The Massachusetts Real Estate Guy

Okay, you can "flip" your properties fast ... for 90 days...

Click on the link

From Reuters:  Effective Feb 1, the Housing and Urban Development Department will waive for one year an FHA rule that prohibits insuring a mortgage on a home owned by the seller for less than 90 days, giving FHA borrowers access to a broader array of recently foreclosed properties.

New Smoke Detector Regulations for 2010

Did you know?  The new smoke detector regulations will be effective beginning April 5, 2010. In order to sell a property in Massachusetts (ask your attorney if the sale is a "cash" sale), the property MUST have both smoke detector and carbon monoxide detector compliance,

Clink on this line for for information on the new smoke detector law.

Here is the link for Nicole's Law - Carbon Monoxide Regulations

Keller Williams #1 Real Estate Franchise according to Entrepreneur Magazine.

Read all about it here.

Two new features! HouseLogic.com and Real Estate Today Radio!

Hello,

I was just checking out two new features The National Association of Realtors(R) is now featuring and they seem to be too good to pass up on!  The first is a new consumer oriented website named Houselogic.com.  Pretty much, what Houselogic.com is is a resource center for homeowners with articles to protect, maintain, and help to enhance the value of their homes.  No information like that is bad information, so I will be featuring articles from Houselogic here at this blog.. Check it out at your convenience, at www.houselogic.com.  You can have a free account there and do all sorts of stuff...

The other new feature, Real Estate Today Radio, is simply a new widget you'll be able to go to on  this blog here and my websites.  Real Estate Today is the nation's fastest growing real estate program, exclusively from the National Association of Realtors(R). You'll be able to log in whenever you'd like and listen to the latest "broadcasts"...

Keller Williams is "Most Recognizable" Brand in Real Estate!

I told you so... Loan Modifications are pretty much a failure..

Remember when I blogged before that the majority of  loan modifications aren't gonna work; pretty much everyone is overwhelmed and under staffed; either you'll probably wind up dealing with a crook that will take your money and do NOTHING for you (by the time you find out it'll probably be too late), or you'll wind up getting pretty much nothing from the "free" government" services, like Hopenow...?

Some of the above DO go through... How many?  Who knows.? 

and the problem can also be blamed on the homeowners who DON'T send back the paperwork...

Then again, I had a case where someone came to me, wanting to do a short sale.  Guess what?  The bank already foreclosed, and the "loan modification" company he paid them around $750 never even bothered to tell him...

When THAT happened, first I called the bank. They conformed it was foreclosed. Then I called the loan modification company (from Rhode Island)...

They told me they would call me back.. This was last July.. and I'm STILL waiting...

Remember when I tried to warn you?

Well, here it is... This morning's Telegram... Home Loans remain in crisis

Let me quote... "Only about 10,000 homeowners received permanent loan modifications this fall under the Obama administration’s mortgage relief plan,"

The article goes on to say more than 14% of mortgage holders are behind or in foreclosure, and there's no solution in sight...

I knew that.. Tell me something I don't know...

It's just a real mess..

If you're in trouble, call or email me. I promise to try to help you as much as I can.  Now, if you want to stay in your home, I'll try to give you the resources. You can even download THIS Package   Just remember me if you ever know of someone who may be looking to buy or sell real estate, fair enough? 

And if you come to the conclusion you should do a short sale, I can help you anywhere in the country by finding you an agent who knows what he or she is doing. I already have helped people in other places, including Florida..

It really is sad.. but what can I say?  I may not be very diplomatic at times but you'll always get it straight from me...

FHA Updated on December 7...

I am sharing the following excerpt from my team leader's email today.. Thanks Kathleen!

After much anticipation the Federal Housing Administration (FHA) has, effective December 7, 2009 made adjustments to its underwriting guidelines. The new rules will expand the number of properties eligible for FHA loans.

The great advantage to FHA loans has been that for qualified applicants and properties the minimum down payment has been 3.5% as opposed to 10% or 20% for conventional non-FHA loans. The tricky part has been that many properties, under the old guidelines, simply did not meet the criteria

Here are some of the more important changes:

• Under the old guidelines the association had to have 4 or more units. Now an association with 2 or 3 units qualifies.
• Under the old guidelines the required owner occupancy in the association was 51%. Now it is 50%.
• Under the old guidelines the maximum amount of commercial space was 20%. It has now been increased to 25%.
• Whereas new projects were ineligible under the old guidelines, now FHA, with extensive documentation up front, will give loans on new construction projects.

