Owning a home is an expensive proposition. There’s maintenance, landscaping, utilities, renovations, and, of course, taxes. It’s your civic duty to pay the latter, but it’s also your right not to yield a penny more than your fair share.
It’s possible to trim your property tax bill by appealing the assessed value of your home. But making a case against your real estate assessment, the basis for your property tax bill, requires doing a bit of homework. Initial research can be done online or by phone over two or three days, but the process can stretch out for months if you’re forced to file a formal appeal.
Click Here to Read: Appeal Your Property Tax Bill...
Selling A Condo? Better Hope It's On The 'Approved' List
Question: I own an apartment in a condominium development that I am trying to sell. I have a potential buyer who wants to use an FHA loan because of its low down-payment requirements, but he says my project is not on FHA's "approved" list. That strikes me as somewhat discriminatory, so my question is, does the FHA have such a list? And if it does, how come my condo isn't on it and how does it get on it? Thanks. W.F.
Answer: The Federal Housing Administration does indeed maintain a roster of approved condominium and townhome associations. Because of new rules which went into effect in February, if your development does not appear on the FHA's roster, your potential buyer will not be able to use an FHA-insured mortgage to purchase your unit.
Continue Reading Here: Selling A Condo? Better Hope It's On The 'Approved' List...
Answer: The Federal Housing Administration does indeed maintain a roster of approved condominium and townhome associations. Because of new rules which went into effect in February, if your development does not appear on the FHA's roster, your potential buyer will not be able to use an FHA-insured mortgage to purchase your unit.
Continue Reading Here: Selling A Condo? Better Hope It's On The 'Approved' List...
Realtor's Incompetence Means I Can't Move Into My Vandalized, Deteriorating Short-Sale House
One might think that with the collapse of the housing market and the global economy, realtors and banks might have some idea how to handle a short sale transaction. A short sale, after all, is when a homeowner sells their home for less than they owe on the mortgage in order to avoid foreclosure. Frank writes that he would like very much to move into the house he signed a contract to buy back in November, but the seller's realtor forgot to submit documents to the seller's bank, leaving the house vacant to be vandalized and deteriorate for months on end.
Read More Here: Realtor's Incompetence Means I Can't Move Into My Vandalized, Deteriorating Short-Sale House...
Read More Here: Realtor's Incompetence Means I Can't Move Into My Vandalized, Deteriorating Short-Sale House...
Thursday, July 15, 2010
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Homes Getting Smaller and Other Trends
Two new sets of research provide plenty of insight about how we’ve gotten used to living and also offer a glimpse of what we might want next.
The first set of findings, released this month by the Department of Housing and Urban Development, shows most American households have gotten downright comfortable—that is, except for the 1 percent of homes that don’t have indoor plumbing.
There is a cautionary note contained in the 2009 American Housing Survey, however. Only 36 percent of U.S. homes have a working carbon monoxide detector.
Click to Read: Homes Getting Smaller and Other Trends...
The first set of findings, released this month by the Department of Housing and Urban Development, shows most American households have gotten downright comfortable—that is, except for the 1 percent of homes that don’t have indoor plumbing.
There is a cautionary note contained in the 2009 American Housing Survey, however. Only 36 percent of U.S. homes have a working carbon monoxide detector.
Click to Read: Homes Getting Smaller and Other Trends...
Utah Chief Wants to Burn Homes
The Ogden Fire Department wants to burn vacant homes in the Ogden River Project area for training purposes and is asking the city council to allocate $564,000 to complete demolition of the dwellings.
Funding for demolition and debris removal could come from Business Depot Ogden lease revenues, said Fire Chief Mike Mathieu. About 40 vacant houses within the river project boundaries are owned by Ogden Riverfront Development Company, a firm managed by developer Gadi Leshem.
Mathieu said in a memo to the city council that it is imperative that the homes be demolished as soon as possible because they pose a significant fire hazard. In the last two-and-a-half years, the fire department has responded to 17 structure fires in the river project area, he noted.
Click To Read More: Utah Chief Wants to Burn Homes...
Funding for demolition and debris removal could come from Business Depot Ogden lease revenues, said Fire Chief Mike Mathieu. About 40 vacant houses within the river project boundaries are owned by Ogden Riverfront Development Company, a firm managed by developer Gadi Leshem.
Mathieu said in a memo to the city council that it is imperative that the homes be demolished as soon as possible because they pose a significant fire hazard. In the last two-and-a-half years, the fire department has responded to 17 structure fires in the river project area, he noted.
Click To Read More: Utah Chief Wants to Burn Homes...
How Utah Came To Own A Half-Built City In The Desert
At one time, there was a café and a beauty parlor next to Tammy Smith’s remodeling store in Coral Canyon, Utah. Today, her business, Bliss Design Center, is one of the only shops left in the retail district of this new development located 20 minutes up the highway from the city of St. George, in the southwest corner of Utah.
