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.
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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.
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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.
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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...
Celebrity Real Estate: Divorced Stars' Homes For Sale (PHOTOS)
Much has been is written about what happens to the kids, the love life, and even the pets after divorce, but what about the house?
If you're a celebrity, chances are you'll ditch it to move on to new--and sometimes better--digs. Here, 5 exes who put their marital homes on the market. Check 'em out and tell us: are you interested in purchasing a piece of celebrity-divorce history?
Click Here to Read: Celebrity Real Estate: Divorced Stars' Homes For Sale (PHOTOS)...
If you're a celebrity, chances are you'll ditch it to move on to new--and sometimes better--digs. Here, 5 exes who put their marital homes on the market. Check 'em out and tell us: are you interested in purchasing a piece of celebrity-divorce history?
Click Here to Read: Celebrity Real Estate: Divorced Stars' Homes For Sale (PHOTOS)...
Pending Sales of U.S. Existing Homes Unexpectedly Climbed 2.1% in February
A gain in the number of Americans signing contracts to buy previously owned homes in February failed to make up for the ground lost a month earlier, a sign the U.S. housing market has yet to join the economic recovery.
The index of pending home resales increased 2.1 percent after a 2.8 percent drop the prior month, figures from the National Association of Realtors showed today in Washington. The median estimate in a Bloomberg News survey of economists called for little change.
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The index of pending home resales increased 2.1 percent after a 2.8 percent drop the prior month, figures from the National Association of Realtors showed today in Washington. The median estimate in a Bloomberg News survey of economists called for little change.
Click Here to Read: Pending Sales of U.S. Existing Homes Unexpectedly Climbed 2.1% in February...
Banks Push to Weaken Dodd-Frank Risk Rules
Bank regulators are set to hold an open meeting on Tuesday to discuss a controversial risk-retention rule for mortgages—and its even more controversial carve-out.
Under the Dodd-Frank financial reforms, banks are required to retain at least five percent of the risk on mortgages they securitize.
The idea was that banks would be more careful about making loans and structuring mortgage-backed securities if they were required to keep a part of the credit risk. From the start, that has had banks griping that this will choke off the mortgage market and raise borrowing costs of home-buyers.
Click Here to Read: Banks Push to Weaken Dodd-Frank Risk Rules...
Casual Chitchat Can Cost Money On Real Estate Deals
The agent in Cory Brewer's Mercer Island, Wash., RE/MAX office received an offer that was far below his client's asking price. But before the contract could be presented to the seller, the would-be buyers posted on their Facebook page how badly they wanted the house and how much they really were willing to pay.
Oops! Bad move. The seller saw the posting and countered at the higher price. The buyers accepted because they loved the place that much, and the deal closed a few weeks later.
The moral to this little tale: When it comes to something you would rather the other side not know, treat them like the enemy and keep your yap shut. Or, as Brewer advises, "Don't talk publicly about what's in your real estate contract, at least not until afterward. You never know when something you say might come back to bite you."
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Oops! Bad move. The seller saw the posting and countered at the higher price. The buyers accepted because they loved the place that much, and the deal closed a few weeks later.
The moral to this little tale: When it comes to something you would rather the other side not know, treat them like the enemy and keep your yap shut. Or, as Brewer advises, "Don't talk publicly about what's in your real estate contract, at least not until afterward. You never know when something you say might come back to bite you."
Click Here to Read: Casual Chitchat Can Cost Money On Real Estate Deals...
Are Short Sales A Good Bargain?
In this economy, where many homeowners are desperate to sell their homes, short sales can be a great bargain for the well-informed homebuyer.
"A short sale," according to Greater Minneapolis/St. Paul realtor and real estate blogger Tom Sommers,"is when the seller is saying to the bank, "we can't afford to stay here due to financial hardship. Can you let us sell it for less than we owe?" That's what creates the short."
The bank often agrees to the short sale because it guarantees, even at a loss, a larger percentage of money back. Also, the bank doesn't have to go through the expense of the foreclosure process and doesn't have to kick anyone out of their home.
Click Here to Read: Are Short Sales A Good Bargain?...
"A short sale," according to Greater Minneapolis/St. Paul realtor and real estate blogger Tom Sommers,"is when the seller is saying to the bank, "we can't afford to stay here due to financial hardship. Can you let us sell it for less than we owe?" That's what creates the short."
The bank often agrees to the short sale because it guarantees, even at a loss, a larger percentage of money back. Also, the bank doesn't have to go through the expense of the foreclosure process and doesn't have to kick anyone out of their home.
Click Here to Read: Are Short Sales A Good Bargain?...
