Archive for July, 2010

Extend and Pretend is still in full effect…..

July 28, 2010

The wall street journal recently published an article about the banks policies concerning loans for commercial properties that have come due and now cannot be refinanced.   The title of the article is….

To Fix Sour Property Deals, Lenders ‘Extend and Pretend’

You can find a link to the article by clicking the following link. 

 http://online.wsj.com/article/SB10001424052748704764404575286882690834088.html?mod=WSJ_Commercial_LEFTTopNews

What does this mean for real estate in this country?   We are in for a long haul of real estate being a drag on the economy and on banks balance sheets.   After all if banks have too many bad loans how can they make new loans?   With less capital to make new loans those businesses who need credit to grow or expand will find it harder to do so.   No expansion or growth means no new hires….

How do we solve this problem?    What has history told us to do in times like these?   Do you have any new ideas on how to navigate thru this mess?

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Owner Financing in Texas

July 5, 2010

From the Texas Association of Realtors:

“Many of us have been very concerned about the implementation of federal legislation known as the SAFE Act that would severely limit an individual’s ability to seller finance their property in Texas.

We are working on numerous regulatory and legislative solutions to this affront to private-property owners, and have some good news to report. At our urging, the chief regulator over the SAFE Act in Texas, the commissioner of the Texas Department of Savings and Mortgage Lending, has taken significant steps to allow Texas property owners to continue to seller finance up to five transactions in a 12-month period.

More specifically, the commissioner has delayed the implementation of the SAFE Act requirement for licensure in seller-financed transactions in Texas until August 31. This will give us time to implement regulatory and legislative changes during the coming months. For now it is important for you to know that the long-standing law of allowing a Texas seller to finance up to five transactions in a consecutive 12-month period is still in effect and the Texas Association of REALTORS® will continue to work at the federal and state level to see that this is a permanent solution.

Finally, this action would not have happened if not for the thousands of Texas REALTORS® who participated in our grassroots efforts to correct this abuse to private-property owners in Texas.”

 

Thank God in Texas we are still free to sell our homes anyway we choose ((at least 5 per year))


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