Real Estate News
Question: I am in the market to refinance my house. I shopped around for the best rate and decided to go with a local mortgage company. I met with the loan officer a week later and he told me that rates had gone up and the rate he quoted me was no longer available. I was surprised that he wouldn"t honor his original quote. My father-in-law says that I"m a victim of "bait and switch", but I have since checked with other companies and it seems that rates have risen everywhere. My question is this: Should I try to force my loan officer to give me the original rate?
Buy a detached home today and you"re likely to need, want, or be required to get an appraisal, home inspection, termite report, and survey. But do you need so many checks?
With the recent certification of the Elk Basin Federal Credit Union in Powell, WY, the little known Community Development Financial Institutions Fund has become a truly national program. It now has members in all 50 states as well as the District of Columbia, Puerto Rico and the U.S. Virgin Islands.
If you live near the World Trade Center, hit last week by terrorists piloting hijacked jetliners, a federally-designated disaster area could make you eligible for special assistance and tax relief.
Question: Do lenders offer mortgages for less than 15 years? We refinanced our 30 year mortgage 6 years ago and switched to a 15 year mortgage. Our current interest rate is 8-3/4%, and we are now thinking about refinancing again. We do not think it makes sense to do so if it means getting a new 15 year mortgage and having to make mortgage payments for an additional 9 years. Do any banks offer 5 or even 7 year mortgages?
Jim Nabors thinks Tom Brokow should give him a call.
We"ve really seen low rates this year, some reaching near the levels not seen since the fall of 1998. Many who refinanced their loans locked in the low, long term fixed rates. Still others got an even lower rate....they got a hybrid loan.
As if finding a mortgage isn"t difficult enough, imagine if your faith forbade purchasing a house with an interest-bearing loan? For Muslims, this is the quandary in which they find themselves if they desire to finance or refinance a house.
For investors looking to pick up and rehab houses for quick resales, the rules in today"s tough market are very different from a few years back.
I have yet to see a real estate contract folder that is less than a couple inches thick. While the sales contract may only run from 1 to a dozen pages, there are plenty of trees required to fill the rest of the folder for disclosure forms, mortgage application, addenda, notification forms, et.al.
In a statement to the House Financial Services Committee today, the National Association of Realtors® recommended a four-point plan to stimulate home sales and stabilize housing valuations.
While the emerging softer economy suggests prudent financial behavior, more and more consumers from college students to home owners are giving in to easy credit, piling on debt and putting their homes in the line of fire.
The federal reserve didn"t go far enough to reduce interest rates and
Interest Rate Activity During The Past Week
If you"re a serious home shopper or about to refinance, consider locking in a mortage interest rate -- now.
In a notice quietly published in the Federal Register, the Department of Housing and Urban Development (HUD) has withdraw a proposed rule that would have prohibited gifts from community groups and non-profit organizations helping FHA homebuyers with down payment assistance.
You"ve applied for a mortgage and it seems like it"s taking forever. Then it hits you---how long should it take, what should you expect and when should you expect it?
Finding on-line mortgage calculators to make rent-vs.-buy, early-loan-pay-off and how-much-can-I-afford analyses is a breeze.
Shopping for a mortgage loan on the Internet has become a common practice for
As interest rates bounce up and down, some savvy borrowers are enjoying the down side.
The Department of Housing and Urban Development"s proposals to strengthen the Title I property improvement lending program would have just the opposite effect, a group representing many of the financial institutions engaged in Title I lending maintains.
Credit unions will soon be right up their with other mortgage lenders when it comes to leading edge technology.
In today"s fast-paced seller"s market, it"s not uncommon for prospective buyers to find themselves in a bidding war over a house. And while it may appear an innocent move (after all, the lucky bidder gets the house!) there can be dangerous downstream affects.
San Francisco Bay Area home buyers are up in ARMs.
An experimental construction-to-permanent lending package intended to serve the growing market of buyers who hire contractors to put up primary or secondary residences of their own lots is being turned into a standard mortgage menu item.
Shopping for a home purchase mortgage on the Internet is a lot like Web shopping for a new car.
"Zero-down" mortgages are as hot as tamales and that"s got some mortgage experts reaching for the seltzer.
