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1April

Thank You – You Voted and We Won

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In mid-February, First Preston Management invited the public to help them decide how to give away $23,000 in honor of their 23rd birthday.

They chose three non-profit organizations and decided that the money would be distributed in accordance with the number of online votes placed for each institution.
We were just informed that Freedom from Hunger received 74% of the votes for First Preston Management’s donation challenge — which means that we won $17,020!

Thank you so much to everybody who voted! Your participation has helped us empower more women and families around the world.

31March

HUD Approves Selling Agent Bonuses in Indiana and Illinois

Great news!  In order to “jump start” the spring selling season, HUD has approved bonuses for selling agents in Indiana and Illinois.  This new incentive program is designed to encourage HUD-registered real estate professionals to sell HUD homes quickly.

Forecasters predict a rise slight rise in home prices in Indiana, with Illinois home prices decreasing at about the same as the rest of the nation.  The fact that prices are lower at the present time makes this incentive from HUD even more attractive.  With affordability at an all-time high, now is a great time to urge buyers to spring into action.

Agents are eligible for the bonuses on properties that close within 40 calendar days of contract execution.  The properties must be located in Illinois or Indiana.  In addition, the preliminary bid must be submitted on or after April 1, 2011 and a loan commitment letter from a lending institution must be received with the contract if the purchase is to be mortgaged.  If the buyer is paying cash, a certification letter stating sufficient funds are available must be received with the contract.  At the top of the signed sales contract, the words “Broker Bonus” must be written or typed and the selling broker must complete and sign the HUD Notification regarding the broker bonus sales initiative.

Selling agents in Illinois and Indiana are eligible for a $500 bonus if the sales price of the property is between $25,000 and $75,000.  For properties with values between $75,001 and $150,000, brokers will receive a $750 bonus. A bonus of $1,000 will be awarded to agents who sell HUD properties valued at $150,001 and above.

Visit our website to learn more about buying and selling HUD homes.

31March

HUD Approves Selling Agent Bonuses in Georgia and Florida

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News Flash!  HUD has decided to spring forward by approving bonuses for selling agents in Georgia and Florida!  This incentive is designed to jump start the spring selling season and help buyers and sellers take advantage of the record low interest rates available now.

There are a few conditions that must be met. Before the selling agent earns the bonus, contracts on properties located in Florida and Georgia must close within 30 days of execution.  Preliminary bids must be submitted on or after April 1, 2011.  The words “Broker Bonus” must be written or typed at the top of the signed Sales Contract, and if the property is mortgaged, a loan commitment letter from a financial institution must be received with the contract.  Cash buyers must provide a certification letter from a financial institution stating sufficient funds are available.  The selling agent must complete and sign the HUD Notification regarding the broker bonus sales initiative.

Both states are making progress at coming back from the housing crisis.  With housing prices and interest rates down, affordability is at an all time high.

Properties sold with a sales price of $25,000 to $75,000 will earn the selling agent a bonus of $500, while sales prices between $75,001 to $150,000 will earn a bonus of $750. Those sales at $150,001 and above sales prices will earn a $1,000 bonus.

Visit our website for more information about buying and selling HUD homes.

18March

Vendor Opportunities with First Preston

We’re excited to announce that First Preston’s FSM property management teams are in full operation and have vendor opportunities in key states.

The regional team managing services on HUD’s inventory in Iowa, Minnesota, Montana, North Dakota, Nebraska, South Dakota, Wyoming and Wisconsin Idaho, Nevada and Arizona is seeking property management vendors interested in providing the following services.  Potential vendors click here to go to our “Property Management Opportunities” page for further details.

