Mortgage Defaults Hit FHA
Mortgage delinquencies have spread through the entire spectrum of mortgage loans. Delinquencies and defaults have even taken a toll on the Federal Housing Administration. The FHA has legally required reserves of 2% of the loans that it insures. It has now fallen short of that amount. In order to combat this shortfall, the FHA Has announced that they will tighten credit requirements for borrowers as well as increase the standards they require from the lenders who provide these loans to borrowers. It is said that the FHA does not plan to raise any fees or premiums charged to borrowers and that their reserves should be able to stabilize and recover with these more stringent requirements of both borrowers and lenders.
visit: http://www.equityinmotion.net for local san diego and chula vista real estate and financing info.
http://activerain.com/blogs/equityinmotion
http://www.trulia.com/blog/michael_marroquin/
http://equityinmotionblog.wordpress.com/
http://sandiegorealtyinvestment.blogspot.com/
Tuesday, October 6, 2009
Friday, October 2, 2009
WHAT IT TAKES TO GET A DEAL IN THE CURRENT MARKET
WHAT IT TAKES TO GET A DEAL IN THE CURRENT MARKET
As the real estate market continues to change, the art of the deal changes with it. What kind of market are we in now? Buyers market? Sellers Market? Of course your thinking "it can't be a seller's market right?" Well, as usual, It's not that simple. It's a bit of both. I would call the current state of the San Diego real estate market a buyer's market overall with some qualities of a seller's. As the market levels off and stabilizes there is a big mix of desperation from sellers and enthusiasm from buyers. This has created many bidding wars on almost every newly listed property that is listed lower than the previously sold price (especially on Properties in the lower price of the spectrum).
With seasoned investment pro's lurking in abundance, cash in hand, it has become quite difficult for the average home seeker or first time buyer to snag a deal. So what does it take to get the same deal the pro's do? Preparation followed by action. Buyers must be ready to pounce on a property that meets their criteria immediately. Definition of immediately: right now, not tomorrow or even tonight, right now! It has become very common for bank owed properties to have multiple offers the same day, even within hours!
How do you prepare?
First, you must be pre-approved with a specific loan program with a loan officer or mortgage broker you trust. There is no time to take care of that when you are ready to submit an offer.
Second: You must be intimate with the neighborhoods, communities and floor plans that you are searching for so your Realtor can keep a close eye on exactly what you are looking for. This will enable you to be able to make an instant decision on submitting an offer when the time is right.
Third: You must be mentally prepared. I know that may sound funny, but it is important to be 100% certain that you are looking for the property you really want so that when you act on it you do not hesitate and you are completely ready. If married, you must be 100% certain that you and your spouse are on the same page with the property criteria that you are looking for in order to avoid any last minute hesitations or second thoughts.
Finally: Act immediately. If you have fully prepared yourself using the steps above with the help of your Realtor and Mortgage Broker you should be prepared to act immediately. There are dozens of other people looking at exactly the same properties as you. Not to mention countless investment professionals and investment firms ready to make cash offers. This does not mean you should get caught up in a bidding war by any means. Remember that the early bird gets the worm . . . most of the time.
Are you prepared to get a deal in this market?
visit: http://www.equityinmotion.net for local san diego and chula vista real estate and financing info. Call or email to set up a free consultation.
http://activerain.com/blogs/equityinmotion
http://activerain.com/equityinmotion
http://www.trulia.com/blog/michael_marroquin/
http://equityinmotionblog.wordpress.com/
As the real estate market continues to change, the art of the deal changes with it. What kind of market are we in now? Buyers market? Sellers Market? Of course your thinking "it can't be a seller's market right?" Well, as usual, It's not that simple. It's a bit of both. I would call the current state of the San Diego real estate market a buyer's market overall with some qualities of a seller's. As the market levels off and stabilizes there is a big mix of desperation from sellers and enthusiasm from buyers. This has created many bidding wars on almost every newly listed property that is listed lower than the previously sold price (especially on Properties in the lower price of the spectrum).
With seasoned investment pro's lurking in abundance, cash in hand, it has become quite difficult for the average home seeker or first time buyer to snag a deal. So what does it take to get the same deal the pro's do? Preparation followed by action. Buyers must be ready to pounce on a property that meets their criteria immediately. Definition of immediately: right now, not tomorrow or even tonight, right now! It has become very common for bank owed properties to have multiple offers the same day, even within hours!
How do you prepare?
First, you must be pre-approved with a specific loan program with a loan officer or mortgage broker you trust. There is no time to take care of that when you are ready to submit an offer.
Second: You must be intimate with the neighborhoods, communities and floor plans that you are searching for so your Realtor can keep a close eye on exactly what you are looking for. This will enable you to be able to make an instant decision on submitting an offer when the time is right.
Third: You must be mentally prepared. I know that may sound funny, but it is important to be 100% certain that you are looking for the property you really want so that when you act on it you do not hesitate and you are completely ready. If married, you must be 100% certain that you and your spouse are on the same page with the property criteria that you are looking for in order to avoid any last minute hesitations or second thoughts.
Finally: Act immediately. If you have fully prepared yourself using the steps above with the help of your Realtor and Mortgage Broker you should be prepared to act immediately. There are dozens of other people looking at exactly the same properties as you. Not to mention countless investment professionals and investment firms ready to make cash offers. This does not mean you should get caught up in a bidding war by any means. Remember that the early bird gets the worm . . . most of the time.
Are you prepared to get a deal in this market?
visit: http://www.equityinmotion.net for local san diego and chula vista real estate and financing info. Call or email to set up a free consultation.
http://activerain.com/blogs/equityinmotion
http://activerain.com/equityinmotion
http://www.trulia.com/blog/michael_marroquin/
http://equityinmotionblog.wordpress.com/
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