company said.
Shy Shinalt
Keller Williams Tyler
903.533.8114
www.shyshinalt.com
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Wednesday, June 20, 2012
Switching apartments triggers suprise fee
Switching apartments triggers surprise fee
House built from paper money image via Shutterstock.
Rent it Right
By Shy Shinalt, Friday, June 15, 2012.House built from paper money image via Shutterstock.
Q: After my lease was up, I asked to move to a different apartment in the building. Management charged me a $200 fee for repainting and new carpeting. But I didn't pay this fee when I initially moved in, and new tenants at this time don't pay it either. Is this legal? --Judith M.
A: Management has charged you a "move-in fee," which is a one-time fee that's intended to reimburse the landlord for costs associated with processing a new tenant. Typically, they include new keys, the value of management's time spent processing the lease and introducing the tenant to the property, and so on.
It's unusual to see such a fee include refurbishing costs, such as new paint and carpet. Normally, if a rental needs these due to abnormal use by the prior tenant, the landlord deducts the cost from the prior tenant's security deposit. If the paint and carpet need to be refreshed due to normal wear and tear, the landlord simply does the work -- this is known as upkeep, and while tenants indirectly pay it through their rent, they are not usually charged separately for normal upkeep.
Let's assume that new paint and carpet are needed only because the old has run its course -- normal wear and tear has resulted in the need to paint and recarpet. Your landlord is trying to avoid paying "the cost of doing business" by charging you separately for the expense. But this may not be legal, depending on the law of the state where you live.
California legislators, for example, got wise to this landlord ploy and amended the security deposit statute to require any upfront payments to be refundable, no matter what they were intended to cover (fees to run a credit check are exempted). The law specifically allows landlords and tenants to agree that the tenant will pay for alterations or improvements, but only if these are at the tenant's request, and only if these improvements are not for repairs or cleaning for which the landlord could have charged the previous tenant. (Calif. Civil Code Section 1950.5.)
You'll need to check your state's security deposit statute to see whether your legislators have taken similar steps. If nonrefundable fees are allowed in your state, you may be out of luck.
Q: Is there any downside to sending notices to my tenants via email, and not bothering with a hard copy sent through the mail? It would make life a lot easier. --Jeff B.
A: It's certainly tempting to do business with a keystroke. Under federal law, you'd be able to introduce the notice into court as evidence -- a court would not automatically deny it simply because it was sent electronically. But that's putting the cart before the horse -- you might need to be able to prove that your tenant received the notice, and that's something else entirely.
How do you counter the argument that the email "got sent to spam" or just never appeared? The only certain way to prove receipt is to use an expensive service, such as rpost.com, that allows you to send tamper-proof attachments and gives you reliable proof of receipt. This type of service won't be economically feasible for landlords who send only a few notices a month.
Relying on text messages is even riskier. Evidence of receipt isn't possible unless you undertake an exhaustive records search of the recipient's service provider, something that would never be reasonable in a typical landlord-tenant dispute concerning notice of, say, a raise in the rent.
It's far better to stick with a traditional mail delivery system. To be extra careful, mail your notice and do it "return receipt requested."
Shy Shinalt
Keller Williams Tyler
903.533.8114
Wednesday, June 13, 2012
Tyler Area Home Sales Increase
Tyler area home sales in May jumped 6.64 percent from the same time last year.
There were 289 units sold last month, compared to 271 in May 2011, according to figures released Tuesday from the Greater Tyler Association of Realtors. The latest home sales were also a 14.23 percent hike from April, when 253 houses were sold in the area.
Sales data trends are indicating a strengthening market, local Realtors believe.
Median home sale prices for May were $137,500, the same amount as they were last year, and a 6.59 percent increase from April.
Dr. Lawrence Yun, National Association of Realtors chief economist, said the housing recovery is under way.
“It is no longer just the investors who are taking advantage of high affordability conditions,” he said in a prepared statement. “A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices.”