For Real Estate, A Giant Spring Clearance Sale
In suburban Chicago, it's paradise to be a homebuyer.
At the Millbrook Pointe development in quaint and pristine Wheeling, a $269,000, brick-and-stone townhouse comes with $25,000 in free upgrades, including wood-burning fireplaces, all-stainless steel kitchens and marbled bathrooms tricked out with double-bowl vanities and whirlpool soaker tubs.
Down the highway at the Patriot Place golf course villas in Bolingbrook, buyers are lavished with lawns sodded to perfection, absurdly low seller financing and a year of free insurance that will pay the mortgage if you lose your job.
At the Sunset Ridge estates, the amenity bonanza gets even more surreal: Buy a customizable colonial for as little as $170,000 and get a brand new, $17,000 Chevy Cruze. The 2011 model. For free.
Click Here to Read: For Real Estate, A Giant Spring Clearance Sale...
At the Millbrook Pointe development in quaint and pristine Wheeling, a $269,000, brick-and-stone townhouse comes with $25,000 in free upgrades, including wood-burning fireplaces, all-stainless steel kitchens and marbled bathrooms tricked out with double-bowl vanities and whirlpool soaker tubs.
Down the highway at the Patriot Place golf course villas in Bolingbrook, buyers are lavished with lawns sodded to perfection, absurdly low seller financing and a year of free insurance that will pay the mortgage if you lose your job.
At the Sunset Ridge estates, the amenity bonanza gets even more surreal: Buy a customizable colonial for as little as $170,000 and get a brand new, $17,000 Chevy Cruze. The 2011 model. For free.
Click Here to Read: For Real Estate, A Giant Spring Clearance Sale...
Design Your Door for Curb Appeal in 2011
Thanks to the growing trend of people residing in their current homes longer than in previous years, homeowners nationwide are currently embracing ways to enhance the curb appeal of their houses. And, with a new 2011 federal energy tax credit of up to $500, there’s even more incentive for homeowners to upgrade their entryways.
“Changes to the exterior keep a home ‘fresh-looking’ and create a rewarding home ownership experience,” says Tom Kraeutler, host of the national home improvement radio show The Money Pit. “Replacing a home’s entryway with a fiberglass door can significantly increase the curb appeal of a house while providing homeowners with enhanced energy efficiency benefits.”
“Changes to the exterior keep a home ‘fresh-looking’ and create a rewarding home ownership experience,” says Tom Kraeutler, host of the national home improvement radio show The Money Pit. “Replacing a home’s entryway with a fiberglass door can significantly increase the curb appeal of a house while providing homeowners with enhanced energy efficiency benefits.”
What Buyers and Sellers Need to Know About Termite Inspections
So you’ve just spent the past few months fixing up all of your home’s little eyesores, cleaning every window in the house, and planting plenty of flowers out front to boost the property’s curb appeal. The house looks great! You proceed to put it on the market.
Then it happens. A buyer walks-in, loves the place –and all of the hard work you recently put into it–and makes an offer. You accept the offer and go into escrow. Then the termite inspection comes in: You have a major infestation.
Click Here to Read: What Buyers and Sellers Need to Know About Termite Inspections...
Then it happens. A buyer walks-in, loves the place –and all of the hard work you recently put into it–and makes an offer. You accept the offer and go into escrow. Then the termite inspection comes in: You have a major infestation.
Click Here to Read: What Buyers and Sellers Need to Know About Termite Inspections...
Republicans Seek to Sell Off Disposable Federal Real Estate to Help Pay Debt
Three Republican lawmakers are seeking to force Uncle Sam to sell about 3.3 million acres of land he no longer needs to help pay down the national debt.
Sens. John McCain of Arizona, Mike Lee of Utah and Rep. Jason Chaffetz of Utah introduced legislation this week in their respective chambers that would order Interior Secretary Ken Salazar to dispose of the federal property that the Clinton administration identified in a 1997 report as suitable for sale.
Click Here to Read: Republicans Seek to Sell Off Disposable Federal Real Estate to Help Pay Debt...
Sens. John McCain of Arizona, Mike Lee of Utah and Rep. Jason Chaffetz of Utah introduced legislation this week in their respective chambers that would order Interior Secretary Ken Salazar to dispose of the federal property that the Clinton administration identified in a 1997 report as suitable for sale.
Click Here to Read: Republicans Seek to Sell Off Disposable Federal Real Estate to Help Pay Debt...
With Short-Sale Offer Refused, Foreclosure May End Up The Best Option
The only way to save the most money (and know for sure you’re getting a good deal) is for at least two of these to be true. The best scenario is when you’re lowering the interest rate, lowering the monthly payment and shortening the term of the loan.
