Posts Tagged with "mls"

90 Day FHA Rule is Waived

Wednesday, January 20, 2010 - By Gate Arty

HUD has taken a major step to stabilize the real estate market by waiving the “90 day flip rule” effective February 1st, 2010. Currently, FHA prohibits insuring a mortgage on a home owned by the seller for less than 90 days. Originally the 90 day rule was put in place to protect FHA borrowers against predatory practices of "flipping" where properties are quickly resold at INFLATED prices to unsuspecting borrowers. This act will give FHA borrowers access to a broader array of recently foreclosed properties. The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities. To qualify these conditions must be met:

• All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

• In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.

• The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

This waiver will be a major coup for real estate investors because the pool of available buyers is substantially increased. Before, investors had to wait 90 days before listing a property in MLS or hold a property for 90 days before selling to a FHA buyer – something most are unwilling to do because of holding costs & risks associated with delayed closings. This should be a major shot in the arm & should drastically reduce the “days on market” for home inventory.

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Foreclosure Search

Tuesday, March 10, 2009 - By Gate Arty

Like searching the web for new property listings? Statistics indicate you are a part of a growing segment of consumers that make their initial property research online. Recent studies indicate that 97% of buyers search for real estate information on the internet first! That's even before they contact a licensed professional REALTOR for assistance.  Well here at gatearty.com, we have added a new feature that we are very excited about. With the overwhelming influx of foreclosures in today's market, there is increased demand for information on new foreclosures. Now you can find them! With our MAP SEARCH feature, you can specifically identify "FORECLOSURES" as a search function. So you can search & receive e-mail notifications once a property comes on the market that meets your specifications. Of course the most up-to-date information is available thru contact with your REALTOR, as the MLS database will feature the properties the instant they hit the market.

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Real Estate Foreclosure Opportunities

Monday, July 14, 2008 - By Gate Arty

A turbulent real estate market has presented opportunity for local investors. Polk County has never had as many real estate foreclosures as our present day market. In June alone there were 815 foreclosures. In June of 2007, there were only 381 filings . . . a whopping 114% increase! In all of 2007, there were 5132 foreclosures. Thru June there have already been 4,481.

So what of this opportunity? Buyers, specifically investors, have a treasure trove of real estate inventory to select from. Banks are not in the business of owning real estate. Once a property is foreclosed & in their ownership they will either sell the property at auction, or typically secure the services of a REALTOR to sell the property. It is wise to consult with a REALTOR adept at handling foreclosures, known in the real estate profession as REO (real estate owned) properties. Typically these REALTORS work with several banks & are often the first to know about a property before it even hits the multiple listing service (MLS) database. Working with a REO professional could give you insight on market conditions, incoming inventory, potential resale values, & financing options on rehab properties.

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