  • Home Inspections
  • Fence Repair
  • Debris Removal
  • Property Cleaning
  • Graffiti Removal
  • Septic/Well Inspections
  • Property Preservation
  • Interior/Exterior Painting
  • Roof Repair
  • Plumbing/Heating Repair
  • Window Replacement Repair
  • Drywall Repair
  • Paint Repair
  • Carpet Replacement
  • Counter Top Installation
  • Pest Control
  • Termite Inspection
  • Tree Removal
  • Snow Removal
  • Winterization
  • Electrical Repairs
  • Emergency Boarding
  • Environmental Testing
  • Environmental Remediation
  • Lawn Maintenance
  • Termite Treatment
18March

Home Sales Up 22% – Ideal Time to Buy a House

It’s an ideal time to buy a house, and the median price for a U.S. home in January was $158,800. According to the National Association of Realtors, this is the lowest median price since 2002. With 30-year and 15-year fixed rate mortgages at 4.87 percent and 4.15% respectively last week; rates are still near historic lows according to Mark Zandy, chief economist for Moody’s Analytics Inc.

With home sales up, bargain hunters are rushing into the market to make their purchases before mortgage rates skyrocket. The Mortgage Bankers Association in Washington has forecasted that “… It may be close to 6 percent by the end of the year…”

Mortgage Interest Rates Decline- (3 Weeks Straight)

According to Analysts at Capital Economics, “Last week marked the third consecutive week that rates continued to decline.”

Home Sales Up

Home sales increased 22 percent from October 2010, the biggest three-month gain since the end of the “homebuyer tax credit” reports the National Association of Realtors.

Analysts at Capital Economics, indicate that “U.S. housing has never been this undervalued”. Both real estate professionals and qualified home buyers should consider the extraordinary buying climate for bargain purchases.

11March

Jay Brinkmann Discusses His Outlook on the Economy

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The good news? The economy is finally looking up. The bad news? It will take sometime before improvement really takes hold.

MBA Chief Economist Jay Brinkmann spoke at the National Mortgage Servicing Conference & Expo in Dallas, Texas on February 25th 2011, and his outlook on the economy was overall positive, with a few areas of concern that may impact the economic change.

“Our projection is that, all things being equal, we’ll see some degree of economic growth,” said Brinkmann, “no downturn, no double-dip, no recession, with steady growth building.” He also pointed out that customer and business spending are both on the rise, great news for the economy getting back on track. Jobs are on the rise as well, although construction jobs are still a struggle to find due to the slow in new home sales.

According to Brinkmann, here are some of the problem areas in our economy right now:

  • Uprisings and political unrest in Europe and the Middle East are of concern because of its effects on rising energy prices as well as importing and exporting.  Brinkman believes this rise is temporary and will stabilize as protests ease.
  • States struggle with balancing their budgets against huge deficits.
  • Jobs and unemployment are still the number one issues in our country. Although jobs are improving in business, leisure and hospitality, blue collar jobs in construction are not yet in the recovery stage.

Finally, according to Brinkmann, only job growth and time will tell when the housing recovery will truly take place. Because of the job situation, home ownership fell in 2007 and rentals started to increase. “We’re starting to see some more household formation,” Brinkmann said, “but it’s still going to take a while to sponge up the excess housing inventory.”

 

11March

Broker Joe Ard Supports Homes For Our Troops

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During our 23rd Birthday Celebration First Preston discovered a Neighborhood Listing Broker with a heart for ‘Homes for Our Troops’. Broker and Founder of Vestlet Realty, LLC, Joe Ard, is also a retired Lieutenant Colonel. Joe served 21 years in the U.S. Army before starting his real estate career. As a man of many interests, Joe has an undergraduate degree in Civil Engineering and a graduate degree in Software Design. Joe excelled in real estate sales.  In 2008 he founded Vestlet Realty. The rest as they say is history.

Joe not only voted to support the ‘Homes for Our Troops’ organization. He also made a generous contribution of $1,000 as a way of demonstrating his support for those injured on the field of service.

Joe’s ‘right arm’ in the business (pictured with red shirt in photo) is former Armor Officer, Rich Blenz, a graduate of the U.S. Military Academy at West Point. Rich was also Vestlet Realty’s Top Agent in 2008 and 2009.

In service and in business Vestlet Realty embraces the slogan, “Be All That You Can Be”. We are grateful to Joe for his service and for his support of the ‘Homes for Our Troops’ organization.

