WOW! What a morning! We had our weekly sales meeting today and received loads of information on how to expedite our REO sales, Then on to caravan were we were able to see some really beautiful homes and I think I may have found one for a client of mine!!! Then we had training on Short Sales and 203(K) loans hosted by Wells Fargo. Thanks Wells Fargo for great information and great lunch! So, in a nutshell a 203(K) loan is and FHA loan which the borrower can use at time of purchase to make necessary repairs to all these REO's and short sales (and regular homes) that are in need of them. So essentially a 1st time homebuyer can build into the price of the home all the necessary upgrades needed. Roof leaks? Have it fixed through the loan! Don't let minor repairs or even major ones scare you away from the perfect home, I was told that the lending guidelines for the borrower are the same as they are for a regular FHA loan. So, Shoot me an email for more information or give me a call.

Today, there were 11 new residential homes listed and 14 went to pending status. There are 940 residential listings on the market today - although, note that some are pending short sales which are still showing active even though offers have been provisionally accepted on them.