September 2009

What to know when purchasing Bank Owned, REO homes in the Tampa Bay area.

BANK OWNED PROPERTIES Q&A Q. What is a bank owned property or REO? More commonly referred to as a FORECLOSURE A. It is NOT a short sale.  The bank has already foreclosed on the property.  The bank is the seller/owner. Q. How do I make an offer? A. Through a Real Estate Agent.   You will need proof of … Continue reading What to know when purchasing Bank Owned, REO homes in the Tampa Bay area.

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Bad news on foreclosure filings-Tampa, Fl

 Last week, RealtyTrac reported no real letdown in the endless bad news on foreclosure filings. August foreclosure filings were reported on 358,471 U.S. properties, a slight decline of one percent from July but 18 percent over August 2008. We’re on track for a 4 million foreclosure year. Last year, foreclosure filings were reported on 2,330,483 … Continue reading Bad news on foreclosure filings-Tampa, Fl

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HomePath Loans and First Look Program for Fannie Mae Foreclosed homes-Tampa, Fl

How the Homepath program works:  Fannie Mae’s new HomePath REO Mortgage Loan Update! Don’t wait Buyer Incentives now available through the deadline  October 31, 2011 Fannie Mae, the agency sponsored by the U.S. government to help make housing more affordable to all Americans, now offers HomePath, a special new home loan to finance the sale of its … Continue reading HomePath Loans and First Look Program for Fannie Mae Foreclosed homes-Tampa, Fl

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Realtors Tell Congress to Extend Tax Credit-Tampa, Fl

There is no official news that the tax credit will be extended past the Dec 1st deadline.  Realtors are campaigning to ask Congress to extend the credit for one year. As a Realtor,  I can assure you that the $8,000 first-time homebuyer tax credit has definitely been a success.  Homebuyer interest and housing sales increased … Continue reading Realtors Tell Congress to Extend Tax Credit-Tampa, Fl

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Who's following The Tampa Real Estate Insider Blog? Tampa, Fl

Today has been an exciting day for us!  It looks like all the social media efforts and blogging about the Tampa Real Estate Market is finally paying off after 3 years. Channel 10 ABC Action News called today regarding a story they are doing on short sales in the Tampa Bay area.  They are also … Continue reading Who's following The Tampa Real Estate Insider Blog? Tampa, Fl

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Fannie Mae is rolling out new lending guidelines

Fannie Mae is rolling out new lending guidelines Tuesday, September 1, 2009.  Being approved for a home loan could be much more difficult. The new rules mark the first major underwriting update since April of this year.  The changes are mostly geared at fraud prevention. Among the updates: Stock options are no longer eligible for “reserves” Relocating families … Continue reading Fannie Mae is rolling out new lending guidelines

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MAJOR changes to FHA finacing Condo approvals-Tampa,Fl

I just received this and thought I’d share it with you regarding financing FHA approved condos in the Tampa Bay area.  Major changes to Condo Approvals    As of October 1, 2009  ALL FHA condo approvals will be GONE.  We will be starting from scratch with NO approved projects untill Lenders start submitting approval packages to … Continue reading MAJOR changes to FHA finacing Condo approvals-Tampa,Fl

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