In a declining real estate market where supply outstrips demand, a person can generally sell a house faster by lowering the price. But there are other ways to enhance a home's attractiveness besides lowering the asking price. If you're looking to sell your home in a cooling real estate market, read on for some tips on how to generate interest and get the best price possible.
Click Here to Read: 6 Tips To Sell Your Home Faster...
Down Payment Proposal Could Make A Mountain Out Of A Mortgage
Most home buyers put down less than 20 percent when they take out a mortgage, a sign of how hard it has become to scrape together enough cash to purchase a home. It’s especially tough in the pricey Washington area, where more than half of borrowers put down less than 10 percent.
Prospective home buyers may soon face a rude awakening.
Seeking to avoid a repeat of the foreclosure crisis, the Obama administration and regulators have proposed rules that are all but certain to boost the interest rates and fees on many low-down-payment loans. Only borrowers putting down 20 percent could get the best deals.
Click Here to Read: Down Payment Proposal Could Make A Mountain Out Of A Mortgage...
Prospective home buyers may soon face a rude awakening.
Seeking to avoid a repeat of the foreclosure crisis, the Obama administration and regulators have proposed rules that are all but certain to boost the interest rates and fees on many low-down-payment loans. Only borrowers putting down 20 percent could get the best deals.
Click Here to Read: Down Payment Proposal Could Make A Mountain Out Of A Mortgage...
Tough Times Call For Small Projects Around Home
When Dee Shidaker decides to fix up her home, she doesn't do it halfway.
That's why Shidaker -- who on a recent afternoon was shopping for screening at a Lowe's home improvement store at 4625 W. Charleston Blvd. -- recently finished a bathroom renovation project that included removing a bathtub, installing a soaking tub and putting in a new sink.
How long did it all take? "I don't know," Shidaker said, estimating "a couple of weeks to gut it and put in new drywall and tile the floor."
Click Here to Read: Tough Times Call For Small Projects Around Home...
That's why Shidaker -- who on a recent afternoon was shopping for screening at a Lowe's home improvement store at 4625 W. Charleston Blvd. -- recently finished a bathroom renovation project that included removing a bathtub, installing a soaking tub and putting in a new sink.
How long did it all take? "I don't know," Shidaker said, estimating "a couple of weeks to gut it and put in new drywall and tile the floor."
Click Here to Read: Tough Times Call For Small Projects Around Home...
60 Minutes Investigates 'Cutting Corners' On Foreclosures
The mortgage crisis is far from over.
60 Minutes takes a new look at the state of the foreclosure crisis, interviewing homeowners, a regulator and so-called robo-signers, who approved thousands of foreclosure documents daily without reading them.
"It was just a matter of cutting corners," Sheila Bair, chair of the Federal Deposit Insurance Corporation, tells CBS' Scott Pelley.
Home prices continue to fall, and record numbers of homeowners continue to lose their homes to foreclosure. Worse, the crucial documentation that should help organize this mess often makes matters more complicated, as homeowners and investors claim that banks botched or forged paperwork, raising concerns that many homeowners have been wrongfully kicked out of their homes.
Click Here to Read: 60 Minutes Investigates 'Cutting Corners' On Foreclosures...
60 Minutes takes a new look at the state of the foreclosure crisis, interviewing homeowners, a regulator and so-called robo-signers, who approved thousands of foreclosure documents daily without reading them.
"It was just a matter of cutting corners," Sheila Bair, chair of the Federal Deposit Insurance Corporation, tells CBS' Scott Pelley.
Home prices continue to fall, and record numbers of homeowners continue to lose their homes to foreclosure. Worse, the crucial documentation that should help organize this mess often makes matters more complicated, as homeowners and investors claim that banks botched or forged paperwork, raising concerns that many homeowners have been wrongfully kicked out of their homes.
Click Here to Read: 60 Minutes Investigates 'Cutting Corners' On Foreclosures...
Which is Better: Renting or Buying a Home?
Before our nation’s housing crisis began in 2007, the rent-vs.-buy question wasn’t really a question at all. Because the answer was: If you can afford it and you’re going to stay put long enough to recoup the transaction costs, you buy. Simple.
That’s because, for the generations leading up to the Great Recession, buying was always superior to renting for two reasons – one societal and one financial.
Click Here to Read: Which is Better: Renting or Buying a Home?...
That’s because, for the generations leading up to the Great Recession, buying was always superior to renting for two reasons – one societal and one financial.
Click Here to Read: Which is Better: Renting or Buying a Home?...
10 Easy Ways To Brighten Home For Spring
Many homeowners equate the arrival of spring with cleaning. But spring is also the perfect time to give your interior decor a face-lift.
Valley interior designers suggest welcoming spring into your home by incorporating simple decorating ideas that mirror nature's seasonal transformation. These 10 ideas will help you get started.
Valley interior designers suggest welcoming spring into your home by incorporating simple decorating ideas that mirror nature's seasonal transformation. These 10 ideas will help you get started.
