FHA Condominium Recertification May Hurt Condo Sales

December 3, 2010 by admin · 5 Comments 

08/23/10 HUD issued updated/revised processing requirements for recertifying FHA approved condominium projects that expire 12/07/10. In this same document HUD mandated that all projects which received approval prior to October 1, 2008, will require recertification on or before December 7, 2010 (more than 10,000 in the United States). Further, every FHA project certification will require [...]

Federal Tax Credit Used as Down Payment

May 22, 2009 by admin · 9 Comments 

At last week’s NAR Mid-Year Conference in Washington, HUD Secretary Shaun Donovan, said that the Federal Housing Administration (FHA) is going to permit its lenders to allow home buyers to “monetize” the $8,000 tax credit for first-time home buyers, to be used as a down payment. In his remarks to Realtors, Secretary Donovan indicated that [...]

Tearing Up Nashville Condo Contracts

March 23, 2009 by admin · 1 Comment 

This article entitled “News Analysis: Tearing up condo contracts over a 40-year-old law” appeared in the Nashville Post on March the 18th, 2009. The author is Kyle Swenson: “Inside the contentious mechanics of the obscure legislation condo owners are using to take on developers – Are mixed-use spaces next? With a glut of condos comes legal [...]

The Terrazzo is Sued, ILSFDA Cited

March 11, 2009 by admin · 4 Comments 

Appearing in the Nashville City Paper on Monday, March 9, 2009 12:00 AM by: E. Thomas Wood, Kyle Swenson and Walker Duncan: Robert Elliott v. 12th & Division Properties LLC d/b/a Terrazzo and Bank of America N.A. Filed March 4. For the second time in recent weeks, a local condo buyer has sued a development [...]

Short Sales, REO, and Foreclosures Rise in Nashville

February 14, 2009 by admin · 2 Comments 

A new article by Marylyn Schwartz on RisMedia’s website addresses a topic that’s inescapable in the current economic downturn: short sales. Ms. Schwartz interviews an experienced attorney, Rick Cowle, about the procedures and pitfalls involved in the short sale process. “MBS: Rick, you and I have worked with REO (real estate owned) properties and with [...]

HUD Releases New FHA, Conforming Loan Limits – Home Sales Stable

March 10, 2008 by admin · Leave a Comment 

Last week, HUD published new FHA and conforming loan limits, based on median home prices as mandated by the Economic Stimulus Act signed by President Bush in February. The new loan limits for FHA, Fannie Mae, and Freddie Mac are now calculated at 125% of the HUD published median prices, with a floor of $271,050 [...]