While renewing for a 30-year term might make sense for some people, you’re not maximizing the amount of money you can save.
If you have already paid down eight years of the loan, you’ll actually lose money in almost every scenario if you stretch the loan term back to 30 years. For example, if you have 22 years left on your loan, shortening the loan term to 20 or 15 years (preferably 15) means you save years of payments on the mortgage. That translates into thousands of dollars.
Click Here to Read: With Short-Sale Offer Refused, Foreclosure May End Up The Best Option...
If you have already paid down eight years of the loan, you’ll actually lose money in almost every scenario if you stretch the loan term back to 30 years. For example, if you have 22 years left on your loan, shortening the loan term to 20 or 15 years (preferably 15) means you save years of payments on the mortgage. That translates into thousands of dollars.
Click Here to Read: With Short-Sale Offer Refused, Foreclosure May End Up The Best Option...
Why Short Sales Take So Long
Most folks these days know what a short sale is, but here’s a quick review: A short sale is when a home is bought for less than what the seller owes the bank.
The lender being “shorted," or getting paid less than they are owed, has to agree with the terms of the new buyer and the purchase price being offered.
Click Here to Read: Why Short Sales Take So Long...
The lender being “shorted," or getting paid less than they are owed, has to agree with the terms of the new buyer and the purchase price being offered.
Click Here to Read: Why Short Sales Take So Long...
A Tidal Wave Of FHA Foreclosures Are About To Hit The Market
Last month I reviewed an interesting article on The Wall Street Journal website. The article stated that mortgage default rates were dipping for nearly all loan types with the one exception being FHA types of financing. Those default rates had actually amplified over the past year. Why you may ask? Well, when the market crashed the government enacted tax incentives for first time home buyers and plenty of potential new buyers inundated the market. Most of those consumers were cash strapped therefore most were encouraged to use Federal Housing Administration financing for the low down payment opportunities. And, in plenty of states, if a buyer used this financing there were incentives for $100 down payments. Many states still make available this program while others have abandoned it. My mind began to rattle when I began to think about what actually has transpired over the past several years.
Click Here to Read: A Tidal Wave Of FHA Foreclosures Are About To Hit The Market...
Click Here to Read: A Tidal Wave Of FHA Foreclosures Are About To Hit The Market...
Boost Your Curb Appeal During Difficult Months
Now that virtually all the winter’s snow has melted and it’s easier to navigate the streets, let’s consider something calculated to get people slamming on the brakes:
Curb appeal, that special something that makes prospective buyers stop for a better look at a house for sale.
In normal market times, the National Association of Realtors says, 49 percent of buying decisions are based on curb appeal.
Click Here to Read: Boost Your Curb Appeal During Difficult Months...
Curb appeal, that special something that makes prospective buyers stop for a better look at a house for sale.
In normal market times, the National Association of Realtors says, 49 percent of buying decisions are based on curb appeal.
Click Here to Read: Boost Your Curb Appeal During Difficult Months...
Young Home Buyers Will Lead Housing Market Recovery, Says NAHB
Generation X—young families and adults ages 31 to 45—are likely to lead the home-buying recovery as it gets underway, according to real estate experts who spoke at an educational webinar produced by the National Association of Home Builders (NAHB) in partnership with Builder magazine.
These potential home buyers are most likely to think it’s a good time to get off the fence—and have strong opinions about the design features their new homes will include.
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These potential home buyers are most likely to think it’s a good time to get off the fence—and have strong opinions about the design features their new homes will include.
Click Here to Read: Young Home Buyers Will Lead Housing Market Recovery, Says NAHB...
Erin Nordegren – Tiger Woods ex Snaps up Luxury Beach Front Home
Eighteen months after the divorce that rocked America , the ex wife of legendary golfer Tiger Woods, Elin Nordegren has splashed out on a 1932 built two storey luxury mansion in an exclusive North Palm Beach area known as Seminole Landing. The stunning beach front property is situated just 11 miles from her ex husband Wood’s residence.
Click Here to Read: Erin Nordegren – Tiger Woods ex Snaps up Luxury Beach Front Home...
Click Here to Read: Erin Nordegren – Tiger Woods ex Snaps up Luxury Beach Front Home...
Buying a First Home
Last fall, Gretchen Steinmiller Torres and her husband, Dustin, bought their first place, a $204,000, four-bedroom, 2½-bath house in the suburbs of Columbus, Ohio -- even though they didn't have immediate plans to use much of the space.
"We have a baby room in our house with no baby," says Ms. Torres, 29 years old, adding that the newly constructed home is in a good school district. Now they just have to grow into it.