Over the past year and a half, the stores closed down one by one, Smith said on an impossibly bright and warm Monday last month. Customers were scarce. Wide roads sat almost empty. Many of the homes that were supposed to bring life to this slice of desert — and customers to Smith's store — are either for sale, in the process of being foreclosed upon, or simply never got built at all.
Like many Western boomburgs in the wake of the recession, Coral Canyon is struggling. Unlike others, however, big chunks of this subdivision belong to the state government.
Click Here To Read: How Utah Came To Own A Half-Built City In The Desert...
Over the past year and a half, the stores closed down one by one, Smith said on an impossibly bright and warm Monday last month. Customers were scarce. Wide roads sat almost empty. Many of the homes that were supposed to bring life to this slice of desert — and customers to Smith's store — are either for sale, in the process of being foreclosed upon, or simply never got built at all.
Like many Western boomburgs in the wake of the recession, Coral Canyon is struggling. Unlike others, however, big chunks of this subdivision belong to the state government.
Click Here To Read: How Utah Came To Own A Half-Built City In The Desert...
The World According To Fannie Mae: More Updates To Its Appraisal Policies
Fannie Mae has updated its appraisal policies. Most of the appraisal related issues are effective September 1st. Here's an overview.
Inclusion of interior photographs in the appraisal report.
On or after September 1st, interior photos of the following must be provided: kitchen; all bathrooms; main living area; examples of physical deterioration, if present; examples of recent updates, such as restoration, remodeling and renovation, if present. This falls into the category of "about time."
Click Here to Read More: The World According To Fannie Mae: More Updates To Its Appraisal Policies...
Inclusion of interior photographs in the appraisal report.
On or after September 1st, interior photos of the following must be provided: kitchen; all bathrooms; main living area; examples of physical deterioration, if present; examples of recent updates, such as restoration, remodeling and renovation, if present. This falls into the category of "about time."
Click Here to Read More: The World According To Fannie Mae: More Updates To Its Appraisal Policies...
Real Estate Community On Fire Over LeBron James' Housing Options
What piece of prime South Florida real estate is fit for a king?
LeBron James landed in Miami on Friday after making the announcement he would be leaving Cleveland to join the Miami Heat, but even before that, the local real estate circuit was abuzz with questions of where the multimillionaire athlete would live.
According to analysis by Esslinger-Wooten-Maxwell Realtors, James will have plenty of multimillion dollar properties to choose from -- 355 Miami-Dade properties were listed for sale at prices above $4 million in May.
Read more: Real Estate Community On Fire Over LeBron James' Housing Options...
LeBron James landed in Miami on Friday after making the announcement he would be leaving Cleveland to join the Miami Heat, but even before that, the local real estate circuit was abuzz with questions of where the multimillionaire athlete would live.
According to analysis by Esslinger-Wooten-Maxwell Realtors, James will have plenty of multimillion dollar properties to choose from -- 355 Miami-Dade properties were listed for sale at prices above $4 million in May.
Read more: Real Estate Community On Fire Over LeBron James' Housing Options...
Bella and Edward Who? Real-Estate Tycoon Deconstructs ‘Twilight’
Tom Barrack is one of the biggest real-estate deal-makers in the world. His investment firm, Colony Capital LLC, has raised $16 billion from pension plans and other big investors to buy properties like gaming company Station Casinos Inc., Michael Jackson’s Neverland Ranch, and possibly even Walt Disney Co.’s Miramax movie studio.
But recently, it turns out, Mr. Barrack has also been doing some soul-searching—thanks to Stephenie Meyer’s popular vampire-novel series, “Twilight.”
Click Here To Read: Bella and Edward Who? Real-Estate Tycoon Deconstructs ‘Twilight’...
But recently, it turns out, Mr. Barrack has also been doing some soul-searching—thanks to Stephenie Meyer’s popular vampire-novel series, “Twilight.”
Click Here To Read: Bella and Edward Who? Real-Estate Tycoon Deconstructs ‘Twilight’...
Foreign Buyers Like U.S. Residential Real Estate
International buyers are snatching up U.S. residential real estate, with people from Canada, Mexico, the U.K. and China doing the most buying, according to a report in the Washington Business Journal.
The National Association of Realtors said foreign buyers accounted for 7 percent of all U.S. residential sales in the year ending March 31.
Read more: Foreign Buyers Like U.S. Residential Real Estate...
The National Association of Realtors said foreign buyers accounted for 7 percent of all U.S. residential sales in the year ending March 31.
Read more: Foreign Buyers Like U.S. Residential Real Estate...
Real Estate Agent vs Realtor: What’s The Difference?
