Real Estate Associates Cape Cod Real Estate News

FRIDAY FACTS
June 25, 2010

From TBWS Daily: GE is offering subprime loans in the United Kingdom, but they’ve changed the name to “complex loans”. Rates are fixed at 5.99% for two years, then float, and the borrower can have up to two defaulted loans (including a mortgage) and a judgment.

From an article by Bernice Ross in Inman News: Negotiate face to fact, not by fax. Control the offer process, and don’t miss the clues offered by body language. As a buyer’s agent you need to remember that the listing agent has a fiduciary duty to get the highest possible price for the seller. If you’re not personally presenting your offers, you are depriving your buyers of the representation they need to get the best possible deal.

As of May 27th, Fannie Mae will not finance a foreclosed home until the state law redemption period has passed.

Inman News reports that Doug Duncan, chief economist for Fannie Mae says that the overhang of housing inventory will cause a delay in housing recovery until 2013.

The real estate research site Housing Predictor forecasts a drop of at least 30% in real estate value in the areas of Louisiana and Mississippi affected by the oil spill.

From Inman News, the quote of the day by Kris Berg, “Now I’m all about analytics, so I can tell you that in the last 72 hours we have received 6 phone calls and 4 email inquiries about properties. Wow! That’s almost 10 prospects! What I can also tell you is that every one of them contacted us because they stumbled across a home for which they thought we were the listing agent.”