Click Here to Read: Buying a First Home...
"We have a baby room in our house with no baby," says Ms. Torres, 29 years old, adding that the newly constructed home is in a good school district. Now they just have to grow into it.
Click Here to Read: Buying a First Home...
Decorating Green: Bamboo Fabrics Available For Your Home!
As individuals (and consumers), we can make the choice to have a greener home. We can choose Energy Star appliances. We can put in skylights to reduce our energy use in the home. We can stock our linen closets with organic towels and organic sheets. We can fill our closet with bamboo clothing. And now, thanks to the Brentano Company, there are even more eco-friendly fabrics available for a wide range of interior applications such as drapery, panel and upholstery fabric.
Founded in 1990 by Iris Wang and E-Kwan Chen, Brentano is committed to providing beauty + performance. With their growing collection of eco-fabrics, they are also committed to making textiles meet rigorous standards of environmental consciousness while maintaining their beauty.
Click Here to Read: Decorating Green: Bamboo Fabrics Available For Your Home!...
Founded in 1990 by Iris Wang and E-Kwan Chen, Brentano is committed to providing beauty + performance. With their growing collection of eco-fabrics, they are also committed to making textiles meet rigorous standards of environmental consciousness while maintaining their beauty.
Click Here to Read: Decorating Green: Bamboo Fabrics Available For Your Home!...
How to Jump Through Condo-Lending Hoops
Borrowers run into two problems when getting a mortgage on a condominium: strict standards that make it hard to qualify for a condo loan, and high costs.
These issues beset condo buyers who want to get mortgages as well as people who already own condos and want to refinance.
"Condos are like the canary in the coal mine, a leading indicator of the health of the real estate market," says John McClellan, a branch manager with Supreme Lending in Austin, Texas. "Recently, lenders' biggest losses came from condos, so they are viewed as risky." Some lenders reject condo loans altogether.
These issues beset condo buyers who want to get mortgages as well as people who already own condos and want to refinance.
"Condos are like the canary in the coal mine, a leading indicator of the health of the real estate market," says John McClellan, a branch manager with Supreme Lending in Austin, Texas. "Recently, lenders' biggest losses came from condos, so they are viewed as risky." Some lenders reject condo loans altogether.
FTC Cracks Down On Foreclosure Fraud Operation
As many homeowners continue to have trouble meeting their mortgage payments, foreclosure scams have proliferated.
Saying it is cracking down on foreclosure scams, the Federal Trade Commission (FTC) broke up a national operation based in Florida that it says targeted financially distressed consumers using direct mail, the Internet, and telemarketing. These borrowers were falsely promised loan modifications.
Giving an idea of how pervasive these foreclosure scams are, the state of Florida foreclosure prevention website, the Hardest Hit Fund, begins by warning about copycat websites. Website visitors, the Hardest Hit Fund website warns, should verify that the website is the official site before providing personal information. Application for and participation in the program is free.
Click Here to Read: FTC Cracks Down On Foreclosure Fraud Operation...
Saying it is cracking down on foreclosure scams, the Federal Trade Commission (FTC) broke up a national operation based in Florida that it says targeted financially distressed consumers using direct mail, the Internet, and telemarketing. These borrowers were falsely promised loan modifications.
Giving an idea of how pervasive these foreclosure scams are, the state of Florida foreclosure prevention website, the Hardest Hit Fund, begins by warning about copycat websites. Website visitors, the Hardest Hit Fund website warns, should verify that the website is the official site before providing personal information. Application for and participation in the program is free.
Click Here to Read: FTC Cracks Down On Foreclosure Fraud Operation...
Five Mortgage And Foreclosure Myths
In a mortgage market that changes as quickly as this one, today’s fact is tomorrow’s fiction. For buyers, misinformation can be the difference between qualifying for a home loan or not.
Sellers and owners, knowledge is foreclosure-preventing, smart decision-making power! Without further ado, let’s correct some common mortgage misconceptions.
Click Here to Read: Five Mortgage And Foreclosure Myths...
Sellers and owners, knowledge is foreclosure-preventing, smart decision-making power! Without further ado, let’s correct some common mortgage misconceptions.
Click Here to Read: Five Mortgage And Foreclosure Myths...
Major Changes Ahead For Mortgage System
Fundamental changes are probably ahead for the American mortgage system as the federal government pushes to unwind its unprecedented involvement in the housing market.
These changes could significantly raise the down payments demanded by lenders, curtail the availability of long-term mortgages with fixed interest rates, and increase the cost of borrowing in general.