8March

Will Anti-Flipping Waiver Impact Sales of Rehabbed Homes?

Heard the Great News for Rehabbed Homes & REO Sales?

The Federal Housing Administration has announced the extension of the “Anti-Flipping” waiver thru December 2011.

The Agency has discovered that the process of rehabilitating and re-selling distressed properties can be successfully completed in less than 90 days. There were also concerns that the waiting period made homes more vulnerable to vandalism. The former mandatory 90-day waiting period caused concern among neighborhood homeowners about the length of time that properties were sitting empty.  The extension is expected to accelerate the sale of rehabbed homes. This is exciting news for investors, homebuyers, and ultimately the REO industry.

Get the Word Out. Spreading the word to investors could mean that they can sell existing rehab inventory faster and take on additional properties. It could also mean

that a frustrated buyer may now be willing to move forward with the purchase of a home which they had ruled out because they did not want to wait the 90 days required by “anti-flipping” regulations.

Know the Facts. Properties must still meet certain criteria in order to benefit from the waiver.  Click here to get the details.

7March

Buying Foreclosed Property: Single Homeowners Lead the Way

Singles are not afraid to commit—when it comes to real estate that is!  According to a recent survey by Coldwell Banker, 2010 saw an upsurge in single homeowners in the United States.  According to the survey, current affordability factors are so strong that 68% of single homeowners chose to purchase homes that were below their price range.  Of the 13% who purchased a home jointly, 49% partnered with parents.

Many young people are looking to the suburbs for housing, and over 50% of the group surveyed chose suburbia over urban areas.  The survey also uncovered the lack of “foreclosure phobia.”  Around 38% of men and 29% of single women would consider buying foreclosed property.

Some things that topped the lists of the surveyed group, included features and reasons to buy foreclosed properties:

  • Cost effective. 50% of single buyers indicated that purchasing a home was less costly than renting
  • More for the Money. High quality space (modernized updates and appliances)  and more of it (a nice yard and outside space to entertain) won many buyers over.
  • Freedom. The desire for independence was the deciding factor for 35% of those surveyed.

Homebuyer profiles are not what they once were!  In today’s market, single homebuyers are a major force.  Are you reserving space for them at the closing table?

21February

Freedom from Hunger: Affecting Lives

At 48 years old, Lougue Samby is a mother who provides food for 11 extended family members every day.  Supporting a large family anywhere is a challenge—but in rural Sevare (in Mali, West Africa), the challenges are even greater.  Lougue has struggled with feeding her family by giving them limited amounts of lunch and dinner, but the children were often sick with illness and hunger.  Like others in her village, she turned to friends and family for help with money, but they could not always help.

Lougue had never contributed to her family income, but started down the path towards a better life when a Credit with Education program was introduced in her village.  By joining with other women to form a Credit Association and take out a small business loan, she became an active businesswoman and her family’s future grew brighter.  The education she received taught her how to run a small business and how to use her profits from that business to improve the health and nutrition of her children.

Lougue

With her loan, Lougue started selling beans to others in the area and today has added charcoal, wood, peanuts and more to her stock.  For the first time in her life as an income-earner, she is able to buy important items such as soap and food so that her family can stay healthy.  She can also pay school fees and purchase supplies so that her children can gain an education.  In addition, Lougue saves money in case of an emergency or if unforeseen expenses arise.

Through Freedom from Hunger’s programs, Lougue and the women of her community understand that they are not alone in their problems, support each other to pay back the loans, save money, make profits from their businesses, and encourage one another in safe health practices.  “If you need money, it’s not difficult to pay back the loans and have a successful business selling things.  I love my business and I’m good at it.”  In addition, she passes the lessons she learns on to others in her community and to her children for truly lasting change.

Freedom from Hunger, with just 42 staff worldwide and 112 in-country partners, reaches millions of women just like Lougue around the world to help them earn more and learn more.  To donate, or to learn more about Freedom from Hunger and the lives affected by this great charity, click here.

YOU can vote for Freedom from Hunger to receive a portion of charitable contribution to commemorate First Preston’s 23rd year in business.