A Game Changer for Cash Buyers

Almost every day I hear of another change in the mortgage industry.  Far too often, these changes are initiated to fine tune the already super strict guidelines to prevent any further turbulence.  When drastic changes are made it often has the reverse effect causing many potential buyers and investors from not obtaining financing either because they still do not quality with the stricter standards or they are still so gun shy they just remain on the fence.  It is not uncommon to hear the strict guidelines are the reason for buyers who still want to remain in the game are foregoing a traditional mortgages altogether and are becoming cash buyers.

Today, cash buyers make up one third of all buyers in the marketplace.  Last month, Fannie Mae woke up, smelled the coffee and had a very BIG reality check.  I'm positive their recent reality check came to fruition because they realized they're missing out on potential business due to the growing cash buyer pool.  Fannie Mae's most recent update is a game changer for buyers who make or have made all cash purchases.  The Fannie Mae's change now waives the six month ownership or waiting period allowing for owners to tap into their investment much sooner than before.  The update now allows a buyer who ditched the traditional mortgage method and opted for cash purchase to now take cash out of their property via an equity loan anytime after the purchase, rather than waiting for six months to pass.

Now a buyer can purchase in cash, immediately turn around take equity out to improve the property, place it back on the market again and sell.  

• Will this create a new breed of investors and/or home flippers?  
• Is this creative thinking on behalf of Fannie Mae? 

Ponder this.... an investor pays for a property in cash, takes out an equity loan to improve the property, a few months later the investor places the updated home back on the market, a buyer who needs a traditional method of financing to purchase makes an offer and buys the house.  

I believe this recent update is great news for both investors who don't want to spend their reserves on updates and the owner occupied buyer who doesn't have the means or desire to purchase a home that isn't move in ready.

  

National Ice Cream Month: Planet Yogurt Review

When temperatures hoover between the high 90's and mid 100's, I instantly have visions of something chilly.  Yesterday after a trip to the office supply store in the Triangle during the hottest part of the day, I was in desperate need of a cool treat.  Directly across from the office supply store in the Triangle sits a yogurt shop, Planet Yogurt.  I had frequented several months ago with my colleagues and recalled I enjoyed the initial experience and wanted swing in for another treat.  When you enter, Planet Yogurt, you are greeted with six dual yogurt self serve machines (photo left) and yes it was had to decide upon flavors.

After the task if dispensing your desired flavors is complete, your next challenge is to choose which toppings, if any, you'd like to add.  The options were endless and ranged from:  granola, nuts, brownies, cheesecake, cookies, candy bars, fresh fruit and various types of syrups.  I opted to proceed with the all-natural route and just enjoy my three flavors:

Irish Mint (nonfat) - I'm not a huge fan, but I'm a big Irish fan so I couldn't pass up this opportunity.  It reminded me of spearmint gum.  Not my favorite, but one I'm sure my husband would LOVE.

Angel Food Cake (nonfat) - It was light and airy leaving a lingering sweet butter taste.  It was so yummy it kept me coming back

Cake Batter (low fat) - The only way to describe this flavor is to close your eyes and imagine the homemade buttermilk my grandmother used to make.  It was DELISHious!  

After you've created your concoction you move on down the bar to the cashier, place your cup a scale to determine how much you owe ($.39 per ounce) then enjoy!  The cost for my creations was $3.39, not too shabby for a sizable treat!  The flavors at Planet Yogurt rotate weekly... so if you want to snatch up a bowl of any of the three flavors I enjoyed be sure to make a trip soon.

You can check out Planet Yogurt at one of their three Austin locations:  Triangle, Hill Country Galleria, Domain 2.   

National Ice Cream Month

National Ice Cream Month

Besides my birth month, December, and March because of St. Patrick's Day, I do believe July is one of the better months of the year.  In Texas, it is way hotter than it should ever be... but July is National Ice Cream Month.  In 1984, Ronald Reagan appointed the third Sunday in July as National Ice Cream Day - National Ice Cream Day for 2011 is July 17.  

Be sure to check out these local ice cream hot spots during the month of July:

Amy's Ice Cream has various locations across town and the fan favorite is Mexican Vanilla.  Take a few minutes to swing in to determine if you agree.

Yogurt Planet has locations in the Hill Country Galleria, Domain and Triangle.  Think yogurt bar with endless possibilities on toppings with pricing depending on the final weight of your concoction.

Pick up a serving of gelato after an Italian feast is a must at Mandola's Italian Market.  Visit one of their three Austin locations - Bee Cave, Arbor Trails or the Triangle.

You wouldn't think of jetting to a grocery store to indulge in gelato, but Central Market (both central and south locations) have some of the best... and at times exotic, delicious flavors.



I hope you'll come back often to check out a few ice cream, gelato, sorbet recipes I'll be delivering throughout the month.  The first recipe is for Olive Oil Gelato.