The government's effort to scale back its role in housing could show up in small ways soon. In April, the Federal Housing Administration plans to raise the annual premium it charges borrowers by a quarter of a percentage point. In October, the maximum size of loans that the federal government backs is scheduled to drop to $625,500 from $729,750. The most dramatic proposal - eliminating mortgage financiers Fannie Mae and Freddie Mac - could take five to seven years.
Click Here to Read: Major Changes Ahead For Mortgage System...
These changes could significantly raise the down payments demanded by lenders, curtail the availability of long-term mortgages with fixed interest rates, and increase the cost of borrowing in general.
The government's effort to scale back its role in housing could show up in small ways soon. In April, the Federal Housing Administration plans to raise the annual premium it charges borrowers by a quarter of a percentage point. In October, the maximum size of loans that the federal government backs is scheduled to drop to $625,500 from $729,750. The most dramatic proposal - eliminating mortgage financiers Fannie Mae and Freddie Mac - could take five to seven years.
Click Here to Read: Major Changes Ahead For Mortgage System...
Thursday, March 17, 2011
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House Votes To Kill FHA Short Refis
In a largely symbolic move given the Obama administration's veto warnings, the House of Representatives has voted to kill the Federal Housing Administration's short refinancing program.
HR 830, The FHA Refinance Program Termination Act, was approved by the House in a 256-171 vote, with 18 Democrats joining 238 Republicans in favor of ending the program.
Critics say the program -- which allows underwater borrowers who are current on their loans to refinance into an FHA-insured mortgage if their lender agrees to write off at least 10 percent of their principal -- has gotten off to a slow start. Taxpayers may be on the hook for up to $8 billion to reimburse lenders for a share of their potential losses on the loans, critics say.
Click Here to Read: House Votes To Kill FHA Short Refis...
HR 830, The FHA Refinance Program Termination Act, was approved by the House in a 256-171 vote, with 18 Democrats joining 238 Republicans in favor of ending the program.
Critics say the program -- which allows underwater borrowers who are current on their loans to refinance into an FHA-insured mortgage if their lender agrees to write off at least 10 percent of their principal -- has gotten off to a slow start. Taxpayers may be on the hook for up to $8 billion to reimburse lenders for a share of their potential losses on the loans, critics say.
Click Here to Read: House Votes To Kill FHA Short Refis...
Foreclosed Homeowners Get Unexpected Windfalls
Dozens of former homeowners who lost their houses to foreclosure have been calling public trustee offices across Colorado to see whether they have any money coming to them.
"We had no idea until we saw it in the newspaper," said Anthony Michaels of Denver, whose mother, 92-year-old Fayetta Curry, and his younger sister, Sharon Parker, were among a list of individuals due funds from a foreclosure auction.
The Denver Post on Tuesday highlighted how county public trustees and treasurers have hundreds of thousands of dollars in unclaimed funds that belong to homeowners whose houses were sold at auction.
Michaels' family members were among those eligible to collect more than $635,000 in unclaimed money but never knew it.
"We had no idea until we saw it in the newspaper," said Anthony Michaels of Denver, whose mother, 92-year-old Fayetta Curry, and his younger sister, Sharon Parker, were among a list of individuals due funds from a foreclosure auction.
The Denver Post on Tuesday highlighted how county public trustees and treasurers have hundreds of thousands of dollars in unclaimed funds that belong to homeowners whose houses were sold at auction.
Michaels' family members were among those eligible to collect more than $635,000 in unclaimed money but never knew it.
U.S. Inquiry on Military Family Foreclosures
The Justice Department is investigating allegations that a mortgage subsidiary of Morgan Stanley foreclosed on almost two dozen military families from 2006 to 2008 in violation of a longstanding law aimed at preventing such action.
A department spokeswoman confirmed on Friday that the Morgan Stanley unit, Saxon Mortgage Services, is one of several mortgage and lending companies being investigated by its civil rights division. The inquiry is focused on possible violations of a federal law that bars lenders from foreclosing on active-duty service members without a court hearing.
Click Here to Read: U.S. Inquiry on Military Family Foreclosures...
A department spokeswoman confirmed on Friday that the Morgan Stanley unit, Saxon Mortgage Services, is one of several mortgage and lending companies being investigated by its civil rights division. The inquiry is focused on possible violations of a federal law that bars lenders from foreclosing on active-duty service members without a court hearing.
Click Here to Read: U.S. Inquiry on Military Family Foreclosures...
Realtors Seek Reforms On ‘Short Sales'
With fewer than three of every five short sales successfully closing in California, desert Realtors have joined their peers statewide to ask regulators, elected officials, business organizations, lenders and others to initiate reforms.
Homeowners with proven hardships can negotiate “short sales,” essentially agreements that enable them to sell their homes for less than the balances owed in order to avoid foreclosure.
