The Mortgage Daily

As many of you know, the "exemption" of the anti-flipping provision regarding foreclosure properties was set to expire next month. It has been extended - and corrected as follows:

"Federal Housing Commissioner Brian D. Montgomery has extended the temporary property flipping waiver to May 10, 2010. Under the waiver, homes that were foreclosed on and are being sold by the mortgagee or on its behalf may be purchased by FHA borrowers without regard to the 90-day seasoning period. The waiver does not apply to entities that purchase foreclosures either singly or in bulk for resale. Subsequent sales of such properties will continue to be subject to the standard regulatory requirements.

The waiver expires for all loans for which the sales agreements were signed by the seller and buyer on or before May 10, 2010. "

NOTE: This exemption does NOT apply to foreclosure properties that are being sold by private individuals or investment companies! This has tripped some of you up...

If you have a buyer that is purchasing a foreclosure, unless it is being sold by a bank or lender - you have to WAIT 90 DAYS before it will be eligible! Sorry, no exceptions, and we have confirmed this numerous times with HUD.

Chip Cummings-FHA Update - FHA Lending

Most of us have come to the solid conclusion that networking is essential to the health of our business.  But according to Brad Finkelstein networking isn't all about the numbers. Many people believe the more networking they do, the more business they will bring into their office. This belief applies both in the physical and social media realms.

But according to one expert, it is time for a "networking reality check," because the quality of the people you network is more important than the size of your network.

"A network of 10 people who continuously work on our behalf, giving us business leads and career help, is far more valuable than 1,000 people who won't return our calls" says Randall Craig, author and president of Pinetree Advisors, Toronto. "Networking is more than just collecting business cards, adding new LinkedIn Connections or Facebook friends."

He provided some tips on building the quality of your network. First, " Fish where the fish are: Improve the quality of your network by attending events where you will find people who can help you. It could even be at children's soccer games or neighborhood BBQs."

Second, is to ask people you are just meeting for the first time open-ended questions. This, he said, helps you to understand their needs and to find out if you can create a mutually beneficial relationship. Also, ask people you know at the event to introduce you to the people that they know. "An introduction is an implicit endorsement, and highly valuable."

Finally, Mr. Craig said, "Within your network, add the most value to those who could help you the most. This could be done by sending them news clippings, introducing them to people in your network, or giving them business referrals; anything, so long as it is valuable to them. The more you deposit into your network bank, the more you can withdraw later."