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Dec

4
2008

Stay Connected With the Industry at Connect

By Inman News, Thursday, December 4, 2008.
This year has been a period of tremendous upheaval. Our industry in particular has been heavily hit and every day we hear about more and more of our friends and colleagues that have been laid off due to these unprecedented economic conditions.

Inman News wants to help. Our Community section, for example, features a number of available positions in our job search board.  more...

Home prices of the future

By Inman News, Thursday, December 4, 2008.

While some economists believe home prices won't hit bottom until the second half of 2009 and possibly not until 2011 or 2012, most agree that when they do start to rise the gains will be modest compared to the run-up seen during the last 10 years, according to an article in the Wall Street Journal this week.  more...

Control your online real estate assets

By Teresa Boardman, Thursday, December 4, 2008.
Flickr image by <a href="http://flickr.com/photos/willc2/1347924770/" target=blank>willc2</a>.

Agent recruiting is at an all-time high. The postcards come in the mail, and I receive e-mails from new companies and old companies. There are ads for real estate agents on the Internet, too. To an industry outsider it might even look like there is some kind of a shortage.

There is a shortage of sorts: If the real estate companies can't make a profit from our sales, they will fold. They need as many agents as they can get, and they need to keep the agents who are generating sales.  more...

Treasury eyeing 4.5% mortgages?

By Matt Carter, Thursday, December 4, 2008.

News that the Treasury Department may use Fannie Mae and Freddie Mac's influence on mortgage markets to push interest rates on home loans down to 4.5 percent has raised hopes for a boost in home sales but sparked debate on whether it's wise to prop up housing prices.

The Wall Street Journal reports that the Treasury is considering using Fannie, Freddie and other government sponsored entities to purchase securities backed by mortgages at a price equivalent to a rate of 4.5 percent.  more...

Need lodger? Use word of mouth

By Janet Portman, Thursday, December 4, 2008.

Q: I enjoy reading your articles and hope you can give me some information in regards to renting out a room with private bath in the lower level of my home for additional income. I would furnish utilities, washer and dryer, kitchen privileges, storage area if needed, and some furniture.  more...

Back out of deal, forfeit holding deposit

By Robert Griswold, Thursday, December 4, 2008.

Q: Knowing that I wanted to move out of my parents' house, a friend from work told me about this great little guest house that her aunt had available. I went over and it was just what I needed, but I wanted to think about it some more. However, she said she had two other people call on the guest house who were coming over to see it that afternoon. I was planning on moving in after my next paycheck in a couple of weeks, and she agreed and promised that she wouldn't rent it to anyone else as long as I gave her a "holding deposit" of $300. She didn't make me sign the 12-month lease, but offered me a blank one to take home.

I didn't want to lose the place so I wrote her a check, which I noticed online had barely cleared my bank account the next day. The problem is that since putting down the deposit I have changed my mind and would rather save money for a new car by continuing to tolerate old Mom and Dad and their archaic house rules. I called and told my friend's aunt that I changed my mind, and she is refusing to return my deposit saying that she now has to start all over again and place ads and it will take her at least two weeks to find a new tenant. Don't I have the right to simply change my mind? I can return items to my favorite store at the mall even after I have worn the items and I get a full refund. Why can't I get my money back from this lady?  more...

Get sellers to pay closing costs

By Tara-Nicholle Nelson, Thursday, December 4, 2008.

Q: I hear that sellers are more often chipping in on costs that are typically paid by the buyer (like inspections, closing costs, etc). How can I find out how often that's happening in our market?

A: You are smart to understand that market dynamics are highly localized -- what is standard practice in Missouri might be completely unheard of in Texas. Generally speaking, though, it is the case that in the current buyer's market (which exists everywhere relative to the market of several years ago), sellers are more likely to contribute to buyer's transaction costs.  more...

NAR approves spending for legal fights Premium Content

By Inman News, Thursday, December 4, 2008.

Directors for the National Association of Realtors have approved contributions of up to $100,000 for legal costs incurred by privately owned and Realtor-affiliated multiple listing services in South Carolina in response to U.S. Justice Department antitrust complaints.

That spending was approved, along with an additional $208,000, to support Realtors in a variety of legal battles across the country.

The Justice Department in May announced a lawsuit against Consolidated MLS in Columbia, S.C., which is a broker-operated MLS.  more...

Mortgage rates down, but can you get one?

By Inman News, Thursday, December 4, 2008.

Mortgage rates have plunged since the Federal Reserve said it would spend $600 billion to buy mortgage-backed securities and debt issued by Fannie Mae, Freddie Mac and Ginnie Mae, but tightened underwriting standards mean many people won't be able to take advantage of them.

The Mortgage Bankers Association said applications for refinance loans shot up 203 percent on an adjusted basis for the holiday-shortened week ending Nov. 28. Applications for purchase loans were up a more modest 38 percent.  more...

Colorado real estate broker prison-bound

By Inman News, Thursday, December 4, 2008.

A former Denver, Colo.-area real estate broker has been sentenced to 7 years in federal prison after being found guilty in a scheme involving homes sold to "unsophisticated" buyers knowing little or no English using fraudulently obtained FHA-insured loans.

Arvin Stanley Weiss, 58, was also sentenced to pay restitution totaling approximately $853,000 to the Department of Housing and Urban Development, and $5,000 to two victim banks.  more...