Those who own homes and are “upside down” in their mortgages, as well as mortgage lenders, may want to take advantage of the federal Home Affordable Foreclosure Alternative program, or HAFA, California Desert Association of Realtors officials said.
Click Here to Read: Realtors Seek Reforms On ‘Short Sales'...
Homeowners with proven hardships can negotiate “short sales,” essentially agreements that enable them to sell their homes for less than the balances owed in order to avoid foreclosure.
Those who own homes and are “upside down” in their mortgages, as well as mortgage lenders, may want to take advantage of the federal Home Affordable Foreclosure Alternative program, or HAFA, California Desert Association of Realtors officials said.
Click Here to Read: Realtors Seek Reforms On ‘Short Sales'...
Doors A Missed Design Opportunity To Spruce Up Home
It’s a design opportunity that’s easily missed: Even the most stylishly decorated rooms often have bland wooden doors with cheap hardware.
High-end designers have always made doors a priority, says Brian Patrick Flynn, an interior designer and founder of decordemon.com. “If you look at any Fifth Avenue apartment” in New York City, he says, “you’ll probably fall in love with their doors because they blend architecture with decorating and make it really special.”
But many of us ignore the doors in our homes, not realizing what a difference they can make to the look of a room.
Click Here to Read: Doors A Missed Design Opportunity To Spruce Up Home...
Banks’ Loan Quagmire Snares 3 In Utah Family
If the Olsens of Utah County are any indication, the dysfunction among the nation’s banks who service mortgages runs long and deep.
Three members of the same family have experienced mounting frustrations, dislocations and months of stress in trying to renegotiate loans on their homes after they had financial setbacks. Each had bought or constructed homes near the height of the housing market only to see their finances and homeownership threatened for a variety of reasons in the economic meltdown.
Each at some point made decisions about their loans and their dealings with the banks out of frustration or naivete about negotiating with large and, based on their experiences, what appears to be poorly administered processes at the institutions.
Click Here to Read: Banks’ Loan Quagmire Snares 3 In Utah Family...
Tips On Redesigning Your Home, Your Way
Ask around and you might hear a few horror stories about custom building a home.
Yet when builders do a good job structurally, the difference between the dream experiences and the nightmares often starts with the decision-making process.
Clients face a bounty of options regarding styles, finishes, materials and colors. Unless they're accustomed to their own success as designer, or have chosen to work with a professional, the intrepid may find themselves drowning in indecision.
Success begins with "being honest with yourself" and your builder about "purpose, personal style and budget," said builder/remodeler Erin Widener Speckhart, president of Virginia Beach-based Widener Corp.
Click Here to Read: Tips On Redesigning Your Home, Your Way...
Yet when builders do a good job structurally, the difference between the dream experiences and the nightmares often starts with the decision-making process.
Clients face a bounty of options regarding styles, finishes, materials and colors. Unless they're accustomed to their own success as designer, or have chosen to work with a professional, the intrepid may find themselves drowning in indecision.
Success begins with "being honest with yourself" and your builder about "purpose, personal style and budget," said builder/remodeler Erin Widener Speckhart, president of Virginia Beach-based Widener Corp.
Click Here to Read: Tips On Redesigning Your Home, Your Way...
Professor Shares Tips On Buying A Home
Buying a house is not just about getting the most for the money, contrary to popular opinion.
Bryan Sudweeks, an associate professor at the Marriott School of Management, taught the class “Buying a Home” as part of the Show Me the Money financial planning seminar at the Gordon B. Hinckley Alumni and Visitors Center on Saturday.
“The single biggest mistake young couples make out of school is buying too big a home,” he said.
Click Here: Professor Shares Tips On Buying A Home...
Bryan Sudweeks, an associate professor at the Marriott School of Management, taught the class “Buying a Home” as part of the Show Me the Money financial planning seminar at the Gordon B. Hinckley Alumni and Visitors Center on Saturday.
“The single biggest mistake young couples make out of school is buying too big a home,” he said.
Click Here: Professor Shares Tips On Buying A Home...
Report: Gender Matters When Buying A Home
Are homebuyers looking for brand-new buys? Or, are fixer-uppers the way to go? According to the 2011 TD Canada Trust Home Buyers Report that decision may depend on your gender.
Mobile Mortgage Specialist Barry Rathburn says some people just don't want to take a chance. "I found women tend to be more conservative than men... less willing to take a risk. Most men are renovators at heart; they can see where they can change things to make a lifestyle situation out of the house."
Click Here: Report: Gender Matters When Buying A Home...