The number of days homes are staying on the market is decreasing, resulting in a tightening of inventory creating additional demand for the homes already on the market, Mary M. Smith, broker/associate at RE/MAX Tyler, said.
The Tyler area’s home inventory stood at 11.9 months in April, up from 11.6 months in March and 11.7 months in February, according to the latest figures from the Real Estate Center at Texas A&M University.
“It is no longer just the investors who are taking advantage of high affordability conditions,” he said in a prepared statement. “A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices.”
The number of days homes are staying on the market is decreasing, resulting in a tightening of inventory creating additional demand for the homes already on the market, Mary M. Smith, broker/associate at RE/MAX Tyler, said.
The Tyler area’s home inventory stood at 11.9 months in April, up from 11.6 months in March and 11.7 months in February, according to the latest figures from the Real Estate Center at Texas A&M University.
Home inventory is how long based on the past year’s sales rate it would take to clear out existing inventory, with no more homes introduced into the market.
Yun said the “general downtrend” in listed and shadow inventory has shifted from a buyers’ market to one that is more balanced. But, he said, in some areas it has become a seller’s market.
Ms. Smith said home buyers should start their buying process by considering their mortgage options.
Yun said the “general downtrend” in listed and shadow inventory has shifted from a buyers’ market to one that is more balanced. But, he said, in some areas it has become a seller’s market.
Ms. Smith said home buyers should start their buying process by considering their mortgage options.
“It is a good idea to consult with a Realtor about mortgages and program options before you find the house of your dreams,” she said. “With the tight lending environment, understanding your credit score and how it impacts your ability to purchase a home is a key factor in the buying process. If you start early with a lender, you will have all the information you need to succeed when you find the house you want to buy.”
Smith County saw 10 foreclosures in April, down from 21 in March and 24 in February, according to the latest figures available from RealtyTrac.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional fixed-rate mortgage was 3.91 percent in April, down 3.95 percent from March and dipped to a record low of 3.79 percent in mid-May.
Smith County saw 10 foreclosures in April, down from 21 in March and 24 in February, according to the latest figures available from RealtyTrac.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional fixed-rate mortgage was 3.91 percent in April, down 3.95 percent from March and dipped to a record low of 3.79 percent in mid-May.
Shy Shinalt / Keller Williams Tyler
903.533.8114
Saturday, May 5, 2012
211 COVENTY
211 COVENTY
***OWNER FINANCE*** OWNER FINANCE*** OWNER FINANCE*** A Family oriented Neighborhood! This extrodinary home has hand scraped hardwood floors invite you into the magnificent floor plan! exquisite brick fireplace in living area verlooking covered back patio. Through tht wall of windows! Formal dining across from study or 4th bedoom! Fabulous kitchen with granite countertops, breakfast bar and sitting area! Split Master suite with Lavish master bath complete with linen closet and TV hoou up! 2 more large bedrooms share a jack N Jll bath. Both bedrooms boast walk in closets and plenty of room to grow! Upstairs is a1100 SF game room complete with home theatere system and full bath! 3 window seats to hold gams and things. Granite coutnertops, tile and hardwood flooring & carpet throughout! Huge yard with room to add a pool!
Shy Shinalt
Keller Williams Tyler
shyshinalt.com
903.533.8114
***OWNER FINANCE*** OWNER FINANCE*** OWNER FINANCE*** A Family oriented Neighborhood! This extrodinary home has hand scraped hardwood floors invite you into the magnificent floor plan! exquisite brick fireplace in living area verlooking covered back patio. Through tht wall of windows! Formal dining across from study or 4th bedoom! Fabulous kitchen with granite countertops, breakfast bar and sitting area! Split Master suite with Lavish master bath complete with linen closet and TV hoou up! 2 more large bedrooms share a jack N Jll bath. Both bedrooms boast walk in closets and plenty of room to grow! Upstairs is a1100 SF game room complete with home theatere system and full bath! 3 window seats to hold gams and things. Granite coutnertops, tile and hardwood flooring & carpet throughout! Huge yard with room to add a pool!
