Here we go. The roller coaster of the media is starting to attract some attention. As I mentioned yesterday some positive economic and housing news has been reported over the last few days and yesterday I began hearing on KFWB radio that housing in Southern California had "turned the corner". More good economic news came out today in the form of new home sales and inventory turn times. They are quoting in Orange County it would take 2.4 months to sell all the houses on the market as opposed to over 12 months a year ago. Makes you wonder where they get these numbers from.
How Does This Affect Us As Agents ?
Lots and lots of activity. We are seeing bidding wars and sellers who want all contingencies removed after 7 days. Be careful with this as the new MDIA (Mortgage Disclosure Improvement Act) makes it tough to order an appraisal until the borrower has received advance disclosures which can take up to 3 days. Once that 3 days is up the appraisal is ordered through an appraisal management company (no control over the appraiser) and they have 2 to 4 days to make contact for the appraisal. All this due to our wonderful GOVERNMENT getting involved in the loan process. Give me a call if you have any questions regarding MDIA, HVCC, or any of the other new government mandated laws
;)
;)
