So like all of you, I have been deluged by the media via every communication outlet I have - Google, Yahoo, Twitter, TV, friends, family, etc., on the pros and cons of the stimulus plan and the topic of "what can we do to fix this financial crisis".
And something dawned on me last night...maybe I'm crazy, but I wanted to run it by all of you to see if I truly had an epiphany or whether I'm barking up the wrong tree. I know in this forum, you guys won't be shy.
What if the Government (meaning TARP or a similar agency) used their funds to buy down the rates on FHA Rehab loans to say, for example, 4%, to try to incentivize the buyer public to purchase those homes and rehab them?
It seems to me that it would help buyers obtain a home at a great price, make it the home of their dreams, and help us all get the homes out of our market which continues to drive down values and erode markets even further.
Maybe this is a technique some of you have been employing already. Are you asking for seller credits to buy rates down on these properties once you have one in escrow? How many of you are doing 203K loans? Are you seeing an increase? Or are you seeing that buyers simply don't want to touch some of these REO properties because they can't visualize the home once it's been rehabilitated?
Do we even need TARP funds or is this something that we present to our Asset Managers as an incentive to buy the home when we list it and build the rate buydown into the price, and advertise it? What do you all think?
_____________________________________________________________________________________________________________
Christianne Gordon, REALTOR®, CDPE, SFR, , PSC, e-PRO
Certified Distressed Property Expert - Short Sales & Foreclosure Resource - Pre-Foreclosure Certified
RE/MAX Realty Affiliates - Great Nevada Homes, Inc.
Direct: (775) 881-8223
Visit us online at GreatNevadaHomes.com or CarsonValleyShortsales.com
The information in Christianne Gordon's blog is deemed accurate but not guaranteed. Any individual considering a short sale should also seek independent tax and legal advice to get specific information as it relates to their personal situation. Christianne Gordon is a licensed real estate agent with RE/MAX Realty Affiliates serving the entire Northern Nevada region including Reno, Sparks, Carson City, Washoe Valley, North Valleys, Fernley, Dayton, Stagecoach, Minden, Genoa, Gardnerville, Smith Valley and Yerington.
Search the Northern Nevada Regional MLS Just Like An Agent - No Registration!
Read Our Northern Nevada Real Estate Blog
Notable Blog Posts You May Want to Read:
Northern Nevada Bank Owned Homes: What Is An REO?
