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The Gutting Group

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Displaying blog entries 271-280 of 431

Open House This Sunday - 11990 PROMONTORY CT

Thursday, October 08, 2009
by The Gutting Group

 

 

 

Open House:

Sunday, October 11th
2:00 p.m. to 5:00 p.m.

11990 PROMONTORY CT

ADMIRALS POINTE in GEIST 

Directions:

Oaklandon Road North to Old Stone.  Turn right to Promontory, then left to Promontory Circle, Right to Promontory Ct, turn left to home on right.

To find out more information on this listing or to schedule a showing,

Call us Today, 317 846-4888! 

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Open House This Wednesday - 5427 YOUNKIN DR

Monday, October 05, 2009
by The Gutting Group

Open House:

Wednesday, October 7th
1:00 p.m. to 4:00 p.m.

5427 YOUNKIN DR

ROBIN RUN VILLAGE in Indianapolis

 

Directions:

Enter Robin Run from Zionsville Road just north of 62nd. Left at "T" to house.

To find out more information on this listing or to schedule a showing,

Call us Today, 317 846-4888! 

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New Fishers Listing - 6653 Avila Way

Friday, October 02, 2009
by The Gutting Group

none

Desirable main level living floorplan with upstairs bonus room.  Windows & doors on three sides, spacious, open, 10' ceilings in great rm w/gas frplc, Master suite w/stunning pond/fountain views & private patio, garden tub and 2 huge closets.  Tons of storage/closet space through incl: walk in attic access.  Gorgeous screened patio & deck, custom 2" wood blinds, 2C gar w/epoxy flooring.  First one of its kind to be resold, most sought after lot and floorplan in community. 

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New Listing in Geist - 11990 PROMONTORY CT

Thursday, October 01, 2009
by The Gutting Group

 

 

Gorgeous & recently updated 3000+sq ft,plus finished bsmt & wooded lot,attractively priced for prestigious Admirals Pointe.Fam rm w/ built ins,exposed beams,wb-frplc,large formal din rm,mstr ste w/vault ceilings,Jacuzzi tub,walk in tiled shower & huge closet w/walk in attic access.Check out addl bdrm sizes!Beautiful kitchen incl brand new refrigerator,range/oven,dishwasher, ctr isld/brksft bar,planning desk & pantry, nook leads to 16x16 scrn patio & deck overlooking mature trees.3+car gar.

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New Listing in Carmel - 12408 Charing Cross Rd.

Tuesday, September 29, 2009
by The Gutting Group

Spacious 3 bdrm ranch in popular Brookshire Villages. Huge great room w/wood burning brick fireplace + blt in bookshelves, open concept into dining room. New countertops in kitchen,tiled backsplash, all appl stay incl: washer & dryer. Furnace,A/C, Water Heater - 3 yrs old. Great wooded tree lined lot, 14x12 patio, storage shed, 2 car att gar w/pull down attic access for storage.Priced attractively!

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Fannie Mae Tightening Rules

Tuesday, September 29, 2009
by The Gutting Group

 

As if getting a buyer approved to buy home wasn't getting hard enough, Fannie Mae is raising its lending criteria.  Starting Nov 1, 2009, borrowers will need a minimum credit score of 620, instead of the current 580 rule.

UUGGHHH!  For those credit challenged... lets go buy a house today!

Read below for more detail!


Derek Gutting, The Gutting Group, Keller Williams Realty, 317 846-4888 direct

www.GuttingGroup.com

Fannie Mae raises lending criteria
 
The government-backed mortgage financier Fannie Mae is tightening its lending standards, according to an article in DSNews.com. The GSE says it will require a credit score of at least 620 for all mortgage loans delivered in accordance with its Selling Guidelines, including loans guaranteed or insured by a federal government agency, such as the Federal Housing Administration (FHA), Veterans Affairs (VA), or HUD. The new minimum will take effect for manually underwritten loans and all government loans on November 1, and for loans underwritten using Fannie's Desktop Underwriter, when the software is updated on December 12. Currently, the minimum score for most loan types is 580, with no minimum for government loans. Exceptions to the new minimum credit score requirement are limited to mortgage loans that are manually underwritten with nontraditional credit and those originated in accordance with the GSE's Refi Plus offerings, which are being used to help underwater borrowers refinance under the Obama administration's Making Home Affordable program.

