Get ready to rev up your business volume. Starting February first, the department of Housing and Urban Development (HUD) is waiving its 90-day "anti-flipping" rule for FHA financing. Investors who buy and fix up foreclosed and bank-owned properties now will no longer have to wait for 90 days before looking for FHA buyers. Under the prior policy, FHA financing was prohibited on purchases where the seller had acquired the property less than 90 days before the next sale. The [...]
Anyone remember that crazy time toward the end of 2008 when all of our portfolios fell apart? Through a clever combination of whiskey and denial, most of us have managed to effectively neutralÂize any memory of the actual happenings of the crash. All we know is that we landed somewhere unÂpleasant and the banks are somehow completely to blame. Well, if you’ll recall, one of the big events that happened back then was that Fed Chairman Ben BerÂnanke swooped in on his [...]
Question: Our members approved a Rental Restriction Policy at the most recent annual meeting which grandfathered existing rentals. Should this policy be put in the recorded bylaws? If a unit is occupied by an owner's relative, is the unit classified as a rental or as owner occupied? Answer: Since the ability to rent one's property is considered a basic right, informing prospective buyers of the policy through recorded bylaws is essential. A Rental Restriction Policy is considered a major change[...]
CommunityWalk Map - Downtown Orlando Condos Click the link in the green bar above to see the map in greater detail! We've been working on way for you to conceptualize the downtown Orlando condo & luxury loft scene in conjunction with our new downtown website, and we hope this new map helps. We're currently still testing the site and there are a couple more downtown Orlando condominiums to be added yet, so let us have any feedback you think might be useful!
The Orlando Business Journal reports that a new state law could make life easier for investors looking to make bulk condo buys. According to current law, buyers who own more than seven condos can find themselves jointly liable when lawsuits are filed against the developer or builder. Click on article to read full piece Understandably, this is offputting to investor syndicates looking to pick up hundreds of units at fractured Orlando condo conversion developments. Helping bulk buyers [...]
Say it ain't so... but after what seems like eons of having to tell our clients that there are virtually "no loans on condos," the situation may be about to change. As reported in the Orlando Sentinel mortgage backer Fannie Mae is finally making it easier for people to buy Florida condos that may not have met prior lending standards. Certain condo complexes have finally started to receive "special approval" designations, that will allow loans to be made - even when the properties don't [...]
Optimism abounded this week as everyone held their breath and waited for Friday’s jobs report numÂbers to come out. The universal hope was that we would see job growth in December of 2009, which would be the 1st growth we’ve experienced in 2 years. Did we? Could we? Hope and change? Nah. 85,000 more jobs fell off a cliff Wile E. Coyote-style. Unemployment held steady at 10%. The funny part was that November’s job numbers were [...]
Don't forget the Home buyer's tax credit has been extended until April 2010. A "tax credit" is a dollar for dollar reduction in your taxes which puts real money right back in your pocket - and if you qualify you could save up to $8,000! To qualify you must meet certain requirements and must close on your new home before April 30th 2010. What's new this year, is that repeat buyers can also take advantage of this new tax break. Last year the credit was only for first time buyers. [...]
If we've been able to help you - here's how you can share the love ! :) The Dr. Phillips-Metrowest Chamber of Commerce Invites You to Nominate Candidates For The Prestige Business Awards 2009 The purpose of this award is to recognize outstanding LOCAL BUSINESSES & Individuals providing Outstanding Service. Deadline: January 15, 2010 Rules for Voting and Nominations: One vote per individual. Winners will be selected by the community, other business owners & Chamber's board of [...]