Peter G. Miller
Last week"s power
After 90 days of rapidly rising mortgage rates ""balloon"" mortgages are
There was always a chance 43-year-old Gregory Lawrence Rhoads would become a
Just about the time you think everybody is up to speed on this real estate
In many homeowner associations, wood burning fireplaces are a warm and inviting amenity that boost market value and livability. Some use them passionately, burning cords of wood each season while others rarely use them except for special occasions like Christmas. Regardless of the usage, the homeowner association has an obligation to see that they all meet fire safety codes.
Peter G. Miller
Yes, it"s always better to have a lower interest rate on
How would you like an adjustable mortgage that adjusts only down
When foreclosure threatens, the very worst thing to do is to ignore any
The first job of the Internet mortgage broker was to attract consumers to
Closed-door negotiations between mortgage business leaders, federal
First-time homebuyers are often brought up short by the
Peter G. Miller
Freddie Mac"s recently announced reductions in mortgage insurance coverage requirements enables lenders to qualify more borrowers, said its chairman and
Peter G. Miller
Two-thirds of baby boomers who make more than $100,000 intend to downsize in suburbia, according to a report from building industry watcher Hanley Wood. Boomers are the Americans born between 1946 and 1964 and number 78 million strong -- 28 percent of the population.
The IRS rules changed a few years ago, and if you took advantage
With outdoor and backyard living on the rise, some homeowners are opting for
DVD, DTV, TiVo, MP3. No, it"s not a foreign language, but it is one of the
[Note: To follow is an excerpt of an interview with Lori Snider of Creativity for Rent, a professional speaker, author and marketing strategist. To listen to, or download the show archive MP3, go to www.IncomePropertyInvestmentTalk.com/102208.]
It is essential that you create meaningful targets or benchmarks that are tangible and traceable for each staff member. These benchmarks are much different for the sales-oriented team members like Buyer"s Agents and Listing Agents. The benchmarks for these production-oriented staff need to be aligned with the standard an Agent should aspire to.
There"s really nothing for real estate agents and brokers to like about a recent case brought to our attention by the legal department of the National Association of Realtors® (NAR). Bowman v. Presley arose out of a 2005 transaction that took place in the state of Oklahoma. The ruling came down from the Oklahoma Supreme Court.
What does being a "Master of your Market" mean? I believe it means that if someone tells you where they live, you get a mental image of their neighborhood or subdivision or condo building. You may not necessarily know how big their house is or what year it was built, but you can probably guess within a decade or two, and you have a general sense of the overall ambience, what amenities are nearby and even a personal anecdote or two about the area you can toss out.
A lot of new agents worry about being taken advantage of by experienced agents, if the experienced agent were to find out that they"re new.
One reason that many real estate agents are less than enthusiastic about short sales is that, too often, a commissionectomy may be involved. By demanding a certain amount of net proceeds, the lender effectively cuts the commission that had been stipulated in the listing agreement. (To be sure, since March 1, 2009 Fannie Mae has prohibited its servicers from cutting short-sale commissions below 6%; and, as of August 20, Freddie Mac announced the same policy. But not all loans are held by those agencies.) Brokers and agents should be pleased, then, to learn of a recent court case that awarded a broker"s commission when a lender sought to cut it just before closing.
I have discovered the secret for creating Job Security as a Real Estate agent. Okay. Maybe it’s not such a big secret, since almost every agent already knows about it. But I guarantee that few actually do it consistently. So what’s the big secret?
I was chatting with a friend of mine last week when he admitted that he had been without health insurance since he got out of college. Given that he"s a real estate agent, that"s not so surprising: as an independent contractor he"s on his own regarding health insurance and many in our industry have simply taken their chances, especially when they are young and healthy like my friend Jack.
Winter can pose unique challenges for those trying to sell their homes. Cold weather and the hustle and bustle of the holiday season can keep would-be buyers at bay. That"s why it"s especially important to maintain strong curb appeal throughout the winter months.
We live in a world that has changed dramatically in the last 50 years. There has been more innovation and more technological progress in the last 80 years than there was in the previous years since the beginning of time. In today’s business society, we are judged by the results we get more than ever before: the result of winning the court case; the result of a successful surgery; the result of winning the big game. We, as Realtors, cannot escape this results-driven society.
How comfy are you with your systems? Specifically, your MLS and your contract software. For me, if I"m not proficient with my tools of my trade, it"s easy for me to shy away from using them. In our trade, shying away from using the MLS or your contract software is pretty much fatal to your chances of bringing in a paycheck.
