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Dear Blog Update,

There is 1 new listing that matches the criteria you expressed to your preferred REALTOR®.

Your preferred REALTOR® has prepared a report for you which includes all of the properties in the list below. Click the button at the right to view the report.

318434 45 Ridgewood Dr, Trussville, AL New $389,900

Mike Carraway
Access Realty

Direct: 205-833-6300
Cell: 205-369-8689
Office Ph: 205-833-6300
Home: 205-655-4086

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Solid Earth, Inc.
109-B North Jefferson Street
Huntsville, Alabama 35801
On behalf of:
Mike Carraway
Access Realty
Direct: 205-833-6300
Cell: 205-369-8689
Office Ph: 205-833-6300
Home: 205-655-4086

Lenders Now Hampered by Mortgage Insurance Companies

(Birmingham, AL) The most recent fallout from the mortgage crisis that began last summer is now rearing it’s ugly head in the form of Fannie Mae approved loans that cannot get insured by Mortgage Insurance companies.

Mortgage insurance companies, spurred on by recent recommendations in congress, are tightening their credit standards for providing insurance. Without mortgage insurance, borrowers are forced to provide a down payment equal to 20% of the purchase price of a home – something very few home buyers can afford to do. Just this past week, mortgage insurance companies raised their credit score requirement to 620, effectively cutting out 50% of home buyers from the home buying market. The move came unnanounced and without any notice to lenders or to Fannie Mae.

In fact, lenders are still approving loans that meet Fannie Mae guidelines for purchase in the secondary market, but then find, just before closing, that there is no mortgage insurance available to insure the loan. Without insurance on money loaned that is over 80% of the value of the property, the loan is declined. Buyers that have a “loan approval” from a lender should immediately ask their lender if the lender can get their loan insured. Otherwise, homebuyers could spend hundreds and even thousands in the days leading up to the closing only to find, at the last minute, that loan insurance is not available to them.

This move by the Mortgage Insurance companies will only add fuel to the fire that is the current US Housing market. By effectively eliminating more home buyers from the market, at a time when the housing market needs more buyers, not fewer, the mortgage insurance companies have put another nail in the coffin of the housing market. The resulting effect on the market will be an even bigger drop in home prices. The immediate impact of this new policy will be felt quickly in the market, not over time as has been the case with loan defaults, adjusting loan interest rates, and foreclosures.

Be forewarned: if you are a seller, drop your price now before the market itself forces an even larger price reduction. If you are a home buyer, your credit score must be above 620 or you cannot get a loan.

Generating Online Interest in Your Property

The internet is all the rage when it comes to real estate. According to the National Association of Realtors, when a buyer starts thinking of buying, the first place they turn is the internet. Just 10 years ago – it was getting in the car and driving around.

With gasoline prices approaching $3 a gallon, more and more people will search online first before they do any driving.

So – if you are an agent or a seller, how do you get your property noticed online?

Let’s talk about being an agent first. If you are with a national franchise and/or your company is affiliated with the local board of Realtors, there is a good chance that your listings will get streamed to is the #1 property search engine in the world and just keeps getting bigger and better. The site is ranked by as the #8 site – in the WORLD. That’s pretty big. Real estate agents already have this site in their favor.

As a home seller, you do not have such an advantage. You can either buy into one of the FSBO (For Sale By Owner) products out there that will put your home on the internet for you, or you can put up your own site and sales page for your home. Of course, if someone is searching for a home in your area, and your site doesn’t come up on the first page or two of the major search engines, no one will ever see it.

With people shopping more online and doing less driving around, it puts todays home sellers (those selling without an agent) at a pretty big disadvantage. If they would list their home with an agent whose company has a popular internet presence, their home would sell a lot faster because of the increased exposure.

Our company site is such a site. If you go to Google and search on “Birmingham Alabama Homes for Sale”, you will see that the Access Realty site comes in at #3 or #4 on the first page. That’s a huge advantage for anyone who wants to sell a home in Birmingham.

One other way to sell a home is to generate a large roster of interested buyers. This can be accomplished online by setting up what are called mini-sites designed to capture llists of people who are currently in the market for a home. This works great for real estate agents but may not work so well with a seller of just one home. You can get more information on these mini-sites and how to accomplish this HERE. As I said before, this type of buyer generation works extremely well these days because almost everyone shops online before getting in the car and driving around looking for homes.

New Listings

New listings coming soon!

Access Realty, Inc.

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