Multimillion-Dollar Homes on Sale for Half Price
If you’ve dreamed of owning a million-dollar home, the time is now. According to the Zillow Home Value Index (ZHVI), high-end homes in the U.S. are now listed for 27 percent less than their prices at the peak of the market in June 2006. That translates into hundreds of thousands of dollars in savings — and the possibility of buying a million-dollar home for, say, $500,000.
Los Angeles real estate agent Gary Gold of Hilton & Hyland confirms most of the homes in the million-dollar bracket are selling for a third less than the peak market price — and that many of his clients are taking advantage of the discount.
Los Angeles real estate agent Gary Gold of Hilton & Hyland confirms most of the homes in the million-dollar bracket are selling for a third less than the peak market price — and that many of his clients are taking advantage of the discount.
One Way to Sell Your House: Ask the Right Price
In the Tom Petty and the Heartbreakers’ 1991 hit “Learning to Fly,” the long-faced singer bemoans how “what goes up, must come down.”
That’s the feeling as the once red-hot real estate market across the country cooled for the past few years. Patch wondered what the local and national real estate scenes are now, and asked some Glen Ellyn experts in the field about it.
Beth Lindner is a Keller Williams Realty broker representing sellers. She finds that her area is holding its own.
Click Here to Read: One Way to Sell Your House: Ask the Right Price...
That’s the feeling as the once red-hot real estate market across the country cooled for the past few years. Patch wondered what the local and national real estate scenes are now, and asked some Glen Ellyn experts in the field about it.
Beth Lindner is a Keller Williams Realty broker representing sellers. She finds that her area is holding its own.
Click Here to Read: One Way to Sell Your House: Ask the Right Price...
Proposed Settlement Would Force Banks To Allow Short Sales For Delinquent Homeowners
Major banks may be forced to let severely delinquent homeowners sell their houses for less than the loan amounts owed as part of a broad settlement of federal and state investigations into botched foreclosure paperwork, according to government officials involved in the negotiations.
The requirement to allow so-called short sales would be in addition to forcing mortgage servicers to reduce the amount some homeowners owe on their loans, said two officials, who spoke on the condition of anonymity because negotiations are ongoing.
The goal of short sales would be twofold: provide a quicker and more economical way for banks to dispose of distressed real estate and to help stabilize the real estate market by clearing out a backlog of defaulted mortgages that are poised for foreclosure.
Click Here to Read: Proposed Settlement Would Force Banks To Allow Short Sales For Delinquent Homeowners...
The requirement to allow so-called short sales would be in addition to forcing mortgage servicers to reduce the amount some homeowners owe on their loans, said two officials, who spoke on the condition of anonymity because negotiations are ongoing.
The goal of short sales would be twofold: provide a quicker and more economical way for banks to dispose of distressed real estate and to help stabilize the real estate market by clearing out a backlog of defaulted mortgages that are poised for foreclosure.
Click Here to Read: Proposed Settlement Would Force Banks To Allow Short Sales For Delinquent Homeowners...
Utah Law Gives Owners Some Protections In Foreclosure
Gov. Gary Herbert has signed into law the only bill to emerge from the Legislature that attempts to deal with the thousands of home foreclosures expected in Utah this year.
One in every 273 homes in Utah had a foreclosure filing in February, the fourth-highest rate in the nation, according to RealtyTrac, a California company that collects real-estate data. It said 3,488 properties had some kind of foreclosure notice filed last month.
SB261 allows homeowners who were illegally foreclosed on to seek damages. It also requires that homeowners be given written notification that a foreclosure sale is proceeding despite any reduced payment agreement and are liable for damages if they do not.
Click Here to Read: Utah Law Gives Owners Some Protections In Foreclosure...
Don't Over Invest When Remodeling
Everyone wants to improve the look of their home. Whether you're looking to sell or you just want to spruce it up, if you' re thinking about remodeling, According to Angie Hicks with Angie’s List the first thing you should do is access your home and your neighbors.
"When it comes down to it you don't want to over invest. You don't want the most expensive house on the block. So, know what your neighbors have and also know how long you're going to live in the house because that's going to determine whether you get a good return."
If you plan on moving in the next few years keep it simple.
"You want to think about improving cosmetic things that improve curb appeal, fix leaky faucets, and fix the little things because keep in mind when people are thinking about buying a house they are looking for reasons to rule it out. little things might make them start thinking about big things that could be wrong,” says Hicks.
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"When it comes down to it you don't want to over invest. You don't want the most expensive house on the block. So, know what your neighbors have and also know how long you're going to live in the house because that's going to determine whether you get a good return."
If you plan on moving in the next few years keep it simple.
"You want to think about improving cosmetic things that improve curb appeal, fix leaky faucets, and fix the little things because keep in mind when people are thinking about buying a house they are looking for reasons to rule it out. little things might make them start thinking about big things that could be wrong,” says Hicks.
