Author Christina Inman

Real Estate Marketing
5 New FTC Advertising Guidelines Could Affect Real Estate Professionals!

Now, before I get started, please keep in mind that I am not a lawyer, nor should you consider what you are about to read as legal advice. I am just trying to pass something along that I think you should all be aware of.

In case you haven’t heard, on October 5, the Federal Trade Commission issued an update to its Guides Concerning the Use of Endorsements and Testimonials in Advertising–the first update since 1980!

FTC Blogging

This update is mainly concerned with two things; first, stopping fake blog sites where the blogger is a totally made-up person with a totally made-up story designed to sell something (you know, those fake weight loss blogs, teeth whitening blogs, and money-making blogs we’ve all seen time and again), and second, how advertisements can use testimonials and endorsements.

Personal Finance
8 Borrowers Should Be Aware of the Effects Foreclosures, Bankruptcies and Shorts Sales Will Have on Their Credit

fannie maeFor homeowners facing foreclosure or bankruptcy–or considering a short sale of their property to avoid one or both–the effect the action will have on their credit is undoubtedly a huge concern. Though keeping their homes might not be an option at this point, there could very well be another one in the not-too-distant future, so knowing when they’ll be eligible to qualify for another mortgage is important.

Be Aware of the Rules of the Road

Earlier this year, Fannie Mae updated its credit guidelines for borrowers who experience one of these circumstances. And, in general, the wait time will now range from two to five years.

Homeowners who lose their properties to foreclosure or file multiple bankruptcies within a seven-year period will have the longest wait–five years.

In the case of foreclosure, additional requirements and restrictions will apply after five years and up to seven years as well, which include making a minimum 10% down-payment, having a credit score of at least 680, and having limited cash-out refinance options. Also, the purchase of second homes or investment properties is not permitted.

Market Trends, News & Commentary
3 A Good Agent Can Spare Buyers Interested in REO Homes Extra Hassles and Gain a Loyal Client in the Process!

In an article in the Tuesday, October 6, edition of the San Francisco Chronicle entitled “Layer of credit checks surprises home buyers,” a woman named Kimberly Hayes explains that when she and her husband decided to bid on a bank-owned property, they were shocked to discover that the only way the bank would allow them to do it is if they could do their own credit check beforehand.

“This unnecessary credit pulling can potentially lower my credit score and widens the exposure of my sensitive financial information,” the article quotes her as saying. “I’m concerned about another set of eyes looking at my private information in a time of so much identity theft.”

And, apparently, they are not the first potential buyers to find themselves in this situation. Though not all lenders have this policy when it comes to their REOs, (Wells Fargo, JPMorgan Chase and OneWest Bank are all quoted as saying they do not require their own credit checks of potential bidders) it appears that some of the banks who do also insist that the bidder apply for a mortgage with them.