You've been looking to buy a condo, and what a great time it is to do so. There's never been such a vast selection of attractively priced properties out there. Naturally, you've already had your mortgage pre-approved by a reputable primary lender, you call your agent, they start emailing you properties, and you're set to GO! Right? Not so fast. Chances are if you're a middle class average American you're going to take advantage of the "back by popular demand" FHA loan. Well....the truth of the matter is that not all condo complexes are 'FHA approved' and the last thing you want have happen is to fall in love with a place only to find out later that your lender will not finance it. How can you avoid this? You may ask. Here's the answer:
https://entp.hud.gov/idapp/html/condlook.cfm
And it will make it possible for you to look before you leap!
Wednesday, June 17, 2009
Tuesday, June 9, 2009
Some positive news about Commercial real estate
Commercial real estate might not go bust
NEW YORK – June 9, 2009 – In spite of all the recent gloomy talk, the U.S. commercial real estate market might not endure the belly flop everyone seems to anticipate.
The reason? More real estate investment trusts (REITs) have been warming to the concept of deleveraging in recent months, raising approximately $12 billion of equity in the stock market to either fortify their cash positions for the months and years to come or simply to pay off debt.
Analysts expect that the ability of high-profile real estate owners like Brandywine Realty Trust, Highwoods Properties Inc., Forest City Enterprises, and others to raise capital in such a difficult lending environment will help the overall stability of the commercial real estate market. As a result, fewer buildings will have to be sold at bargain-basement prices.
Source: Richmond Times-Dispatch, Andrew Little (06/08/09)
NEW YORK – June 9, 2009 – In spite of all the recent gloomy talk, the U.S. commercial real estate market might not endure the belly flop everyone seems to anticipate.
The reason? More real estate investment trusts (REITs) have been warming to the concept of deleveraging in recent months, raising approximately $12 billion of equity in the stock market to either fortify their cash positions for the months and years to come or simply to pay off debt.
Analysts expect that the ability of high-profile real estate owners like Brandywine Realty Trust, Highwoods Properties Inc., Forest City Enterprises, and others to raise capital in such a difficult lending environment will help the overall stability of the commercial real estate market. As a result, fewer buildings will have to be sold at bargain-basement prices.
Source: Richmond Times-Dispatch, Andrew Little (06/08/09)
Tuesday, June 2, 2009
A feeding frenzy
Have you tried to buy a foreclosure in the $100,000 to $150,000 lately in Miami Dade County? Then you know can certainly relate to the "feeding frenzy" that's currently happening with these properties. Homes in this price range are flying off the market in a matter of days and are selling at, or above, list prices. If you plan on going after one of these, and you want to have a fighting chance of getting it, do NOT bid any less than 95% of the asking price. I am currently working with a number of buyers who have lost out on properties for not heeding this advice. Case in point; a property in Hialeah Gardens went on the market last Saturday for $150. The buyer offered $140 on Sunday. Monday was Memorial Day. On Tuesday, the seller had 33 offers! Needless to say, this property will sell for more than the asking price. Unfortunately, many buyers will lose at least three properties by bidding too low. If you want to save yourself a lot of grief, listen to your agent and BID AGGRESSIVELY!!!
Subscribe to:
Posts (Atom)