Agents are always leaving the business no matter if the market is great or rotten. In great markets, they leave because they move or retire. In rotten markets, they leave because they were never trained or they do not have the motivation to find the systems necessary for a tough market.
Converting FSBO listings involves a process that, in a number of ways, is similar to working with expired listings. However, there are two key differences between the two areas.
The journey to a successful life should be enjoyed. True success comes from accomplishing the daily activities that will lead you to your ultimate goals in life. Failing or neglecting to accomplish the daily disciplines will lead you down the path of lost opportunities and lost income.
A Champion accepts nothing less than excellence. When you look at successful individuals and successful companies, good is not good enough. They are clearly striving for excellence. In Jim Collins" best selling book, Good to Great, one of his premises is that good is really the enemy of great; that if we are willing to settle for good, we will never achieve greatness. I agree that to hit the Champion level as an Agent, you can"t be satisfied with mid-level skills, abilities, and mindset. You must resolve to raise your level of expectation and performance, first for yourself and then for your staff, to the predetermined Champion level.
Traditionally, real estate and mortgage professionals have encouraged homeowners to stretch – to shop for homes at the upper end of their affordability range. We wanted them to maximize their investment, and we were seeing property values and incomes rise, especially for homeowners who were first starting out. It all made for a very sound investment in housing.
"I come from a family of teachers and shrinks."
As a real estate agent, you have a vested interest in the financial success of your clients. When homeowners default on their mortgage loans and lose their properties to foreclosure, you not only lose customers, but you also see lower commissions as property values throughout the neighborhood plummet. By helping homeowners in your area keep their homes, you can do your part to stabilize the housing market in your area while winning loyal customers for life and perhaps even saving a few families in the process. But just what can you do to help?
Most agent presentations put sellers to sleep, mainly because most presentations lack interest, usefulness, and structure.
I recently had a phone conversation with an agent who was unhappy with his results with internet leads from various sources, including those from his own real estate company.
Question: "How can I convince a buyer that now is a good time to buy?"
If you are switching or considering switching real estate companies, I ask you one question: Why?
Question: I recently got a listing of a classy little older home in a great neighborhood from a very nice widow lady. I"ll call her Mrs. Wiggs. My broker actually referred her to me, since she was a long time friend of the family and I"m the most experienced agent in our office. She had lived in the home for over 30 years and she and her late husband had raised their family in it. I choked up on my first tour of the home when she showed me the pencil marks on the wall where she had measured the heights of each of her children on their birthdays.
With today"s market being more competitive than ever, our skills need to be at their highest levels. There is more competition to secure listings than ever before. There are more Agents competing for the same listings than ever before. Many of those Agents are willing to discount their fees to stay alive.
For hundreds of thousands of businesses across North America facing an economy near or in recession (depending on which economist you talk to), developing strategies to "survive the storm" is right up there with breathing in terms of importance.
With the federal election behind us, housing industry groups are now pushing the government to address issues that didn"t get any attention during the campaign. The Canadian Home Builders" Association (CHBA) says it is pleased with Prime Minister Stephen Harper"s election promise to provide a tax credit of up to $5,000 for first-time home buyers, but it wants the government to look at the long-overdue issue of indexing the GST rebate thresholds.
As a person who tours the country for a living, talking about sales, marketing and different ways to get more business, everyone seems to be asking the same thing.
Most real estate trends are a reaction to the law of supply and demand. As you project trends, study your market analysis for hints of changes in your market’s inventory. At the same time, study your region’s economic growth and stability for hints at what is taking place to influence consumer demand.
Have you ever heard the commission-negotiation-avoidance strategy of creating a menu of packages for a seller to choose among? For example (all figures are illustrative only), you might offer a 4 percent package which includes minimal services; a 5 percent package which has a moderate level of service and a 6 percent package that includes a kitchen-sink level of service.
I"ve been writing for a few years now on tips, techniques and strategies to build and maintain a strong sphere of influence business model.
The color photo next to the MLS made the zero-lot-line home look so appealing. Red-brick exterior, large and attractive windows, a two-car garage. I decided to hop in the car and drive by to check it out myself. I"m glad I did. Twenty minutes later, I sat in my parked car across the street from the dream house I"d seen earlier that morning. Funny, it didn"t
Vital Components in the Contingency Purchase - In Part I of this article, we addressed why a strong knowledge of real estate contracts (especially their validity) plus constantly reinforcing your intent and strength as a buyer, is necessary for bringing a contingency purchase to a successful close.
