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realtors: FHA's Flip Waiver Expires January 31st, 2011! - 01/12/11 12:07 AM
Are your listings and buyers ready?
So far FHA has not renewed the Flip Waiver and starting with new case numbers pulled on or after February 1st, 2011 will be subjected to the previous flip provisions as specified in FHA Mortgagee Letter 06-14.
Per HUD requirements, the fully executed purchase contract (signed by both the buyer and seller) must be dated on or before January 31, 2011. HUD allows no exceptions to this rule.
We will continue to offer this product until it expires and I will update this blog if the Flip Waiver is extended.
Do you have questions or need creative solutions, please call … (3 comments)
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realtors: New Conventional Flip Rule! - 10/09/09 08:07 AM
ATTENTION! Mortgage insurance companies are adapting a similar rule as FHA in regards to flipping properties. This will impact the mortgage market starting 10/12/2009, not leaving us with much time. If you have Conventional buyers above 80% loan to value, please make sure the mortgage insurance has been ordered prior to this date. This is coming out at rapid speed 3 out of 5 mortgage insurance companies have adopted this rule. The other two are in the process and have strict requirements to do a loan under 90 days and I believe they will be changing their rules as well within … (2 comments)
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realtors: PART TIME Real Estate Professionals....Either Get In or Get Out! - 08/31/09 08:54 AM
As the month of August ends I regroup and think of what could I have done to improve my business and the communication with my clients? It then dawned on me that this was an unusual month. I was working with three buyers and no matter how much I encouraged them to work with agents that I knew was competent and proficient at their job, the buyers went with a family friend. I knew this was going to be trouble, not only was this dealing with family in the 2 out of 3 cases, all three of them worked full time jobs!
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realtors: Calling All Parental Tips for...Acitve Rain BABIES!!! - 08/14/09 10:09 AM
So here I go, I was asked to help the Womens Council of Realtors to learn a bit more about social networking. At first I thought "hmmm I can do this, I'm on this thing all the time" and then it dawned on me that I still have a lot to learn.
So I need your help, can you please help me shed some light on what your best starting tips would be for a group that has little exposure to Active Rain and Social Networking.
Think of this as a Social Networking baby shower and you have to write on the little … (1 comments)
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realtors: Open Mouth...Insert Foot! Update on $8,000 tax credit used as bridge loan! - 05/19/09 09:58 AM
Here is the latest web update on using the $8,000 tax credit as a bridge loan. It's amazing what happens in a week from being released, pulling the mortgagee letter to not really going to happen at all. Please read below on the details.
Feds reverse rule to assist first-time home buyers
J. Craig Anderson - May. 19, 2009 12:00 AMThe Arizona Republic
Federal officials on Monday reversed an earlier decision to allow first-time home buyers to use an $8,000 tax credit to borrow the down payment on a home.
A week earlier, U.S. Department of Housing and Urban Development Secretary … (0 comments)
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realtors: My name is Earl....well it's Catherine but it should be Earl! - 01/08/09 07:12 AM
I hope that you have seen this show, although a comedy there is a lot of truth to it. Have you ever thought how events in your life trickle down to the next person? We all come across those people that we help and I'm sure how we think about the good karma. My question is what about the bad karma? What about those that we could have should have been better for?
I know where will I go with this.....it has been a long time since I wrote a blog, I was in a bad motorcycle accident that put … (3 comments)
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realtors: How nosy are you? (I could use your help) - 12/09/08 07:56 AM
An agent and I are trying to get creative....creative is the word for nosy! She knows of a local agent that is leaving the business and state along with 25 properties to go into foreclosure. She wants to get ahead and start calling on the banks that hold the loans to see if she can represent them. The problem is, public records are not up to date. The loan holders that show on public records have since sold the loans.
Any ideas on how we can get better records before they hit the foreclosure list? I woke up with the idea of, if … (3 comments)
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realtors: Need an Agent for Saratoga, WY! - 11/26/08 11:07 AM
I have a client that I have been working with here in Colorado that will be getting a job in Saratoga, WY. I will still be doing his loan which we will probably be going FHA depending on where he finds the house. He is looking in the $150,000-$200,000 range, I would love to find an agent who currently uses the Home Buyer Scouting Report as he is currently on the system. Please e-mail me if this is an area that you work in and I can get you the information, great referral and is pre-approved!
