Hello Jeff,

I have seen you in Las Vegas through Nathan Jurewicz for his Short Sale Boot Camp and have listened to you in multiple webinars. First off, I am a believer in GOD just as you are and am happy that our paths have crossed. May you be blessed. Furthermore, I would like to thank you for sharing your wisdom and educating me. That being said, on to my comment: The only speed bump I can see in this particular “waiver” is that it is in regard to sales of properties acquired by mortgagees, whether sold directly by the mortgagees or by their subsidiaries or by vendors to whom they have transferred titles to properties for the purpose of effectuating sales of those properties. I don’t see anything in it referring to investors. What is your take on that?

Warm Regards,

Simon Sarkissian

Simon, A waiver one year ago was for the benefit of lenders. This one is applicable to all sellers to a FHA insured buyer.

My Dear Watsooon, this is good news and I would like to comment on the move this makes. In a simple word,..it is admittance! In a very subtle way this is saying…we need you Mr. & Mrs. Investor! More importantly this implies that the emphasis on the correction and the 1st time home buyer stimulus may just be finally at the hand of the ones who are assisting in the correction…..US. Be well my friend…..the Red Sea maybe parting fully!

Jeff
My email box and phone have also been blowing up with this news. I remain caution and optimistic. it is all continguent on end buyer financing. Various correspondence lenders who have warehouse lines also have what’s called “Credit Risk Overlays” be sure to interview the buyer’s loan professional to go over any unforseen Credit Overlays that might be problematic dispite the FHA ruling. For them its about salibility to the secondary markets. If they can’t unload to FHA or direct correspondent, it could cause some heartburn.

JB

JB, So true, if it can not be resold asap then it will not fund and close. FHA buyers often have weak credit and few little cash reserves so the deals could fall out at the last minute.

Mr. Watson,

Thanks so much for all you provide. Owner of Record. Does this mean the moment we close or the 10 to 15 days it takes the new title to actually be recorded?

Not necessarily a big deal but one that could blow things up if not done right.

Brad

Bradley, If the title company you use takes 10 days to get a deed recorded or the same length of time to update the title commitment then you need to switch. I would say that you become the owner of record when the deed is recorded but you hold title once the deed is executed by the seller.