Shy Shinalt
Keller Williams Tyler
shyshinalt.com
903.533.8114
Sunday, March 18, 2012
Homes & Property Jacksonville Texas
Price drops driving real estate sales spike
Buyers remain worried about financing, further price declines
Home prices vs. sales image via Shutterstock.In "Housing is a Buyer's Market," the company analyzes price and sales trends in the nation's 25 largest metro areas.
Sales of nondistressed properties increased last year, but that increase was accompanied by a decline in prices -- lowering the price spread between distressed and nondistressed sales, the report said.
"Insofar as sellers are willing to accept lower offers, housing is currently a buyer's market," the report said. "Unfortunately, difficulty in accessing financing and concerns over inventory are preventing buyers from entering the market in force."
Although the National Association of Realtors reported that there was only a 6.1 months' supply of existing homes for sale in January -- the lowest level of inventory since 2006 -- that doesn't take into account vacant homes held off the market, homes securing delinquent mortgages and in the foreclosure process, and homes with underwater mortgages, the report said.
Shy Shinalt
Keller Williams Tyler
http://www.shyshinalt.com/
We offer our services in Tyler Tx homes,Ben Fitzgerald Real Estate Services, Tyler homes for sale, Tyler real estate, Tyler TX homes for sale, Tyler Texas homes for sale, Tyler houses for sale, Tyler houses, 'Tyler, Texas homes, real estate, residential, real, estates, homes, houses, TX, Texas real estate, for sale, sales, for, buyers, Smith County, County, property, properties, Realtors, ocean, city, homebuyers, househunt, land, condominiums, townhomes, townhouses, single family residence, golf, resorts, mountain, oceans, beaches, mls, lakes, condos, lots, vacation, realty, second homes, new construction, buy, agents, brokers, newer, older, luxury, large, huge, expensive, multi, million dollars, high, listing database, HomeFinder, Tyler, TX homes for sale, Tyler, TX properties, Tyler, TX real estate, Tyler Listings, Tyler FSBO Tyler, TX Homes for Sale & Real Estate | Homes.com, Pamela Walters offers Tyler Texas Real Estate, Tyler TX Real Estate, Tyler TX Real Estate For Sale, and more. "Tyler Texas Real Estate, Tyler TX Real estate, Tyler TX Real Estate for sale, real estate tyler tx, Cascades, we thank you very much for choosing Keller Williams
Saturday, March 3, 2012
Are open houses useful or a waste of time? Yes
I love it when I happen upon an open house in my neighborhood. I’ll wander in, check out the kitchen and bathrooms – wow, that’s a lot of avocado green – and grab a cookie on my way out.
You might be thinking, You just answered the question: open houses are a waste of time. Not so fast. Even though I come across as a dreaded lookie-loo, I know two families interested in moving to my neighborhood.
Yes, I’m nosy and enjoy checking out neighbors’ homes, too, but when I visit one that might work for my friends, I’ll e-mail the address and MLS number.
It’s not for everyone
Not everyone likes the idea of people parading through their home on a Sunday afternoon. And it takes a lot of effort to execute an open house, from cleaning and staging to moving your family somewhere else for three hours. You and your Texas REALTOR® need to come up with a comprehensive marketing plan specific to your situation, with or without open houses.
But you never know
One of the biggest arguments in favor of holding an open house is that it increases the visibility of your home. Because you never know where your buyers will come from. They could attend the open house, be the clients of a REALTOR® who visits your open house, or get an e-mail from me asking, Do you guys like avocado green?
