Buyer Resources
NAR Resource to Reduce Short Sale Stress
According to the most recent REALTORS® Confidence Index, buyers continue to be discouraged with the extended short sale process, which frequently results in foreclosures that could have been prevented.
New resources from the National Association of REALTORS® aim to help REALTORS® and consumers successfully navigate the short sale process to help more home owners avoid foreclosure.
“Our [...]
A Decade of Dramatic Developments
At the beginning of the 21st century, most home buyers had never viewed a home online; the three top home sale marketing methods were yard signs, newspaper ads, and open houses; and nearly nine out of 10 buyers financed their purchase with a fixed-rate, 30-year mortgage.
What a difference a decade makes.
“The real estate industry has [...]
Foreclosures: Ten Reasons for Buyer Caution
Foreclosed homes aren’t always the best deal in town – even if they do come with a price tag that appears to be lower than some other homes in the neighborhood.
Here are 10 reasons why that is true, offered by Vince Mastronardi, president of On-Site Specialty Cleaning & Restoration in suburban Detroit.
No heat in the [...]
NAR: FHA Key to Housing Market and Recovery
The Federal Housing Administration mortgage insurance program is a critical part of the American housing fabric and has never been more important than it is in today’s market, NAR President Vicki Cox Golder told a congressional panel this week.
Testifying before the House Committee on Financial Services, Golder said that the FHA program is fiscally sound [...]
Distressed Sales Remain a Concern
Twenty-nine percent of recent buyers purchased a home in foreclosure or through a short sale, according to the latest REALTORS® Confidence Index. REALTORS® who participated in the survey are also concerned about a growing number of foreclosures and the hurdles buyers face in short sales.
The RCI is a key indicator of housing market strength based [...]
Tech Acquisition Will Create Property Resource
The National Association of REALTORS® has acquired technology to create a database of all properties in the United States. With this resources, REALTORS® can better assist consumers in a high-tech, fast-paced business world.
The technology acquisition includes licensed data and secured data aggregation services from LPS Real Estate Group, a wholly owned subsidiary of Lender Processing [...]
NAR: Tax Credit Best for Sustaining Housing Recovery
The best available tool for sustaining the still-fragile housing market is the $8,000 home buyer tax credit, and it is essential that Congress extend the credit into 2010, the NATIONAL ASSOCIATION OF REALTORS® testified at a hearing of the U.S. House Small Business Committee today.
The tax credit expires November 30.
NAR Regional Vice President Joseph L. [...]
Fair, races, more to liven coming days.
Aiken is jumping this week with the arrival of Steeplechase racing, the Western Carolina State Fair and plenty more things to do.
Here is a list of some activities to keep Aikenites in good cheer this week:
AIKEN FALL STEEPLECHASE
Fall Fete will be held at 7 p.m. Friday at Ford Conger Field, 528 Two Notch Road [...]
How to Beat the Tax Credit Deadline
How to Beat the Tax Credit Deadline
It’s not too late for a determined first-time home buyer to take advantage of the $8,000 federal tax credit, which expires Nov. 30.
Scott Voak, a San Diego practitioner specializing in first-time buyers, helps potential buyers target homes that can close quickly. To identify those properties without touring them, [...]
What Every Real Estate Agent Owes You.
Who does the Real Estate Agent work for?
You say you? Maybe not! Traditionally, the Real Estate Agent worked for the ’seller’ even though they may spend all their time with you finding you the right home.
Fortunately, the situation has changed. You have a choice. Be sure to make it!
Do you want more then just general [...]
Local leaders review the State of Our Community;Aiken.
As they addressed the “State of Our Community” at the annual Greater Aiken Chamber of Commerce luncheon Wednesday, four speakers sounded a common theme in describing the City of Aiken, Aiken County, the Aiken County School District and the business community – a reason for optimism despite a challenging economy.
The speakers included Aiken Mayor Fred [...]
Strong Gain in Existing-Home Sales
For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of REALTORS®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million units in July from a level of 4.89 million in [...]
Why Rent When Buying is Cheaper?
The foreclosure crisis has knocked down prices so much in some parts of the country that it’s cheaper or only slightly more expensive to own than it is to rent.
BusinessWeek, with help from research firm Reis, calculated ownership costs assuming a fixed-rate, 30-year mortgage for 100 percent of the purchase price with no down payment. [...]
The Best Places for Animal Lovers to Live
Nearly 40 percent of American families own at least one dog, a pet that demands some green space. Cat, rabbit, bird and other kinds of pet owners aren’t so concerned about space and weather, but they are affected by local and state regulations that limit where pets are permitted and what kinds of vaccines they [...]
Shorting Bank of America
We all know a short sale is when a homeowner and the bank that holds their note agree to sell for a price that’s less than the amount of that note. It’s sort of a win win, in that the seller walks away without having to fund the deficiency, and the bank doesn’t have to [...]
DON’T FORGET … TILA changes take effect July 30, 2009
Lenders will be subject to new disclosure requirements for mortgage loans under the Federal Reserve Board Truth in Lending Regulation (Reg Z). The new requirements apply to loan applications filed on or after July 30, 2009.
The new rules are complex and compliance will be a challenge for lenders. REALTORS® will want to learn the basics [...]
NAR Supports Incentives for Green Buildings
In testimony before a House Transportation and Infrastructure Subcommittee, the NATIONAL ASSOCIATION OF REALTORS® reiterated the significance of its green office building. NAR also reinforced its support for energy-efficiency tax credits, block grants, and weatherization assistance investment.
