Musings of a Career Consultant

SoCal Texan in Bmore Leading Rock Stars

What Should You Know That You Don’t? June 25, 2011

Who first said that you don’t know what you don’t know? Whoever it was, they were right! I’ve run into a few people over the last week in major positions at major companies (all real estate related) that didn’t know what was going on legislatively. Listening to some dodge bullets and be vague, some just flat-out admit that they don’t know what I’m talking about and some skirting the issue by changing the subject, was quite interesting. You can’t seek out the information you don’t know you need, right? So, how can I get upset with these power-people for not knowing what they should know (or at least, I feel they should know)? I can’t, really.

See, I’m abnormally in love with real estate legislation. If it weren’t such a public love, I’d be 2 steps away from cat-lady crazy. It’s exciting to me to get involved with what could change our industry (both for the worse and the better). I love when good bills go through and work pretty defiantly to stop bad bills. I even write to my mom’s representative in Texas and state my position as an out-of-stater but former resident… yes, I know… cat-lady crazy!

My biggest concern is that when money gets tight, the government can start getting pretty tricky and I don’t want them taking away anything that my clients deserve. I like to think of myself as a Legislative Liaison for anyone that wants my information. When I get calls asking my advice or what’s going on, I get so pumped! Why? Because knowledge is spreading. So, if you know that I’m talking about you in this post, utilize me. I’ll help you help those around you, whether it’s other agents, your clients or your representatives.

Also, I just read this NY Times article that was pretty interesting about the Tiger 21 group.

And, I try to watch the Think Big Work Small guys every day. They’re super entertaining, albeit a bit edgy. They’re mostly geared for Lenders but are trying to make themselves more REALTOR friendly. Side note, they’ll be at CVAR for a video marketing workshop on July 11th. I’d love to see you there!

Should you have any questions about anything you’ve read here or if you’re interested in any city in Southern California (particularly the San Gabriel Valley or Inland Empire), please feel free to call your favorite REALTOR Smile

And, I can always send you a FREE Market Analysis on your home, just ask.

 

FHA Changes Coming Soon February 1, 2010

Per CAR Policy changes include:

  • Raising the up-front mortgage insurance premium: The premium will rise to 2.25% from its current 1.75%.  HUD is expected to release a Mortgagee Letter making the premium increase effective in the spring.
  • Raising the minimum credit score requirements: New borrowers will be required to have a minimum FICO score of 580 to qualify for the FHA’s 3.5% down payment program.  New borrowers with less than a 580 FICO score will be required to put down at least 10%.  FHA expects this to take effect in early summer after it goes through the normal regulatory process.
  • Reduce allowable seller concessions:  The agency is lowering the maximum permissible level to 3% from its current 6% limit.  FHA expects this to take effect in early summer after it goes through the normal regulatory process.

Click here for more info.

Also, my investors can celebrate because the 90-day flipping rule has been lifted temporarily. That’s exciting for the FHA Buyers, too!

I’ll update ya’ll about YPN information and laws when I get back from the CAR Business Meetings!