Lendisphere

Tired of spending your life on the phone trying to work with the bank on a short sale?  Would you like somebody else to handle the back-and-forth negotiation so you can actually market the property?  And while you are living in this frilly fantasyland, how would you like them to be a responsible party who would actually take the time to keep you updated on the progress of the deal, rather than having to chase them down like a toddler for the bath?  And  lastly… how would you like them to be paid by the BANK — not you? 

I first heard about these guys on ThinkBigWorkSmall, and have since heard some good things about them from another agent.  This little answer to your prayers is called The Complete Short Sale Processors, and you can go to their website by clicking HERE.

You can thank me later.

‘Member when FHA issued their new waiver of the flipping rules on houses purchased and fixed up in less than 90 days?   In order to boost the sale of the boatloads of foreclosed houses sitting around empty, FHA figured they would loosen the rules a bit and allow a willing seller to sell, and a willing buyer to buy.  If there were doubts about the value, an underwriter might call for a second appraisal or some supporting documentation. 

Welp, fast forward six weeks later and I am starting to get memos from several investors saying they aren’t going to do these loans anymore.  They are telling me these property flip loans guaranteed by FHA are sitting around on the shelves of the secondary market like moldy bread.  Nobody wants to touch ‘em.  

Which means that, regardless of FHA’s stance on how good these loans are, investors have their own opinions:  these property flips are making them nervous.

And I’m sure it’s not their FIRST choice.  But USDA Rural Development (RD) announced on March 10, 2010 that funds for the Single Family Housing Guaranteed Loan Program (USDA home loans) will likely be exhausted by the end of April, 2010. 

This happens on occasion and generally USDA continues to issue Conditional Commitments with the phrase” subject to receipt of  appropriated funds” because they know new funding is most likely on its way from Congress.  

But that won’t be the case this time around because nobody knows if  the new funding for USDA will be approved at all.  It’s possible this amazing little zero down/no mortgage insurance program may disappear for the foreseeable future.

Just a little reminder about the HOME RETROFIT TAX CREDIT coming your way for energy-related upgrades or  installations you do on their properties during 2009 and 2010:

New water heater on the honey-do list?  What about some new air conditioning?  You can take a tax credit up to 30% of your cost for them!  And you can take it up to a  maximum of $1500!

The energy-saving projects covered in the tax code range from installing a skylight or adding insulation, to purchasing storm windows or a new furnace, and all the way to entire solar and wind systems. 

For more info on what ’s covered, click   HERE!