Des Moines Area Real Estate

RE/MAX Real Estate Concepts Expands to Altoona

We are excited to announce we are opening an Altoona office September 10th at 550 36th Ave SW.

Tracy Adams who is the owner of RE/MAX Qualities has decided to sell her franchise to Real Estate Concepts & Nigel Chapman.  Nigel has partnered with Real Estate Concepts with our Managing Partnership program.  The Managing Partner has an initial investment with an ownership stake and shares in the profit or loss of that office.

The Altoona office now enables you to meet with your clients in the West Des Moines, Beaverdale, Southside as well as the recently opened Downtown office at the Kaleidoscope Hub.

We welcome all our agents to use all our offices.

Nigel can be reached at Nigel@Nigelc.net

Fannie Mae to stop offering 100% on Expanded Approvals!

During the weekend of October 20, 2007, the Fannie Mae Desktop Originator / Underwriter will be updated. This is the system all loan originators use to get you a loan approval for conventional mortgages being sold to Fannie Mae.

Expanded Approval level 2 loans (EAII) will only allow 97% Loan to Value (LTV)
Expanded Approval level 3 loans (EAIII) will only allow 95% Loan to Value (LTV)

These loans will also be subject to an additional loan level price adjustment of + 0.5%

Any loan approval issued by the system before October 21st will be honored. There are lots of other changes happening from Fannie Mae. For more info, see the attached links:

August 22nd Update https://www.efanniemae.com/sf/guides/duguides/pdf/current/rndodu57upd.pdf
May 22nd Update https://www.efanniemae.com/sf/guides/duguides/pdf/current/rndodu57.pdf

I now pronounce you Chuck and Larry

Those of you who know me, know that I do not go to movie theaters. It started a long time ago, when as a smoker, I decided to "cut off my nose to spite my face!" I decided that as theaters would not allow smoking, then I would not go - I was a lot younger then. Then over the years, movies were released on DVD earlier and big screen TV's were launched, and so the need to go to the movies dwindled.

If you know me, you also know that I have a strange sense of humor and rarely outwardly laugh at the so called "comedy" that is currently available. Having said that, I am a big fan of Adam Sandler and hence this blog.

Two dear friends took my wife and I out for a surprise supper on Friday night. We had a fabulous meal at the Jordon Creek Cheesecake Factory and then they announced we were going to the movies. I felt a bit deflated at first - not the movies! I don't do movie theaters! I kept this feeling to myself, sucked it up and off we went to watch the aforementioned film.

Even with Adam Sandler, I could not see how a film about two straight men pretending to be gay could be "funny". I was wrong - the movie was great! The sound was too loud, there was hardly anyone in the theater, but the movie was great and the chairs reclined!

The concept of the film was fascinating; a man rightfully trying to re-assign beneficiaries on his insurance has to break the law to get what he has worked for; the way his "friends" shunned him when he became a different person; the way he learned to love people for who they are and how they choose to live their lives. You could watch the movie as a "comedy" or the way I did - like an amalgamation of annoying traits us humans have and how everyday people have to fight for what they believe in. The movie has a serious side to it for sure, but for those of you that like comedy - my friends were laughing hysterically throughout and YES I  was laughing inwardly and occasionally gave an audible chuckle - to the delight of my wife :)

Thank you Eric and Tanya!

RE/MAX has Premier Market Presence in Des Moines

Way to go RE/MAX Agents! Another town where we have a lot less agents than the largest local company and yet again we have premiere market presence!

Based on Listing and Selling Units

32.3% - RE/MAX - 1523 Units
31.3% - Iowa Realty - 1476
11.3% - Coldwell Banker - 530
10.7% - First Realty - 505
14.4% - Others - 678

Data from the DMAAR MLS. 
DATE RANGE:  1/1/2007 to 7/31/2007

Property Types: Commercial, Multi-Family, Land, Residential
Both Number of Sold Listing and Selling Transactions

Citi Mortgage 80/20 loans

So, it seems the screw tightened a little more today. If you want a full doc 80/20 loan and have a 720 or higher credit score, then your 2nd mortgage rate will be AT LEAST 10.5%!! HELOCS are not allowed. If your credit score is less than 720, you will only get a mortgage for 95% Loan to Value (LTV).

The Feds lowered interest rates today - whoopeee! I am still trying to decide if that has actually helped us???  The rate could be 0%, but if the criteria  keeps  getting tougher, no-one will qualify. Imagine next month, "Please Mr mortgage man, I have an 849 credit score and $90,000 to put down on my $95,000 purchase and an income of $75,000 per year and no other debt - would you pleeeeeeeease give me a loan."

Sorry for the sarcasm, but this is getting really scary right now! I know it will settle down and when the dust clears things will get better.

If you have money to put down and want to get into investment properties in the Des Moines Area, please contact me - I will soon have a ton of contract buyers for you! :)

Realtors, Lenders and Builders - You might not get that loan!

If you are a Realtor, Lender, Builder or investor - read this! This is an excerpt from Citi Mortgage Wholesale Division's recent bulletin. As always, I am sure other lenders will follow suit!

Real Estate Professionals - Applies to InterFirst CES Only

Loans to Real Estate Professionals are subject to the following:

• The maximum CLTV permitted is 90%.
• Stated income and/or stated assets are not permitted.
• The borrower’s income, assets and employment must be verified.
• Real Estate Professionals, as used in this policy, include:

          Real Estate Brokers, Real Estate Agents, and employees of Real Estate Brokers or Agents

          Property Managers and employees of property managers/management companies

          Home Improvement Dealers and contractors and their employees

          Home Builders and General Contractors, and their employees

          Real Estate Investors (Defined as any person who owns more than two properties)

          Mortgage Broker or any employee of a mortgage broker.

          Principals, officers and employees of any mortgage lender (excludes national banks).

          Title company principals, managers, or employees.

          Real Estate Appraisers or any employees of real estate appraisers or appraisal management companies.

Here's Your Sign!

Excuse my sometimes warped sense of humor, but I had to share this experience. Unfortunately, this is a true story!

I Recently took my car in for service. I have my name and telephone number plastered all over it. Talking to the service guy checking me in, we were stood next to my car. Bare in mind I had pulled into the oil change lane of the service bay.

Question 1 "Are your here for an oil and filter change?" Well I was actually thinking about ordering a double cheeseburger - but couldn't tell him that!.

Question 2 "Do you have a phone number we can reach you on when we are finished?" I told him he could try calling me on the number from the side of my car. This led to . . . . .

Question 3 "Oh, is that your number?" NO - I just thought I would make up a number and pay to have it put on my car. In the back of my mind I was thinking about the poor person who's number I am advertising and all the unwanted calls they must be getting!

My day job

I am a Real Estate Broker with RE/MAX Real Estate Concepts. We currently have 4 offices in the Des Moines Metro and I am Broker / Managing Partner of the West Des Moines office.

If you are looking to buy or sell real estate, please view my website by clicking here

If you are an agent looking to take your career to the next level and want to know more about our company, please click here

I have got to start blogging!

OK - here I am again. Sitting at my computer and starting to blog. 2 years ago, I started blogging, got busy in my business and quit.

I met a friend this morning who was high on blogging! He got me pumped up to not only start blogging again, but do it the right way this time.

So here we go Guinea Pigs, I am giving it a concerted effort this time - I promise! :)