Both a real estate agent and Realtor can sell real estate. However, there are some key differences between the real estate agent and the Realtor. The difference between a real estate agent and a Realtor is that the Realtor is a member of the National Association of Realtors. This is a national group that sets forth standards that must be adhered to by real estate professionals that join. This means that Realtors are held to a higher standard than a traditional real estate agent.
Click Here To Read: Real Estate Agent vs Realtor: What’s The Difference?...
Click Here To Read: Real Estate Agent vs Realtor: What’s The Difference?...
A Heavy Price For 'Cheap' Mortgages
Washington's efforts to keep the housing market afloat are brew ing up another mortgage melt down -- except that this time, Uncle Sam will start off holding the bag.
Mortgage rates hit new lows last month as investors gobbled up residential, mortgage-backed securities -- MBSs, the very financial instruments that triggered the subprime crisis.
Short-term, that will allow many cash-strapped homeowners to refinance and lower their monthly interest payments -- help to the beleaguered housing market. But it represents a ticking time bomb -- which will blow up in the face of the taxpayers.
Read more: http://www.nypost.com/p/news/opinion/opedcolumnists/heavy_price_for_cheap_mortgages_rt9bXdx4aXYYX4NUf0NjaO#ixzz0tIb2lcw9
Mortgage rates hit new lows last month as investors gobbled up residential, mortgage-backed securities -- MBSs, the very financial instruments that triggered the subprime crisis.
Short-term, that will allow many cash-strapped homeowners to refinance and lower their monthly interest payments -- help to the beleaguered housing market. But it represents a ticking time bomb -- which will blow up in the face of the taxpayers.
Read more: http://www.nypost.com/p/news/opinion/opedcolumnists/heavy_price_for_cheap_mortgages_rt9bXdx4aXYYX4NUf0NjaO#ixzz0tIb2lcw9
Halfway through 2010, the Year of the Short Sale Hits Some Serious Snags
Daniel Indiviglio at the The Atlantic recently asked if HAMP should be "put out of its misery." These are the types of questions, warts and all, that need asking in this industry.
Considering that HousingWire first broke the news of the government-supported short sale program, the Home Affordable Foreclosure Alternatives program, I originally felt that this question should naturally be expanded to include HAFA. After some further thought, I wondered if 2010 was really turning out to be the Year of the Short Sale as promised. And thinking even larger, how are short sales, now a major focus in mortgage finance, impacting housing recovery?
Click Here To Read: Halfway through 2010, the Year of the Short Sale Hits Some Serious Snags...
Considering that HousingWire first broke the news of the government-supported short sale program, the Home Affordable Foreclosure Alternatives program, I originally felt that this question should naturally be expanded to include HAFA. After some further thought, I wondered if 2010 was really turning out to be the Year of the Short Sale as promised. And thinking even larger, how are short sales, now a major focus in mortgage finance, impacting housing recovery?
Click Here To Read: Halfway through 2010, the Year of the Short Sale Hits Some Serious Snags...
Limbaugh Gets Mega Millions on Condo Sale...
A year after railing about the high tax burden on wealthy New Yorkers, Rush Limbaugh, the conservative radio talk-show host, is severing one more tie with New York, selling his lushly decorated Fifth Avenue penthouse to an undisclosed buyer.
Mr. Limbaugh's 10-room condominium, which features a 30-foot-wide living room with fireplace and four terraces overlooking Central Park at East 86th Street, went into contract Thursday for a bit under the final $12.95 million asking price, brokers said.
Click To Read More: Limbaugh Gets Mega Millions on Condo Sale...
Mr. Limbaugh's 10-room condominium, which features a 30-foot-wide living room with fireplace and four terraces overlooking Central Park at East 86th Street, went into contract Thursday for a bit under the final $12.95 million asking price, brokers said.
Click To Read More: Limbaugh Gets Mega Millions on Condo Sale...
Clintons Dealing For $11M Westchester, NY Mansion
Looks like Bill and Hillary Rodham Clinton are moving on up -- to a deluxe mansion away from prying eyes.
Sources told The Post the Clintons are planning to trade their almost-modest suburban Chappaqua home for a sprawling $10.9 million estate in the bucolic Westchester town of Bedford Hills, complete with 20 acres of gorgeous land surrounded by New York's elite.
The massive compound -- sweetly named Clover Hill Farm -- comes with high fences, two guesthouses and a mansion fit for Bubba's millionaire lifestyle.
The home -- found only after a long cruise down a private road -- is 7,000 square feet with a large foyer, wood paneled library with fireplace, chef's kitchen with fireplace, five bedrooms, six full bathrooms and two half bathrooms.
Read more: Clintons Dealing For $11M Westchester, NY Mansion...