Mobile Mortgage Specialist Barry Rathburn says some people just don't want to take a chance. "I found women tend to be more conservative than men... less willing to take a risk. Most men are renovators at heart; they can see where they can change things to make a lifestyle situation out of the house."
Click Here: Report: Gender Matters When Buying A Home...
Real Estate Porn: Take A Look At Kate Moss’ Leopard Living Room
First it was burgled, then it was flooded, then it was exorcised — and now it’s for sale. Kate Moss‘ five-bedroom London abode is on the market for 7 million pounds (about $11 million US), though the paid the equivalent of $12 million for it back in 2007. So, what does 11 million big ones get you?
Click Here to Read: Real Estate Porn: Take A Look At Kate Moss’ Leopard Living Room...
Click Here to Read: Real Estate Porn: Take A Look At Kate Moss’ Leopard Living Room...
Homeowners in Danger of Foreclosure Are Most Vulnerable to Con Artists and Financial Scams
As foreclosures continue to rise across the nation, homeowners in financial distress need to be vigilant in protecting themselves against con artists and scams, according to Oyezz Real Estate, a leading local firm specializing in “short sales” as alternatives to foreclosure.
“When someone is under financial stress, they are much more vulnerable to becoming a victim of fraud,” says John Anderson, president of Oyezz. “Homeowners have to look past the smooth talk and appealing promises and thoroughly research the people and companies they choose to help them address their problems.”
The number one rule, Anderson says, is that homeowners should never pay anyone or any company an up-front fee to conduct a loan modification, arrange a short sale, or stop a foreclosure.
Click Here to Read: Homeowners in Danger of Foreclosure Are Most Vulnerable to Con Artists and Financial Scams...
“When someone is under financial stress, they are much more vulnerable to becoming a victim of fraud,” says John Anderson, president of Oyezz. “Homeowners have to look past the smooth talk and appealing promises and thoroughly research the people and companies they choose to help them address their problems.”
The number one rule, Anderson says, is that homeowners should never pay anyone or any company an up-front fee to conduct a loan modification, arrange a short sale, or stop a foreclosure.
Click Here to Read: Homeowners in Danger of Foreclosure Are Most Vulnerable to Con Artists and Financial Scams...
Some Tips On Buying A New-Construction Home
Homebuilders are eager to rack up sales this spring, and many are offering incentives and even some price reductions on homes.
So how best to find a good deal on a new home?
While homeowners looking to sell their property might balk at an offer that is too low and pull their home off the market, homebuilders have money invested in land and construction costs and can't afford to just sit on the homes they build.
With a little research, anyone considering purchasing a new construction home can improve their chances of negotiating a better deal, says Michael Corbett, real estate expert and author of "Before You Buy! The Homebuyer's Handbook for Today's Market."
Click Here: Some Tips On Buying A New-Construction Home...
Utah Man Taking On Bank Of America In Loan Modification Dispute
Many Americans have applied for the federal government's loan modification program, meant to keep them in their homes. Instead, less than a quarter of those who signed up have gotten any help.
The banks are being sued by several states and consumer class action lawsuits for their failure to follow through. But a Pleasant View man is standing up to Bank of America on his own.
Click Here to Read: Utah Man Taking On Bank Of America In Loan Modification Dispute...
The banks are being sued by several states and consumer class action lawsuits for their failure to follow through. But a Pleasant View man is standing up to Bank of America on his own.
Click Here to Read: Utah Man Taking On Bank Of America In Loan Modification Dispute...
How to Get Homes Sold in this Buyer’s Market
You know it’s a buyer’s market. But you really need to sell your home now. Here are six tips to get homes sold even in today’s real estate market:
Click Here to Read: How to Get Homes Sold in this Buyer’s Market...
Click Here to Read: How to Get Homes Sold in this Buyer’s Market...
Florida Marlins’ Wes Helms Brings His Work Home
Neighbors in the small Alabama town of Sterrett always knew where to find Wes Helms on his 53-acre farm over the winter. The man called “Uncle” on the Marlins often was ensconced in his custom-made, 3,000-square foot batting cage, working on a swing that deserted him last season.
Helms had gone from coauthoring a major-league pinch-hitting record with Ross Gload in 2009 to anchoring the worst pinch-hitting club in the National League in ’10. His pinch-hitting average plummeted from .347 to .114 in one year, and his pride plunged with it.
Click Here to Read: Florida Marlins’ Wes Helms Brings His Work Home...
Helms had gone from coauthoring a major-league pinch-hitting record with Ross Gload in 2009 to anchoring the worst pinch-hitting club in the National League in ’10. His pinch-hitting average plummeted from .347 to .114 in one year, and his pride plunged with it.