Thank you, Catherine Eusea
… (0 comments)
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realtors: I'm sooo Thankful this Year....not to just be alive but.. - 11/24/08 10:56 AM
I'm inspired and overwhelmed by the generosity of the people in my life.....I'm MORE THAN THANKFUL!
As I wrote in my last blog, I was in an accident on November 1st, since then the recovery has been an up hill battle. I have had a couple of surgeries and the healing isn't going as planned but the other thing that is not going as planned is the amount of generosity that I have received in this past month continuing into Thanksgiving. So check this out.....
Randomly from clients, my BNI group (blown away by them), Security Title, WCR, Real Estate Agents, co-workers, friends, family and … (0 comments)
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realtors: What is your HOOK, LINE & SINKER?? - 10/14/08 09:18 AM
I realized something was missing in my business.....
A really good Hook Line to my marketing pieces, email signature and blog posts. I'm a bit embarrassed that it took me this long to think of it and now I wish I had one. So I have been thinking and thinking of different hook lines, with nothing really good coming up and I then I remembered my brilliant friends at ActiveRain.
So may I ask, do you have a Hook Line in your business? What is your Hook Line? No I'm not going to steal it but I just need some ideas and direction. Almost a … (6 comments)
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realtors: Would you give up income for experience? - 10/02/08 08:14 AM
You must admit that this industry is not about the education you received going to real estate school or any training that you had to take to get your mortgage license. This industry is about experience! I lived by this motto of "you don't learn the lesson until your caught falling on your face and then...you will never do it again." I know you all know what I'm talking about, the time that you were caught with an issue that may have killed the deal and your thinking why didn't I know this before? EXPERIENCE EXPERIENCE EXPERIENCE...right?
I go back and … (4 comments)
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realtors: Real Estate & Lending...can you really do both? - 09/01/08 04:02 PM
I'm more than a FULL TIME Loan Officer, I say more than full time because with all the changes, file issues, bank owned issues and the continued excellent service that I provide...it keeps me very busy.
I came across an Agent who is also a Loan Officer, he called me on a pre-qual letter that I wrote. He asked questions he shouldn't (credit score and other info about the buyers loan). He also demanded me tell him how I was doing 100% Mortgage for the buyers, which I didn't. He pressed me more and said well since i can't tell him how … (9 comments)
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realtors: Wow, this just isn't fair....any recourse? - 08/25/08 07:31 PM
I work with some really great agents and I recently was helping them with some buyers that were here for one week. In this one week the agents stopped everything they were doing, they must have showed them 10-15 homes a day. The buyers were determined about living in a particular neighborhood, part of the neighborhood was a Pulte Home development. Because they only had one week to land a property they wrote several offers and negotiated with several sellers. Again, they were negotiating with Pulte Homes, Pulte Homes would not go as low as the buyers would want so after a while the … (26 comments)
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realtors: Other than Concessions, Why do Appraisers Need the Contract to Determine Value? - 08/17/08 11:46 AM
I have taught several classes to Real Estate Agents, mainly covering new updates with FHA. I recently asked a Real Estate Appraiser to join me and answer questions of what he considers when appraising homes. This has been a successful class with a lot of people attending, each class the same question has arisen with the same result.
If the appraisers job is to verfiy value, why do you need a copy of the contract? I understand that the contract will show concessions but as a Lender/Realtor we can provided that to the apprasier. When asked that the apprasier tip toes around the question … (14 comments)
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realtors: Huge Problems with Title Companies! - 08/14/08 08:34 AM
I have to vent a little here as these problems continue to mount. I remember when lenders were the bad guys for a while, changing figures, not funding on time and having issues with over promising and under delivering. (May still be a problem there)
What I have been struggleing with, are the title companies that bid for bank owned deals. Yes, they are typically cheaper for the seller, more for the Buyer and not worth anything.
We have two specific title companies that when the commitment comes across my desk I just cringe! No matter the contract dates they follow … (6 comments)
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Catherine Eusea-Mortgage Lender at
Fort Collins,
CO
More about me…
Prospect Mortgage
Address: 2032 Caribou Drive #102, Fort Collins, CO, 80525
Office Phone: (970) 223-8300
Cell Phone: (720) 300-6777
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