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Hi there,
Occasionally this networking thing provides some interesting information. This comes from my friend and fellow Realtor® Scott Lee, who although not a RE/MAX Agent does have his act together. I’ve had a couple of transactions with Scott over the years and I find him to be on my “Attaboy” list, or whatever I’m going to call it…check my website (www.livingindoors.com) out at some point in the future!
Real Estate Investors BEWARE!
There is a new guideline implemented by Fannie Mae to restrict investors from purchasing a Fannie Mae REO (Real Estate Owned) and turning around and selling it for a profit (flip).
Fannie Mae has begun requiring agents who market its REO properties to include provisions in sales contracts that certain anti-flip language will be included in deeds. The language may vary, but is generally along the following lines:
Grantee herein shall be prohibited from conveying property to a bonafide purchaser for a sales price of greater than ($__=120% of sales price) for a period of 180 days from the date of this deed. Grantee shall also be prohibited from encumbering (getting a new loan) subject property with a security interest in the amount greater than ($___=120% of sales price) for a period of 180 days from the date of this deed. These restrictions shall run with the land and are not personal to grantee.
It appears the attempt is to help owner occupied buyers get into property that an investor, with more purchasing power, may have purchased instead. The problem with this concept is when a property is flipped by an investor; they quickly fix up the property usually including good curb appeal, helping to make the neighborhood look better. These flippers often help with higher values in the neighborhood as well, looking to realize a gain in the sale upon completion of the work. Time will tell if making it more difficult for Real Estate investors will help us get out of the current Real Estate slump we are in.
Scott J Lee
Coldwell Banker
www.ScottJLee.com
I find this worthwhile to pass on…
Wednesday, June 17, 2009
Wednesday, June 10, 2009
More on the Mason Street Corridor
I am sooooooooo excited for Fort Collins' best kept secret to finally get underway!!!
As part of the Mason Corridor project, Mason and Howes Streets will be changed to accommodate 2-way traffic from Laurel to Cherry Streets. Road closures will begin June 8 and crews will fully convert Howes before moving on to Mason.
Converting Howes:
Beginning June 8, City crews will begin work at Cherry Street and continue south to Laurel. One to two blocks of Howes will be closed for approximately one day at a time while crews are working.
Converting Mason:
Once Howes is completed, work will begin on Mason. The Mason work is tentatively scheduled to start in Mid August; a signal at Laurel and Mason must be installed before the conversion work can begin. Crews will begin at Laurel and move north. One to two blocks of Mason will be closed for approximately one day at a time while crews are working. The conversion of Mason will be more complex and longer in duration.
Business and Property Access:
The work on Howes and Mason will not prevent access to existing businesses and properties, but they may not have access from Mason during the brief road closures. Access from Howes or Mason during each closure will be limited. Certain side streets will no longer be directly accessible from northbound Mason since some of the Mason intersections will prohibit north and south bound left turns. There will not be any right turn restrictions to side streets from Mason.
Parking Impacts:
In order to provide room for new left turn lanes on Mason Street, it will be necessary to eliminate a small number of parking spaces at the Mulberry, Olive, and Mountain intersections. Otherwise, on street parking will remain as is.
Why Change Traffic Flow?
The conversion is designed to increase efficiency for the bus rapid transit system as well as improve overall downtown access and mobility for cars and bicyclists. Converting the streets requires re-painting the roads, changing signage, and managing traffic.
Mason Corridor:
Enabled by transit, the Mason Corridor embodies Fort Collins' commitment to infill development, environmental stewardship, and will be a major element of the community's immediate and long-term economic well-being.
The Mason Corridor is a five mile north-south byway with Bus Rapid Transit within the City of Fort Collins which extends from Cherry Street to south of Harmony Road. The corridor is located along the Burlington Northern Santa Fe Railway property, a few hundred feet west of College Avenue (US 287).
The Mason Corridor is a fundamental connection between the City, Colorado State University, and local business and neighborhoods.
Mason Corridor construction is scheduled to begin in 2010 and be completed by the end of 2011. The Bus Rapid Transit service is scheduled to begin by the end of 2011. For more information about the Mason Corridor visit fcgov.com/mason.
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fcgov.com - Connecting Fort Collins
http://www.fcgov.com
As part of the Mason Corridor project, Mason and Howes Streets will be changed to accommodate 2-way traffic from Laurel to Cherry Streets. Road closures will begin June 8 and crews will fully convert Howes before moving on to Mason.
Converting Howes:
Beginning June 8, City crews will begin work at Cherry Street and continue south to Laurel. One to two blocks of Howes will be closed for approximately one day at a time while crews are working.
Converting Mason:
Once Howes is completed, work will begin on Mason. The Mason work is tentatively scheduled to start in Mid August; a signal at Laurel and Mason must be installed before the conversion work can begin. Crews will begin at Laurel and move north. One to two blocks of Mason will be closed for approximately one day at a time while crews are working. The conversion of Mason will be more complex and longer in duration.
Business and Property Access:
The work on Howes and Mason will not prevent access to existing businesses and properties, but they may not have access from Mason during the brief road closures. Access from Howes or Mason during each closure will be limited. Certain side streets will no longer be directly accessible from northbound Mason since some of the Mason intersections will prohibit north and south bound left turns. There will not be any right turn restrictions to side streets from Mason.
Parking Impacts:
In order to provide room for new left turn lanes on Mason Street, it will be necessary to eliminate a small number of parking spaces at the Mulberry, Olive, and Mountain intersections. Otherwise, on street parking will remain as is.
Why Change Traffic Flow?
The conversion is designed to increase efficiency for the bus rapid transit system as well as improve overall downtown access and mobility for cars and bicyclists. Converting the streets requires re-painting the roads, changing signage, and managing traffic.
Mason Corridor:
Enabled by transit, the Mason Corridor embodies Fort Collins' commitment to infill development, environmental stewardship, and will be a major element of the community's immediate and long-term economic well-being.
The Mason Corridor is a five mile north-south byway with Bus Rapid Transit within the City of Fort Collins which extends from Cherry Street to south of Harmony Road. The corridor is located along the Burlington Northern Santa Fe Railway property, a few hundred feet west of College Avenue (US 287).
The Mason Corridor is a fundamental connection between the City, Colorado State University, and local business and neighborhoods.
Mason Corridor construction is scheduled to begin in 2010 and be completed by the end of 2011. The Bus Rapid Transit service is scheduled to begin by the end of 2011. For more information about the Mason Corridor visit fcgov.com/mason.
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fcgov.com - Connecting Fort Collins
http://www.fcgov.com
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