Cash Buyers Can Borrow Against Their Home After COE!

This is great news from Fannie Mae! We see plenty of people buying homes for all cash, now they can re-finance, looks like up to 70% LTV to pull money back out of the property and continue to purchase more properties (as in an investor). Or have their safety net back in place (owner occupied)!

It was a wise decision to allow this. Investors that have cash for one, can re-fi and buy another....and so on and so on.

Great news for the inventory. Great news to the banks that are holding 'shadow' inventory too! As long as there are ways to plow through this inventory of foreclosed homes, we can push them through the pipeline faster and recover faster.

Read the whole article:

Fannie Mae's Summer Surprise For All Cash Buyers/Investors!

Let's face it, we keep saying 'Cash is King!'. If you have cash and it's a competitive market, you'll generally beat out the other buyers. Everyone wants as fast a close as possible and cash can allow that. But, once you spent your cash...it's gone! Now, you can pull money out again and have gotten the property and have cash back in the bank!