Shy Shinalt
Keller Williams Jacksonville Texas
We offer our services in The Cascades, Cascades Tyler, Golf Resort, Country Club, Spa, seller financing, mansion, estate home, restrict, Home, listings, real estate, for sale, new condo, townhouse, agent, broker, mls, relocation, Tyler, Texas, lot, land, buyer, seller, Coldwell banker tyler, century 21 tyler, Tyler Real Estate, Flint Real Estate, Whitehouse Real Estate, Bullard Real Estate, Chandler Real Estate, Lindale Real Estate, Arp Real Estate, Lake Palestine Real Estate, Tyler Homes, Tyler Properties, Tyler Realtor, Tyler Real Estate Agent, Tyler, Flint, Whitehouse, Bullard, Chandler, Lindale, Arp, Lake Palestine, Smith County, real estate sales, buyer broker, buyers agent, Real Estate, multiple listing service, condo, condo conversion, townhouse, 1031 tax exchange, prequalification, mortgage loans, home locator, investment homes, investment properties, relocation specialist, residential, real, estate, residential real estate, houses, homes, Real Estate, estate homes, fine homes, multi-million dollar estate homes, multi-million dollar estates, foreclosure, reo, repo, bank repo, short sales, fixer, property, Realtor, Realtors, for sale, sale, buy, buyers, condominiums, townhomes, single family residence, view homes, duplex, duplexes, split levels, ranch style homes, single story homes, two story homes, RV access, pool homes, golf course view, ocean view, city lights view, nice neighborhood, era, we thank you very much for choosing Keller Williams
Sunday, February 12, 2012
KW SHOUTS THE CULTURE at teh 2012 Cultural Summit!
Keller William Realty is Shouting the Culture in its market centers, regions and the world in 2012! Led by Mo Anderson, Vice-Chairman of the Board and Kay Evans, regional co-owner in the Southeast Region and North Florida Region, the 7th Annual Cultural Summit honored the deeds of kindness, acts of giving and spirit of sharing that associates display across the United States and Canada every day.
“In 2012, Keller Williams is shouting the culture in our market centers, regions, and the WORLD! Our culture gives us energy, builds enthusiasm, creates team spirit, and drives our momentum as we do business every day,” said Anderson from the podium.
Welcoming the Cultural Ambassadors to the stage Evans announced:”There is wave of cultural momentum moving across our company – soon we will welcome 60 additional ambassadors!”
“The recognition as a Cultural Ambassador is awarded to you by your peers. You have exemplified the culture of KW at a high level through giving unselfishly of your time, your smiles, and your helping hands. Your passion for demonstrating the Culture to your fellow Associates is an inspiration. Thank you for your deeds of kindness. May you be blessed as you have blessed others. Please come to the stage to be honored with a gift.”
Afterward, to their surprise, several Cultural Ambassadors were asked to come forward to recognize them for their incredible stories of culture they’ve exemplified in their market centers.
La’Dweena Smith, of the Mid-America Region got creative with her culture. She writes:
Rounding out the Cultural Summit was recognition of those associates, market centers and regions who have given to KW Cares. Congratulations!
Tell us: WHAT DOES CULTURE MEAN TO YOU?
Keller Williams Tyler
Shy Shinalt
http://www.shyshinalt.com/
“In 2012, Keller Williams is shouting the culture in our market centers, regions, and the WORLD! Our culture gives us energy, builds enthusiasm, creates team spirit, and drives our momentum as we do business every day,” said Anderson from the podium.
Welcoming the Cultural Ambassadors to the stage Evans announced:”There is wave of cultural momentum moving across our company – soon we will welcome 60 additional ambassadors!”
“The recognition as a Cultural Ambassador is awarded to you by your peers. You have exemplified the culture of KW at a high level through giving unselfishly of your time, your smiles, and your helping hands. Your passion for demonstrating the Culture to your fellow Associates is an inspiration. Thank you for your deeds of kindness. May you be blessed as you have blessed others. Please come to the stage to be honored with a gift.”
Afterward, to their surprise, several Cultural Ambassadors were asked to come forward to recognize them for their incredible stories of culture they’ve exemplified in their market centers.
