FHA Extends Waiver of Anti-Flipping Regulations Through 2012

Acting Federal Housing Administration Commissioner Carol J. Galente has extended a temporary waiver of FHA’s anti-flipping regulations through 2012 in hopes to assist the rehabilitation of the current housing market.

This waiver bypasses the FHA rule that prohibits insuring a mortgage on homes owned by a seller for less than 90 days. The original waiver was placed into action in 2010 through January 31st, 2011. The extension was announced to be effective through December 31, 2012 and all other terms of the waiver will remain the same.

As Galente states, “This extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight. FHA remains a critical source of mortgage financing and stability and we must make every effort to promote recovery in every responsible way we can.”

The Waiver is limited to sales meeting the following conditions:

• All transactions must be arm’s-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% or more above the seller’s acquisition cost, the Waiver will apply only if the lender meets specific conditions, and documents the justification for the increase in values.
• The Waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

To read the official Waiver, click here.

Happy Early/Belated Birthday Evansville

Okay so incase you didn’t hear.. Evansville turns 200 this year!

You may be scratching your head wondering why I just wished Evansville an early belated birthday.
March 27th actually marks this date in history however, Evansville has decided to celebrate for 200 days!
100 Days prior to March 27th and 100 after.
100 Days prior made December 18th the initial start of the celebration.
I hope to keep you informed on events the city will hold so you can help celebrate too!
With this big birthday coming ahead I might also add some history tidbits or information about the area.

-Christina Denton

I am officially an E-Pro… time to start acting like it ;)

I have received my E-Pro Designation from the National Association of Realtors.
Wahoo!!
…or woot I suppose for you geeks out there o_O

I’m super excited about it, especially as I am getting together my business plan for this coming year.
I cannot believe 2012 is almost here!
I hope to add more and more to my blog here and to my website.
My goal is to keep it user friendly and fresh.
If you have any topic ideas or any questions pertaining to Real Estate please send them my way!
I suppose I will consider it one of my New Years resolutions. Ha ha!

Okay well back to business planning

Have a good night!

-Christina Denton

Tag! You’re it!

Mobile Technology from Microsoft
Tags are a very hot new thing. Tags, similar to a bar code, can be scanned by a mobile phone to link to websites, visual tours, photos and more. ERA is proud to present this new technology to the Tri-State! As you may have seen in the Sunday Courier, Homes magazine, or property flyers this new technology allows potential buyers more information on homes listed with ERA. Go to http://www.gettag.mobi on your smartphone to get the app today!

Beware of Craigslist Rental Scams

Internet scammers have been the plague of online life for a long time, and their tricks seem to multiply over time.  If you are either a landlord or potential renter using Craigslist to connect, you should be aware of the scammers on Craigslist.

Scamming the Landlord:

You post an ad on Craigslist and someone contacts you saying they want to rent your place, sight-unseen. They provide you some very believable reason why they cannot see it, often with some urgency involved.  They would then want to wire or send you the deposit, often more than requested (see the bait?) and would suddenly need a smaller part of that deposit back.  Their money to you doesn’t clear and you have sent them real funds back before you know.

Scamming the Tenant:

You find a property that seems great and the landlord returns your email with some explanation as to why they cannot show you the property.  They assure you that your application is accepted and they will Fedex you the key once you send them the deposits.  They can seem very believable, even getting free (hotmail, yahoo, etc.) emails that match the real property owners name on the tax records.  They seem like great landlords and are willing to accept your 100 lb pet pit bull, 400 credit score or 10 kids.  They might ask for your personal info to run a credit check, etc.

Signs of the Scam

• Poor grammar and flowery, unnatural language
• Out of country phone number (although with Google voice, they are getting around that now)
• Inability to meet in person
• Sense of urgency
• Stories don’t quite add up
• Seems to good to be true
• 3rd party “friends”, “agents”, etc. who need to be involved in the deal
• They email you at odd hours
• They are on a “mission”, have a job that takes them out of the country for months on end, etc.

How to Detect or Avoid Scammers

The best way is to work with a licensed Realtor  as they can properly screen incoming tenants and the scammers target direct landlords, not those represented by Realtors.  If you are a renter, there is no cost to use our services and we know the games the scammers play, any property we show you will be with a legitimate owner.  If  you are in the rental market DIY, then check any phone numbers to see if the area code is from Nigeria, this is often the seat of many of these scams, or if the area code doesn’t match up to what they are telling you.  Google their name, or anything else (even a section of their email), you’d be surprised how often they will reuse the same name and email over and over.

ERA has a wonderful property management department and several available properties -
Click Here To See What’s Available

Lesson of the Day – “if it’s too good to be true, it normally is”

10 Great Reasons to List During the Holidays

1. People who look for a home during the holidays are more serious buyers.
2. Serious buyers have fewer homes to choose from during the holidays so you have less competition.
3. Houses “show better” when decorated for the holidays.
4. Buyers are more emotional during the holidays.
5. Buyers have more time to look during the holidays.
6. Many people want to buy before the end of the year for tax reasons.
7. January is traditionally the month of transfers. Transferees can’t wait until spring to buy.
You must be on the market to capture that market.
8. You may still restrict showings during your personal family events.
9. You can sell now, but specify a delayed closing or extended occupancy until early next year if you so desire.
10. By selling now you have an opportunity to buy during the spring, when many houses are on the market.

Time Change: Don’t Forget!

Don’t Forget!

You need to turn the clocks back one hour this weekend as Daylight Saving Time ends for the year.

The clocks turn back one hour at 2 a.m. on Sunday (this morning).

Hooray for an extra hour of sleep!

Selling Your Home: Why Use a Realtor?

Some homeowners are tempted to try selling their property without the help of a realtor (this is called FSBO: For Sale By Owner). The reality is that selling real estate is a complex and highly specialized field. If you are like most, your home is your biggest asset. A good realtor will help steer you clear of the many pitfalls, and most importantly, will save you time and money by doing much of the ‘heavy lifting’.

There are many advantages of seller representation and listing with a real estate agent.   A few are listed here.

A Realtor:

• Knows real estate values in your neighbourhood and will help set an agreeable and competitive price on your home
• Will establish a marketing strategy for your home ensuring that your property is exposed to many potential buyers
• Acts as a project manager and takes care of the many tasks involved in selling a house (everything from putting up the for sale sign, taking care of essential paperwork, and ensuring timelines are met). This saves you time and ensures that the transaction is simple and low-stress for you
• Is an expert in the home selling process and as your representative will advise you of your rights, options and obligations
• Is a negotiator who will work to get you the best price and terms possible
• Has access to all of the latest tools, technology and keeps up to date in order to put ‘tricks of the trade’ to work for you
• Brings ‘fresh’ eyes, understands the buyer perspective and can recommend the best ways to improve your home’s curb appeal