Selling your home "as-is" is a viable strategy in today"s hot markets, but it doesn"t free you from making legally mandated disclosures.
I have talked with a handful of clients who have dealt with the same issues, and I want to address those issues with all of you. You may not be experiencing these issues right now, but you will at some point in your career. The base issues I want to cover are the market changing to a buyer-controlled or buyer-driven market, multiple offers on properties, and bidding up of the price. My advice to all of you who are in this situation is from Nike: “Just do it” - Right the first time. In other words, don"t re-earn your commission. Sell them the house the first time.
According to the National Association of Home Builders Chief Economist, David Seiders, Congress needs to consider aiding the real estate market with more economic stimuli.
Reverse exchanges often strike fear in the hearts of legal and tax professionals trying to protect clients who are determined to use this technique to pay as little tax as possible. This is because there has been no formal acknowledgement of reverse exchanges by the Service until now.
Pets are often so loved by their owners that they are allowed the run of the house. At their worst, doggie and kitty dictators mark their territory with pungent odors and unsightly stains.
If you"ve never sold a home before, the real estate world can seem
Journalist and Internet entrepreneur Brad Inman today launched a new Web site
In most areas, it"s considered normal for sellers to take
You’ve decided to sell your home. Like most people, you’d like it to
What do you do, if your present home has become too small,
When interviewing a home inspector, ask the inspector what type of report
The only constant beside taxes and death is change...an oxymoron if ever
One thing is always true - you never get a second chance to make a first
Trying to buy a home in a sellers" market is a little like not having a date
Is there anyone who doesn"t want to dine in an exclusive restaurant, shop at an exclusive boutique or vacation at an exclusive resort? Just the sound of the word "exclusive" generates images of rubbing shoulders with celebrities, wearing designer clothes, and feelings of excitement. But if you are selling your home, and you agree to list your home on an "exclusive-to- one-company" agreement, you may be excluding the most important thing a home seller needs - buyers.
The Federal Reserve Board on Tuesday announced the creation of the Money Market Investor Funding Facility (MMIFF), which will support a private-sector initiative designed to provide liquidity to U.S. money market investors.
Instead of waiting to see how bad things will get, one community is tackling climate change issues head on. Canada"s newest and most northern capital city is now reaching out around the globe for solutions that will ensure survival and growth whatever nature throws its way.
In residential real estate, it"s kitchens and bathrooms that count -- in more ways than one -- but too often the full significance of their contribution is overlooked and, therefore, full investment potential may not be realized. Consequently, property owners may settle for substandard, even unsafe, living conditions or may concentrate on short-term fads instead of long-term gains when renovating.
Whether you"re shopping for a new house, searching out the ideal condominium, deciding on a contractor or investigating your mortgage choices, do you know how to ask questions that will generate answers you may not realize you need? Answers you may not anticipate could prove the most valuable information you"ll receive.
False affordability can come back to haunt you. What you can afford on paper with optimistic calculations may not be easy to live with day to day.
Canada"s two largest real estate companies issued reports about recreational properties this week, and while bargains can still be found for those willing to travel and buy seasonal properties, prices are climbing in most parts of the country.
The meltdown of the subprime mortgage market in the U.S. continues to make headlines, causing a housing recession in that country. In Canada, the housing market is still booming, and the mortgage industry says it is healthy and strong.
Maureen Reilly believed the whole "back-to-nature" and "country-pure" story about rural living, so she bought a "get-away-from-it-all" country property and began plans to operate a pastoral bed and breakfast. Reilly was determine to enjoy her escape from stressful urban living, but, just as many dreams of idyllic country life are extinguished by harsh realities, hers were undermined by sludge.
Flexibility is the key to successful planning -- in life and in business. When your business is your life, as is the case for many wineries, adopting proactive strategies to overcome barriers to continued growth is essential. Understanding when to commit to a plan and when to move on is vital to translating these strategies into success.
