Foreclosure cancellations spike in Calif., O.C.

Foreclosure cancellations spike in Calif., O.C.: Lenders canceled foreclosures at a record pace last month in Orange County and throughout California – the largest month-over-month spike in cancellations since 2006, a report from a foreclosure data firm shows.
In Orange County, cancellations rose...

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Will Smith's Wise Words!

Will has some very inspirational things to share on what motivates him to succeed. Listen and be inspired!

FHA / HUD 90 Day Flip Rule

In an effort to stimulate buying HUD is waiving the 90 day flipping rule for 1 year effective February 1, 2010. In the past, when a property was purchased by an investor and fixed up to flip and sell for profit, a buyer could not get an FHA loan within 90 days of the prior purchase. By HUD lifting this rule and allowing buyers to purchase these fixed up properties it may give FHA buyers a oportunity to purchase a property in move in condition easier. The hope is that this will help move properties along faster. We have seen investors purchase properties from banks, fix them up and sell them using the online auction method of marketing and flip them for current market value for profit. Its a win win for everyone because the buyer gets a property in move in condition and the seller sells the property in a timely manner for profit! Every property purchased and sold in this manner is unique and should be examined individually by an experienced Realtor and Auctioneer!

Tax Credit Extension Approved

The tax credit was approved today by a landslide vote and in record setting time. The President has said he will sign it as soon as they get it to him on Friday. The bill will allow buyers that already own a home to get a credit up to $6500.00 and first time buyers to get up to $8,000.00. Other changes include raising the income levels to $150,000 for singles and $225,000 for married couples which makes nearly all first time home buyers eligible for the savings! Also extended is the timeframe to close moving it from Nov 30, 2009 to June 30, 2010. They must be in contract by May 1, 2010.