As announced recently by Wells Fargo - It has changed its guidelines to 51% owner-occupancy on Conventional Conforming loans. That’s up from the recent 25% requirement and only applies to loans that have not been reviewed by their Appraisal Underwriting platform yet.
This new rules does NOT apply to any new construction or gut rehab condos nor to Non-Conforming loans. FHA remains at 51% owner-occupancy as well.
This is fantastic news since many condo buildings today seem to fall between 25% and 50% owner-occupied. Now they won’t require an exception for approval.
Again - this allows 51% owner-occupied or 49% rentals in the building. Thank you to Corinne Guerra, Home Mortgage Consultant, RWF Mortgage, LLC for this information
Giving up city life to relocate from Chicago to a rural area ? If so, you’ll want to look at Progressive Farmer’s rankings of the top rural places to live and raise a family. The info is provide by OnBoard Informatics, the same company that provides “best places to live” to Money Magazine each year. By consider price, education, crime rates, etc. they’ve come up with the following list.
Your humble blogger has never visited any of them.
Here are Progressive Farmers’ top 10 choices:
1. Hamilton County, Neb.
2. Chippewa County, Minn.
3. Ida County, Iowa
4. Harvey County, Kan.
5. Clinton, Iowa
6. Fayette County, Texas
7. Oconee County, Ga.
8. McPherson County, Kan.
9. Obion County, Tenn.
10. Madison County, Va.
John D’Ambrogio recently attended a retreat at the Water Color Inn & Resort at Santa Rosa Beach entitled “A Sandy Feet Retreat.” Leading real estate companies from across the country attended the three day session. Their main goal was to brainstorm, share ideas about the real estate industry, relocation trends and how it affects our business in today’s real estate market.
All leaders in the real estate industry, they discussed the various aspects of relocation regarding building relationships around the globe, service levels when working with corporate clients and shared ideas to further increase the effectiveness of their relocation services divisions. Speakers included Bud George, Director of Education and Training for Bob Parks Realty, Dawn Moliterno, President and CEO, Walton Area Chamber of Commerce, Mel Ponder with Vision 3000 Walton County Visitors & Tourist Development Council.
John D’Ambrogio, CRP and VP of Strategic Development at Baird & Warner stated: “It is always beneficial when leaders within the industry gather with their peers to exchange ideas regarding industry challenges and operational efficiencies. The companies who attended this retreat are all established and proven leaders in our industry.”
Dave Collins, Onboard , discusses statistical data and how that affects consumer lifestyle search in the real estate process. Hear him discuss how it drives people relocating to Chicago or relocating from Chicago in their search process.
These days, having a home ready to sell prior to it going into the MLS is more important than ever.In many markets, staging has become a strategic marketing tool to compress the cycle time of the listing date to the close of escrow.Whether you stage the property yourself or use a professional stager to assist you many successful real estate agents encourage sellers to “de clutter” their home prior to sale.
Logistically the seller has a few options to store items when they follow your advice to “Stage for Success”!
1) Rent a Mini Warehouse or a POD:
Advantages:
- Many facilities are available
- A seller can usually find one that is close to their residence
- They are typically reasonably priced
Disadvantages:
- The seller has to invest their time and labor for the physical move
- Risk of injury to the seller and or individuals that assist with the move
- Risk of damage to the sellers home.Walls, floors, etc…
- The seller needs to rent a truck as well as provide pads and protection
- No insurance coverage
- Possible damage to those nice furniture pieces and your home
- POD’s don’t provide a good “image” and aren’t compatible with many city locations.
2.) Use of Graebel.A Professional Moving Company:
Advantages
- The seller’s items will be placed in containerized storage
-Furniture will be handled by trained and certified professionals
- Professional movers are skilled to get more into less space which saves money
- The seller can invest their time in other areas to prepare their home for sale
- The seller will not have to worry about the risk of injury to their family or friends
- Accessible to city and high rise locations
- Transported in enclosed vans
- Graebel will be responsible in the unlikely event of loss or damage to the goods and or home
- The home/apartment will be professionally protected
- Monthly cost typically lower than mini warehouse or POD’s
Disadvantages:
- Only to those that don’t experience the difference!
At Graebel we provide a home staging support service where we pick up items in advance of the home listing.We provide the transferee with a complete inventory and condition of the items.We take extra care in protecting the home, floors, banisters, elevators against possible damage.All items are stored in containers which can be eventually delivered to the new home.There is a reason that Graebel is the preferred mover to Corporate America.Experience the Graebel difference today!
Photo: Ben Ivory, Graebel Relocation
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