Gina Maloney

Gina Maloney Maloney Group, Inc Portland, OR Great article Bernice! This question is common - even if you are a buyer's agent. I just 'fired' a buyer because he had contacted the listing agent directly on a property I showed him. He thought he could get that 3% discount if he went behind my back. Of course, silly me - I did not have a signed agreement to represent him.

Gina Maloney Maloney Real Estate Services, Inc Portland, OR My husband and I recently developed a 10-unit townhouse-style condo building. It is in an upscale neighborhood, well designed/located, and sold 2 units. Fortunately our investor/partners each bought 2 of the remaining 8. We are in the second year of renting them at a substantial negative. All of us continue to try to sell. They are $350K-$390K. I have been reaching for some way to influence congress about the FHA/GMA guidelines that prevent lending on these smaller condo projects. They are a different product than the highrise's in FL. Of course there are viable high rise/larger projects that could benefit with a change as well. The across-the-board exclusion of condo financing due to percentages of rentals/owner occupied; HOA dues; etc seriously supresses the housing market and the economic recovery. FHA says it's "risk management" (avoidance.) I say they are shooting themselves in the foot. This rule prevents literally millions of qualified buyers who could live close to where they work, the opportunity to purchase affordable homes in the inner city. Most of the condos on the market today - located in areas with no need for the car to get to work - are within the 'affordable housing' goals for which our government strives. If we could sell and finance these properties - 1. A lot of condos, otherwise going to foreclosure, would be sold to a qualified buyer (not investor.); 2. We could keep the vitality of people living in the inner cities of our country; 3. The businesses, mass transportation and other services vital to our local economies throughout the country could better sustain through this economic crisis - I can think of additional compelling reasons - but enough here. It appears the NAR is finally jumping on the banwagon about the recently created appraisal boondoggle - It is time a strong, comprehensive, justifiable and workable policy be loudly voiced to the press and to everyone of our federal officials not only about the stupidity of the new appraisal guidelines, but about the FHA/GMA condo lending guidelines. The banks need to be kicked in the butt as well. I am desperately seeking feedback from you - any and everyone - about how to mobilize and influence congress to make this happen. Gina Maloney, GRI, Principal Broker Maloney Real Estate Services, Inc. Portland, OR gina@maloneygroup.net

Kris, Your article is aptly illustrates another in a line of over 're'actions by institutions trying to fix the problem. These events have created institutional anarchy. What can we do to right the ship? There needs to be a sound, credible voice who can dialogue and be heard in the conversation of change. Who is that person/entity? And, how do we make it happen? Gina Maloney Maloney Real Estate Services, Inc Portland, OR