Culture is taking positive talk a step further by making it a positive action.Mo and Kay then welcomed the Katy market center to the stage to share their story about their 501c3 non-profit organization Cinco Charities, a project started by associates in 2008, which provides temporary housing to patients and their caregivers as they come to Katy for life threatening treatments to save their lives. “We wanted to create a community of care and support in our market center and through our community,” said Fred Wright, team leader. “It’s amazing what has happened. Agents, title and mortgage companies, the medical industry, strangers and countless volunteers,” he added. So far the organization has raised more than $100,000 through their annual charity golf tournament and provided more than 170 people free lodging.
When the disaster in Joplin hit, our office was just sick! We felt so close to those agents. We wanted to do anything we could to help.
I called and emailed until I was finally told, “thanks for your concern, however, there are no more families to be adopted.”
My heart sank! I decided I was not taking NO for an answer. Our office came up with the idea for “Treats and Eats”!
With donations from agents in our MC, once a week for 4 months, treats were provided to the Joplin agents.
The culture in our MC grew – Knowing that every week we were helping the Joplin agents in some small way.
Rounding out the Cultural Summit was recognition of those associates, market centers and regions who have given to KW Cares. Congratulations!
Tell us: WHAT DOES CULTURE MEAN TO YOU?
Keller Williams Tyler
Shy Shinalt
http://www.shyshinalt.com/
We offer our services in The Cascades, Cascades Tyler, Golf Resort, Country Club, Spa, seller financing, mansion, estate home, restrict, Home, listings, real estate, for sale, new condo, townhouse, agent, broker, mls, relocation, Tyler, Texas, lot, land, buyer, seller, Coldwell banker tyler, century 21 tyler, Tyler Real Estate, Flint Real Estate, Whitehouse Real Estate, Bullard Real Estate, Chandler Real Estate, Lindale Real Estate, Arp Real Estate, Lake Palestine Real Estate, Tyler Homes, Tyler Properties, Tyler Realtor, Tyler Real Estate Agent, Tyler, Flint, Whitehouse, Bullard, Chandler, Lindale, Arp, Lake Palestine, Smith County, real estate sales, buyer broker, buyers agent, Real Estate, multiple listing service, condo, condo conversion, townhouse, 1031 tax exchange, prequalification, mortgage loans, home locator, investment homes, investment properties, relocation specialist, residential, real, estate, residential real estate, houses, homes, Real Estate, estate homes, fine homes, multi-million dollar estate homes, multi-million dollar estates, foreclosure, reo, repo, bank repo, short sales, fixer, property, Realtor, Realtors, for sale, sale, buy, buyers, condominiums, townhomes, single family residence, view homes, duplex, duplexes, split levels, ranch style homes, single story homes, two story homes, RV access, pool homes, golf course view, ocean view, city lights view, nice neighborhood, era, we thank you very much for choosing Keller Williams
Saturday, January 28, 2012
Keller Williams Tyler, Texas
Are discount brokers good for the seller?
Are you really doing the right thing for your seller? Had an agent come to me this morning and we had a discussion on a home she just showed that was listed at a deep discount of 1% to the buyer’s agent. This is becoming more and more prevalent in the market today and while most feel it is a problem I feel it is something that will eventually blow up in the discounters face. After investigating the listing I came to a conclusion that the seller is being taken advantage of. You see our agent did the right thing and showed the home, but in the real world most agents would pass on this showing. I know we should show the home, but really why would another agent base their entire business plan on taking advantage of the entire real estate community? This home has already been on the market 180 days longer than any home in the neighborhood that sold in the last 2 years. Keeping in mind it’s a $550,000.00 home, that could be close to $ 30,000.00 in additional payments and taxes the seller has paid. That would be, ugh, 6% and it’s still not sold. Then take into account what negotiations might be like with a seller who is this “intelligent!” It reminds me of the saying;” a fool and his money are soon parted.” Or as W.C. Fields said, “they were lucky to get together in the first place!” Did the agent do the right thing? Clearly no, but when a seller uses a discount broker, they get what they paid for or dare I say deserve. In this case $30,000.00 in loses so far with no end in sight. http://www.shshinalt.com/
Wednesday, January 25, 2012
East Texas Real Estate
When it comes to buying and selling the single largest financial investment in most family’s lives, why would you trust just anyone to do it? The goal for most buyers and sellers is to protect their investments. Buyers want to make sure they are buying in an area of good resale and getting the most for their dollars. Sellers want to make sure that they are getting the most money for their investment and they are protected from the legal pitfalls of today’s society. With both concepts in mind, why would you put your livelihood in the hands of someone who is not a professional, someone who may not be familiar with the area or someone you are not certain you can fully trust?