Click Here to Read: Florida Marlins’ Wes Helms Brings His Work Home...
Luxury 2BR Apt., $700 a Month: A Craigslist Scam!
The ad on Craigslist last week sounded too good to be true. A two-bedroom apartment was available in Hoboken for a mere $700 a month, much lower than the usual starting price of around $1,500. This particular unit boasted marble floors, a laundry room, and a sixth-floor window overlooking Washington Street.
But across the country, ads like this one that sound too good to be true usually are. Details in the ads in Hudson County do make them seem legitimate – including the number of blocks the unit is from the local PATH station, and photos of the interior. One recent ad even provided an address on Second Street in Hoboken.
But across the country, ads like this one that sound too good to be true usually are. Details in the ads in Hudson County do make them seem legitimate – including the number of blocks the unit is from the local PATH station, and photos of the interior. One recent ad even provided an address on Second Street in Hoboken.
Foreclosures Drive Home Sales In Utah
Nearly one-fifth of all home sales in Utah last year were foreclosures, a new report shows.
The state’s share of distressed property sales, 19.7 percent, is lower than many other states, including neighboring Nevada (57.4 percent), Arizona (49.2 percent), Colorado (24.7 percent) and Idaho (28.4 percent).
Nationally, foreclosed homes accounted for nearly 26 percent of all U.S. residential sales, according to a report by RealtyTrac, which tracks foreclosures nationally.
In a normal market, foreclosures typically account for 1 percent to 5 percent of the home-sale market, said Daren Blomquist, managing editor of the RealtyTrac. Even though foreclosures are a smaller share of overall home sales in the state, “19 percent is still abnormally high,” he added.
Click Here to Read: Foreclosures Drive Home Sales In Utah...
Southern Utah Housing Market Sees Bright Spot
Sales of new homes tumbled 11.2 percent between December and January as home builders struggle to compete in markets saturated with foreclosed homes.
Economists call it a worrisome sign, because it follows the worst year for new home sales in nearly 50 years. But there may be a bright spot on the horizon for real estate, at least in Southern Utah.
It isn't hard to find a brand new house for sale in St. George. In fact, "for sale" signs seem to be everywhere after the region suffered greatly in the nationwide housing crisis.
Economists call it a worrisome sign, because it follows the worst year for new home sales in nearly 50 years. But there may be a bright spot on the horizon for real estate, at least in Southern Utah.
It isn't hard to find a brand new house for sale in St. George. In fact, "for sale" signs seem to be everywhere after the region suffered greatly in the nationwide housing crisis.
But there is one market in Southern Utah that is suddenly booming.
Click Here to Read: Southern Utah Housing Market Sees Bright Spot...
Top 8 House-Hunting Mistakes
Buying a home is a very emotional process, and allowing those emotions to get the best of you can cause you to make any number of mistakes. Since buying a home has many far-reaching implications, from where you will live to how hard it will be to make ends meet, it’s important to keep your emotions in check and make the most rational decision possible.
There are eight common emotional mistakes that people make when buying a home. Avoiding these pitfalls will help you find the best home-sweet-home.
Click Here to Read: Top 8 House-Hunting Mistakes...
There are eight common emotional mistakes that people make when buying a home. Avoiding these pitfalls will help you find the best home-sweet-home.
Click Here to Read: Top 8 House-Hunting Mistakes...
BofA May Owe Fannie, Freddie $230 Million for Foreclosure Delay
Bank of America Corp. said it will probably have to pay government-sponsored enterprises Fannie Mae and Freddie Mac an additional $230 million because of delays foreclosing on mortgages bought by the firms.
Bank of America’s agreements with Fannie Mae and Freddie Mac “provide for timelines to resolve delinquent loans through workout efforts or liquidation, if necessary,” the Charlotte, North Carolina-based lender said today in its annual report to the Securities and Exchange Commission. “In the fourth quarter of 2010, we recorded an expense of $230 million for compensatory fees that we expect to be assessed by the GSEs as a result of foreclosure delays.”
Click Here to Read: BofA May Owe Fannie, Freddie $230 Million for Foreclosure Delay...
Bank of America’s agreements with Fannie Mae and Freddie Mac “provide for timelines to resolve delinquent loans through workout efforts or liquidation, if necessary,” the Charlotte, North Carolina-based lender said today in its annual report to the Securities and Exchange Commission. “In the fourth quarter of 2010, we recorded an expense of $230 million for compensatory fees that we expect to be assessed by the GSEs as a result of foreclosure delays.”
Click Here to Read: BofA May Owe Fannie, Freddie $230 Million for Foreclosure Delay...
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