Ontario"s The Village at Blue Mountain resort had no snow and no skiing during the Christmas holidays due to unseasonably warm weather, but that"s not discouraging investors. At the halfway point of its development, Blue Mountain is generating the second-highest occupancy rate and the second-highest rental revenue in the Intrawest network, and because of those numbers, it"s generating a lot of interest among investors. Just as the condominium market has been booming in recent years in Ontario"s urban centres, the recreational condo market is also strong.
Recently a list of the Top Ten Scams of 2006 was compiled by the Better Business Bureau of Mainland B.C., with the assistance of the Competition Bureau of Canada and the Business Practices and Consumer Protection Authority of B.C. They are:
Fortune magazine reported late last week that the "economic storm pelting the U.S. economy is going to do plenty more damage to already flattened job and housing markets."
Most would not think of investigating food policies, production options, distribution systems and food security in their region or in a new location they"re considering. Yet, food vulnerability is an increasing reality in this century, whether it takes the form of bird flu, drought, soaring fuel prices, vanishing agricultural land or a host of unpredictable events.
Prosperity does not descend on Canadian communities by accident, but through the hard work and determination of its visionary residents. One living example of Canadian resourcefulness is a community in the shadow of one of the world"s natural wonders.
From June 19 to 23, 2006, Vancouver, British Columbia, is the centre of the world -- at least the centre of the urban world. More than 15,000 from around the globe are attending the Third Session of the World Urban Forum, UN-HABITAT"s "premier international meeting on the state of the world"s growing cities."
Canada"s new minority government is getting ready to take power, after more than a decade of Liberal rule. The Conservatives say they have five priorities: government accountability, improving patient wait times in the health care system, child care, cracking down on crime, and cutting the Goods and Services Tax.
Canadians carrying significant debt load should consider improving their financial situation while the economy remains strong. If a review of personal finances reveals that an economic downturn would result in a personal meltdown, it may be prudent to adopt a proactive approach. Predictions of burst real estate bubbles, rising interest rates, escalating energy prices and increased competition off-shore might herald economic slowdowns, so this could be a red-hot opportunity to take advantage of the current good times.
Torontonians like to think of their city as number one, but there"s one annual published list on which many citizens dislike seeing Toronto rank first. The survey, commissioned by the Canadian Institute of Public and Private Real Estate Companies (CIPPREC), analyzes property tax rates and assessment data from 20 major Canadian cities. Again, it revealed that property taxes paid by businesses in Toronto are still the highest in Canada.
The City of Kamloops is one of many Canadian municipalities intent on helping its residents save themselves tax money while they conserve water.
Last week, Canadian homebuyers enjoyed yet another round of mortgage interest rate cuts. That"s usually a signal that more first-time buyers will jump into the housing market. But housing affordability has been so good, for so long, that the number of first-time buyer prospects has dwindled. Now, it"s move-up buyers who are taking advantage of low rates and keeping the housing market humming.
Canadians who have been madly saving for the minimum five percent down payment required to buy a new home and qualify for mortgage loan insurance can now forget about it. Down payments have just gone to zero.
Termites can be a major concern and even stall the sale of your home if you don"t inspect your home routinely for these pesky insects.
Canada"s federal housing agency, Canada Mortgage and Housing Corporation (CMHC), reports that its experts are continually fielding questions from housing industry professionals who are anxious about the state of trade relations with Canada"s largest trading partner, the United States. From CMHC"s viewpoint, the key question is: Do Canadian companies in the housing industry have what it takes to compete internationally?
As 2003 rolls to a strong real estate close, Canadian financial forecasters predict affordability will decline in 2004.
Icynene Inc., the Ontario-based manufacturer of a polyicynene foam-based insulation system, has support from the Canada Mortgage and Housing Corporation (CMHC) to expand its operations south of the border.
Responding to complaints from homeowners who are upset with their new home purchases, Ontario"s New Home Warranty Program (ONHWP) has launched a new set of customer service policies. ONHWP says it is strengthening its mandate to provide consumer protection for home buyers, but critics say the program provides more protection for builders than the home buyers.
Elections are in the news across Canada so Canadians know politicians are more attentive to constituents than they have been in a while. For those actively promoting affordable housing, this is a great time to re-evaluate municipal, provincial and federal housing "report cards" and provide leadership where improvement is long over due.
With more than 500,000 condominium units in Canada and one in four new homes built as condominiums, Canadian buyers need basic condominium buying skills to protect them in any market.