Dave Kres's Page

I just learned that many REO's -- including Citigroup, Inc. -- are forbidding listing agents from disclosing that a property is a foreclosure listing. I think this is horrible policy and I just send the below email to the Attorney General's office:

Attorney General Coakley:

I am a licensed real estate broker in Massachusetts that practices exclusive buyer agency (meaning I do not represent Sellers – only Buyers in real estate transactions). Please be advised that it has recently come to… Continue

The National Association of REALTORS® recently reported that Federal Housing Administration (FHA) is working on a plan that will permit its lenders to allow homebuyers to use the $8,000 tax credit as a down payment at Closing. Currently, buyers can only receive the funds once they file their tax return or amend their 2008 return. The Realtor® Association has been lobbying for this change. I was actually at the NAR Midyear Legislative Meetings in Washington, D.C. when HUD Secretary Shaun Donovan… Continue

On March 19, 2009, the Obama Administration unveiled its new website on its Making Home Affordable Program. The program has two main components: (1) refinancing of Fannie Mae and Freddie Mac loans for borrowers who are current and have loan-to-value ratios of 80%-105%, and (2) loan modification for borrowers in default or at imminent risk of default who have high debt-to-income ratios and mortgages with balances of less than $729,750. The new websit… Continue

The National Association of Realtors® reported that on March 4, 2009, Fannie Mae and Freddie Mac released guidelines on refinancing and loan modification options that implement President Obama's Making Home Affordable Program. The new guidelines provide more flexible refinancing opportunities.

Fannie Mae update

Fannie Mae Announcement 09-04 impleme… Continue

According to the National Association of Realtors®, Government-controlled Freddie Mac is launching a rental initiative which will give former owners and tenants of foreclosed property the opportunity to lease their recently foreclosed properties on a month-to-month.

The REO rental initiative will be managed by HomeSteps, Freddie Mac’s national real estate unit, and implemented through several national property m… Continue