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...
Showing posts with label Buyers. Show all posts
Showing posts with label Buyers. Show all posts
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?...
'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.
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.
Click Here to Read: Pending Sales of U.S. Existing Homes Unexpectedly Climbed 2.1% in February...
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...
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."
Click Here to Read: Casual Chitchat Can Cost Money On Real Estate Deals...
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?...
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...
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...
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.
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...
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...
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...
Buying A Home Long-Distance
Although the Iribhogbes knew exactly what they wanted in a house, they were unable to shop around the traditional way. In fact, they closed on their house three weeks before they even saw it.
"I will tell you right now, everything was by faith," Alvin Iribhogbe said. "We believed in her."
"Her" was their Realtor -- Maria Vaill of Re/Max. Alvin and his wife, Adeola, had been living in Germany since 2007, where he was stationed for his job as a dental lab technician with the Army.
Click Here to Read: Buying A Home Long-Distance...
"I will tell you right now, everything was by faith," Alvin Iribhogbe said. "We believed in her."
"Her" was their Realtor -- Maria Vaill of Re/Max. Alvin and his wife, Adeola, had been living in Germany since 2007, where he was stationed for his job as a dental lab technician with the Army.
Click Here to Read: Buying A Home Long-Distance...
Buying An "As Is" Home Is Sometimes Not Clear-Cut
Buyers who are looking at listings sometimes see a home listed as “as is.” That term seems pretty obvious, but oftentimes buyers and sellers are not on the same page as to what "as is" means.
"Generally, 'as is' means you are purchasing that property in its present condition with conditions," says Phyllis J. Pezenik, the vice president and managing director of DJK Residential.
So buyers and sellers should come to an agreement on what to expect, according to Pezenik. First, both sides need to know what things are expected to be included, unless otherwise stated.
Click Here to Read: Buying An "As Is" Home Is Sometimes Not Clear-Cut...
"Generally, 'as is' means you are purchasing that property in its present condition with conditions," says Phyllis J. Pezenik, the vice president and managing director of DJK Residential.
So buyers and sellers should come to an agreement on what to expect, according to Pezenik. First, both sides need to know what things are expected to be included, unless otherwise stated.
Click Here to Read: Buying An "As Is" Home Is Sometimes Not Clear-Cut...
Which REO Should I Buy?
As we start the new year of 2011, it promises to be more of the same. The economy is still sluggish, unemployment remains high, and foreclosure rates are continuing to climb. The retirement accounts people have been counting on for years are now evaporating under the added strain of bad economic conditions, increased taxes and government intervention and a general malaise of the public towards the future.
Due to these factors many investors are finding it necessary to take a more active role in their investment strategies. They are no longer willing to let some “wall street” yuppie with no business experience handle their retirement accounts or more to the point, their family’s future. To some investors the answer is to take a more active role in controlling their investments by becoming involved with more tangible assets, ones they can see, touch, and feel – like real estate. For these awakened investors, owning rental property can be an extremely effective way to protect their capital and generate cash flow.
Click Here to Read: Which REO Should I Buy?...
Due to these factors many investors are finding it necessary to take a more active role in their investment strategies. They are no longer willing to let some “wall street” yuppie with no business experience handle their retirement accounts or more to the point, their family’s future. To some investors the answer is to take a more active role in controlling their investments by becoming involved with more tangible assets, ones they can see, touch, and feel – like real estate. For these awakened investors, owning rental property can be an extremely effective way to protect their capital and generate cash flow.
Click Here to Read: Which REO Should I Buy?...
You’d Better Pay Attention to the Short Sale Settlement Statement
In the past, the average real estate agent didn’t spend too much time scrutinizing the estimated closing statements. Usually, that task would be left to escrow officers, title officers or lawyers. With short sales being the new normal, scrutiny of these statements in the early stages of a short sale transaction is vital.
Why? Well . . . the banks request the settlement statement as part of the short sale package. The short sale lien holders want to see their bottom line. How much money are they going to net? How many cents on the dollar will they be forgiving?
Click Here to Read: You’d Better Pay Attention to the Short Sale Settlement Statement...
Why? Well . . . the banks request the settlement statement as part of the short sale package. The short sale lien holders want to see their bottom line. How much money are they going to net? How many cents on the dollar will they be forgiving?
Click Here to Read: You’d Better Pay Attention to the Short Sale Settlement Statement...
Despite Fears About Buying A Home, Now May Be The Time
Interest rates are near historic lows. Real estate is more affordable than it was three years ago. And the inventory of homes for sale gives buyers more choices than they’ve had in years.
So why aren’t more people buying?
Certainly, there are scores of potential buyers who no longer can qualify for loans under today’s tighter lending criteria. And others can’t because of layoffs, pay cuts and other recessionary hardships.
Even among those who can and want to buy, many are still holding off out of fear that it just isn’t the right time, but are they missing an opportunity?
“Consumer confidence is really low,” said Eric Allen, director of Metrostudy in Salt Lake City, which tracks the housing market.”
Click Here to Read: Despite Fears About Buying A Home, Now May Be The Time...
Wednesday, February 16, 2011
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How To Do Short Sales: The Benefits For Everyone Involved
Learning how to do short sales in the current changing marketplace is really challenging to keep up with, it’s an essential thing to do nowadays. If you’re able to disconnect and discover how to do short sales properly from individuals who can verify for you that they know what they’re speaking about then you’re going to be able to wrap your brain around the concept much easier.
You need to know the best way to be successful in this particular market to really make it and virtually all Real Estate Agents haven’t been educated the proper way. Most Realtors still don’t understand how to do them and in addition they say that they would rather not learn because of how hard they heard they are. Crazy huh? So… Precisely how to complete them the correct way without having to be scammed by fake authorities and worthless real estate “experts” who’re asking for you for precisely the same outdated re-written information.
Click Here to Read: How To Do Short Sales: The Benefits For Everyone Involved...
You need to know the best way to be successful in this particular market to really make it and virtually all Real Estate Agents haven’t been educated the proper way. Most Realtors still don’t understand how to do them and in addition they say that they would rather not learn because of how hard they heard they are. Crazy huh? So… Precisely how to complete them the correct way without having to be scammed by fake authorities and worthless real estate “experts” who’re asking for you for precisely the same outdated re-written information.
Click Here to Read: How To Do Short Sales: The Benefits For Everyone Involved...
Be Smart When Buying A Home Warranty
Consumers considering a home warranty need to do their homework and make sure they understand exactly what they are buying -- or possibly risk facing disappointment. Unfortunately, others have.
For the sixth consecutive year, companies that service home warranties -- service contracts designed to cover the cost of repair and replacement of common household appliances and home systems -- topped the worst-graded categories list compiled annually by Angie's List, an Indianapolis-based consumer ratings and review service with more than 1 million paid members.
Fifty-four percent of reviews submitted on home-warranty companies in 2010 rated poorly. Most of the complaints lodged concerned communication and professionalism, with many based on a misunderstanding about what the warranties covered and the quality of the repair work ultimately done.
Click Here to Read: Be Smart When Buying A Home Warranty...
For the sixth consecutive year, companies that service home warranties -- service contracts designed to cover the cost of repair and replacement of common household appliances and home systems -- topped the worst-graded categories list compiled annually by Angie's List, an Indianapolis-based consumer ratings and review service with more than 1 million paid members.
Fifty-four percent of reviews submitted on home-warranty companies in 2010 rated poorly. Most of the complaints lodged concerned communication and professionalism, with many based on a misunderstanding about what the warranties covered and the quality of the repair work ultimately done.
Click Here to Read: Be Smart When Buying A Home Warranty...
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