NAR’s office building on Capitol Hill was the first newly constructed, green-certified building in the District of Columbia, demonstrating [...]
Avoiding mortgage rip-offs
Consumer Mortgage Audit Center Reveals the 5 Most Common Mortgage Violations
RISMEDIA, July 17, 2009-Ninety-eight percent of all mortgages are potentially eligible to be renegotiated due to Truth in Lending Act violations according to a review of thousands of mortgage documents undertaken by the Consumer Mortgage Audit Center (CMAC). The vast majority of the violations tend [...]
Putting the ’short’ back in short sale
Tips on how to make process go smoother
Lately, homebuyers are seeing more and more short-sale opportunities, but it seems as if fewer purchases are actually being completed. The perception in this case is correct. The short-sale process has become a nightmare: it goes on forever, sometimes never coming to a satisfactory conclusion even after months [...]
Ten New Tax Breaks for Homeowners.
Congress’ inclusion of home energy incentives in the $787 billion stimulus plan it passed in February has a steady stream of customers heading to Manhattan’s Green Depot, a nationwide chain that carries environmentally friendly and sustainable housewares such as LED light bulbs and cork flooring. Most popular? Solar products, says Brian Tereza, the store’s general [...]
Freddie Mac gets another $6.1B from government
By STEPHEN BERNARD
Associated Press
NEW YORK — Battered mortgage giant Freddie Mac received $6.1 billion in new funds from the Treasury Department to help offset its mounting liabilities, according to a regulatory filing submitted Wednesday.
The company could also be close to naming a new, permanent CEO, according to a report in The Wall Street Journal.
The Federal [...]
Mortgage Update: Jumbos Remain Elusive
At a time when some mortgage products are showing signs of life, jumbo mortgages are hard to get and expensive, making it difficult for many would-be move-up buyers to take action. What to do?
Since the credit crunch hit about two years ago, many lenders have all but abandoned jumbos, which are too big for secondary [...]
When your mortgage application is rejected.
Bankrate.com
updated 3:14 p.m. ET, Sun., March. 22, 2009
Don’t be surprised if your friendly lender, the one who invites you to sit down and apply for a mortgage, ushers you politely out the door empty-handed after you’ve chatted a bit.
The sudden chill isn’t personal. The Mortgage Bankers Association, or MBA, in Washington, D.C., estimates that about [...]
Despite the doors it can open for first-time buyers, many consumers still don’t know about the $8,000 tax credit.
The first-time home buyer tax credit, which Congress in February increased to $8,000 from $7,500 and eliminated the repayment requirement, is an incentive you’d expect consumers to be clamoring about. But many practitioners are astounded to learn that buyers in their markets who are prime candidates for the credit aren’t even aware of it.
Ryan Gable, [...]
New-Home Warranties: The Basics.
Your clients may have legal recourse if their newly constructed home is faulty.
New-home warranties fall into three categories:
1. Statutory. These are warranties specifically required by law. Some states, including Indiana, Louisiana, Maryland, Minnesota, Mississippi, New Jersey, New York, and Virginia, have passed new-home warranty acts that require builders to provide protections to home buyers. [...]
How To Do a Short Sale. Why Would a Lender Accept a Short Sale?
Definition: A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.
Also Known As: Shorted sale
Alternate Spellings: Short-sale
Common Misspellings: hort sale
Finance Calculator and More!
Looking to buy or just want to see what your rent would allow you to buy?
Want to refinance in this economic climate?
Answers to these and so many other questions!
Find out here!
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
How Much House Can You Afford?
Determining how much home you can afford, or what payment you feel comfortable with, can be a trying process. Calling lenders, looking at mortgage loan programs and interest rates can be confusing, to say the least. There is an easy way to get started, and give yourself an idea of where you stand.
The first [...]
Save Money on Interest and Taxes
Purchasing a home can save you money very quickly. FIRST, you’ll save on taxes because the interest on your home mortgage is tax deductible. If you rent, your landlord gets the break.
SECOND, you’ll save on interest payments while keeping the great tax advantage
For example if you are paying $900 per month in rent, you [...]
Finance options for Buyers
Fixed-Rate Loans
The fixed-rate mortgage is the most popular mortgage program in use today. Fixed-rate loans offer the borrow a fixed interest rate for the life of the loan, typically 15 to 30 years. Borrowers have peace of mind knowing that their monthly payment will not change over time. Conventional fixed-rate mortgages have underwriting requirements established [...]
Closing Costs Explained
Here is an overview of the types of closing costs you may incur on your loan. Some are one-time fees, while others reoccur over the life of the loan. When you apply for your loan, you will receive a Good Faith Estimate of Settlement Charges, and a booklet that will explain these costs in detail.
Loan [...]
Eight Insider Tips For Home Buyers
1. Be a Pre-Approved Buyer: A pre-approved buyer always has the advantage in an offer situation. Becoming pre-approved is very easy: you complete your loan application with a credit check prior to beginning your home search process. Pre-approval means that you have actually been approved for the purchase by a lender, which gives you the [...]
3 Bed, 2 Bath Home on 9 Acres
3 bed, 2 bath home on 9 acres of fenced pasture. Bring your horses and stay awhile, perfect set up for winter, fully furnished 1yr old home for rent with room for all your 4 legged friends. Enjoy this spacious home with vaulted ceilings, 2 car garage, and all new appliances. Short term seasonal rentals [...]
