buying investment property
The credit crisis continues to spread far and wide, and Coface, the international export credit insurer says it is chasing at least €60 million owed to overseas suppliers by companies based in the UAE. Many developments were funded by deposits and part payments up front as the properties were sold off plan – but that market has all but dried up.
If anyone is starting to get confused over what is or is not allowed in the UAE and Dubai, fear not – another set of rules are on the way.
The Dubai Land Department has just announced that it will be issuing public property auctioning licences to private companies in an attempt to dispose of the stunning amount of property for sale in Dubai at the moment. Mr. Mohammed Sultan Al Thani, Assistant Director-General of the DLD said, “We have started giving licenses for public property auctioning to private companies. However, they need to meet all the rules and regulations stipulated by the department in order to conduct an auction.”
With credit markets still tight in the United States, owners of vacation homes and second homes are turning to fractional sales as a way to cash out some of the equity in their homes without applying for a (now hard to get) home equity loan, and without necessarily even giving up the house.
The Obama mortgage relief bill was passed and the plan is now active and online at www.makinghomeaffordable.gov.
The web site includes a short online quiz that will help visitors determine if they are eligible for the program, and it also includes information about the program, how it works, and instructions on how to make an appointment with a HUD-approved housing counselor to discuss a borrowers personal situation at no charge.
More on Obama’s Mortgage Relief Plan: What Is It? Can It Work?
Thinking of investing in real estate in the U.S.? Mortgage rates have never been better!
But there’s a catch.
Getting a mortgage is still really, really tough. According to a recent Wall Street Journal blog, major lenders report that many potential buyers are having trouble raising the 3.5% downpayment that is required now to even start the lending process. Most mortgage lenders have tightened their standards, and Fannie Mae has also tightened standards for what kind of mortgages they are willing to buy and under what conditions they will buy them, making lenders even more skittish.