Austin Investment Property

What if you could be alerted any time a property hit the market at a price per square foot signficantly under norm for the size and neighborhood the home is located in?  We have created just such an alert for various areas of Austin in order to better serve our investor clients and even those looking to find a great deal on their next home.  If you would like to be added to our alert list either for all of Austin or specific neighborhoods, please email jill@mysolis.com.  Foreclosure and short-sale (pre-foreclosure) alerts are also available, although we feel the price per square foot alerts are a more reliable indication that the home may be a good buy.  Admittedly, what makes a property a smart investment amounts to much more than price per square foot, but you have to start somewhere.

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HUD Policy Helps Quicker Foreclosure Sales

Ann McKinley NMLS#200305, Network Funding

HUD has temporarily waived the rule on FHA loans that prohibits insuring mortgages on homes which the seller has owned less than 90 days.  Previously this requirement has both prevented the quick turn around of foreclosed property and limited buyer’s loan options when seeking affordable homes.  The current plan is for the waiver to be in effect for one year, however FHA may withdraw or extend at any time.  It does come with the following restrictions:

*Transactions must be arms-length.  No identity of interest between the buyer and seller.
*If the sales price is 20% or more above the seller’s acquistion cost, the lender must meet specific conditions for the waiver to apply.
*Waiver is limited to forward mortgages and cannot be used under the Home Equity Conversion Mortgage purchase program.

Read More: full text of waiver on HUD.gov

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Increase in Austin Area Foreclosures

The Austin American Statesmen reported 610 homes up for auction in Travis County (up 79% from April 2008) and 377 in Williamson County (up 103%).  In fact Travis’ have exceeded 400 for the past 8 months and Williamson’s have exceeded 200 for that past 12 months.  Despite these statistics, homes to be foreclosed on in Travis County represent only 0.25 percent of the county’s market, while Williamson foreclosures represent 0.32 percent. 

Our business at Solis has increased significantly over the past month as have the transactions for many of the agents regularly we speak with.  Perhaps this is a reflection of the buyer’s market we are in – low interest rates and sellers willing to negotiate.