Real Estate News You Can Use Palm Springs CA
I was reading the local Realtor Magazine recently and came up with some Real Estate News You Can Use Palm Springs CA. So here’s the wrap-up for January, 2013. Some of these are really exciting and promise to help buyers and sellers alike.
- FHA extends the Anti-Flipping Waiver making it possible for investors to buy and flip a home within 90 days. The waiver is extended for two more years.
- The Contractors State License Board is alerting consumers hiring a contractor (licensed in any trade) that it is illegal to ask for or accept more than 10% of the total home improvement contract price or $1000.00, whichever is less. Never pay for work before completion and never pay for materials before delivery. Be sure the contract contains a progressive payment schedule with all costs and completion dates indicated.
And keep in mind, this applies even more when Uncle Harry is doing the work. Be double careful!
- Fannie Mae has made several enhancements to is REO offer process to make it easier to do business with them. Unusual for a government agency, right? Buyer’s agents will be able to complete the offer documentation on-line. Local board Real Estate forms will be available for use as well. Digital electronic signatures are allowed for offer documents but still require wet signatures for closing documents.
- Is It A Seller’s Market? It Sure Is! California leads the way with the top seven markets in the US with a year-over-year drop in inventory. The Inland Empire (includes Palm Springs) is part of that and believe me, it shows with the way houses are snapped up here in days. We are also part of the top markets where the most homes sell in two weeks or less. (Just sayin’)
- Flippers Are Back– H-E-L-L-O!!!! What I’ve said for a year now. This area is ripe for anyone with some initiative and wherewithal to make a buck in the housing market. Sometimes all one needs is paint, flooring and TLC and its ready to FLIP!
- Mortgage Forgiveness Debt Relief is extended for ANOTHER YEAR! This measure will forgive tax indebtedness when a homeowner negotiates a lower mortgage on their home via a short -sale or loan modification program. VERY good news.
That’s a wrap folks but if you need more information or have questions, do no hesitate to call me, Vic Yepello, at any time at 760-413-2871.