Click Here to Read: Don't Over Invest When Remodeling...
'Worst' Trashed House Attracts Lots of Offers
A once luxury home in Huntington Beach, Calif., is moldy, cement was poured down the drains, and a Jacuzzi tub was left running water for months. But after being listed on the market for less than two weeks for $1,142,000, it has already received five offers. What’s more, two of the offers were “well over” the list price, the real estate agent Tom Moon told The Orange County Register.
Moon says the 3,321-square-foot house was the worst example of “malicious vandalism ” of foreclosed homes he had ever seen. Chemicals and cement had been poured down the drains and a floor in the home actually caved in from the weight of a pile of wet clothes and trash. Appliances, sinks, toilets, cabinets, countertops, and flooring were taken from the home too.
“This home needs drywall completion and installation of all interior decor,” Moon says. Mold remediation and new pipes have been completed since the home went on the market.
“This home needs drywall completion and installation of all interior decor,” Moon says. Mold remediation and new pipes have been completed since the home went on the market.
FHA Announces It Will Continue To Insure Wholesale Houses
Once again the Federal Housing Administration (FHA) has announced that it will be extending its anti-flipping waiver, allowing buyers to continue to use FHA-insured loans to purchase homes that are being resold within 90 days of their purchase[1]. The law was originally enacted in 2003 to “ease fraudulent transactions” in which investors bought houses for low prices and then sold them for higher ones, relying on the fast pace of appreciation and the buying mania at that time to make the house salable at a higher value (FHA believes that these values were inflated) rather than taking time to make improvements to the property. The FHA found that buyers in these transactions were more likely to default on their loans and that incidences of straw buyers and unethical appraisal methods were much higher on flips. As a result, the administration opted to stop insuring home loans on these properties.
Click Here to Read: FHA Announces It Will Continue To Insure Wholesale Houses...
Click Here to Read: FHA Announces It Will Continue To Insure Wholesale Houses...
Why House Prices Will Keep Falling
Tuesday's release of the monthly Case-Shiller U.S. house price index shows a 3.1% year-over-year decline for January. The index of 20 big U.S. cities fell to 140, just a point and change above its spring 2009 low in the wake of the financial meltdown.
The "dismal" showing included 11 cities hitting postbubble lows and "no real hope in sight for the near future," according to S&P's David Blitzer. Robert Shiller, the Yale professor who started the index along with Karl Case of Wellesley, said this month that "there's a substantial risk of home prices falling another 15%, 20% or 25%."
The latest declines have some wags declaring now the time to buy a house. They see a recovering economy boosting incomes, the collapse of the homebuilding industry trimming oversupply and low interest rates making property more affordable than ever.
Click Here to Read: Why House Prices Will Keep Falling...
The "dismal" showing included 11 cities hitting postbubble lows and "no real hope in sight for the near future," according to S&P's David Blitzer. Robert Shiller, the Yale professor who started the index along with Karl Case of Wellesley, said this month that "there's a substantial risk of home prices falling another 15%, 20% or 25%."
The latest declines have some wags declaring now the time to buy a house. They see a recovering economy boosting incomes, the collapse of the homebuilding industry trimming oversupply and low interest rates making property more affordable than ever.
Click Here to Read: Why House Prices Will Keep Falling...
Free Home? Iowa Couple Investigated
Authorities are investigating an Ankeny, Iowa, couple who--after only making one mortgage payment--were able to save their home from foreclosure and have their mortgage voided by using a loophole in a 100-year-old state law.
The couple was able to get their mortgage voided by using a law requiring both spouses’ signature on the mortgage documents. During court foreclosure proceedings on their home, Matt and Jamie Danielson blamed a hasty home loan approval by their lender and the fact that Jamie Danielson never signed the mortgage in 2007 as reasons to keep their house and void the mortgage. They won in court.
Click Here to Read: Free Home? Iowa Couple Investigated...
The couple was able to get their mortgage voided by using a law requiring both spouses’ signature on the mortgage documents. During court foreclosure proceedings on their home, Matt and Jamie Danielson blamed a hasty home loan approval by their lender and the fact that Jamie Danielson never signed the mortgage in 2007 as reasons to keep their house and void the mortgage. They won in court.
Click Here to Read: Free Home? Iowa Couple Investigated...
Top 6 Cities Where Buying Is Better Than Renting
Cities that had been hard-hit by the housing market crash now offer some of the best buys in real estate and where it makes much more sense to buy than rent, according to a new report from Deutsche Bank. The bank’s study measures affordability by the share of income that Americans are paying to own a home as well as the cost of owning vs. renting.
Here are six of the cities that topped Deutsche Bank’s list.
Click Here to Read: Top 6 Cities Where Buying Is Better Than Renting...
Here are six of the cities that topped Deutsche Bank’s list.
Click Here to Read: Top 6 Cities Where Buying Is Better Than Renting...
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