Look out Memphis – there’s a new realty team in {Mid}town!

February 1st, 2010 by Shawday Bentley | Investor Nation Happenings, Investor Nation Press, Markets, Memphis

Midtown Team“Teamwork is the ability to work together toward a common vision. The ability to direct individual accomplishment toward organizational objectives. It is the fuel that allows common people to attain uncommon results” -Unknown Author

I don’t know who said this, but he/she was absolutely right!

We most definitely live in what I like to call “The world of I.” How can “I” make more money? How “I” can succeed? How can “I” be the best Realtor? This is a mentality that –I believe- while only natural, can truly hurt those who possess it. Surely by focusing on how everyone can benefit rather than just yourself will catapult one’s thoughts, goals, and overall success to a whole other level. A level where excellence is a little easier to obtain because of the seed you sow. This is a mentality my fellow Realtor Candace Gustine and I have on life in general, so while talking one day we thought, “Why not apply this mentality to our business?”

Cue the oh-so-corny but exciting comic book words: BOOM! WHAM! POW! The Bentley-Gustine team at Investor Nation Realty was born!  While we both have our areas of town we specialize in, we both have a love and vision for Midtown. So it only seemed natural for us to form a team and work this section of Memphis together. Not only do we truly believe her and I will be able to help leverage each other’s time, talents and energy to be our most effective and efficient –  most importantly we believe we will be able to serve our clients to the absolute fullest potential. Whether it is a homeowner who needs to sell or a transferee who needs to purchase, having two Realtor’s working for you with the same common goal is much better than one. Why not have two agents working for you for the “price” of one? A team of two has twice has much time, twice as much effort, twice as many contacts and twice the drive to get you the results you want!

While we have a special joint focus on Midtown, we love working in all areas of town! We are excited to serve our clients together and look forward to a beautiful relationship with each other as well as our clients in 2010.

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Shawday Bentley and Candace Gustine of Investor Nation Realty

Contact me, Shawday Bentley at 901-302-0493 //  Bentley@InvestorNation.com
or my partner Candace Gustine at 901-264-9872 //  Candace@InvestorNation.com
Call us today! We would love to help you meet your needs.
*Don’t forget to ask about our exclusive listing package

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Housing Contraction Occurring at Rapid Pace in Memphis

January 27th, 2010 by Ryan Hinricher | Investor Nation Press, Memphis

Memphis Image

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Note on Foreclosures

January 25th, 2010 by Ryan Hinricher | Uncategorized

Foreclosure is certainly localized. According to RealtyTrac, over 50% of all foreclosure activity in 2009 was in only 4 states; California, Florida, Arizona, and Illinois.   With over 1.4million foreclosure filings during 2009 attributed to these states, price corrections are commensurate.  Additionally all 4 rank in the Top 10 for 2009 Foreclosures Per Capita.  Rounding out the top Top 10 states are Nevada, Utah, Georgia, Idaho, Michigan, and Colorado.

Compared to 2008 foreclosures were up 21% in 2009.  However a deeper look shows nearly 40 states falling below the national Foreclosures Per Capita average and on an annual basis 10 states showed foreclosure declines.

Foreclosures are still prevalent, though, and buying homes in foreclosure in Tennessee  continues to be big business.  First-time buyers, move-up buyers, and real estate investors each are bidding aggressively.

However buying foreclosures can be tricky.  Getting clear title is often an issue and many properties are sold in “as-is” condition.  Getting a home inspection is a must and thorough bids from contractors are critical.  Many property sellers in Memphis will avoid the home inspection but we see it as an essential step to evaluate a foreclosure at Investor Nation.

Finding foreclosure and negotiating with banks can also be a lengthy process.  Investor Nation negotiates many foreclosure purchases with banks, clears title, inspects the homes and packages them up specificially for investors living outside of the area.  This creates a streamlined process saving you significant time.

There’s still good deals in the foreclosure market today.  Investor Nation offers several ways to structure your next foreclosure purchase.

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Investor Nation Short

January 21st, 2010 by Ryan Hinricher | Investor Nation Happenings

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Spring 2010 FHA Guidelines Make Borrowing Tougher And More Expensive

January 21st, 2010 by stephengreen | FHA Mortgages

Securing an FHA mortgage in Memphis, Tennessee is about to get more expensive.

In a statement issued Wednesday, the Federal Housing Authority outlined policy changes to its mortgage assistance program. The shift is meant to both reduce the government group’s portfolio risk while strengthening its overall financials.

For consumers, the changes mean higher costs.

As listed in the official announcement, there are 3 major guideline updates for the FHA:

  1. Upfront mortgage insurance premiums are increasing to 2.25% from 1.75%
  2. Minimum downpayments for applicants with sub-580 FICOs are rising to 10 percent
  3. Seller concessions are being limited to 3%, down from today’s allowable 6%

Furthermore, the FHA has appealed to Congress to raise an FHA borrowers’ monthly mortgage insurance premiums.

To read the FHA’s statement, it’s clear what the group is trying to balance.  On one side, the FHA wants to provide affordable financing to families that need it. That’s its mission statement. On the other side, though, the FHA must manage the risk that comes with insuring lesser-quality loans.

To that end, the FHA is stepping up its enforcement of “bad lenders” in hopes of stopping problems where they start.

Also in its new policies, the FHA is introducing a “termination clause”. If banks or loan officers that produce more than their fair share of bad loans, they lose their right to originate FHA mortgages.

As a result, homebuyers in memphis should expect tougher FHA underwriting in 2010. Not because the FHA says so, necessarily, but because banks don’t want to do “bad loans”.  Lenders are incented to turn down at-risk applicants and, already, we’re seeing examples of this. Despite FHA allowing 580 FICOs and lower, many banks have made 620 their minimum.

Some have other guideline overlays, too.

The FHA’s new guidelines don’t go into effect until spring.  So, between now and then, the old guidelines will apply.  Therefore, if you know you’re going to need an FHA home loan in the next few months, consider moving up your time-frame.

If nothing else, you’ll save some money at closing.

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