You shouldn't and I certainly don’t want you to!
I pride myself on being your hometown real estate professional resource for all your real estate needs. Being from East Texas, I understand the East Texas market better than others. I strive to make sure you are taken care in every aspect and every step of the way. My objective is to raise the bar as to what you should expect from your agent and ensure that I am fully accountable to you. Open lines of communication, attention to every detail of your buying or selling experience, and going the extra mile are my promises for every client. I believe that you are not just a number, not just a sign, not just a transaction, but a treasured client that has invested a lot of trust in my knowledge and skills. The home buying and selling process requires us to be a team which is why I have carefully selected professionals to assist you in every aspect of your buying or selling expereince so that no detail is left undone.
My goal is to create an expectation from you for future real estate needs that cannot be duplicated and look forward to your repeat business and trust as well as your referals!
I am always receptive and welcoming of your vital and valued feedback. This feedback enables me to consistently assess, re-evaluate and continuously make changes to consistently create a higher level of service. Call me today, I look forward to meeting, serving and getting to know you!
Shy Shinalt
Keller Williams Tyler
We offer our services in Tyler Texas,Tyler Texas Real Estate,Tyler Tx,Tyler Tx homes for sale,real estate Tyler Texas,Tyler MLS,Tyler Tx properties,tylerhomes,Keller Williams Tyler Texas,Tyler Texas real estate, Tyler tx real estate, tyler real estate, tyler homes, homes for sale tyler tx, real estate tyler texas, tyler texas homes, flint tx real estate, bullard real estate, lindale real estate, tyler texas realtors, real estate tyler tx,Trulia, Tyler real estate, Tyler Homes, Tyler Homes For Sale, Tyler properties, Tyler listings,homes, houses, properties, Realtor.com, Tyler real estate, Tyler homes for sale, Tyler TX property, Tyler, Tyler, TX Homes for Sale & Real Estate | Homes.com., homes for sale Tyler Tx,Tyler Texas,Tyler Texas Real Estate,Tyler Tx,real estate Tyler Texas, we thank you very much for choosing Keller Williams
Tuesday, January 24, 2012
FHA will keep funding flips
http://www.shyshinalt.com/
Waiver for 90-day resales extended through 2012
The waiver is a boon for investors seeking to rehab and flip properties, because it expands the pool of eligible borrowers to include those relying on FHA-backed loans, popular with first-time homebuyers and others who lack the cash to make large down payments.
In extending the waiver through 2012, FHA said all transactions must continue to be arms-length. In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will apply only if the lender can document the justification for the increase in value, FHA said.
FHA instituted the anti-flipping rule in 2003 to protect its mutual mortgage insurance program from losses on homes that were merely flipped, rather than rehabbed. Homes repossessed by Fannie Mae, Freddie Mac, and state- and federally chartered financial institutions were exempt from the rule.
In February 2010, the Obama administration waived the waived the waiting period for resales -- including homes purchased and rehabbed by private investors -- in the hopes of stabilizing home prices and revitalizing communities hit by foreclosures.
It often takes less than 90 days to acquire, rehabilitate and sell properties, the Department of Housing and Urban Development said at the time. Some sellers of rehabbed properties had been reluctant to enter into contracts with FHA buyers because of the cost of holding a property for 90 days, HUD said.
That number has since grown to nearly 42,000 mortgages worth more than $7 billion on properties resold within 90 days of acquisition.
Shy Shinalt
Keller Williams Tyler
http://www.shyshinalt.com/
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