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For Lease or Purchase in Noblesville - 6571 Rushing River

Friday, September 25, 2009
by The Gutting Group

Gorgeous and upgraded 3BR ranch + den. Neutral decor, desirable kitchen with granite counters, tiled backsplash tiled floors in entry, kitchen, nook, bathrooms and laundry room. Spacious floorplan with vaulted ceilings in kitchen and great room. Newer carpet, upgraded light fixtures, new water heater. Large deck, paver patio, big backyard, security system and insulated garage door. Very nice home for Lease or Purchase!

 

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New IRS rule may help Commercial Defaults

Thursday, September 24, 2009
by The Gutting Group

Here is a great article from Co-Star in follow up to my Commercial delinquency blog from yesterday. 

New IRS Rules May Help Stave Off CMBS Defaults and Foreclosures

Tax Changes Should Give Many Borrowers More Flexibility in Working With Lenders, But Those Already Drowning In Debt May Be Out of Luck
September 23, 2009
The Internal Revenue Service last week issued eagerly awaited new guidelines that allow certain commercial mortgage borrowers to modify and restructure their securitized loans without triggering massive tax penalties. The new rules allow servicers to intervene before it's too late and the borrower is facing loan default and foreclosure.

Previously, property owners holding performing loans who were up to date on paying their mortgage -- but still needed to refinance in the face of declining rents and rising vacancies -- couldn't initiate loan restructuring or modification talks with lenders. Only those owners entering default or imminent threat of default could negotiate with servicers. Under the new rules in Revenue Procedure 2009-45 issued by the IRS and the Treasury last week, special servicers can at any time reduce the interest rate or extend the term of securitized loans held in real estate mortgage investment conduits (REMICs) and investment trusts. That flexibility allows borrowers with at-risk or distressed assets and onerous loan terms to ask for help earlier in the game. Download the IRS's Revenue Procedure 2009-45 (PDF)


REMICs are special-purpose investment vehicles used to pool mortgage loans and mortgage-backed securities. Securities or debt financings structured as REMIC trusts can be accounted for as a sale of assets and removed from an originating lender's balance sheet, exempting the trust from federal taxes. Under the old rules, modifying commercial loans after they were placed in a REMIC pool triggered a 100% tax penalty and potential loss of tax-exempt status. Fearing the worst, servicers would either not return borrowers' phone calls or advise them to call back after entering default.

The move drew applause from many in the industry, including Real Estate Roundtable President and CEO Jeffrey D. DeBoer, who lobbied Congress over the summer for the changes. DeBoer said that the IRS has taken "a very positive step toward easing today’s crushing liquidity crisis in commercial real estate."

"Amidst a massive wave of maturing commercial real estate debt, and still virtually no credit available for refinancing, borrowers need to be able to talk with their loan servicers about restructurings in a timely manner, before the point of default," DeBoer said.

Govt: Trying To Unfreeze Credit Markets


The new REMIC rules are the latest moves in a larger federal effort to cope with a wave of commercial real estate mortgage defaults and foreclosures that analysts predict will cause additional bank failures and could hamper the economic recovery. According to Fed data, CMBS loans make up more than 25%, or $900 billion, of the $3.5 trillion in commercial real estate debt outstanding.

Moody's reported that the average delinquency rate in CMBS conduit and fusion loans was 3.23% in August, up more than 300 basis points from July 2007's 0.5%, and is likely to continue rising in coming months.

Another part of the government's emergency plan involves offering loans to investors to buy new and existing securities under the Term Asset-Backed Securities Loan Facility (TALF). The Federal Reserve Bank of New York reported that investors requested $1.4 billion in legacy CMBS loans last week, but no loans for new CMBS issuance.

The availability of cheap government loans in part fueled investor perceptions that troubled CMBS debt and other securities backed by real estate are undervalued. A number of investment firms, hedge funds and private-equity players have stepped forward with plans to launch initial public offerings for REITs buying distressed mortgage debt. Vulture appetite peaked in August when Starwood Property Trust, Inc., managed by investment star Barry Sternlicht, saw its IPO price jump 38%.

