Real Estate News
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Source: About.com
Wed, 08 Sep 2010
Is This a Good Time for Homebuying?
It's been my experience that when it comes to perceptions about homebuying, real estate agents freak out way more often over the market than buyers do.
Buyers tend to consider their own needs first . . . read more about homebuying.
More Articles by Elizabeth Weintraub:
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Is This a Good Time for Homebuying? originally appeared on About.com Home Buying / Selling on Wednesday, September 8th, 2010 at 05:00:01.
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Mon, 06 Sep 2010
Buyers Are Not Relevant to a Short Sale
The Sacramento Bee this weekend said what I have been saying for years -- that buyers are not relevant to a short sale. I regularly receive emails from distraught buyers all over the country, pleading with me to help get their short sale approved. Like I explained to the reporter for the Bee who interviewed me to put together the path of a short sale, buyers are just along for the roller-coaster ride. They are incidental.
Well, they do need to offer a realistic price or at least be willing to meet a bank's counter offer if their price is too low. I lost a short sale last week due to pricing. I told the seller that the list price the seller wanted was not high enough. I predicted a buyer would offer at least $10,000 less on top of asking for 3% for closing costs and, sure enough, that's what happened.
I asked the buyer's agent to check the comparable sales before writing the offer. When the offer arrived, I told the buyer's agent it was too low. The buyer's agent disagreed. The seller wanted to accept it, so I sent it to the bank and crossed my fingers.
Sure enough, the bank's counter came back at my suggested list price. Neither side would budge, so the short sale was rejected. And you know who everybody is pointing their fingers at, right? Yup, people often get mad at the bank or ticked off at their agent instead of looking at what they did to cause the outcome.
More Articles by Elizabeth Weintraub:
- Short Sale Offer Tips
- How Long Should You Wait for Short Sale Approval?
- 6 Things to Know About Buying Short Sales
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Buyers Are Not Relevant to a Short Sale originally appeared on About.com Home Buying / Selling on Monday, September 6th, 2010 at 05:00:53.
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Fri, 03 Sep 2010
Fannie Mae Launches Foreclosure Help
The nice thing about Fannie Mae's new website, Know Your Options, is the talking head speaks only one sentence before giving you the option to click "continue." So, if you're at work and you click on this site without adjusting the volume control, you don't need to click off the page. Because she doesn't keep yakking unless you ask her to.
The other nice thing about the site is it explains in detail short sales, deeds-in-lieu, forbearance plans and loan modifications, including giving you forms to complete. It warns you against foreclosure scams. It also has links to HAMP and HAFA programs.
More Articles by Elizabeth Weintraub:
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Fannie Mae Launches Foreclosure Help originally appeared on About.com Home Buying / Selling on Friday, September 3rd, 2010 at 05:00:37.
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Wed, 01 Sep 2010
Cash-in Refinances Are on the Rise
Lots of borrowers lately, says the New York Times, are opting to do a cash-in refinance. As opposed to a cash-out refinance, in which a borrower pulls money out of their home and blows it on a European vacation or cocaine like the freewheeling days of years gone by, a cash-in refinance means a borrower puts in cash to get the loan.
Some borrowers bring in cash because they owe more than the lender will lend. But not everybody is in that boat. Some borrowers don't want to finance their closing costs.
My own refinance closed yesterday, and my husband and I paid all of our loan costs out-of-pocket. Fortunately, we have equity and could have financed those costs, but why? Why would we want to increase our loan balance? We refinanced from a 30-year amortized loan with 21 years remaining into a 15-year loan at 3.75%. We want to pay off our loan sooner than later.
Many borrowers who buy a home pay their closing costs in cash, why should a refinance be any different? There are some home buyers who ask the seller to pay their closing costs, but those borrowers are financing their closing costs. Unless a borrower really doesn't have the cash, doing a seller credit isn't the best way to pay closing costs. The financial mindset among borrowers seems to be changing, though. And that's a good thing.
More Articles by Elizabeth Weintraub:
- Pros and Cons of Wire Transfers vs. Cashier's Checks
- 10 Tips for Getting the Best Deal on a Model Home
- How to Pick a Price Range for Home Buying
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Cash-in Refinances Are on the Rise originally appeared on About.com Home Buying / Selling on Wednesday, September 1st, 2010 at 05:00:07.
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Mon, 30 Aug 2010
The Rules Are Strict for a Condo Loan
If you're not paying cash, then you're definitely getting a condo loan to finance a condo.
It might be cheaper and easier to just pay cash . . . read more about how to get a Condo Loan.
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The Rules Are Strict for a Condo Loan originally appeared on About.com Home Buying / Selling on Monday, August 30th, 2010 at 05:00:28.
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Fri, 27 Aug 2010
Federal Reserve Bans Yield Spread Premiums Paid to Mortgage Brokers
In a story reported by the LA Times last week, the Federal Reserve, as expected, banned the practice of lenders paying brokers yield spread premiums in exchange for getting borrowers to take out higher interest rate loans.
Lender-paid bonuses to mortgage brokers have been common practice for as long as I can remember, and even though I may not remember precisely what happened in the 1960s, I do know YSPs have been around for a long time. Proponents of the YSP, primarily mortgage brokers, say the YSP doesn't make a difference to the borrower as long as the borrower is happy with the rate charged. That's sort of like saying a kid doesn't mind getting kicked in the butt as long as the kid is content to have his butt kicked. Under pressure, the Fed disagrees and has disallowed that practice. And it's about time.
More Articles by Elizabeth Weintraub:
- How to Do a Loan Assumption
- What Are Buyer's Closing Costs?
- Does Your Mortgage Broker Represent You?
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Federal Reserve Bans Yield Spread Premiums Paid to Mortgage Brokers originally appeared on About.com Home Buying / Selling on Friday, August 27th, 2010 at 05:00:03.
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