What the left hand giveth, the right hand taketh away... After the good news that Fannie Mae will no longer treat vacant and foreclosed condos as non-owner occupied comes news of ever more underwriting restrictions. January 15, 2009 is the cutoff date when Fannie Mae toughens its policies on condo properties in the Sunshine state - potentially putting a damper on investors fishing for foreclosures or short sales. In a memo sent to lenders before in December, Fannie Mae said that [...]
HUGE news for would-be condo investors: Fannie Mae has finally changed the rule that has been strangling condo sales. From now on, when new investors apply for financing on a condo unit, no longer will vacant and foreclosed condos be counted as non-owner occupied. Until now, Fannie's long-time policy has been to bar new investor loans in buildings where less than 51 percent of the condos are owned and occupied as principal residences or second homes. Under this rule, many condo communities [...]
"Ok, well keep me posted if you see any good deals." I hear this all the time from would-be buyers on the phone who are stuck in the mud and never quite satisfied with what's on the table. These folk never buy, because they're always wating for something better to come along. "Sure," I say. What I really want to say is: "Are you kidding me? There are 22,000 listings in Orlando right now - half of them foreclosures going for a steal and we take a dozen calls a day. Why don't YOU get back [...]
Yesterday the Fed finished their final Federal Reserve Open Market Committee meeting of the year and stunned markets with an unprecedented drop in key interest rates. They opted to reduce the Fed Funds Rate to a range for the first time in target setting history as opposed to a definite value. They also dropped them to their lowest point in history, between 0 and .25% Well, I think it's safe to say that they can't go any lower with federal interest rates. So, what happens when your first[...]
Not a condo, but - you could pick it up at a condo price! Lake Melrose Dr Orlando, FL  32829 (East of downtown) Description 4BR 2.5BA 3778sf+- single-family. Gorgeous home, open and spacious floor plan on a private conservation lot with beautiful landscaping. Tasteful upgrades, pool, huge upstairs bonus room. Study/office off the master suite. Extensive hardwood floors, private gated neighborhood close to everything. Built 2003. Approx .25ac lot. Open House 1-4pm Sun Dec 7th, [...]
According to this weeks Orlando Business Journal (OBJ), the backers of the Blue Rose condo hotel project, could be forced into bankruptcy. A UK-based equity partner, Jaymar Estates, filed a Chapter 7 petition against Blue Rose Orlando LP in Miami. According to the OBJ, South Florida developer Camilo Aguirre labelled the petition as "ridiculous". He claims the developer will file a motion to dismiss it and describes the action as a "power play" to take over the project.
5.25% -- or 5.482% APR This is our 30 year fixed rate right now. Rates have gotten ridiculously low. The lowest we've seen in 3+ years, in fact. So what happened to make rates drop so suddenly, you ask? The government stepped in last week and said they would buy upwards of 500 billion dollars in mortgage-backed secuÂrities and would invest 100 billion in Fannie Mae and Freddie Mac. Essentially, they are putting the full faith and credit of the United States of America [...]
Question: What are my options as an owner if the board and management company refuse to enforce one of the rules? I've filed an official complaint and they refuse to act. It's a board member in violation. Answer: "One of the rules" is a bit vague. Not all rules are created equal nor carry the same importance of enforcement. But assuming the rule in question is a flagrant violation like parking an illegal vehicle, harboring a killer pitbull or adding an unapproved addition to his house or condo,[...]