Jose Milanes

Mass Declining Values

03-11-08

I got this from a banker that I have worked with in the past. "We have been informed as of yesterday that every town in the state is now considered to be declining in value no matter how the appraisal comes in. This is a new Fannie/Freddie ruling that is going to impact all lenders that sell their loans on the secondary market (which unfortunately is most). This now means that all of our products will require an additional 5% down over the minimum normally required for that product--unless they can qualify for FHA (ratios are very important on FHA loans). These are extremely challenging times for us, and I hope we come out of what they consider a declining market in the very near term." Please go over all you current deals making sure that you do not have one that may run into an issue.

2 Comments

Jose Milanes
EXIT Reliance Realty

Jose Milanes: Real Estate Agent in Danvers, MA

Office: (978) 223-1751

Mobile: (978) 223-1751
Secondary: (978) 223-1751

EXIT Reliance Realty continues to deliver outstanding real estate advisory services to our clients. In addition, it is a terrific organization for real estate professionals to join.

My Mission:

To invest 100% of my effort delivering first class service to our clients. To make the process as simple and as stress free as possible by offering a one stop approach to buying or selling a home.

Areas of Expertise

Oustanding competency in all areas in the real estate arena. This includes but is not limited to first time home buyers, rellocations, second home purchases, investment properties, condominiums, foreclosures and commercial properties. Specializing in properties that other real estate agents can't sell.

I am part of an outstanding network that can refer buyers and sellers to talented real estate professionals in others states and countries.

Client Comments

"Jose has been the ultimate professional in helping me with my finding a home. He communicates often bringing a good combination of technology and personal touch. He is honest and I value his opinion - he has made my search extremely easy and fun. I do not have to worry about the details - Jose makes it easy..."

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