Archive for August, 2010

Changes to Seller Financing

Wednesday, August 18th, 2010

The Secure and Fair Endorsement for Mortgage Licensing Act (also known as SAFE Act), signed by President Bush in 2008, places minimum licensure requirements on all mortgage loan originators, this includes seller financing. To seller finance a one-to-four family residential transaction involving property other that the seller’s primary residence, the seller must now be a […]

Unhappy Seller Sues Condo Auction Buyers

Monday, August 16th, 2010

I wrote a post on July 13th about an Auction I attended. In a strange turn of events, the seller is sueing the buyers! Apparently he doesn’t agree with the terms of the sale price. This is an article I will continue to follow. Click the following link for the entire Austin Stateman’s article. Unhappy […]

Federal Sales Tax on Home Sales

Friday, August 6th, 2010

Recently researching claims that the new Healthcare Law enacted a sales tax on all home sales. Doing abit more digging I found a website that clarified the issue for me. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. The tax still […]

Fannie Mae Website – Short Sales & Foreclosure

Thursday, August 5th, 2010

I came across a website for consumers that address questions about foreclosure, short sales and ways to stay in your home. It allows you to see if your mortgage is owned by Fannie Mae, contact a housing counselor and provide a financial checklist. Click here for the Fannie Mae Website