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33 acres of Pasture land
Almost 33 acres of prime farm land for sale. It is cleared and ready to go, just waiting for you and your horses. This secluded farm at the end of your own very private county lane has many possibilities. Close to other equine properties, this has 3 wells and septic (sold as-where is). Older home ready for your up-dates. Call Victoria @ 803 599 1014 for more details.
Asking $150,000.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
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Latest Real Estate Blog Postings
Mortgage Applications Jump
Mortgage applications rose 4.9 percent last week as more borrowers refinanced at the lowest rates in decades.
The Mortgage Bankers Association said Wednesday the gain was fueled by a 5.7 percent increase in refinancing applications. The number of loans taken out to purchase homes edged up by less than 1 percent. The numbers are adjusted for seasonal factors.
Refinancing is at its highest level since May 2009 and makes up 82.4 percent of all new loan activity, its highest share since January 2009.
However, low mortgage rates have done little to boost home sales, which have been hurt by high unemployment, slow job growth, and strict credit standards. Purchase activity is 41.5 percent below its level at the end of April, when two federal tax credits for home buyers expired.
Rates have fallen since spring as investors sought the safety of Treasury bonds, lowering their yield. Mortgage rates tend to track those yields.
Interest rates declined for the week:
• 30-year fixed loan fell to 4.55 percent from 4.6 percent.
• 15-year fixed-rate loan fell to 3.91 percent from 3.99 percent.
• 1-year ARMs decreased to 6.84 percent from 6.90 percent.
The Mortgage Bankers Association’s survey covers more than 50 percent of all applications nationwide.
Source: Associated Press, J.W. Elphinstone (8/25/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC
Fannie Mae to Prohibit ‘Appraisal Cutting’
Fannie Mae is banning a common practice known as “appraisal cutting,” starting next week.
When lenders selling loans to the firm challenge a valuation, the underwriter will have to contact the appraiser directly; if the lender is unable to settle the dispute, its only option will be to order a second appraisal.
Lenders will be unable to simply cut the value of the appraisal or shop around for the best appraisal.
Source: American Banker, Kate Berry and Marc Hochstein (08/26/10).
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Owner Financing Can Expedite Sales
Owner financing can help sell a property even in this challenging market.
Banks generally are willing to accept rent credits for an option to buy as an acceptable down payment, but both buyers and sellers must follow these guidelines for Fannie Mae and Freddie Mac to sanction the transaction.
The rental amount must be determined by a property appraisal with the credit for the down payment clearly calculated as the difference between market rent and actual rent paid for 12 months. For instance, if market rent is $1,000 and rent paid is $1,200, $200 could be credited monthly toward the down payment.
The rent/purchase agreement must be for a minimum of 12 months. The contract must clearly specify a rental amount as well as the portion to be credited toward the purchase.
The buyer will need copies of canceled checks or money order receipts for 12 months, proving rental payments to persuade the bank to credit the funds toward the down payment.
Source: Creative Investor, Rodney Williams (08/23 2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
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