Sources told The Post the Clintons are planning to trade their almost-modest suburban Chappaqua home for a sprawling $10.9 million estate in the bucolic Westchester town of Bedford Hills, complete with 20 acres of gorgeous land surrounded by New York's elite.
The massive compound -- sweetly named Clover Hill Farm -- comes with high fences, two guesthouses and a mansion fit for Bubba's millionaire lifestyle.
The home -- found only after a long cruise down a private road -- is 7,000 square feet with a large foyer, wood paneled library with fireplace, chef's kitchen with fireplace, five bedrooms, six full bathrooms and two half bathrooms.
Read more: Clintons Dealing For $11M Westchester, NY Mansion...
How Do I Obtain A Mortgage After Bankruptcy?
My husband just recently filed for Chapter 7 bankruptcy to help clear up some of his debts. His hours have been cut at work and he had major credit card bills piling up. Let alone I have also had a big cut in my pay as well due to the economy. When he filed we did not include the property in the bankruptcy and we are now looking to sell our home and find a new place to live in search for a better career.
How do I obtain a new mortgage after bankruptcy?
Click Here To Read Answer: How Do I Obtain A Mortgage After Bankruptcy?...
How do I obtain a new mortgage after bankruptcy?
Click Here To Read Answer: How Do I Obtain A Mortgage After Bankruptcy?...
Jim Morrison's Laurel Canyon Home for Sale: A Rock 'n' Roll Bargain?
Interested in buying the "Love Street" Laurel Canyon home where rock legend Jim Morrison spent some of his strangest days? The three-bedroom house where the Doors front man and his girlfriend Pamela Courson lived together in the late 1960s is on the market for $1.199 million -- pricey when you consider the 2,300-square-foot abode sold for $535,000 in 2001.
Once a rundown Los Angeles apartment building and now a refurbished single-family bungalow; the house at 8021 Rothdell Trail, was the inspiration for the Morrison song "Love Street."
Click Here To Read Entire Article: Jim Morrison's Laurel Canyon Home for Sale: A Rock 'n' Roll Bargain?...
Once a rundown Los Angeles apartment building and now a refurbished single-family bungalow; the house at 8021 Rothdell Trail, was the inspiration for the Morrison song "Love Street."
Click Here To Read Entire Article: Jim Morrison's Laurel Canyon Home for Sale: A Rock 'n' Roll Bargain?...
Nicolas Sarkozy's Brother Selling NYC Town House for $11.95M
French president Nicolas Sarkozy may be the more famous Sarkozy brother, but his younger half-brother Olivier Sarkozy is certainly the more moneyed one. Olivier -- or Oliver, as he is known in the U.S. -- is managing director and head of global financial services for the Carlyle Group. Opting for a more downtown Manhattan location, he recently put his uptown townhouse at 407 E. 75th St. on the market for $11.95 million.
That's close to double what he paid back in 2005 when he and his now soon-to-be ex-wife, Charlotte, pictured left, bought the place at $6.75 million for their family.
Click Here to Read: Nicolas Sarkozy's Brother Selling NYC Town House for $11.95M...
That's close to double what he paid back in 2005 when he and his now soon-to-be ex-wife, Charlotte, pictured left, bought the place at $6.75 million for their family.
Click Here to Read: Nicolas Sarkozy's Brother Selling NYC Town House for $11.95M...
Mortgage Rates Scream Buy! Buy! Buy! -- But Is Anyone Listening?
Mortgage rates have sunk to levels not seen in more than a half-century -- a seductive 4.58 percent for an average 30-year fixed loan. Yet brokers and lenders report not a flood but a trickle of customers. So what's going on?
Call it a tale of the haves and have-nots.
Click Here To Read: Mortgage Rates Scream Buy! Buy! Buy! -- But Is Anyone Listening?...
Call it a tale of the haves and have-nots.
Click Here To Read: Mortgage Rates Scream Buy! Buy! Buy! -- But Is Anyone Listening?...
Mortgage Applications Rise 7 Points As Rates Fall
Applications for home loans rose last week as consumers raced to refinance at the lowest rates in decades.
The Mortgage Bankers Associations said Wednesday that overall applications increased nearly 7 percent from a week earlier. While they have been increasing in recent weeks, they remain below early 2009 levels.
Applications to refinance home loans were up 9 percent to the highest level since May 2009. But new mortgages taken out to purchase homes fell 2 percent.
Click Here To Read: Mortgage Applications Rise 7 Points As Rates Fall...
The Mortgage Bankers Associations said Wednesday that overall applications increased nearly 7 percent from a week earlier. While they have been increasing in recent weeks, they remain below early 2009 levels.
Applications to refinance home loans were up 9 percent to the highest level since May 2009. But new mortgages taken out to purchase homes fell 2 percent.
Click Here To Read: Mortgage Applications Rise 7 Points As Rates Fall...
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