But analysts warned that the field was quickly getting too crowded and subsequent REIT IPOs haven't fared as well. This week, two major IPO pricings were delayed, and then slashed. The offerings by Colony Financial Inc. and Apollo Commercial Real Estate Finance, expected to raise a combined $900 million, priced at only about half that amount on Wednesday. Two other mortgage REITs, Foursquare Capital Corp. and Ladder Capital Realty Finance Inc., are scheduled to price within the next few days.

The IRS rule changes widen the definition of imminent default and extend the time frame that borrowers and servicers can negotiate loan modifications, said Eric Gunderson of Highland Advisor Partners, speaking at a client webcast by Marcus & Millichap on "Solutions for Maturing Loans and Underperforming Properties" last week.

"It's going to greatly increase the odds that the master [servicer] can transfer loans to the special servicer and modify the loans," Gunderson said.

Overleveraged Borrowers: Too Far Underwater


Some observers, however, argue that many distressed borrowers are too far gone to help. Property values continue to decline and analysts wonder if the REMIC changes are just another mechanism for lenders to postpone action on troubled loans. Banc of America Securities Merrill Lynch said in a commentary last week that the new guidelines won't help "loans that are deep underwater, and there are many of these."

Tino Korologos, distressed debt leader for Deloitte, argues that the changes are "potentially only a variation of the 'pretend and extend' position the industry has taken so far because values still have a long way to go."

"It doesn't address the problem of who will provide liquidity. It also could anger a lot of the senior investors, the AAA buyers, who will be the liquidity providers of CMBS 2.0 in the future," Korologos said.

Michael J. Rufkahr, an attorney in the Washington, D.C. office of Dechert LLP, wrote in a report to clients that "the rose from the IRS may have thorns."

The new regulations impose a requirement that the collateral value for a mortgage loan be retested. Thus, a modification that alters a substantial amount of the collateral or that changes the nature of the loan between recourse and nonrecourse can only go forward if the loan-to-value ratio holds up, Rufkahr wrote. All collateral supporting a loan, therefore, will have to be revalued and must remain sufficient to support the modified value of the loan.
Derek Gutting, The Gutting Group, Keller Williams Realty, 317 846-4888 derek@guttinggroup.com www.Guttinggroup.com
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MUST BUY this week to get $8,000 Tax Credit!

Wednesday, September 23, 2009
by The Gutting Group

Are you a FIRST TIME HOME BUYER?  Do you want to get up to $8,000 CASH back on your tax return?  TIME IS RUNNING OUT.

If it takes 60 days to close on your purchase, you MUST BUY THIS WEEK!  The $8,000 tax credit is set to expire Nov 30th, 2009.  

Did you know you can qualify for this incentive even if you have owned a home before?  To learn more about this exciting opportunity and to finally take advantage of a government program, call The Gutting Group today !

317 846-4888

Derek Gutting, The Gutting Group, Keller Williams Realty, www.GuttingGroup.com

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Indianapolis Commercial Real Estate Investing

Wednesday, September 23, 2009
by The Gutting Group

Investors... are you ready to take advantage of the next massive investment opportunity?  The next 12 to 24 months is going to be the best opportunity to invest in commercial real estate. 

Commercial real estate loans originated during the peak markets in 2005 - 2007 are set to mature in the next 12 to 36 months.  What does this mean? 

Capital available for lending has all but disappeared making it next to impossible for most investors to refinance these loans.  Equity requirements are up... we know a few years ago, lending practices were way to lenient and most investors do not have any equity.  Property valuations have plummeted and rental income is lower. 

For investors that are sitting on the sidelines with cash, opportunity is starting to knock in commercial real estate investing. 

The Gutting Group specializes in finding distressed commercial opportunities.  To be notified of new distressed commercial opportunities, please email derek@guttinggroup.com.

Derek Gutting, The Gutting Group, www.GuttingGroup.com, Keller Williams Realty

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Displaying blog entries 271-280 of 431

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The Gutting Group
Keller Williams Realty
11550 N. Meridian St., Ste. 450
Carmel IN 46032
Direct 317.846.4888
Fax: 317.846.5959
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