The House Financial Services Committee is, however, considering a couple of adjustments that would make it more difficult to obtain a FHA loan.    There are some who feel it is too easy for buyers to qualify for the FHA loans and feel that the applicants should have more “skin in the game.”           One proposal is to increase the minimum credit score from the current 620 to 640. The other proposal is to raise the down payment from the current 3.5% to 5%. These proposals have not been enacted. So stay tuned!

5 Trends to watch for in 2010, according to Keller Willliams ...

Just got an email and notice from Keller Williams with their 5 Trends to watch for.. I felt this is something I should share with everyone, and also give you my own take on things.. Here we are...

1. Incentives - Opportunities ... With the tax credit of 2009, first time buyers comprised 47 % of the sales. The National Association of Realtors (NAR) predicted around 53.5%.  Everyone's pretty much hoping the extended credit will help the economy and provide added incentives to continue and heighten these trends in 2010, Early indicators however, are not in fact, showing this.. However, this could be temporary..

According to the Keller Williams Report

"Economists are now hoping the extension of the $8,000 first-time homebuyer tax credit coupled with the expansion for current homeowners will continue to stimulate sales and the housing market as a whole. The tax credit, which was slated to expire Nov. 30, 2009, will be extended for contracts signed before May 1, 2010 that close before July 1, 2010. First-time buyers, who are in the process of closing now, no longer have to worry about qualifying for the $8,000 tax credit if they do end up closing after the Nov. 30 deadline. The new legislation also increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the current level. Read the full story on the new tax credit and its provisions, including a chart comparing the old versus the new here.
Buyers who already own a home are also now eligible for a tax credit on the purchase of a home. The $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation does set forth several provision including, limiting eligibility for existing homeowners to homes worth $800,000 or less, as well as making both credits available only for primary residences, not second homes or investment properties. Economists, legislators and industry experts expect that the credit will encourage current homeowners to accelerate their purchase plans."

2.  Distressed properties and short sales - still represent around 40% of the total inventory; and that number is expected to actually increase!  

3.  Education - Only the best agents are the ones who are educated and knowledgable about what's going on.. Agents that keep themselves abreast of what's going on and who actually work in the "trenches" day in and day out are the ones you as a consumer need to work with, for YOUR sake more than anyone..

4.  Social Media- More and more people are getting their information and communication from social media. I am on Facebook, Twitter, and I blog.. regularly, to give the public a perspective of who I am before they even call upon me for services. This way you can get to know me before you even know me...

5.  Accountability- The "best of breed" agents out there treat and track everything like a business.. Does your agent know their numbers?  Why is that important to you... Well, most likely, if an agent treats their own business seriously, they'll probably treat you more seriously, too.. Would you go to an unorganized dentist? 

Top 10 Must-Know Real Estate Trends for 2010 by Frontdoor

I found this and I felt everyone should read it..

Frontdoor's 10 Must Know Real Estate Trends...

Home Sales Rise in October largely due to the 1st time buyer tax incentive...

Prospect Mortgage's, Deven Ewing's Monday Morning Email:

"Existing home sales rose 10.1% in October to a seasonally adjusted annual rate of 6.1 million units from 5.54 million units in September. The increase was largely due to the tax incentive for first-time homebuyers. The inventory of unsold homes on the market fell 3.7% to 3.57 million, a 7-month supply at the current sales pace, and the lowest level since February 2007."

Okay...Will it sustain?

The news is saying now there are signs we are heading towards a recovery, but even if THAT'S so, the effects will take a long time to trickle down...

A little "Gatos - Trickle - down" economics theory here....LOL...

Good news though... The inventory's got to move... The only snags?

1.  The "pent up" bank owned inventory YET to be released to the public for sale.. I suspect that will be "coming soon", probably in spurts, but coming soon... and ...

2.  Unrealistic sellers and their ridiculous agents with their overpriced listings living in "LaLa" land, and further damaging the statistics by showing abnormally high days on market that wouldn't necessarily be so high if they'd only go away, or reduce their prices.

Stay tuned...